Elon Musk Warns Of Severe Recession On Further Rate Hikes

April 30, 2023

Replying to a tweet from American economist Larry H Summers, Elon Musk said further rate hikes will trigger a severe recession.

Fed data has too much latency. Mild recession is already here, Musk tweeted.

Lawerence tweeted that if the Fed does what's necessary to contain inflation, a slowdown is likely to come.

The veteran American economist said there is a 70% chance that slowdown will come in the next 12 months

Elon Musk has been warning against Fed rate hikes for a long time and that a recession is looming.

The tech billionaire wrote between Tesla, Starlink & Twitter, he may have more real-time global economic data in one head than anyone ever.

According to its median forecast last month, the Fed will hike interest rates just one more time in 2023 before the central bank ends its inflation battle.