Ark’s Cathie Wood issues open letter to the Fed, saying it is risking an economic ‘bust’

The Federal Reserve likely is making a mistake in its hard-line stance against inflation Ark Investment Management’s Cathie Wood said Monday in an open letter to the central bank.

Instead of looking at employment and price indexes from previous months, Wood said the Fed should be taking lessons from commodity prices that indicate the biggest economic risk going forward is deflation, not inflation.

“The Fed seems focused on two variables that, in our view, are lagging indicators –– downstream inflation and employment…