Billionaire entrepreneur, Elon Musk, expressed his firm belief on Sunday that the Federal Reserve should lower interest rates, criticizing the U.S. central bank for not having done so already. Musk's comment on the social media platform X came in response to mounting concerns over last week's weak economic data, which raised fears of potential damage to the country's economy due to prolonged elevated interest rates.

Despite worries, policymakers chose to keep the Fed's benchmark overnight interest rate steady within the range of 5.25%-5.50% last week. However, they did suggest the possibility of a rate cut during their upcoming meeting scheduled for September 17-18. Market speculators are currently highly optimistic about the probability of an interest rate reduction at that gathering.

Fed Chair Jerome Powell further added weight to these expectations, stating on Wednesday that if the U.S. economy stays on its projected trajectory, a rate cut could be implemented next month. This move would not only mark the end of the central bank's more than two-year-long battle against inflation but would also place it squarely in the midst of the nation's eagerly anticipated presidential election campaign.

With Musk's public support for the Federal Reserve to reduce interest rates and the growing consensus among traders that a cut is imminent, all eyes will now turn towards the September meeting to see if the central bank actualizes this anticipated move. The potential rate reduction could have substantial ramifications for the economy, as well as be a significant factor in shaping the political landscape leading up to the 2020 elections.