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David Tepper is bearish on the stock market right now because it’s rare to have global central banks all tightening at the same time. “I’m leaning short on the equity markets,” the founder of Appaloosa Management said in an interview with CNBC’s ” Squawk Box ” Thursday. “The upside/downside just doesn’t make sense to me when I have so many … central banks telling me what they are going to do.” Tepper said he’s been leaning short for the past couple of weeks and noted he has just small positions in the equity market. The Federal Reserve , which raised rates by another 50 basis points last week, has indicated it will continue hiking rates through next year, with no reductions until 2024. The European Central Bank has also said it sees significant rate increases ahead. Bank of England has also been hiking rates, with officials signaling more may be on the horizon. “We are going to have a lot more tightenings,” said Tepper, who likened Fed Chair Jerome Powell to a “teddy bear” and ECB President Christine Lagarde as a “grizzly bear.” “Sometimes they tell you what they are going to do and you have to believe them,” Tepper said.
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