Cathie Wood's Open Letter to Fed Draws Snark

A parody account called Not Jerome Powell, or @alifarhat79,  showed a video with two guys falling down laughing and the line: “The Fed after reading Cathie Wood’s open letter.”

The Fed after reading Cathie Wood’s open letter pic.twitter.com/FeqlEWGobT

— Not Jerome Powell (@alifarhat79) October 10, 2022

Genevieve Roch-Decter, CFA, tweeted Tuesday afternoon: “Cathie Wood’s open letter to the Fed clearly isn’t working. She should try writing it again in all caps to really get the point across.”

Concoda added to the sarcasm stream, tweeting: “BREAKING: *THE FED WRITES OPEN LETTER TO CATHIE WOOD ASKING HER TO DROP ZOOM AND ROKU FROM ARK ‘INNOVATION.’”

While Wood’s critics took the opportunity to pounce, Barron’s noted Tuesday that she’s not alone in her views on the Fed, pointing out that Wharton economist Jeremy Siegel and billionaire Barry Sternlicht have warned the central bank could cause widespread economic harm.

As ThinkAdvisor reported, Siegel recently appeared on CNBC, where he called on the Fed to apologize to Americans for its “poor monetary policy,” including delaying to act on inflation and then engaging in “extreme” monetary tightening.

And economist Mohamed El-Erian recently compared the Fed’s policy moves to activity seen in developing countries, wrote that the central bank had damaged its credibility and warned it must act to contain the harmful consequences to the U.S. global economies.

“Markets see a central bank that expects to cause more collateral damage as it tries to meet its inflation target,” El-Erian wrote last month.