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Cardi B. and Elon Musk Think We’re Headed for a Recession
– canadianbusiness.com
Last week, in an email to Tesla executives titled “pause all hiring worldwide,” Musk said he had a “super bad feeling” about the economy and told executives to cut 10 per cent of jobs at the company. (Since then, he has sent mixed signals about reducing headcount at the electric-vehicle maker.) And on Sunday, rapper Cardi B. tweeted “When y’all think they going to announce that we going into a recession?” to her 22.9 million followers.
Musk and Cardi B. join the chorus of economists, banks and business leaders—including JP Morgan Chase CEO Jamie Dimon, Snap CEO Evan Spiegel and Wealthsimple CEO Michael Katchen—who are raising concerns about a grim economic outlook. From high inflation to a bruised stock market, and recent interest rate hikes, experts are worried a recession is on the horizon.
“In the past, some of the times when we’ve seen these interest rate hike cycles, the end result was a recession,” says Avery Shenfeld, chief economist at CIBC Capital Markets…
