Musk criticises the Fed: 'It has too many employees'

The Fed has too many staff. Elon Musk says this on X, criticising the central bank without offering an explanation. The Fed employs around 24,000 people and does not receive funds through the traditional budget process in Congress. The Fed's profit comes from its operations and, above all, from the interest on government bonds bought on the market. The central bank is usually a source of revenue for the government: before its rate hike in 2022, the Fed sent about $100 billion a year to the Treasury.