The latest GDP estimate showed that the U.S. economy was in contraction for the first half of this year, indicating a weaker economy as a direct consequence of the Federal Reserve’s series of interest rate hikes to cool off inflation and slow demand.
Moreover, the Federal Reserve is expected to launch another outsized rate hike in November. In an open letter to the central bank, Cathie Wood, founder of Ark Investment, said that the Fed is likely making a mistake in its hardline stance against inflation.
