cathie wood and elon musk are renewing their campaign against the federal reserves high interest rates urging the central bank and economists to respond to the latest negative economic data and rising recession fears on tuesday the manager of the ark innovation etf arkk tweeted that the recent drop in worldwide sales of 3m company mmm is incontrovertible proof of a deterioration in global gdp elon musk ceo of tesla and twitter replied by questioning whether the fed was making decisions based on outdated information or just choosing to ignore the bad data they have on thursday the us bureau of economic analysis will disclose its preliminary estimates for the gdp growth rate in the first quarter of 2023 economists predict a 2 quarteronquarter annualized increase that refers to the real gdp figure which does not take into consideration the price change effect the nominal also known as currentdollar gdp figure is predicted to increase by 7 yearonyear last year the us economy expanded 21 in real terms and 66 in nominal ones mainly due to increases in private inventory investment consumer spending nonresidential fixed investment and federal government spending