Musk expressed concerns that the Fed will be too slow to lower interest rates as the economy slows
warned on Tuesday that the economy is in for a challenging year ahead and said the Federal Reserve will be too slow to lower interest rates as economic conditions worsen.
Musk was interviewed by CNBC's David Faber following Tesla’s annual meeting and asked Musk about how the Fed’s policy will make it a tough year for Tesla. Musk responded that it will be a tough year "for everyone, not just Tesla" and attributed it to the Fed’s recent rate hikes to tamp down"You can think of raising the Fed rate as somewhat of a brake pedal on the economy, frankly.
Billionaire Elon Musk, the CEO of Tesla, Twitter, and SpaceX, warned that the Federal Reserve will be too slow to lower interest rates, just as it was slow to raise rates as inflation spiked.Musk explained that "if the car payments or your home mortgage payment is absorbing more of your monthly budget, then you have less money to buy other things. So actually, it affects everything, even those that aren’t bought on a line of credit.
"My concern with the way the Federal Reserve is making decisions is they’re just operating with too much latency," Musk continued. "Basically, the data is somewhat stale. The Federal Reserve was slow to raise interest rates, and now I think they’re going be slow to lower them." / Getty Images) Earlier this month, the Fed raised interest rates for the 10th consecutive time and the benchmark federal funds rate is now at the highest levels in 16 years.
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