Ray Dalio says stocks, bonds have further to fall, sees U.S. recession arriving in 2023 or 2024

As the world waits for the Federal Reserve to deliver what’s expected to be its third “jumbo” interest-rate hike, Bridgewater Associates founder Ray Dalio shared a warning for anybody still hanging on to the hope that beaten-down asset prices might soon bounce back.

In Dalio’s estimation, the Fed must continue to substantially raise interest rates if it hopes to succeed in taming inflation. Because of this, and other factors like the ongoing war in Ukraine, Dalio anticipates that stocks and bonds will continue to suffer as the U.S. economy likely...