Hedge fund manager who is a multi-billionaire Bill AckmanOn Friday, I called for the Federal Reserve’s to reduce the amount of support that it provided the U.S. during the pandemic.

Separate tweets from Pershing Square Holdings’s head, who has $13.1 billion in under-management, stated that the central bank must immediately stop monetary power.

To bolster his case, he said he met officials from the Fed’s New York Branch last week. The New York branch houses the trading desk and fulfills official wishes about interest rates.

“The bottom-line: We believe that the Fed should begin to taper as soon as possible and raise rates as soon, as we can,” he stated.

“We’re continuing to dance to the music,” he said. “It is now that it is time for us to slow down and relax.”

These statements are made just days before Tuesday’s two-day Federal Open Market Committee policy meeting.

Ackman believes insisting on taper is a reasonable thing to do: Many investors expect the FOMC to meet Wednesday to announce that it soon will start pulling backOn its monthly asset buying program, the Fed buys at least $120billion in bonds. Monthly pullbacks by the markets of $10 billion in Treasurys, and $5 billion mortgage-backed security securities are possible. This could start in November or end in 2022.

It is quite another thing to call for an increase in interest rates.

Fed officials insist that tapering must be started immediately shouldn’t be construed as a path to rate hikes. Since the beginning of the Covid-19 pandemic in the 1990s, the Fed’s benchmark overnight borrowing rate has been kept at zero. Most FOMC officials believe that the Fed will not increase its borrowing rates before the end of 2022.

However, trader lately has been pricing in more aggressive moves, with futures contracts pointing to at least two quarter-percentage-point 2022 rate hikes, beginning in June, according to the CME’s FedWatch tool. A mere 50-50 percent chance that another rise will occur in December. Inflation is the reason for recent inflation anticipations. running around a 30-year peak

Ackman stated that he is beginning to place his portfolio in a way that will allow him to earn higher rates.

He tweeted, “As previously stated, we have hedged our exposure to an increase in rates as we believe that rising rates may negatively impact our long only equity portfolio.”

Pershing Square is up 15.7% gross in 2021 and 12.2% net of fees this year, lagging the S&P 500’s 22.5% return, according to company statements. This comes following a record 2020, when the fund earned 70.2% net. This year, the firm attracted $1.3 billion in additional assets.

—CNBC’s Yun Li contributed to this report