Billionaire investor Ray Dalio says the 'Great Wealth Transfer' explains the US economy's resilience

• The US economy has remained resilient despite the Fed's rate rises and recession fears.
• Ray Dalio argued that's due to a big government transfer of wealth to the private sector.
• He said that's kept household sector balance sheets in good shape despite rising government debt.

Interest rates are at a 22-year as the Federal Reserve continues to battle inflation, and recession fears remain – but the US economy is holding in there.