Billionaire hedge fund manager Paul Tudor Jones told CNBC on Monday that he’s paying close attention to the Federal Reserve’s policy meeting this week in light of recent economic data showing higher consumer prices.

“If they treat these numbers — which were material events, they were very material — if they treat them with nonchalance, I think it’s just a green light to bet heavily on every inflation trade,” Jones said in an interview on “Squawk Box.”

“If they say, ‘we’re on path, things are good,’ then I would just go all in on the inflation trades. I’d probably buy commodities, buy crypto, buy gold,” added Jones, a prominent Wall Street figure who called the stock market crash in 1987. He’s the founder and chief investment officer of Tudor Investment Corporation.

The Fed’s two-day policy meeting is scheduled to conclude Wednesday, and Chairman Jerome Powell is set to hold a news conference after the central bank releases its statement at 2 p.m. ET.

In October, Jones told CNBC he was bullish on bitcoin and believed the prospect of higher taxes under a Democratic administration could pressure stocks.