Cathy Wood warns that the US is already in recession

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The United States is likely to be already in recession, said Ark Invest CEO Cathy Wood in an interview with CNBC, where she even admitted that she herself had significantly underestimated inflation.

Wood attributed the increase in inflationary pressures more than she had predicted to supply chain disruptions as well as geopolitical risks, such as the war in Ukraine. He added that a recession due in part to poor stock management had already begun.

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“We believe we are in a recession,” Wood said in an interview with CNBC.

Although the Federal Reserve and most major US investment banks do not expect the US economy to enter recession this year, the Fed’s AtlantNow GDPN report shows that US economic growth will slow in the second quarter after shrinkage in the first quarter.

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“We made a mistake in one thing and that was that inflation will be as persistent as it turns out; inflation is a bigger problem, but I think it leads to deflation,” Wood said.

Source: Capital

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