San Francisco, Dec 10: Twitter CEO Elon Musk on Saturday said that the next US Federal Reserve rate hike will amplify the recession.

"If the Fed raises rates again next week, the recession will be greatly amplified," he said in a tweet.

Several users expressed their thoughts on Musk's post. Twitter Files Part 3: Elon Musk Reveals What Led To Removal of Donald Trump From Microblogging Site After January 6 US Capitol Riot.

While one user commented: "No one seems to be noticing that the amount of power consolidated solely in Elon's hands is alarming," another said: "That's true, but if the #Fed doesn't raise rates #inflation will be greatly amplified, which will ultimately amplify the #recession even more." Elon Musk Starts Twitter Poll on Whether Julian Assange And Edward Snowden Should be Pardoned.

Last month, Musk had said that the US economy was inching towards a severe recession, and the Federal Reserve needs to stop hiking interest rates.

Musk said last week that the American central bank needs to immediately cut interest rates as a severe recession is looming.

(The above story first appeared on LatestLY on Dec 10, 2022 09:54 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website