tesla inc tsla ceo elon musk on wednesday called upon the fed to act immediately or risk a recession what happened the trend is concerning and the fed needs to ‘cut interest rates immediately’ musk tweeted early on wednesday he was replying to a tweet by a tesla influencer and investor in which he said an economic recession is likely in 2023 trend is concerning fed needs to cut interest rates immediately they are massively amplifying the probability of a severe recession see also how to invest in startups in midseptember musk called for a 25basispoint cut in the fed rates even as the august inflation report that showed a pick in pricing pressure sent the market into a tailspin he had then concurred with ark invest’s cathie wood about the risk of deflation why it’s important a vibrant labor market and strong consumer spending have kept the economy ticking thus far despite four straight 75basispoint rate hikes and an inflationary environment most economists have called for the us economy to slip into a recession at least mildly in 2023