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CNBC Exclusive: CNBC Excerpts: ARK Invest Founder, CEO & CIO Cathie Wood Speaks with CNBC’s “Squawk Box” Today

WHEN: Today, Tuesday, June 28, 2022

WHERE: CNBC's "Squawk Box"

Following are excerpts from a CNBC exclusive interview with ARK Invest Founder, CEO & CIO Cathie Wood on CNBC's "Squawk Box" (M-F, 6AM-9AM ET) airing today, Tuesday, June 28th. Following is a link to video on CNBC.com: https://www.cnbc.com/video/2022/06/28/ark-invest-ceo-cathie-wood-says-u-s-is-already-in-a-recession.html.

All references must be sourced to CNBC.

WOOD ON INFLATION AND DEFLATION

CATHIE WOOD: We were wrong on one, on one thing and that was inflation being as sustained as it has been. Supply chain, I can't believe it's taken more than two years and Russia's invasion of Ukraine of course we couldn't have seen that. So, inflation has been a bigger problem, but I think that it has set us up for deflation. I've been listening to your program. I heard Ken Langone talk about being in a recession now. Jeremy Siegel saying we think we're in a recession.

WOOD ON INVENTORY PROBLEM

WOOD: We think a really big problem out there is inventories the likes of, the increase of which I've never seen this large in my career, and I've been around for 45 years. And we're talking about the best-managed companies in the world. If you're talking about Walmart and Target, they know how to manage supply chains so if they have problems, we think there is a lot more problems. And then the other thing that's going on is the consumer is railing against these price increases.