Musk says recession ‘is inevitable at some point’

From THEHILL.COM

Tesla CEO Elon Musk said on Tuesday that he thinks the United States will likely fall into a recession in the near future.

“A recession is inevitable at some point,” Musk told Bloomberg Editor-in-Chief John Micklethwait at the Qatar Economic Forum in Doha.

“As to whether there is a recession in the near term,” he added, “that is more likely than not.”

Musk’s remarks follow other top industry leaders who have voiced concerns that rising inflation and the Federal Reserve’s response may impact the economic growth the country has seen as it comes out of the COVID-19 pandemic. A recession is considered a time period in which the gross domestic product falls for at least two successive economic quarters.

To combat inflation, the Fed raised interest rates last week by three-quarters of a percentage point, the largest increase since 1994. Stocks fell toward the end of last week after the anno... (Read more)

Submitted 12 days ago


Latest News