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Billionaire tech mogul Elon Musk said Wednesday that, instead of further tightening monetary settings, the Federal Reserve should "immediately" lower interest rates or risk a "severe recession."
Analysts at Deutsche Bank said in a recent note that the Federal Reserve's fight to crush inflation could send the unemployment rate as high as 6 percent, equivalent to around 4 million Americans losing their jobs.
Despite falling for much of the year, the U.S. stock market might decline even further rather than recover due to elevated inflation rates according to a note by a Bank of America (BofA) strategist.