Elon Musk slammed the Federal Reserve, saying it’s “absurdly overstaffed,” while teaming up with Trump to cut $2 trillion in government spending. Trump mocked Jerome Powell’s job at the central bank, calling it the easiest gig ever, and promised to hold the central bank accountable. The Fed’s latest rate cut spooked markets, with major stock indexes dropping over 3% and Bitcoin tumbling, as inflation stays stubborn and rate cuts slow down.

Elon Musk has set his sights on the Federal Reserve, calling it “absurdly overstaffed” in a post on X (formerly Twitter).

The eccentric billionaire, soon to lead the Department of Government Efficiency (D.O.G.E.) under President Donald Trump, seems interested in picking apart the central bank.

His comment came after the central bank announced a disappointing “hawkish rate cut,” leaving markets rattled and drawing sharp criticism from Trump. The Fed employs about 24,000 people across its 1#BinanceLaunchpoolBIO #BinanceLabsBacksUsual #BTCNextMove #BinanceAlphaAlert