ARK Invest’s Cathie Wood says US is already in recession

• Investor said she had never seen such economic downturn in 45 years

Ark Invest CEO Cathie Wood on Tuesday said the US is already in an economic recession and admitted that she underestimated the severity and lasting power of inflation.

“We think we are in a recession,” Wood told CNBC. “We think a big problem out there is inventories... the increase of which I’ve never seen this large in my career. I’ve been around for 45 years.”

The innovation-focused investor said inflation has turned out to be hotter than expected due to supply chain disruptions and geopolitical tensions.