Ray Dalio, the founder of one of the world’s largest hedge funds, believes that monetary policy going forward will be less effective than in the past. He says that the Federal Reserve is overly focused on the short-term debt cycle and he predicts lower assets class returns going forward — somewhere in the 3-4% range over the next 10 years. “What scares me, or what worries me, is what the next downturn in the economy looks like, with asset prices where they are and a lesser ability of central banks to ease monetary policy,” he says. Watch the full Bloomberg interview here.