Billionaire hedge-fund investor Paul Tudor Jones says investors looking to time the bottom in stocks should keep a close eye on short-term Treasury yields.
Billionaire hedge-fund investor Paul Tudor Jones, founder of Tudor Investment Corporation, said investors looking to time the bottom in stocks should keep a close eye on short-term Treasury yields.
— Paul Tudor Jones Billionaire hedge-fund investor Paul Tudor Jones, founder of Tudor Investment Corporation, said investors looking to time the bottom in stocks should keep a close eye on short-term Treasury yields. “These are spectacular times for macro, and great times for macro are generally not great times for general investment,” Jones said.
The ICE BofA MOVE Index, which tracks fixed-income volatility, touched its highest level since 2007 late last month when it hit 158.99 before easing somewhat. The ICE U.S. Dollar Index DXY , a measure of the greenback’s strength against a basket of rivals, has climbed nearly 18% since Jan. 1. The index was up 0.3% on Monday to 113.15.
Based on this theory, Jones said 2-year Treasurys TMUBMUSD02Y are starting to look attractive as yields have risen more than 3.5 percentage points since the start of the year. Bond prices fall as yields climb.
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