She also said she had underestimated the staying power of inflation, but added that higher prices would soon lead to 'deflation'.
Ark Invest CEO Cathie Wood admitted during a Tuesday interview with CNBC that she had dramatically underestimated the severity of inflation — before claiming that the U.S. economy is likely already in a recession.
Wood blamed supply-chain disruptions and geopolitical factors like the war in Ukraine for exacerbating inflationary pressures beyond what she had anticipated. She also said that a recession driven in part by mismanaged inventories had already begun. “We were wrong on one thing and that was inflation being as sustained as it has been…inflation has been a bigger problem but I think it has set us up for deflation,” Wood said.
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