Elon Musk: It is foolish that the US Federal Reserve has not lowered interest rates yet
Elon Musk said on Sunday that the Federal Reserve (the US central bank) must lower interest rates and that it is foolish for the Council not to take this step yet.Musk's comments came in response to a post on the X platform after a series of weak data last week, raising concerns that the Fed may have left interest rates high for too long, damaging the economy.
Last week, policymakers kept US interest rates unchanged in a range between 5.25% and 5.50%, but they opened the door to lowering interest rates at their meeting held on September 17 and 18, according to Reuters.
Traders are betting that interest rate cuts will occur at this meeting.
Federal Reserve Chairman Jerome Powell said on Wednesday that the Federal Reserve may cut interest rates next month if the US economy continues on its expected path, bringing the bank closer to the end of its battle against inflation that has been going on for more than two years.
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