Elon Musk predicts the US will have a 'mild recession' for 18 months

The US is about to go into a recession, according to Musk.

At the annual shareholder meeting on Thursday, the world's richest man spoke about the US economy.

Making macroeconomic predictions is a recipe for disaster, but my guess is that we are past peak inflation and that we will have a recession. I'm pretty sure this is total speculation. I think it's a mild recession for 18 months or something.

He said that sinceTesla needs to order commodities several months in advance, it has an idea of where prices are going. It appears that we are past peak inflation, according to Musk, who said that the pricesTesla is seeing are going down.

He said he expects inflation to drop quickly.

Economists have been warning for months that the US could be headed for a recession. The Federal Reserve is trying to cool down the economy by raising interest rates. Large companies have announced large-scale layoffs to cut costs after stocks have fallen this year.

Musk said earlier this year that he wanted to cut 10% of his white-collar staff. Ford is planning to cut around 8,000 jobs.

There are some signs that the economy is in good shape. The National Bureau of Economic Research hasn't decided if the US will enter a recession.