Reflexivity, Tariffs, and the Real Inflation Loop

Everyone Knew It Was Coming

I’ve been thinking a lot about how markets process known information and more importantly, what happens when that known information starts changing people’s behavior before it even hits the data. That’s where reflexivity Soros’s foundational theory becomes more than just a philosophy.

It becomes a powerful lens to understand the current macro regime and how it’s mispricing what comes next.

Let’s start with what we all “knew”… Tariffs were coming.