Cathie Wood Rejects Fed's Inflation 'Jawboning,' Pivots Back To Deflation Narrative

Ponovno objavil Platon

Spremljevalci: 0

Zaskrbljenost zaradi povišanja obrestnih mer Wall Streeta je povzročila opustošenje visoko rastočih tehnoloških delnic - in ETF-ji Ark Cathie Wood so bili spet v središču škode.

Still, Wood dismissed concerns over inflationary pressures, reaffirming an earlier assertion that deflation remains the focus for her firm during a webcast on Tuesday. The Ark Invest CEO also said that price increases were likely to ease as supply chain issues resolve.

Wood’s remarks come amid Federal Reserve Chair Jerome Powell’s confirmation testimony on Tuesday, in which he signaled that if the pace of price increases fails to slow, the central bank will get more aggressive with raising short-term borrowing costs.

Ark Invest’s beleaguered innovation fund (ARKK) has now lost half its value from its peak as worries of more aggressive monetary policy by the Federal Reserve sent technology stocks — namely the “disruptive” but often unprofitable picks that form her investment strategy — cratering to start the new year. Even as the fund rode a tech rebound on Tuesday to eke out a modest comeback, ARKK is down more than 50% from it’s all-time high in February 2021. ARKK ended the session 2.46% higher to close at $86.98 per share.

V separate webcast on Jan. 7 addressing the recent rate rout, Wood maintained her view that losses were temporary, even stating that Ark Invest anticipates “inflation is indeed transitory,” based on other economic measures such as velocity — the ratio of GDP to money supply — which has decelerated since its peak at the onset of the pandemic.

"Verjamemo, da se je tukaj zgodilo, da je Fed, ki je predlagal, da je inflacija prehodna od začetka koronavirusa, postal zaskrbljen, ko je videl inflacijo CPI na 6.8 % medletno in ne želi biti kriv ker se inflacija vzdržuje in zagotovo ne uide izpod nadzora,« je dejala v videu.

"Menimo, da je tukaj malo čeljusti," je dodala. "Fed se želi zmotiti na strani jastreba, vsekakor z vidika izkoščevanja čeljusti, ker ne želijo, da bi se inflacija še naprej stopnjevala."

Zdi se, da Woodovi vrstniki na Wall Streetu ne delijo tega zaupanja. Čeprav so nekateri predvidevali, da bi se cene lahko izenačile do konca leta, se mnogi pripravljajo na možnost, da bi se inflacija zadržala.

Goldman Sachs, Evercore ISI, and Deutsche Bank are among Fed watchers repricing the Federal Reserve’s pace on rate hikes, predicting short-term interest rates will be 100 basis points higher by the end of 2022 than where they are now.

Izvršni direktor JPMorgana Jamie Dimon je v intervjuju za CNBC v ponedeljek dejal, da upa na "mehak pristanek" s strani Fed, vendar je priznan, da bi bila inflacija lahko slabša, kot predvidevajo oblikovalci politike, in da bi se obrestne mere lahko povečale bolj, kot se trenutno izvaja.

Nasprotno, čeprav njen sklad nosi breme razprodaje, ki jo je spodbudil Fed, je Wood dejala, da njeno "prepričanje ne bi moglo biti višje", da bodo njena najljubša inovacijska podjetja "še naprej povzročala eksplozivno rast - kakršnih imamo mi." ni videl v naših življenjih."

Alexandra Semenova je poročevalka za Yahoo Finance. Sledite ji na Twitterju @alexandraandnyc

Preberite zadnje finančne in poslovne novice Yahoo Finance

Sledite Yahoo Finance na Twitter, Instagram, YouTube, Facebook , Flipboardin LinkedIn