Paul Tudor Jones: Equity prices will go up this year

• Thinks there will be a slow grind higher in stocks
• Sees recession in Q3 or Q4
• Something is going on from a flows perspective in stocks that's constructive
• The Fed The Fed "The Fed" is a short-hand that refers to the Federal Reserve or Federal Reserve System, the central banking system of the United States. Traders often discuss the actions of the Fed, primarily interest rate decisions, as they significantly impact all financial markets.The Fed shouldn't be confused or substituted with the term "the Feds" and doing so tells everyone you're a total noob. The term "the Feds" refers to US Federal law enforcement, including such agencies as the FBI (Federal Bureau of "The Fed" is a short-hand that refers to the Federal Reserve or Federal Reserve System, the central banking system of the United States. Traders often discuss the actions of the Fed, primarily interest rate decisions, as they significantly impact all financial markets.The Fed shouldn't be confused or substituted with the term "the Feds" and doing so tells everyone you're a total noob. The term "the Feds" refers to US Federal law enforcement, including such agencies as the FBI (Federal Bureau of Read this Term could declare victory on inflation Inflation Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Inflation is defined as a quantitative measure of the rate in which the average price level of goods and services in an economy or country increases over a period of time. It is the rise in the general level of prices where a given currency effectively buys less than it did in prior periods.In terms of assessing the strength or currencies, and by extension foreign exchange, inflation or measures of it are extremely influential. Inflation stems from the overall creation of money. This money is m Read this Term
• Says we're in a multi-year trading range
• Says his view has changed in the past six months because of generative AI; says it will be a productivity miracle
• Historically productivity miracles have been associated with strong stocks and lower inflation
• There will be big winners and big losers from AI
• My guess is that two-year rates will be higher after short debt ceiling fit; gold will be lower and stocks higher
• Says he will buy risk assets on 'indigestion' around debt ceiling
• Bitcoin remains a small holding in his portfolio but entire regulatory apparatus in US is against it

What's most interesting about this interview is that he repeatedly indicated that he's totally changed his views since the release of large language AI models. More and more people are coming around to the idea that it's a gamechanger. I would have been interested to hear about who he thinks will be the winners and losers and how it will bifurcate but he wasn't asked.