Fed will raise the rates next week. In a Twitter exchange, the mercurial electric car executive and the world’s richest man said, “If the Fed raises rates again next week, the recession will be greatly amplified”.

Earlier, in October this year, Musk projected that the recession could continue “until spring of '24”. A Twitter account named Tesla Owner's Silicon Valley asked Musk in October how long he thought the recession would last, to which he replied, “Just guessing, but probably until spring of ’24.”

The Federal Reserve is likely to announce the last hike of 2022 in the upcoming week, according to economists. Fed Chairman Jerome Powell also signaled that the central bank will likely raise its benchmark interest rate by a smaller increment when it meets next week.

However, the rate hike, whether it's 0.5 or 0.75 percentage points, hangs in the balance. On December 14, the U.S. Fed rate decision will be announced.