Elon Musk predicted that the U.S. economy will be in for a hard slog until at least the spring of 2024, joining a growing list of ominous warnings about America’s economic outlook after a series of recent high-profile bank failures.
“Tough sledding until spring next year is my best guess,” the Tesla CEO said in a Wednesday post on Twitter.
Musk was replying to a post about Federal Reserve economists predicting a “mild recession” later this year, followed by a gradual recovery over the next two years.
The Fed forecast came by way of minutes of the March Federal Open Market Committee (FOMC), which showed policymakers highly focused on the banking sector turmoil sparked by the collapse of Silicon Valley Bank (SVB), as well as routine issues of inflation and the impact of tightening financial conditions….