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Sep 15, 2022
Ark Invest CEO Cathie Wood and Wharton School of Business professor Jeremy Siegel both agree that we’re already in the middle of a recession.
While recession warnings have been piling up in recent weeks, most of them have a timeline of one or two years in the future. But in separate appearances on CNBC Tuesday, Wood and Siegel said it is happening now, while inflation is showing signs of easing.
“We think we are in a recession, and we think a really big problem out there is inventories — the increase of which I’ve never seen this large in my career,” Wood said.
She pointed to retail giants like Target and Walmart, which typically have well managed supply chains but have warned recently they are struggling with high inventories, indicating the size and scope of the problem is bigger throughout the sector.
To offload excess inventories, retailers will have to cut prices. And Wood reiterated her view that the current period of high inflation will set up the economy for deflation, or falling prices.
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