Elon Musk predicts a new economic downturn.

Elon Musk warns of the risks to the American economy due to Federal Reserve's series of interest rate hikes.

On June 14, the Federal Reserve left its key rates unchanged for the first time since March 2022.

The Federal Reserve plans to implement two more quarter-point interest rate hikes by the end of the year.

The Federal funds rate target remains at 5% - 5.25%, aligning with expectations of experts.

Jerome Powell, the Fed chairman, emphasized the committee's support for continuing to increase interest rates.

No decision has been made for the July meeting regarding interest rates, according to Powell.

New economic projections suggest that the main key rate could reach 5.5% - 5.75% by the end of December.

Elon Musk reiterates his concerns about the impact of these interest rate hikes on the American economy.

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