Musk criticized the Fed's interest rate hike as a stupid move: it will exacerbate the flight of depositors

Tesla CEO Elon Musk has criticized the Federal Reserve's latest rate hike, saying it will exacerbate the flight from savers. He had previously called for the Fed to cut rates by at least 50 basis points at the meeting.

Musk tweeted, "A major driver of saver flight is people moving money from low interest savings accounts to high interest money market (treasury) accounts. This stupid rate hike will exacerbate saver flight."
Musk was responding to Dogcoin co-founder Billy Marcus' jab at the Federal Reserve, who wrote: "There's really only one bank and it has unlimited money so everything is cool."