David Tepper says the 'Fed put is dead' and so cash is 'not so bad' as an investment now

Hedge fund titan David Tepper said the Federal Reserve is sending the market a message and it's not good.

He made the following points in an email to Joe Kernen and CNBC's Squawk Box:

"1. Powell basically told you the Fed put is dead.

2. Everyone is tight. Chinese money growth plummeting. ECB cutting the last of QE. And Fed still in tightening mode.

3. The net biggest issuance of Treasuries and worldwide fixed income is coming next year. Something is going to get crowded out. Bonds stocks etc.

4. Oh and there is this trade war question. I think we should be having a fight with China on different issues. But it is not conducive to confidence. Freezing some worldwide activity.

5. Cash is not so bad."

Tepper is the founder of Appaloosa Management.

This is a developing story. Check back for updates.

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