Reuters

ARK’s Wood says Fed is making a ‘mistake,’ sees stocks bottoming

The Federal Reserve is ignoring signs of deflation as it continues its aggressive interest rate-hike plan to combat inflation and will soon be forced to make a dovish pivot, star stock picker Cathie Wood of Ark Invest said in a webinar on Tuesday. “The market has figured out the Fed is making a mistake,” Wood said, leaving U.S. stocks “in a bottoming process.” Wood, whose ARK Innovation ETF was the top-performing fund of 2020 thanks to bets on companies like Zoom Video Communications Inc which soared during the early stages of the coronavirus pandemic, cited declines in copper, oil and gold prices as signs that fears of sustained inflation are overblown.

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