Elon Musk says Fed 'foolish' for not cutting interest rates yet
SUMMARY
Elon Musk criticized the Federal Reserve on Sunday for not reducing interest rates earlier, calling their decision "foolish." Musk tweeted, "The Fed needs to drop rates. They have been foolish not to have done so already." His comments follow the Fed’s recent decision to keep rates steady at 5.25% to 5.5%, despite a weaker jobs report raising concerns about an economic slowdown. Fed Chair Jerome Powell indicated that a rate cut might be considered at the next meeting if inflation and labor market data support it. Musk’s remarks were in response to news that Warren Buffett’s Berkshire Hathaway increased its cash reserves, suggesting expectations of a market correction.
