Fed is 'making a mistake': gold, dollar, yields point to deflationary forces, says Cathie Wood kitconews gold silver economics mining metals investing finance
ARK Invest's CEO and CIO Cathie Wood sees the Federal Reserve as making a mistake by raising rates too fast.
In June, the Fed raised rates by 75 basis points to a range of 1.5%-1.75%, the most significant one-time hike since 1994. And later in July, it is expected to raise rates by another 75 basis points, with the CME FedWatch Tool pricing in the probability of that happening at 90.6%. Gold has been"one of the most reliable inflation gauges out there," and it has"broken down to the low end of its range," she said."That will confirm in my mind that deflation is the greater risk here, not inflation," Wood stated when talking about gold prices.
Copper is another example, with the metal acting as a gauge of real activity and inflation."[There is a] huge breakdown… We're at $3.29 now, that is down 25% month-to-month, and it is down 25% year-over-year," she said.
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