By Kim Khan
Investing.com - President Donald Trump on Tuesday backed Tesla (NASDAQ:TSLA) CEO Elon Musk’s plan to open his California auto plant today in defiance of Alameda County rules.
Trump also called again for negative interest rates for U.S. debt.
“California should let Tesla & @elonmusk open the plant, NOW. It can be done Fast & Safely!” Trump tweeted.
Musk tweeted his intentions to open late Monday and said he would be “on the line with everyone else.”
"If anyone is arrested, I ask that it only be me," he said.
Shares of Tesla rose 2.3% in morning trading.
Shortly afterwards, Trump tweeted support for negative rates, something the Federal Reserve has been reluctant to entertain, although fed fund futures do predict rates will turn negative next year.
“As long as other countries are receiving the benefits of Negative Rates, the USA should also accept the ‘GIFT’. Big numbers!” Trump tweeted.
Yesterday, three top Federal Reserve officials each downplayed the likelihood of the Fed cutting the target fed funds range to below zero.