Elon Musk and Bill Ackman call for Fed to cut rates amid banking crisis.

Hedge-fund manager Bill Ackman called for a pause in interest rate hikes by the Federal Reserve, citing the unresolved banking crisis and the recent shocks to the system. Elon Musk, CEO of Tesla and Twitter, went further and called for a half-point rate cut. The Fed is set to start a two-day meeting on Tuesday, with only one bank, Nomura, calling for a rate cut. Meanwhile, Treasury Secretary Janet Yellen said the government was willing to backstop deposits if needed.