By Dan Weil Wood has posited for months that the economy is suffering from deflation and is already in a recession. Never let mediocre performance at your own job prevent you from telling others how to do their job. Money manager Cathie Wood’s flagship Ark Innovation ETF (ARKK) – Get ARK Innovation ETF Report has a five-year return totaling less than one-third of the S&P 500. Yet she has written an open letter to the Federal Reserve, criticizing its monetary policy. Specifically, the Fed is “making a policy error that will cause deflation,” Wood wrote, referring to the Fed’s interest rate incr…