Tesla Inc. CEO Elon Musk in an interview with CNBC expressed his view on the Federal Reserve's decision-making process regarding interest rates.
He compared raising the federal rate to increasing the brake pedal on the economy, explaining that it has downstream effects even on non-credit-based purchases. The billionaire voiced concerns about the Fed's approach to monetary policy adjustments, noting that they operate with "too much latency" and rely on data that is, at that point, somewhat outdated.
According to Musk, the Federal Reserve is likely to be slow with lowering rates as it was slow to raise them in the first place.
