Elon Musk is calling for an interest rate hike on — where else — Twitter.
The mercurial CEO replied to a tweet from billionaire Bill Ackman, calling for a rate reduction of 50 basis points.
Fed needs to drop the rate by at least 50bps on Wednesday
— Elon Musk (@elonmusk) March 21, 2023
Ackman, who has been vocal in opposing the rescue of First Republic Bank in recent days, said the Federal Reserve should “pause” when it meets on Wednesday.
“Inflation is still a problem and the Fed needs to continue to show resolve,” Ackman said in an over 1,900-character tweet, suggesting he pays for Twitter Blue. “Powell can do this by pausing and making very clear that this is a temporary pause so that the impact of recent events can be assessed.”
Turning to potential Twitter drama, Ackamn pointed out that he didn’t initially see Musk’s reply to his tweet, saying that has happened three times.
“There should be a way to rank order replies by most followed or this should be the default,” Ackman tweeted.
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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