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Good morning. Arm valued at $54.5 billion ahead of today’s IPO, Goldman Sachs fires executives, and Ray Dalio says cash is good. Here’s what [View in browser]( [Bloomberg]( Good morning. Arm valued at $54.5 billion ahead of today’s IPO, Goldman Sachs fires executives, and Ray Dalio says cash is good. Here’s what’s moving markets. Arm IPO SoftBank satisfied its ambitions for Arm by [raising $4.87 billion in the year’s biggest initial public offering](, while resisting the temptation to try for more. Whether Arm’s return to the public market goes smoothly and paves the way for other soon-to-be public companies won’t be known until the chip designer’s shares start trading on Thursday. At the IPO price, Arm is valued at about $54.5 billion, according to Bloomberg News calculations. In Arm’s favor, the IPO was oversubscribed more than 10 times. That means that investor interest exceeded supply at the offered price range of $47 to $51 a share and could help push up the stock once trading begins. Goldman Firings [Goldman Sachs fired]( transaction banking executives including the head of the business, Hari Moorthy, over compliance lapses, a person with direct knowledge of the matter said. The Wall Street firm terminated several leaders of the unit who communicated on unauthorized channels and didn’t comply with an internal review, according to a memo to employees seen by Bloomberg. Moorthy, who isn’t named in the memo, didn’t immediately respond to messages seeking comment. “We are not going to comment on individual disciplinary matters. As a general matter, we take our communications policy seriously, and we expect all of our personnel to comply with it,” the bank said in a statement. “Goldman Sachs remains fully committed to our transaction banking business.” Dalio Warning Bridgewater Associates founder Ray Dalio said he doesn’t want to own bonds and [prefers cash](, highlighting difficulties investors face as global central banks try to manage inflation. “I don’t want to own debt, you know, bonds and those kinds of things,” the billionaire said Thursday at the Milken Institute Asia Summit in Singapore. “Temporarily right now, cash I think is good.” When asked how to unwind the world’s huge borrowings, he said when debt becomes a big share of the economy, the situation “tends to compound and accelerate” as interest payments also grow. “We’re at that turning point of acceleration.” Upbeat Futures Nasdaq 100 contracts rose 0.29% ahead of Arm’s trading debut, S&P 500 Futures were up 0.25% as of 5.30 a.m. New York time. Short-end Treasuries nudged up as did the euro. The dollar is flat. Oil rose 0.64% and gold slipped. Escalating strikes in Australia caused European LNG prices to swing. Coming Up… The ECB makes its latest rate decision at 8.15 a.m. New York time. US August retail sales and US initial jobless claims are out at 8.30 a.m. The ECB’s Lagarde speaks at 8.45 a.m. UBS’s Sergio Ermotti addresses the Economic Club of NY at noon. Arm debuts on the Nasdaq Global Select Market. Earnings include Adobe, Copart and Lennar. What We’ve Been Reading This is what’s caught our eye over the past 24 hours. - China [blasts EU’s EV probe]( and newspaper warns of retaliation - Citi plans job cuts as it launches [biggest restructuring]( in 20 years - Manhattan rental market [showing signs]( of hitting a limit - LVMH, [luxury sector cut]( at Barclays on risk of China slowdown - China’s military spending is much [bigger than we thought]( - How [Sam Bankman-Fried’s parents]( enabled his crypto empire - For Saudi Arabia, [$100-a-barrel oil]( is already here And finally, here's what Joe’s interested in this morning Yesterday [in the newsletter]( I wrote about how Bill Gross — the Bond King — [is not into bonds](. For one thing, he thinks they're already pricing in a successful defeating of inflation, and that at this point, the good news is priced in. He's also concerned about the deficit, and the huge refinancing needs coming in the short term, as debt that was issued in the ZIRP era gets replaced by debt that's issued with today's rates. Meanwhile, more and more investors are clearly keying into this, as a source of their concern. Today in Singapore, Ray Dalio warned about the same thing, that with [total stock of debt right now](, there are risks that things will "compound and accelerate." He also said that he doesn't find bonds attractive here, and that he prefers to own cash instead. This week Gundlach talked about the same dynamic of high deficits, and a large jump in interest payments, if rates stay at current levels. This is pretty clearly a dynamic increasingly on the mind of investors, and so how it plays out will be something worth watching. Follow Bloomberg's Joe Weisenthal on Twitter [@TheStalwart]( Like Bloomberg's Five Things? [Subscribe for unlimited access]( to trusted, data-based journalism in 120 countries around the world and gain expert analysis from exclusive daily newsletters, The Bloomberg Open and The Bloomberg Close. Follow Us Like getting this newsletter? [Subscribe to Bloomberg.com]( for unlimited access to trusted, data-driven journalism and subscriber-only insights. Before it’s here, it’s on the Bloomberg Terminal. Find out more about how the Terminal delivers information and analysis that financial professionals can’t find anywhere else. [Learn more](. Want to sponsor this newsletter? [Get in touch here](. You received this message because you are subscribed to Bloomberg's Five Things to Start Your Day: Americas Edition newsletter. If a friend forwarded you this message, [sign up here]( to get it in your inbox. 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