The high-yield market is in a bubble, according to Carl Icahn.
Speaking with CNBC's "Fast Money," the activist investor revealed his thoughts on high-yield bonds, and the stock market. Icahn, who heads Icahn Enterprises, admitted he is worried about a major event—especially given the Federal Reserve's policy.
"The Fed has made it clear that they're not going to raise interest rates so fast—this market follows the Fed," he said, adding "I am quite concerned that something is going to happen."
Icahn also said the S&P 500 index would be "meaningfully lower" without the actions of the Fed.
