Cathie Wood: 'We're in a recession right now' and it's going to get worse

Ark Invest CEO Cathie Wood doesn't doubt that the U.S is in a recession.

"The first two quarters of real GDP negative, to us, means we're in a recession," Wood said in an exclusive interview on Yahoo Finance Live.

"We believe this recession will be sustained," she added.

Wood and her team of analysts say the economic contraction is going to be a function of an inventory overhang.

"It's going to be a serious inventory correction, but it's not going to be anything like we saw like in '08 or '09," said Wood. " We don't think this is the same thing."

Industry experts have debated whether the U.S is in a recession after the first two GDP prints came in negative.

The Federal Reserve has been on an interest rate hiking spree to combat rising prices. It's expected that the central bank will increase rates by another 75 basis points at its next meeting in November.

Thursday's Consumer Price Index (CPI) for September showed inflation rose 8.2% over the prior year and 0.4% over the prior month.

The "core" CPI, which excludes food and energy, rose 6.6% from a year ago, reaching the highest level since 1982.

Stocks soared on Thursday after initially falling. The S&P 500 (^GSPC) rose by more than 2.5% during the session.

Ines is a markets reporter for Yahoo Finance. Follow her on Twitter @ines_ferre