It's time for financial markets across the globe to eat a big slice of humble pie, Jim Grant said Friday after the shocking result from the United Kingdom referendum on European Union membership.
"It's a great day for humility," Grant, the founder and editor of Grant's Interest Rate Observer, told CNBC's "Squawk Box."
Financial markets across the globe tumbled after the U.K. voted in favor of leaving the EU, a decision markets were not expecting. Ahead of the vote, several polls and bookmakers showed support leaning toward the remain camp.
On Friday, U.S. stock futures implied a lower open of more 2.5 percent, while major European indexes shed more than 4 to 8 percent.