Cathie Wood is criticising the Federal Reserve for its aggressive tightening campaign since the value of her innovation-themed ETFs has plunged in this time of rising interest rates.
Wood writes an open letter to the Fed in the most recent market commentary from her company, ARK Investment Management
which she expresses worry that the Fed is erring on the side of policy by raising interest rates so quickly.
She expresses concern that the central bank may be increasing the likelihood of a deflationary crash and cites a number of signs, including dropping commodity prices and rising merchant stocks.
The investment manager claims that the central bank is concentrating on the wrong indicators by aiming for price growth and employment figures.
The Fed appears to be concentrating on employment and downstream inflation, both of which have been delivering mixed signals