As President Donald Trump’s back-and-forth on trade policies creates chaos in the financial markets, some fund managers are questioning the rationality of his decisions.

“In the last few days, we have had many conversations with macro fund managers,” Tom Lee, the head of research at the financial analysis firm FSInsights, wrote on Wednesday morning, before Trump backed down from most of his tariffs on U.S. trading partners.

“And their concern is that the White House is not acting rationally, but rather on ideology. And some even fear that this may not even be ideology,” he added. “A few have quietly wondered if the President might be insane.”

Lee’s comments were highlighted by The New Republic.

He blamed Trump for the economic consequences, adding that “multiple officials have stated they do not want nor expect a recession. And there are enough economy-savvy advisors that they are aware of this. Moreover, the two-to-three percent fiscal stimulus needed to reverse a recession would negate any promised cuts to government spending.”

Trump induced market volatility on Wednesday after he put in place significant […]