The Federal Reserve will go ahead with its planned rate hike next week and then stop, hedge fund manager Paul Tudor Jones said Monday.

With the central bank just nine days ahead of another quarter-point increase in its benchmark rate, the Tudor Investment founder said current conditions will stand in the way of more increases anytime soon.

"The one thing I would say is there's a high probability that this hike, assuming they hike, will be the last one for a long time," Jones told CNBC's Andrew Ross Sorkin during a "Squawk Box" interview.

Using the Goldman Sachs commodity index as a baseline, Jones said prices are down 15 percent over the past 40 days. That gives the Fed no impulse to rate rates, he added.

"Never in the history of the Fed have we had that kind of deflationary impulse eight days before a hike," he said.

Markets largely agree with that call.

Though fed funds futures, which are tied to the central bank's overnight benchmark rate, recently had been pricing in two increases for 2019, that has changed. The market still agrees that the policymaking Federal Open Market Committee will move ahead with an increase next week, but sees a slightly less than 50 percent of a move anytime in the year ahead.

The recent stock market sell-off, coupled with worries about global growth and the intensifying trade impasse between the U.S. and China, have translated into tightening financial conditions and more dovish monetary policy expectations.