Star stock picker Cathie Wood of Ark Invest cautioned that the Federal Reserve is making a mistake with its widely-expected interest rate hikes to bring down high inflation and said she is more concerned about deflation.
The benchmark S&P 500 fell more than 2% and Treasury yields surged Tuesday after data showed consumer prices did not ease as anticipated in August and price pressures appeared to broaden. Markets are now anticipating a 100% probability the Fed raises benchmark interest rates at least 75 basis points at its meeting that concludes Sept. 21.
Wood said that Ark estimates global "disruptive innovation" stocks are now worth roughly $8 trillion in market value, which the firm expects to increase to $200 trillion within the next 8 to 10 years.
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