Elon Musk Warns Again About Troubles Ahead
Elon Musk is worried about the future of the economy.
The CEO of E-vehicle maker Tesla has been repeating for the past few days his fears about what awaits the economy as the Federal Reserve prepares to raise interest rates again in the hope of countering the inflation at its highest in 40 years.
The central bank is holding a two-day monetary meeting today. At the end of this meeting, economists, the business community and the markets expect the institution to raise its rates by at least 75 basis points, or 0.75% in view of the latest figures which show that the rise in the price of goods and services is far from calming down.
"It has seemed self evident to me for some time now that a 75 basis points move in September is appropriate," Summers said on Sept. 13. "And, if I had to choose between 100 basis points in September and 50 basis points, I would choose a 100 basis points move to reinforce credibility."
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