Ackman and Musk warn of economic disaster following Fed rate hike and crypto volatility.

Hedge fund manager Bill Ackman warns that the US economy may be headed for a "train wreck" after the Federal Reserve continues its fight against inflation and Treasury Secretary Janet Yellen ruled out "blanket" protection for bank deposits despite the worst financial crisis in a decade. Ackman sounded the alarm about a possible acceleration of deposit outflows from banks after Yellen indicated that not all uninsured deposits will be protected in future bank failures. The Fed's latest interest rate hike, marking the ninth consecutive rate increase aimed at combating high inflation, puts even more pressure on non-systemically important banks.