Paul Tudor Jones says the Fed is done hiking, stocks to grind higher for the rest of year

Paul Tudor Jones spoke in an interview with CNBC.

Main points:

On the Federal Open Market Committee (FOMC) rate hikes

• "I definitely think they are done,"
• "They could probably declare victory now because if you look at CPI, it's been declining 12 straight months... That's never happened before in history."

His outlook for US equities:

• "Equity prices ... I think they're going to continue to go up this year,"
• "I'm not rampantly bullish because I think it'll be a slow grind."
• stocks could be stuck in a “massive…multi-year trading range,”
• said there would be some indigestion because of the fight to raise the U.S. debt ceiling, and he would buy the dip on the political volatility

The CNBC report on his interview is gated but there are snippets at these ungated locations:

• Fed is done raising rates, stocks to finish the year higher
• sees ‘massive, multiyear trading range’

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PJT is a trading legend.