Ray Dalio’s warning comes amid a consumer price hike triggered by the Iran war and an economic downturn The US has slipped into stagflation for the first time in decades, billionaire hedge fund boss Ray Dalio has said. The assessment comes despite the Federal Reserve’s insistence that the term overstates the current crisis, caused in large part by the war on Iran. Dalio, who founded the Bridgewater Associates hedge fund and is famed for correctly predicting the 2008 financial crisis, made the remarks in a wide-ranging interview on Monday, offering his take on US monetary policy and the Iran war, which he said is contributing to a sweeping breakdown in the global order. “We are certainly in a stagflationary period,” he said. He also warned the US Federal Reserve against cutting interest rates at this point, arguing that “you will lose your credibility.” Stagflation is a toxic combination of stagnant economic growth, high inflation, and high unemployment.…