Elon Musk on late Monday offered his opinion on what the Federal Reserve should do with its benchmark interest rate. The Fed's FOMC is meeting for two days this week.
revealed earlier in the month its Silvergate Bank would be wound-down and liquidated. Not long after that, two banks — Silicon Valley Bank and Signature Bank — got taken over by the Federal Deposit Insurance Corporation.Credit Suisse, meanwhile, is being bought by fellow Switzerland-based bank UBS, UBS"Inflation is still a problem and the Fed needs to continue to show resolve," Ackman also wrote.
"[Federal Reserve Chairman Jerome] Powell can do this by pausing and making very clear that this is a temporary pause so that the impact of recent events can be assessed. He can make clear that his intent is to resume raising rates at the next meeting unless the banking crisis remains unresolved, and has on its own sufficiently slowed the economy.", about 83% of interest rate traders indicated they expect a hike coming out of the FOMC meeting slated to end Wednesday.
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