Twitter CEO Raises Voice Against Fed’s ‘Foolish’ Interest Hikes
Coin Edition
Published Mar 23, 2023 11:11
Twitter CEO Raises Voice Against Fed’s ‘Foolish’ Interest Hikes
Coin Edition -
- Elon Musk stated that the depositor flight resulted from the Fed’s foolish interest hikes.
- Consequently, investors shift money from low-interest savings accounts to high-interest money market accounts.
- Musk’s statement was in response to Powell’s assurance that the investors’ deposits were safe.
Elon Musk , the CEO and owner of the American social media platform Twitter, commented that the depositor flight is significantly driven by the investors’ tendency to shift money from low-interest savings accounts to high-interest money market accounts, worsened by the “foolish rate hike.”
Subsequent to Powell’s salient remark, various people popped up with consequential feedback. While WatcherGuru restated Powell’s comment, many tweeters, including Shibetoshi Nakamoto, reacted.
Notably, Musk has been raising his voice against the unjust interest hikes implemented by the Fed over a long period of time. On March 21, he asserted the urgency of the situation, reiterating the need to cut down the interest by at least 50bps.
The post Twitter CEO Raises Voice Against Fed’s ‘Foolish’ Interest Hikes appeared first on Coin Edition.
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