U. S. Treasury Secretary Janet Yellen and business tycoon Elon Musk warned that the U.S. economy was facing serious recession risks. Although recent inflation and employment data show that the probability of economic recession is relatively small, Emily Yellen believes that high interest rates will also increase the risk of economic recession. In addition, Elon Musk indicated that a very serious economic recession is likely to last for several months, and will cause enterprises to significantly reduce costs.
According to Bloomberg News, Finance Minister Janet Yellen said in an interview on January 27 that although inflation and employment data have improved significantly, the risk of economic recession still exists. In her view, the Federal Reserve meeting will continue to raise interest rates, and high interest rates have increased the anxiety about recession.
U. Foreign GDP in the fourth quarter was reported at 2.9%, while the estimated GDP was 2.6%, which indicates that recession worries and inflation have decreased. However, because the increase of interest rate harmed the consumption power, the user and company expenses decreased in December.
"I am very satisfied with the information I have seen so far, but considering that the Fed meeting has slowed down the economic development, I am not willing to minimize the risk of recession."
In her view, maintaining a strong human resources market while reducing inflation means that economic growth is slowing.
In addition, Elon Musk continued to warn the Federal Reserve meeting that its radical interest rate hikes would increase the risk of recession. The Federal Reserve meeting announced an interest rate increase of 50 percentage points at the last meeting of the Federal Government Open Market Committee, which had previously been raised by 75 percentage points for four times.
Although the fourth quarter financial report was tough, Musk still planned to reduce all costs related to Tesla Motors in order to cope with the economic downturn. In his view, because of the high interest rate, the company will continue to cut staff and reduce costs.
In addition, Jamie Dimon, CEO of Morgan Bank, predicted that the interest rate would exceed 5% due to the continuous rise of inflation. According to the special tool of CME FedWatch, the probability of interest rate increase by 25 percentage points is 98.4%.
During the economic downturn, there is a risk of decline in the cryptocurrency market. The recent layoffs of data encryption enterprises have seriously affected the confidence of investors. Although the adoption rate of cryptocurrencies such as Bitcoin and ETH continues to rise, these loan currencies are still very unstable, and investors predict that the price of cryptocurrencies will fall further.
Bitcoin market is close to $23000, and Ethereum price is $1592. Before the US interest rate hike was confirmed on February 1, the two key cryptocurrencies were traded in a horizontal market.
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Tue, 18 Apr 2023