Elon Musk warns a major Fed rate hike risks deflation in the U.S. inflation recession peterschiff cathiewood
Tesla CEO Elon Musk has warned that a major rate hike by the Federal Reserve risks deflation in the U.S. economy. Musk’s warning followed an analysis by Ark Invest CEO Cathie Wood, who cautioned that “Leading inflation indicators like gold and copper are flagging the risk of deflation.”Tesla and Spacex CEO Elon Musk tweeted Friday evening that “A major Fed rate hike risks deflation.” His tweet has attracted much attention.
Comments flooded in with some agreeing with the Tesla CEO while others insisted he was wrong about the U.S. economy. Real Vision CEO and crypto investor Raoul Pal agreed with Musk, tweeting: “Yup. Pretty much baked in the cake.” Northmantrader founder and lead market strategist Sven Henrich stressed that the danger is the Federal Reserve being “obtuse to consequences.” He elaborated that the central bank was “Too slow to react in the first place” and is “now slamming the foot on the brakes,” emphasizing that the Fed is “too reliant on backward-looking data risking breaking things quickly.”It risks hyperinflation.
Politicians also chimed in on the conversation. Congresswoman Nancy Mace opined: “If [U.S. President Joe] Biden and [House Speaker Nancy] Pelosi hadn’t spent trillions of dollars we don’t have, we wouldn’t be having this conversation…” Federal Reserve Chairman Jerome Powell recently emphasized the central bank’s hawkish stance in his speech at Jackson Hole, Wyoming. He noted that the Fed’s fight against inflation will “
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