Billionaire hedge fund manager Paul Tudor Jones believes inflation is here to stay, posing a major threat to the U.S. markets and economy.

“I think to me the No. 1 issue facing Main Street investors is inflation, and it’s pretty clear to me that inflation is not transitory,” Jones said Wednesday on CNBC’s “Squawk Box.” “It’s probably the single biggest threat to certainly financial markets and I think to society just in general.”

Jones said the trillions of dollars in fiscal and monetary stimulus is the impetus for inflation to run hotter for longer. To rescue the economy from the Covid-19 pandemic, the Federal Reserve has added more than $4 trillion to its balance sheet through its open-ended quantitative easing program, while the U.S. government has unleashed over $5 trillion in fiscal stimulus.

The longtime trader said price pressures will continue to rise in the coming months. Inflation ran at a fresh 30-year high in September amid supply chain disruptions and extraordinarily strong demand.