Ackman Covers Short Position on Treasuries, Cites 'Too Much Risk'

Billionaire investor Bill Ackman covered his short position on US Treasuries, citing "too much risk in the world" to stay short at current rates.

Ackman said the economy is slowing faster than recent data suggests in posts on the platform formerly known as Twitter.

His three tweets sparked a rout in the bond market, with 30-year Treasury yields falling around 5 basis points after initially surging 10 basis points.

Ackman runs hedge fund Pershing Square Capital Management and had bet Treasuries would decline due to factors like deglobalization.

But he reversed course due to the war in Ukraine, expecting it to boost demand for safe haven US debt.