As technology stocks were being crushed Tuesday in the wake of an inflation report that was stronger than expected, ARK Investment Management’s Cathie Wood...
As technology stocks were being crushed Tuesday in the wake of a stronger-than-expected inflation report, ARK Investment Management’s Cathie Wood was raising concern that the Federal Reserve may be overtightening its monetary policy amid signs of deflation.
Wood said ARK thinks employment “already is cracking underneath the surface,” particularly among small businesses, and reiterated her view that the U.S. is already in a recession. “We’re seeing a lot of deflation in the pipeline,” she said, pointing to prices of commodities such as oil, lumber and copper falling steeply from their peaks, along with the Baltic freight index.
Stocks sank after the U.S. Bureau of Labor Statistics reported Tuesday morning that inflation in August rose 0.1% for an annual rate of 8.3% based on the consumer price index. The reading on inflation, including core data stripping out food and energy prices, was stronger than expected.
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