Cliff Asness, Chief Investment Officer at AQR Capital Management, criticized proponents of tariffs Thursday, challenging claims that tariffs lead to deflation rather than inflation.
What Happened: “Idiots say this and bray like they’ve scored a great point,” Asness wrote on X. “What they mean is giant arbitrary tariffs are so bad they eventually cause recessions which then cause deflation. They then present this as a feature.”
His comments came in response to Anthony Pompliano, Founder & CEO of Professional Capital Management and Bitcoin (CRYPTO: BTC) bull, who had said, “Tariffs don’t create inflation. The exact opposite happens.”
The exchange occurs as JPMorgan Chase & Co. recently raised its U.S. recession probability to 40% from 30%, citing President Donald …