It's not so long ago most of last year, in fact that the US central bank was aiming to keep raising rates steadily. What has happened to derail the process so rapidly?
Tudor Jones blames escalating protectionism and the trade war between the US and China in particular. "This rate-rising cycle was cut short because of the tariffs, so we need to see what impact they're going to have." That's presented both the Fed and investors with a challenge that most of them haven't seen before.
"Remember, we've had 75 years of expanding globalisation and trade, and we've built the machine around the belief that that was the way the world was going to be. Now all of a sudden it's stopped and we're reversing that."
Tudor Jones reckons that the consequences could be ugly. "We haven't seen tariffs since 1929/1930... I think it will have a bigger impact economically than the market thinks" it will. Indeed, "it's possible that we go into recession... and that rates in the US go back to zero, and of course, in that situation gold's going to scream".
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Albert Einstein's first violin sells for £860,000 at auctionAlbert Einstein left his first violin behind as he escaped Nazi Germany. Last week, it became the most expensive instrument not owned by a concert violinist
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Rob Granieri: the mysterious billionaire boss of Jane StreetProfits at Jane Street have exploded, throwing billionaire Rob Granieri into the limelight. But it’s not just the firm’s success that is prompting scrutiny
