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The US economy is taking a turn for the worse and there is a 40% chance America could experience a recession before the 2020 presidential election, Ray Dalio, founder of the world’s largest hedge fund, Bridgewater Associates, said on Friday, according to CNBC.

Key quotes

Recessions are always inevitable, the only question is when?

An economic slowdown globally will prompt central banks, including the US Federal Reserve, to ease monetary policies even further.

I think we are entering an environment that, over the next three years, you will see more currency wars. And whether there are overt interventions or whether their monetary policies that produce that.