20220817 elon musk
Elon Musk Image Credit: AFP

Elon Musk suggested the Federal Reserve should cut interest rates by 0.25%, saying that a major hike would risk deflation.

The suggestion by the world's richest man came in response to a Twitter user who asked Musk what the Fed should do, and after an earlier post from Ark Investment Management's Cathie Wood.

On Tuesday, unexpectedly hot inflation data virtually assured markets that the Fed will raise rates by 75 basis points next week.