6/28, 2:46 PM (Source: TeleTrader)
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ARK Invest CEO Wood says US in recession

ARK Investment Management LLC founder, CEO and CIO Cathie Wood said on Tuesday that the United States has already entered a recession.

The "big problem out there is inventories... the increase of which I've never seen," she told CNBC, adding that she "can't believe it's taking more than two years" to resolve the supply chain issues.

Wood went on to note that the latest University of Michigan consumer sentiment report has shown that confidence in the highest income groups is lower than in the lowest income groups. "The latter group is tormented by food and energy prices," she stressed.

Baha Breaking News (BBN) / MS