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The Federal Reserve is making a mistake in its dogmatic stance against inflation Ark Investment Management’s Cathie Wood said Monday in an open letter to the central bank.

Instead of looking at employment and price indexes from previous months, Wood said the Fed should rely on commodity prices that indicate the biggest economic risk going forward is deflation, not inflation.

“The Fed seems focused on two variables that, in our view, are lagging indicators –– downstream inflation and employment ––both of which have been sending conflicting signals and should be calling into question the Fed’s unanimous call for higher interest rates,” Wood said in the letter posted on the firm’s website.

The consumer price and personal consumption expenditures price indexes both showed inflation running high. Headline CPI added 0.1% in August and was up 8.3% year over year, while headline PCE rose 0.3% and 6.2%, respectively. Both readings were even higher excluding food and energy, which saw large price drops over the summer.

The Fed has approved three consecutive interest rate increases of 0.75 percentage point, mostly by unanimous vote, and is expected to OK a fourth when it meets again Nov. 1-2.

“Unanimous? Really?” Wood wrote. “Could it be that the unprecedented 13-fold increase in interest rates during the last six months––likely 16-fold come November 2––has shocked not just the US but the world and raised the risks of a deflationary bust?”

Nearly 40 central banks worldwide approved hikes during September, and the markets have expected all the Fed’s moves.

“Without question, food and energy prices are important, but we do not believe that the Fed should be fighting and exacerbating the global pain associated with a supply shock to agriculture and energy commodities caused by Russia’s invasion of Ukraine,” Wood wrote.