The famed ARK Innovation ETF (NYSEArca: ARKK) is dealing with a small year-to-date loss, but investors ought to be careful about blaming inflation for the fund's 2021 lethargy. For ARKK and other growth assets, the lay of the land today is that inflation is undeniably proving pesky and persistent, but many market observers remain convinced that the U.S. economy isn't set for a bout with 1970s-style stagflation. In fact, the vaunted ARKK is recently showing some signs that it could be sturdy if rising consumer prices persist for longer than expected.