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But we saved everything 🙂.
Cathie Wood, CEO of ARK Investment Management, recently reflected on monetary policy during the early Reagan era.
In a tweet, she recounted her experience as an economist at Jennison Associates during Chairman Paul Volcker's tenure at the Federal Reserve. Volcker's aggressive interest rate hikes pushed the Fed funds rate from 10% to 20%, leading to consecutive recessions in the early 1980s. Wood referenced these economic policies as significant events that shaped the financial landscape during that period. She pointed out that 'starting in 1983' marked a recovery phase for the economy, indicating the pivotal role these policies played in setting the stage for subsequent economic growth.