Cathie Wood: “Right now, we’re in a recession, and it’s only going to get worse.”

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Last Updated on October 14, 2022 by Bitfinsider

Cathie Wood, CEO of Ark Invest, has no doubt that the United States is in a recession.

According to Wood and her team of analysts, the economic contraction will be caused by an excess of inventory.

Wood stated, “There will be a significant inventory correction, but it won’t be as severe as in 2008 or 2009.” We do not believe this to be the same thing.

After the first two GDP readings were negative, industry experts debated whether the U.S. was in a recession.

In order to combat rising prices, the Federal Reserve has been on a rate-hiking tear. At its November meeting, the central bank is anticipated to increase rates by another 75 basis points.

The Consumer Price Index (CPI) for September revealed an annual increase of 8.2% and a monthly increase of 0.4%.

The “core” CPI, which excludes food and energy, increased by 6.6% from the previous year, reaching its highest level since 1982.

On Thursday, after initially falling, stocks soared. During the session, the S&P 500 increased by over 2.5%.

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