Cathie Wood says in an open letter to the Fed that it's time to stop hiking rates as leading inflation indicators plunge

$ARK Innovation ETF (ARKK.US)$ Cathie Wood warned the Federal Reserve in an open letter that its interest rate hikes could spark a deflationary bust.
The culprits behind the Fed's misguided monetary policy actions, according to Wood, include plunging leading inflation indicators and being overly focused on lagging indicators. And what's concerning to Wood is the lack of diversity in thought among Fed policymakers.
"In the face of conflicting data, the unanimity of the Fed's last decision to increase the Fed funds rate by 75 basis points was surprising," she said. That argument lines up with what Wharton professor Jeremy Siegel said last week.
That conflicting data includes plunging commodity prices, most of which have shown year-over-year declines in recent months. Wood pointed out that lumber, DRAM chips, shipping container costs, and copper are among commodities that have fallen up to 74% from their peaks. But she did admit that two of the most important inflation components, food and energy, have yet to show year-over-year declines.
"Could it be that the unprecedented 13-fold increase in interest rates during the last six months ... has shocked not just the US but the world and raised the risks of a deflationary bust?"
$Tesla (TSLA.US)$ $SPDR S&P 500 ETF (SPY.US)$ $S&P 500 Index (.SPX.US)$ $Nasdaq Composite Index (.IXIC.US)$ $ProShares UltraPro Short QQQ ETF (SQQQ.US)$ $NVIDIA (NVDA.US)$ $Micron Technology (MU.US)$ $Camber Energy (CEI.US)$