WASHINGTON (Pakistan Point News / Sputnik - 17th May, 2023) Billionaire entrepreneur Elon Musk said during an interview with CNBC that he expects a tough several months ahead for the economy, as the Federal Reserve raises interest rates to address increased inflation.
"Yes, for everyone, not just Tesla," Musk said on Tuesday, when asked if he believes it'll be a tough several months ahead for the economy.
Interest rate hikes by the Federal Reserve is like a "brake pedal" for the economy, making many products more expensive, Musk said. Increased car or mortgage payments can also absorb more of people's budgets, impacting spending on areas not tied to credit as well, Musk said.
Musk expressed specific concerns about the latency with which the Federal Reserve receives data to make decisions, contrasting the Federal Reserve's access to timely information with his own access to daily Tesla sales figures.
