The investment chief at one of the world’s top hedge funds has warned the US battle with inflation is far from over, and bets on a rapid series of interest rate cuts from the Federal Reserve next year are premature.
The comments from Bob Prince, co-chief investment officer of Bridgewater Associates, pour cold water on this week’s global rally in stocks and bonds, which was sparked by relief at data showing annual US inflation had fallen to a more than two-year low of 3 per cent in June.
Prince at Bridgewater, which manages $125bn, said markets were wrong to assume the Fed will soon ease monetary policy. “The Fed is not going to cut,” he told the Financial Times. “They are not going to do what it is priced in.”
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