Elon Musk: The recession is here, you just don't know it yet

In a recent interview, Tesla CEO Elon Musk talked about how he believes a recession is already here in 2022 in the economy and that recession will likely only get worse. Fears of an upcoming recession and a potential stock market crash and housing market crash are a concern for investors. Musk is putting actions around how he believes a recession is currently here by laying off employees at Tesla.

Investors are concerned a recession may happen in 2022 or a recession in 2023. As a result of high inflation, the Federal Reserve is increasing interest rates. As interest rates increase, the economy tends to start to decrease as demand for goods and services decreases as a result of higher borrowing costs. A recession is two back to back quarters of negative economic growth. During recessions, unemployment rises and inflation historically decreases. Additionally, stock prices and house prices decrease.

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