Bridgewater's Dalio: Fed Doesn't Know 'Exactly How Much Tightening Will Knock Over the Apple Cart'

``Indeed, we could see a repeat of 1937, he and colleague Mark Dinner wrote in a note to investors obtained by the Financial Times. In that year, the Fed tightened policy prematurely after the crash of 1929. This led to the Dow Jones Industrial Average falling by one-third in 1937 and continuing to decrease in 1938.''