Elon Musk continues to give his opinion on various subjects and important events worldwide. This time, the richest person in the world has decided to criticize the Federal Reserve’s monetary policy once again. The new owner of Twitter probably wants to take over the Fed as well.
The founder of SpaceX, Tesla, and The Boring Company, as well as the co-founder of Neuralink and OpenAI, strongly criticized the current monetary policy of the Federal Reserve. Musk believes that increasing interest rates at this point would be a grave mistake. “The Fed is raising rates more than they should. But I think they'll eventually realize that and bring it back down again,” he said. Furthermore, Elon Musk commented that the US economy was in “pretty good health,” particularly compared to Europe, which “has a recession of sorts, driven by energy.” China is also in “quite a burst of a recession of sorts” driven by the real estate market, he added. The world’s richest person did not make any logical connections between the Fed’s policy and the “pretty good health” of the American economy before criticizing the US regulator.
Earlier, the Wall Street Journal reported that the US could face recession and rising unemployment within the next 12 months. 63% of economists surveyed by the WSJ believe the recession will occur in the next year. This poll marks the first time since July 2020 that the majority of economists predicted a recession.
