NEW YORK—Star stock picker Cathie Wood of Ark Invest cautioned that the Federal Reserve is making a mistake with its widely-expected interest rate hikes to bring down high inflation and said she is more concerned about deflation.
The benchmark S&P 500 fell more than 2 percent and Treasury yields surged Tuesday after data showed consumer prices did not ease as anticipated in August and price pressures appeared to broaden. Markets are now anticipating a 100 percent probability the Fed raises benchmark interest rates at least 75 basis points at its meeting that concludes on September 21.
