While tech companies hired aggressively during the pandemic as the economy moved online, in recent months they have seen growth slow dramatically as the Federal Reserve’s interest rate hikes have hurt consumers and eroded their profits. The situation today, according to many of America’s prominent business leaders, such as Ilon Musk and Jeff Bezos, does not look good: economic growth is slowing and layoffs in many sectors are increasingly common, The Street writes.

For example, Amazon (NASDAQ:AMZN) founder and executive chairman Jeff Bezos warned as early as the middle of last month: “My advice to small business owners is don’t take risks. If you’re going to make a major purchase, hold off on it for a while. If you’re an individual and you’re thinking of buying a new big-screen TV, slow down, leave the money and see what happens. Same with a refrigerator, a new car, anything.”

His fellow billionaire CEO of Tesla (NASDAQ:TSLA) and several other companies, Ilon Musk, shares these concerns and is calling on the Fed to immediately stop raising rates to avoid economic disaster. “The trend is worrisome. The Fed needs to cut interest rates immediately. This greatly increases the likelihood of a serious recession.” Musk’s call comes on the same day that Federal Reserve Chairman Jerome Powell is scheduled to deliver a key policy speech in Washington.

Powell will face a barrage of questions from the audience at the speech on fiscal and monetary policy and the outlook for the economy, inflation and the changing labor market. He insisted it was too early to consider pausing a rate hike, even though the Federal Open Market Committee has made clear that smaller increases are likely needed in the coming months.