Ray Dalio, the founder of Bridgewater Associates, the world's largest hedge fund, said the firm believes the next big move by the U.S. Federal Reserve will be to loosen monetary policy, not tighten it. In a client note sent out on Monday, Dalio said the Fed is paying too much attention to the short-term ups and downs of the business cycle rather than the longer-term ramifications of central banks driving interest rates to zero, which now leaves them no room to act if worldwide deflation takes hold. "The ability of central banks to ease is limited, at a time when the risks are more on the downside than the upside and ... (full story)