Elon Musk stated that raising interest rates this week would worsen the recession. Tesla’s CEO thinks things will improve in Q2 2024. The billionaire thought the Fed’s rate hike was worrisome in late November.
He argued that the Federal Reserve was “massively amplifying the possibility of a severe recession“
He agrees with Ark Invest CEO Cathie Wood that the Fed’s policies could cause another Great Depression.
After four consecutive 75-bps rises, Jerome Powell signaled a 50-bps hike in December. Citi Group sees a slight recession in 2023. Citi Global Wealth Investments’ top investment officer said the impending recession “won’t be that dangerous, but it will make sense.”
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