Billionaire investor Bill Ackman has announced that his hedge fund, Pershing Square Capital Management, has covered its short position on bonds. Ackman cited the current long-term rates as being too risky to remain short on bonds. He had previously placed a bet against U.S. 30-year Treasuries in August. This move comes as Wall Street hedge funds have been building up short positions in U.S. Treasuries futures this year. The bond market has experienced a significant selloff due to concerns over the U.S. government's fiscal health, increased debt issuance, the Federal Reserve's quantitative tightening program, and a reassessment of interest rate outlook.

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Full title: Billionaire investor Ackman says 'covered our bond short'

Original article date: 2023-10-23T15:10:41Z
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