Elon Musk says interest rate hikes are causing an increase in deposit outflows
Join Our Telegram channel to stay up to date on breaking news coverage The CEO of Twitter, Elon Musk, has called out the US Federal Reserve for raising interest rates. Musk noted that an increase in deposit outflows was caused by investors shifting their money from low-interest savings accounts to money market accounts offering high interest rates. Twitter CEO concerned about interest rate hikes On March 23, the CEO of Twitter responded to a Twitter post on the Fed Chair’s remarks that the banking system was safe. In the post, Musk said that an increase in deposit outflows was caused by investors moving their money from saving accounts charging low-interest rates. A major driver of depositor flight is people moving money from low interest savings accounts to high interest money market (Treasury Bill) accounts. This foolish rate hike will worsen depositor flight. — Elon Musk (@elonmusk) March 22, 2023 “A major driver of deposit or flight is people moving ...