Cathie Wood’s famed ARK investment fund has had a stellar 2023 so far, with shares trading 30% higher than at the beginning of the year. But that hardly offsets the firm’s massive losses in 2022 that Wood blames on the Federal Reserve.
The Fed has hiked interest rates eight times in the past year, with more likely on the way as the central bank continues its war against inflation. Prices have been mostly easing for the past several months, climbing 6% during the year ending in February. While it's a drop from the 9.1% annual rate in June, it’s still far higher than the Fed wants inflation to be, and the central bank has signaled that it will implement more rate hikes to get closer to its target.
