Economic news

Elon Musk says Fed foolish not to have cut interest rates

2024.08.04 13:26

(Reuters) – Billionaire Elon Musk said on Sunday the Federal Reserve needs to cut interest rates and that it was foolish for the U.S. central bank not to have done so already.

Musk’s comment, which was made in response to a post on the social media site X, followed a run of weak data last week that has sparked worries the Fed may have left interest rates elevated for too long, resulting in damage to the economy.

© Reuters. FILE PHOTO: Elon Musk, Chief Executive Officer of SpaceX and Tesla and owner of X, formerly known as Twitter,  attends the Viva Technology conference dedicated to innovation and startups at the Porte de Versailles exhibition centre in Paris, France, June 16, 2023. REUTERS/Gonzalo Fuentes/File Photo

Policymakers left the Fed’s benchmark overnight interest rate unchanged in the 5.25%-5.50% range last week, but opened the door to a rate cut at their Sept. 17-18 meeting. Traders are betting a cut is almost certain to happen at that meeting.

Fed Chair Jerome Powell said on Wednesday the central bank could cut rates next month if the U.S. economy follows its expected path, putting the central bank near the end of more than a two-year battle against inflation but square in the middle of the nation’s presidential election campaign.



Source link

Related Articles

Back to top button
bitcoin
Bitcoin (BTC) $ 98,576.41 0.12%
ethereum
Ethereum (ETH) $ 3,429.60 2.49%
tether
Tether (USDT) $ 1.00 0.06%
solana
Solana (SOL) $ 257.17 0.62%
bnb
BNB (BNB) $ 670.77 0.62%
xrp
XRP (XRP) $ 1.47 5.17%
dogecoin
Dogecoin (DOGE) $ 0.438343 4.96%
usd-coin
USDC (USDC) $ 1.00 0.11%
cardano
Cardano (ADA) $ 1.07 2.09%
staked-ether
Lido Staked Ether (STETH) $ 3,427.58 2.44%
tron
TRON (TRX) $ 0.216641 3.51%
stellar
Stellar (XLM) $ 0.585075 34.46%
avalanche-2
Avalanche (AVAX) $ 42.36 1.62%
the-open-network
Toncoin (TON) $ 6.44 14.08%
shiba-inu
Shiba Inu (SHIB) $ 0.000027 0.44%
wrapped-steth
Wrapped stETH (WSTETH) $ 4,063.50 2.54%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 98,241.32 0.17%
polkadot
Polkadot (DOT) $ 9.10 18.83%
chainlink
Chainlink (LINK) $ 17.80 4.87%
bitcoin-cash
Bitcoin Cash (BCH) $ 513.41 3.22%
weth
WETH (WETH) $ 3,432.31 2.63%
sui
Sui (SUI) $ 3.47 4.36%
pepe
Pepe (PEPE) $ 0.000021 1.78%
near
NEAR Protocol (NEAR) $ 6.67 4.37%
leo-token
LEO Token (LEO) $ 8.68 0.95%
litecoin
Litecoin (LTC) $ 101.82 0.22%
aptos
Aptos (APT) $ 12.95 1.43%
uniswap
Uniswap (UNI) $ 11.12 6.01%
wrapped-eeth
Wrapped eETH (WEETH) $ 3,612.89 2.56%
hedera-hashgraph
Hedera (HBAR) $ 0.152347 1.71%
internet-computer
Internet Computer (ICP) $ 11.70 5.02%
crypto-com-chain
Cronos (CRO) $ 0.198212 3.50%
usds
USDS (USDS) $ 1.00 0.52%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.580002 7.27%
ethereum-classic
Ethereum Classic (ETC) $ 30.29 2.84%
render-token
Render (RENDER) $ 8.10 2.13%
bittensor
Bittensor (TAO) $ 543.11 1.70%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.52 12.48%
kaspa
Kaspa (KAS) $ 0.155344 3.32%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.15%
arbitrum
Arbitrum (ARB) $ 0.886909 7.17%
whitebit
WhiteBIT Coin (WBT) $ 24.76 0.61%
bonk
Bonk (BONK) $ 0.000047 4.80%
filecoin
Filecoin (FIL) $ 5.93 14.42%
vechain
VeChain (VET) $ 0.043951 2.84%
cosmos
Cosmos Hub (ATOM) $ 9.04 13.24%
dai
Dai (DAI) $ 1.00 0.13%
mantra-dao
MANTRA (OM) $ 3.84 1.54%
dogwifcoin
dogwifhat (WIF) $ 3.30 2.36%
okb
OKB (OKB) $ 54.24 9.07%