Elon Musk says Fed ‘foolish’ for not cutting interest rates yet

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Elon Musk says Fed ‘foolish’ for not cutting interest rates yet

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said Sunday the Federal Reserve was “foolish” to not have cut interest rates sooner in the wake of a lackluster jobs report that raised concerns about an economic slowdown.

“The Fed needs to drop rates,” Musk wrote in a post on X, formerly

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. “They have been foolish not to have done so already.”

Musk’s comments come after the

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held a policy meeting last week in which the central bank kept the target rate at a range of 5.25% to 5.5% – the highest level in 23 years that the Fed has held steady at since last July.

Policymakers said inflation ******** “somewhat elevated” above its 2% target rate, with data for June showing inflation declined to 3%.

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signaled that an interest rate cut could occur at the central bank’s next meeting, although he said policymakers haven’t made a decision yet and will evaluate inflation and labor market data before they do so.

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“The question will be whether the totality of the data, the evolving

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and the balance of risks are consistent with rising

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and maintaining a solid labor market,” Powell said. “If that test is met, a reduction in our policy rate could be on the table as soon as the next meeting in September.”

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Musk made the comments in response to a post on X about billionaire investor

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increasing its stockpile of cash equivalents and short-term treasuries after paring back its stock positions, including that of its largest holding, Apple.

“He is clearly expecting a correction of some kind or otherwise simply cannot see better investments than Treasury bills,” Musk said.

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On Friday, the Labor Department’s latest jobs report showed that the

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added 114,000 jobs, less than the 175,000 forecast by London Stock Exchange Group economists.

The slower-than-expected job growth contributed to an unexpected rise in the unemployment rate, which ticked up to 4.3% amid expectations it would remain at 4.1%.

FOX Business’ Megan Henney and Reuters contributed to this report.

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#Elon #Musk #Fed #foolish #cutting #interest #rates

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