The billionaire investor says cash for now is one of the best places for investors to park their money.
— Ray Dalio, founder of Bridgewater Associates That was the response by the billionaire founder of one of the world’s biggest hedge funds when asked where he would put capital to work right now.
The move into cash has been growing with the yield on the 30-day Treasury bills atop 5%, while investors can also get 4% on certificates of deposit and high-yield savings accounts, but there has also been pushback. Hence the word “temporarily” from Dalio. But his clear disdain for bonds might also run against the crowd, as the 10-year Treasury yield BX:TMUBMUSD10Y topped its highest since 2007 last month.
Investors have become less concerned, as of late, that the Fed will keep hiking rates, with inflation data out Wednesday only showing a couple of surprises. Markets are pricing in slim chance of a Fed rate hike in borrowing costs after next week’s meeting, though a hike in November may still be up in the air.
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