(Bloomberg) — Billionaire Ray Dalio, founder of Bridgewater Associates, said the US is seeing stubbornly high inflation along with elevated real interest rates.
Most Read from Bloomberg
-
These Are the World’s 20 Most Expensive Cities for Expats in 2023
-
George Santos Loses Bid to Shield the People Who Guaranteed His $500,000 Bail
-
Dam Destroyed in the Dead of Night Upstages Ukraine’s Counteroffensive
-
Tech Stocks Sputter as Traders Consider July Hike: Markets Wrap
“We are at the beginning of a late, big-cycle debt crisis when you are producing too much debt and have a shortage of buyers,” Dalio said Wednesday at the Bloomberg Invest conference in New York.
He said while interest rates won’t go much higher, the economy will get worse, and that could cause more internal strife if the US continues to have political fragmentation.
Dalio, 73, gave up control of Westport, Connecticut-based Bridgewater, which runs the world’s largest hedge fund, last year. He’s been focusing on building out his family office, and plans to set up a branch in Abu Dhabi.
He’s worth $16.5 billion, according to the Bloomberg Billionaires Index.
Most Read from Bloomberg Businessweek
-
China’s BYD Is Racing Toward the Top of the Global EV Market
-
Supreme Court Rulings Make White-Collar Fraud Charges in the US Harder
-
A $1.5 Trillion Backstop for Homebuyers Props Up Banks Instead
-
Permits for US Energy Projects Are So Bad Unlikely Allies Emerge
©2023 Bloomberg L.P.
