Billionaire hedge fund manager Steve Cohen's outlook is negative for the first time in a while because of DOGE 'austerity' and Trump tariffs—he expects a ‘significant correction’ this year

Mets owner Steve Cohen during a spring training workout in Port St. Lucie Florida, February 18, 2025. (Credit: Alejandra Villa Loarca/Newsday RM - Getty Images)

• Hedge fund manager Steve Cohen warns that tariffs, slowing immigration, and DOGE cost-cutting could lead to a market correction and slower economic growth. Meanwhile, JPMorgan CEO Jamie Dimon suggests that while tariffs and government inefficiencies pose risks, their ultimate impact depends on execution, and he prefers a wait-and-see approach.

While Wall Street is happily watching as the S&P 500 continues to trickle higher in 2025, billionaire hedge fund manager Steve Cohen is concerned the good times won't last.