William Ackman, founder and CEO of hedge fund Pershing Square Capital Management, speaks during the Sohn Investment Conference in New York, May 4, 2015.
Bill Ackman, founder and CEO of Pershing Square, warns on global risks Reuters / Brendan McDermid

Billionaire investor Bill Ackman said that his hedge fund covered short positions on bonds due to global risks and a weakening economy.

"There is too much risk in the world to remain short bonds at current long-term rates," Ackman, CEO of Pershing Square Capital Management, posted on X Monday. "The economy is slowing faster than recent data suggests."

Ackman's post on X

The announcement marks a reversal of his August bet against 30-year Treasury bonds when he mentioned, also on X, that his firm was shorting bonds because of inflation.

Federal Reserve Chair Jerome Powell said last week that economic growth has been surprisingly strong, and a slowdown will be necessary for inflation to return to the 2% annual target.

In September, retail sales, a key component in GDP calculations, rose by 0.7%, exceeding the 0.3% expected by economists. Data on industrial production released last week also outperformed expectations.

Major banks, including JPMorgan, Citigroup, Wells Fargo and Bank of America, reported in their quarterly earnings that consumer spending is slowing.

Powell also mentioned in the same speech that "geopolitical tensions are highly elevated and pose important risks to global economic activity."

JPMorgan Chief Executive Officer Jamie Dimon has also expressed concerns about global risks.

"The war in Ukraine compounded by last week's attacks on Israel may have far-reaching impacts on energy and food markets, global trade, and geopolitical relationships," Dimon said in the earnings statement on Oct. 13. "This may be the most dangerous time the world has seen in decades."

Ackman has been actively posting about the Israel-Hamas war.