PAUL TUDOR JONES: The Fed is doing something it has never done before

Closely-followed hedge fund manager Paul Tudor Jones II said on Bloomberg TV's new show "Bloomberg " that the Fed is in uncharted territory.

Current global growth conditions are typically associated with the Fed lowering interest rates, according to Jones, who said that that has historically been good for the stock market. 

"And yet now we have a central bank that I think for the first time is actually -- is managing towards the credit side of the equation, as opposed to the economic side of the equation."

He explained: "And by that I mean they're looking at the balance sheet. They're uncomfortable with the size of it. That's why they want to get rates away from zero. I think they're concerned about the expanding global debt-to-GDP.

"And I think they're trying to probably insert back into the equation the fact that interest rates can rise and that people need to manage their balance sheets accordingly, particularly the Federal government."

When asked if that pointed to a bear market, Jones said: "I think it points to a choppier market."

 Jones said earlier in the interview that he thought the Fed missed its opportunity to raise interest rates last spring and that they're probably "trying to catch up."