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  • Bridgewater Associates founder Ray Dalio said on Wednesday that stocks are likely to fall further.
  • Dalio made the comments at MarketWatch’s Best New Ideas in Money Festival.
  • He shared two tips for navigating the current environment.

Ray Dalio says the pain that stocks have faced this year likely isn’t over yet. 

As the Federal Reserve continues to raise interest rates — they raised rates by 75 basis points for their third meeting in a row on Wednesday — investors can continue to expect increased competition for stocks in the form of higher yields, and damage to corporate earnings, the Bridgewater Associates founder said on Wednesday morning.

“I do believe that as you raise the interest rate to what’s appropriate, that competitiveness is going to drive it down, and then also, it will hurt earnings, it will hurt the economy,” Dalio said at MarketWatch’s Best New Ideas in Money Festival in midtown Manhattan.

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