Cathie Wood on Tuesday said she erred in her prediction inflation would unravel as the prices of goods and services in the US soared to 40-year highs and said the US economy is currently in a recession.
“We were wrong on one thing, and that was inflation being as sustained as it has been,” Wood, founder and chief executive officer of Ark Investment Management, told CNBC. “Supply chain -- I can’t believe it’s taken more than two years, and Russia’s invasion of Ukraine, of course we couldn’t have seen that. So inflation has been a bigger problem. But I think that it has set us up for deflation.”
