Ken Griffin

The venture capital community in the United States, the depth of the private equity markets, the depth of the growth equity markets, the depth of the public markets,

makes it much easier to organize, to secure capital, and to grow a business than it is here in Europe.

So it's quite ironic to see how the tables have turned, because just 12 months ago, President Trump and the Republicans swept into office on the issue of inflation.

And the Democrats have rebranded the problem of inflation as the issue of affordability.

And they are now well poised to return to control the House.

And there's even discussion of them retaking the Senate on the back of how the affordability issue strikes a chord with the American public.

And the big picture is the American consumer is tired of the persistent and sticky inflation.

They feel like they can't get ahead in a world where their savings and their wages are constantly

deprecated by the impact of inflation.

So I think it's actually fairly complicated.

I think that the Republicans struggle with the reality that many of their policies, which they ran on, for example, ending illegal immigration into the United States, are actually pro-inflationary.

When you end illegal immigration, you reduce the size of the available workforce, that's pro-inflation.

And so the Republicans are grappling with tariffs, another case study.

You impose a tariff, it's a regressive tax on consumers.

It's pro-inflation.

So some of the very policies that the Republicans have put forth

and have been successful in implementing are actually the very policies that tend to be pro-inflation.

Some of the other policies, for example, deregulation, are just going to take longer to play out.

And ultimately, ultimately deregulation, which should unleash productivity gains, will create a reduction in inflation, a very healthy reduction, but we need to get to that point in time.

Look, I think there's no doubt that the president inherited an environment that was still struggling with inflation, but the easiest parts of his agenda to implement were, unfortunately, when it comes to the issue of affordability or the issue of inflation, were those policy choices that actually most fuel inflation, right?