Elon Musk predicts a hard slog for the US economy over the next year as recession fears mount
The US economy probably faces a hard slog for the next year as higher interest rates and other headwinds weigh on growth, Elon Musk has warned.on Wednesday.
The technology billionaire was replying to a tweet noting the Federal Reserve's staff economists anticipate a mild recession later this year, and a recovery over the next two years, according to the minutes from the Fed's latest meeting.that the Fed's aggressive interest-rate hikes over the past year are choking the economy and threatening to send it into a downward spiral. The US central bank has raised interest rates from near-zero last March to upwards of 4.
Higher rates help to curb the pace of price increases by making borrowing more expensive, and encouraging saving over spending. However, they can also sap demand in the economy, and drag down the prices of stocks, houses, and other assets. As a result, they can contribute to higher unemployment and a recession.
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