Delighting Forecast from Elon Musk about the Market: “In Six Months…”

Elon Musk said he is seeing signs that the global economy has surpassed the “peak inflation”.

Elon Musk Says Inflation Has Peaked Inflation In The US

Speaking at the annual shareholders meeting of electric vehicle manufacturer Tesla, Musk stated that Tesla’s commodity and component costs are on a downward trend over the next six months. He also reiterated that he expects a mild recession in the US that could last for 18 months.

“The trend is down, which shows we’re past the peak of inflation,” Musk said at Tesla’s headquarters and factory in Austin. At some point in the future, “I think inflation will come down rapidly,” he said.

“We have some predictions about where prices will go over time,” Musk said, referring to Tesla’s need to purchase raw materials often months before they’re used.

Elon Musk continued his speech to his shareholders as follows:

“The interesting thing we’re seeing right now is that most of our commodities, more than half if not all of what we use to manufacture Tesla, will trend down over the next six months.”

As known cryptocurrency market was under pressure due to the interest rate decisions taken by the FED. With the Fed’s aggressive interest rate hikes due to rising inflation in the USA for many years, there were decreases in risky assets such as Bitcoin.

However, experts are expecting a recession in the US, as the latest growth data from the US is negative.

Elon Musk is one of the names closely followed by the crypto money market.

*Not investment advice.