In an interview with CNBC, Kathy Wood, chief executive of the American investment firm ArkInvest, a company that manages tens of billions of dollars worth of assets and

focuses on innovation, said the United States was already in an economic downturn, and acknowledged that it had reduced the severity and durable power of inflation.

"We think we're in recession, we think there's a big problem with stocks. The price increase I haven't seen this big in my career.. I have been around for 45 years ".

Ms Wood added that inflation was hotter than she had expected due to supply chain disruptions and geopolitical risks.

Wood continued that she was "wrong about one thing: that inflation is as sustainable as it was", surprising that supply chain disruptions had been going on for more than two years, noting that the Ukrainian crisis could not have been expected.

"Inflation is a bigger problem, but it has put us ahead of a downturn." Inflation measured by the U.S. Consumer Price Index rose 8.6% in May year-on-year, the fastest increase since December 1981.

Consumers feel rapid price increases, which is reflected in sentiment data that has fallen to record levels, Wood said. It noted consumer surveys at the University of Michigan, which recorded the lowest ever reading in June.