Ark Invest chief Cathie Wood thinks the US is in a recession via /r/wallstreetbets #stocks #wallstreetbets #investing


Ark Invest chief Cathie Wood thinks the US is in a recession

The economy is in a recession and the job market is set to slow, Ark Invest's Cathie Wood told CNBC.

Wood said that the Fed is focused on lagging indicators like CPI and jobs data, as reason to why her view differs from Fed Chairman Jerome Powell.

Wood said her flagship growth fund is likely set for solid performance after it bottomed well before the broader market.

Ark Invest's Cathie Wood is certain that the US economy has already entered a recession, according to an interview with CNBC on Friday.

"What we do see in these earnings results is that we are in a recession… We think this is an inventory-led recession, and I think that's coming through loud and clear. We're seeing advertisers cut back dramatically," Wood said.Recent earnings results from Snap and Meta Platforms revealed that advertisers were indeed slowing their spending on those platforms in recent months, while Walmart and Target have warned that excess inventory will drag on their profits this year.

Wood's view of the current status of the US economy differs from Fed Chairman Jerome Powell's view, who said last month that he isn't seeing signs the economy has entered a recession. But Powell and the Fed are mostly focused on lagging indicators, Wood said, like the employment market and inflationary readings like CPI.

That means the Fed likely won't acknowledge the economy is in a recession until it's already happened.

Source: https://www.businessinsider.in/stock-market/news/ark-invest-chief-cathie-wood-thinks-the-us-is-in-a-recession-but-says-her-funds-growth-strategy-has-already-bottomed/articleshow/93281793.cms#:~:text=Ark%20Invest's%20Cathie%20Wood%20is,coming%20through%20loud%20and%20clear

ARK Invest's (ARKK) Cathie Wood says that the US has already entered a recession. The Fed and the White House claims that we're not in a recession even after reporting a GDP decline for 2 consecutive quarters. Do you think we're already in a recession?

Submitted August 03, 2022 at 05:45PM by predictany007
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