Elon Musk asks to lower interest rates by 50 basis points

The founder of Tesla assured on his social networks that the Fed could lower interest rates if it wanted to

The magnate and co-founder of Tesla, as well as owner of the social network Twitter, Elon Musk, believes that the United States Federal Reserve should undertake a drop of half a percentage point in the reference interest rate at its meeting this week.

“The Fed needs to lower the rate at least 50 basis points on Wednesday,” Musk said in response to Bill Ackman, founder and CEO of the Pershing Square Capital fund, who had defended on his Twitter profile the need for the Fed to interrupt the rate hikes.

“The Fed needs to pause on Wednesday,” Ackman noted, referring to the recent financial turmoil and US bank closures, as well as “the demise of Credit Suisse and the zeroing out of its junior bondholders.”

“Inflation remains an issue and the Fed must continue to show determination. Powell can do this by pausing and making it very clear that this is a temporary pause so that the impact of recent events can be assessed,” the asset manager said.

K. Tovar

Source: Bloomberg

(Reference image source: file)

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