Elon Musk says the Fed must cut rates immediately
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After taking on Apple (AAPL) and Tim Cook, Elon Musk has a message for Jerome Powell: cut now.
"Trend is concerning. Fed needs to cut interest rates immediately. They are massively amplifying the probability of a severe recession,' Musk said, replying to a tweet on recession expectations.
The demand is highly unlikely to carry any weight with Fed chief Powell and the FOMC. But as Tesla (TSLA) CEO and the richest man in the world, many pay attention to Musk's take on the economy.
Last month Musk predicted a recession could last until the first quarter of 2024 and in July he said he saw inflation pressures easing.
Powell speaks at the Hutchins Center on Fiscal and Monetary Policy later today. Futures are pricing in a 70% chance of a hike of 50 basis points at the December meeting.
Since his Twitter (TWTR) takeover, Musk has been pushing his agenda strongly in his tweets, sometimes with his usual trolling takes, using memes to imply he's going to war with Apple over the App Store.
Morgan Stanley said his Twitter (TWTR) involvement has added to the negative sentiment around TSLA.
See Wall Street Breakfast's take on Elon Musk vs. Tim Cook.