Elon Musk Asks FED to Lower Interest Rates!

CEO of Tesla, SpaceX and Twitter Elon Muskdid not remain indifferent to the expectation of recession for the American economy. The famous billionaire called on the FED to cut interest rates in a statement on Twitter.

The trend is about. The Fed needs to cut interest rates immediately. They are massively amplifying the probability of a severe recession.

— Elon Musk (@elonmusk) November 30, 2022

“The trend of the economy is worrying. The Fed should immediately lower interest rates. A rise in interest rates significantly increases the likelihood of a recession.”

Elon Musk’s call also received support from crypto and financial circles. Matt Wallace, one of the phenomenal names of the Dogecoin community, also drew attention to the uncontrolled expenditures made by the government.

Sven Henrich, the founder of Northman Trader, who is well known by the financial circles in America, stated that the FED still cannot make sense of the positive growth expectation.

Ironically the Fed continues to project positive GDP growth for next year despite all the obvious signs.
But they did the same thing in 2008.
As always they will panic cut rates once the recession impact is here & then blame unforeseen factors.

— Sven Henrich (@NorthmanTrader) November 30, 2022

“FED expects positive growth for 2023 despite signs of recession. The US central bank made a similar prediction before the 2008 crisis.”

Henrich argued that the Fed would put the blame on other factors by lowering interest rates after it was too late.

What Happens To Cryptocurrencies If Recession Starts?

The term recession means “economic contraction” in Turkish. Savers have to choose one of the finance or investment sectors with the money they have.

Investors prefer to park their money as interest rates are often high during a recession. A possible recession in the coming years, like all investment products. cryptocurrencies can also negatively affect it.