ARK Invest CEO Cathie Wood said Tuesday that the U.S. is already in an economic downturn, and she admitted that she underestimated the endurance of inflation.
“We think we are in a recession,” Wood said Tuesday on CNBC’s influential morning news show, “Squawk Box.” “We think a big problem out there is inventories … the increase of which I’ve never seen this large in my career. I’ve been around for 45 years.”
Wood said inflation, which is at 8.6% annually, is worse than she had expected, owing to supply-chain disruptions and the Russia-Ukraine war.
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