Ken Griffin has a warning for Trump and the GOP: 'I would not underestimate how grating a 3% inflation rate could be'

For Citadel CEO Ken Griffin, the political implications of still-elevated inflation are not lost on him.

Inflation has come down a lot from 9% in 2022 to 2.9% in the government’s latest CPI report . Core PCE prices, the Fed’s favorite gauge of inflation, rose 2.9% in August, matching July’s climb.

But inflation has been sticky as tariffs take hold, and Griffin predicted inflation will continue to be in the mid-2% to 3% range next year, still above the Fed’s 2% target.

“The American voters have been exhausted of inflation,” he told CNBC on Thursday .

In 2024, the high cost of living was a focal point in Trump’s reelection campaign, and Biden-era inflation hurt Democrats. They lost the White House and Congress, while Trump won all seven swing states .

Many voters blamed Democrat