Paul Tudor Jones said Tuesday aggressive rate hikes could tip the U.S. economy into a recession, and he expects stocks to suffer a double-digit loss before the downturn arrives. "We're probably going to go into recession sometime in the first quarter of next year, probably because the bond market, simply through supply and demand, is going to deliver more rate hikes because we don't have a clearing price yet for long-term debt," Jones said on CNBC's " Squawk Box .
The founder and chief investment officer of Tudor Investment said history shows that risk assets have more room to fall before hitting a bottom ahead of a recession. He believes it's an extremely tough time to be an investor in risk assets amid escalating geopolitical tensions and the dire fiscal position in the U.S. "The stock market, typically right before a recession, declines about 12%. That's probably going to happen at some point from some level," Jones said.
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