Elon Musk's Pleasing Prediction About the Market “Within Six Months…”
Elon Musk Says Inflation in the US Has Peaked
Speaking at electric vehicle manufacturer Tesla
's annual shareholders meeting, Elon Musk stated that Tesla's commodity and component costs are on a downward trend for the next six months. He also reiterated that he expects a mild recession in the US that could last 18 months.
"The trend is downward, which suggests we've left the peak of inflation behind," Musk said at Tesla's headquarters and factory in Austin. "I think inflation will come down rapidly" at some point in the future, he said.
"We have some projections of where prices will go over time," Musk said, referring to Tesla's need to buy raw materials months ahead of when they are usually used.
Elon Musk continued his speech to shareholders as follows:
"The interesting thing we're seeing right now is that the price trend for most of our commodities - more than half, if not all, of the things we use to build Teslas - is going to be down over the next six months."
As it is known, the cryptocurrency market came under pressure due to the FED's interest rate decisions. With the FED's aggressive interest rate hikes in the US, which have not been seen for many years due to rising inflation in the US, there were declines in risky assets such as Bitcoin.
However, experts expect a recession in the US as the latest growth data from the US is negative.
Elon Musk is one of the names closely followed by the cryptocurrency market.