Industrialist Elon Musk is warning that the United States is already in a recession that could turn “severe” with even more rate hikes by the Federal Reserve, pointing to bank failures as proof of a stressed-out economy.
“Fed data has too much latency. Mild recession is already here,” Musk stated in a tweet on April 30. The billionaire referred to the ongoing crisis in the banking sector, suggesting that the bank failures point to the Fed’s rate-hike policy stressing the economy. “It’s not like just the canary in the coal mine (SVB) died, one of the staunchest miners (Credit Suisse) died too and the cemetery is filling up fast! Further rate hikes will trigger severe recession. Mark my words.”
