Elon Musk Criticizes Fed's Rate Hike and Warns of Economic Consequences.

Elon Musk has warned US President Joe Biden and the Federal Reserve after three US banks, including Silicon Valley Bank, collapsed this month due to interest rate rises wiping out the value of the bonds they held. The bitcoin and crypto market has rallied due to rising expectations the Federal Reserve will pivot from its hawkish stance in the face of slowing inflation and bank collapses. Musk has repeatedly called on the Federal Reserve to ease off on its planned interest rate hikes which have wiped billions from Tesla's market capitalization and sent the bitcoin, ethereum and crypto market sharply lower.