Paul Tudor Jones believes we are in or near a recession and history shows stocks have more to fall

'I don't know whether it started now or it started two months ago,' Jones said on CNBC's 'Squawk Box' on Monday when asked about recession risks.

believes the U.S. economy is either near or already in the middle of a recession as the Federal Reserve rushed to tamp down soaring inflation with aggressive rate hikes.Squawk Box

GDP fell in both the first and second quarters, and the first reading for the Q3 is released October 27. The famed investor said it's very challenging for the Fed to bring inflation back to its 2% target, partly due to significant wage increases.

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