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Elon Musk has stated that further hikes by US Federal Reserve will “trigger a severe recession.” Twitter chief Musk has responded to former US Treasury Secretary Lawrence Summers’s tweet, “If the Fed continues to do what’s necessary to contain the inflation, the slowdown is likely to come. The odds on that happening sometime in the next 12 months, I think are pretty good, perhaps 70 per cent.”
Musk replied, “Fed data has too much latency. Mild recession is already here.”
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Musk referred to the collapse of Silicon Valley Bank and the takeover of a storied financial institution like Credit Suisse by UBS. Media reports noted the fall of another regional bank - First Republic - which collapsed even after getting $30 billion in rescue efforts from 11 big banks in the US.
Musk has slammed the Fed’s interest rate hikes over 20 times in the past seven months, according to reports. It is because inflation is lower than what Fed’s data by CME FedWatch tool show. He has also claimed that its policy moves over the past year were “foolish” and was responsibile for Tesla’s $600 billion market drop in 2022.
Meanwhile, Twitter co-founder Jack Dorsey has openly criticised Elon Musk’s leadership of the company in a series of social media posts. “It all went south,” Dorsey said.
Musk has announced that Twitter will “allow media publishers to charge users on a per-article basis with one click.”
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