Citadel founder and CEO Ken Griffin has never been one to mince words, and in a Tuesday interview with CNBC, he laid out his views on the intersection of war, inflation, and politics — with a clear message: President Trump is getting a raw deal on inflation.

Griffin praised Trump's handling of the Iran conflict, saying it has been key in curbing Iran's nuclear ambitions. But he also criticized the president for not doing a better job of explaining to Americans why those actions matter. The bigger worry, Griffin said, is that the war could worsen economic conditions and hurt Republicans in the midterm elections, especially as voters grow increasingly frustrated with high prices.

Inflation, Griffin said, has been a "long journey" — six years in the making. He pointed to the high inflation rates during the Biden administration, which he believes have substantially eroded the purchasing power of Americans, particularly retirees and those on fixed incomes. And here's where he thinks Trump is getting a raw deal: "The story of which was really written during the pandemic days of the Biden administration," Griffin said. He argued that Trump is being "disproportionately blamed" for inflation that originated under his predecessor.

Still, Griffin isn't all doom and gloom. He noted that inflation is not significantly accelerating right now, and that American companies continue to increase their profits. That's a more optimistic take than some of his peers.

Griffin's comments come after a history of clashing with Trump. In September, Griffin publicly condemned Trump's tariff policy as "anti-American," saying it favors "the big and the connected." That was a notable shift for Griffin, who was once a Trump supporter and a major GOP donor. Later that month, Trump fired back, disagreeing with Griffin's criticism of his handling of the Federal Reserve. Trump argued the Fed should have raised rates earlier in 2021 and called for changes in the central bank's operations.

Meanwhile, other financial heavyweights are sounding alarms. JPMorgan Chase CEO Jamie Dimon warned that rising government deficits and persistent inflation could lead to a bond crisis and potentially stagflation. He said markets may be underestimating risks from heavy spending, global re-militarization, and infrastructure demands.

On the data front, the Personal Consumption Expenditures (PCE) price index climbed 3.5% year over year in March, up from 2.8% in February and matching expectations. The 5-year breakeven inflation rate — a closely watched Wall Street measure of expected inflation over the next five years — rose to 2.72% on Tuesday, its highest since August 2022. The 10-year breakeven hit 2.50%, the highest since March 2023.

New York Fed President John Williams offered a slightly more tempered view, saying tariff-driven inflation should fade in the coming quarters as current price impacts run their course. But he warned that new tariffs could push import prices higher again.

So, is the inflation story really a Biden-era hangover, or is Trump adding to the fire? Griffin's take is clear: don't blame the current guy for the last guy's policies. But with war, tariffs, and deficits all in play, the inflation narrative is far from settled.