Interesting talking points from Fundstrat’s Tom Lee Thinker Are Tariffs Inherently Inflationary? Rationale Hayek Yes (systemically) Tariffs distort price signals and cause misallocation—even without broad CPI inflation Keynes Maybe (contextual) Depends on demand, employment levels, and slack capacity Friedman No (not without money growth) Only money supply growth causes sustained inflation Tom Lee No (corporate […]