Tesla and Twitter CEO Elon Musk has called on the Federal Reserve to cut interest rates to prevent a possible major recession as the US economy faces the prospect of a severe recession.
In response to a tweet predicting a real economic downturn in 2023, Musk agreed that current economic trends are a cause for concern.
The discussion was soon joined by other commentators, including Sven Henrik, founder and chief market strategist at NorthmainTrader.
“The Fed got it all too easy to completely misread inflation for far too long and now they have aggressively tightened into the highest ever debt creation without accounting for the cascading effects of these rate hikes, Which will again be too late to realize the loss,” the businessman added.
While most users of the social media platform who contributed to the thread agreed with the entrepreneur’s perspective on the economic outlook for America, some commenters expressed their disagreement.
“The Fed’s job is not to protect the portfolios of millionaires and billionaires. It is to support working families by providing food and shelter. The Fed has a $9T balance sheet and 11M open jobs and is protecting working families from inflation.” Experiencing real pain with. Stop being mean,” Tweeted User PatsNuggets.
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