Reuters
ARK’s Wood sees global recession, blames market selloff on Fed hike plan
The global economy is in recession and recent stock market volatility is a sign investors believe that the Federal Reserve’s plan to continue hiking interest rates is too aggressive, star stock picker Cathie Wood said in a webinar on Tuesday. Wood, whose ARK Innovation ETF outperformed all other U.S. equity funds during the pandemic rally in 2020, said slowing economic growth will likely benefit the type of innovative companies that the fund invests in.
