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Inflation grinds on
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Plus: Where are the tariff refunds?
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Americans don't need another inquiry into whether inflation is cooling. They can feel the answer in everyday life — the grocery run that's finding new ways to drain their paycheck, the gas pump that's wrecking moods before that
first sip of coffee, the utility bill that's sent with all the warmth of a collections notice. The hottest headlines — "Uh-oh, here comes INFLATION!!!" — may have cooled, but for many consumers, each day still feels like too much of a shakedown.
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The average consumer is tired. Tired of spending too much on eggs, tired of pricing roulette, tired of the monthly bill stack, tired of ordinary life requiring this much math. The University of Michigan's preliminary March sentiment reading fell to 55.5 — its lowest so far this
year and down 2.6% from a year ago. And Bankrate's latest emergency-savings report found that 54% of Americans are saving less for unexpected expenses because of inflation or rising prices; consumer prices overall are 26% higher than they were in December 2019.
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That constant household negotiation is now shaping the market. Retailers and brands that spent years testing how much more consumers would tolerate are suddenly leaning on price cuts, value menus, smaller formats, and cheaper entry points because shoppers have
become more deliberate, more defensive. Sure — in a world without many other options — plenty of households have adjusted. That doesn't mean they're fine with any of it. It means they're adapting to a grind they didn't ask for and may not be able to escape.
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<td align="center" bgcolor="#105C8E" style="text-align:center;vertical-align:middle;-webkit-border-radius:6px;-moz-border-radius:6px;border-radius:6px;font-family:Arial,Helvetica,sans-serif;font-size:15px" valign="middle">
<table bgcolor="#105C8E" cellpadding="0" cellspacing="0" style="-webkit-border-radius: 6px; -moz-border-radius: 6px; border-radius: 6px; " width="100%">
<tbody>
<tr>
<td align="center" bgcolor="#105C8E" style="text-align:center;-webkit-border-radius:6px;-moz-border-radius:6px;border-radius:6px;font-family:Arial,Helvetica,sans-serif;font-size:15px">
<!--[if !mso]><!-->
<a style="-webkit-border-radius: 6px; -moz-border-radius: 6px; border-radius: 6px; color: #FFFFFF; text-decoration: none; font-family: Arial; font-size: 12px; border: none; display: block;
">
No, inflation is overblown
</a>
<!--<![endif]-->
<!--[if mso]><a href="https://www.ne16.com/t/10468162/222404108/9408466/1/1009235/?abb9e380=NGYzZmQyODYtMmZhOS00YzdjLWFkYzktMzQyOGNhZmI3ZDBl&f5d63f87=REIlMjAwMy0yMyUyMC0lMjBVUw&x=409c7603" target="_blank" style="-webkit-border-radius: 6px; -moz-border-radius: 6px; border-radius: 6px; color: #FFFFFF; text-decoration: none; font-family: Arial; font-size: 12px; border: none; display: block; ">No, inflation is
overblown</a><![endif]-->
</td>
</tr>
</tbody>
</table>
</td>
</tr>
</tbody>
</table>
</td>
</tr>
</tbody>
</table>
</td>
</tr>
</tbody>
</table>
<table border="0" cellpadding="0" cellspacing="0" style="margin: 0 auto;" width="100%">
<tbody>
<tr>
<td align="center" bgcolor="#105C8E" style="text-align:center;-webkit-border-radius:6px;-moz-border-radius:6px;border-radius:6px;font-family:Arial,Helvetica,sans-serif;font-size:15px">
<table align="center" border="0" cellpadding="0" cellspacing="0" style="border:none; border-spacing: 0; border-collapse:
collapse; mso-table-lspace:0; mso-table-rspace:0; mso-margin-top-alt:0px; mso-margin-bottom-alt:0px; mso-padding-alt: 0px 0px 0px 0px;" width="100%">
<tbody>
<tr>
<td height="40" style="vertical-align:middle;text-align:center;font-family:Arial,Helvetica,sans-serif;font-size:15px" valign="middle">
<a style="-webkit-border-radius: 6px; -moz-border-radius: 6px; border-radius: 6px; color: #FFFFFF; text-decoration: none; font-family: Arial; font-size: 12px; border: 1px solid #105C8E; display: block; " target="_blank">
</a>
<table bgcolor="#105C8E" cellpadding="0" cellspacing="0" class="newButton" height="40" style="-webkit-border-radius: 6px; -moz-border-radius: 6px; border-radius: 6px; padding-right:10px;mso-padding-right-alt: 10px;padding-left:10px;mso-padding-left-alt: 10px;padding-top:10px;mso-padding-top-alt:
10px;padding-bottom:10px;mso-padding-bottom-alt: 10px; " width="100%">
<tbody>
<tr>
<td align="center" bgcolor="#105C8E" style="text-align:center;vertical-align:middle;-webkit-border-radius:6px;-moz-border-radius:6px;border-radius:6px;font-family:Arial,Helvetica,sans-serif;font-size:15px" valign="middle">
<table bgcolor="#105C8E" cellpadding="0" cellspacing="0" style="-webkit-border-radius: 6px; -moz-border-radius: 6px; border-radius: 6px; " width="100%">
<tbody>
<tr>
<td align="center" bgcolor="#105C8E" style="text-align:center;-webkit-border-radius:6px;-moz-border-radius:6px;border-radius:6px;font-family:Arial,Helvetica,sans-serif;font-size:15px">
<!--[if !mso]><!-->
<a style="-webkit-border-radius: 6px; -moz-border-radius: 6px; border-radius: 6px; color: #FFFFFF; text-decoration: none; font-family: Arial; font-size: 12px; border: none; display: block; ">
It's going to get much, much worse
</a>
<!--<![endif]-->
<!--[if mso]><a
href="https://www.ne16.com/t/10468162/222404108/9408467/1/1009235/?abb9e380=NGYzZmQyODYtMmZhOS00YzdjLWFkYzktMzQyOGNhZmI3ZDBl&f5d63f87=REIlMjAwMy0yMyUyMC0lMjBVUw&x=d7c7261e" target="_blank" style="-webkit-border-radius: 6px; -moz-border-radius: 6px; border-radius: 6px; color: #FFFFFF; text-decoration: none; font-family: Arial; font-size: 12px; border: none; display: block; ">It's going to get much, much
worse</a><![endif]-->
</td>
</tr>
</tbody>
</table>
</td>
</tr>
</tbody>
</table>
</td>
</tr>
</tbody>
</table>
</td>
</tr>
</tbody>
</table>
</div>
</div>
</td>
</tr>
<tr>
<td class="td100" colspan="6" height="24" style="width:100%;height:24px;font-size:1px;vertical-align:top;font-family:Arial,Helvetica,sans-serif">
<!--[if mso]><img src="//editor.ne16.com/spacer.gif" style="mso-hide:all;border:0;"><![endif]-->
</td>
</tr>
<tr class="trpad10">
<td class="td100" colspan="6" style="padding:10px;width:100%;vertical-align:top;font-family:Arial,Helvetica,sans-serif;font-size:15px">
<h1 style="mso-line-height-rule:exactly;Margin:0;font-family:Arial;font-size:24px;font-weight:bold;">
<span style="font-family:Arial;font-size:24px">
Here's what you need to know
</span>
</h1>
</td>
</tr>
<tr>
<td class="snippet td100" colspan="6" style="width:100%;position:static;vertical-align:top;font-family:Arial,Helvetica,sans-serif;font-size:15px">
<table border="0" cellpadding="0" cellspacing="0" class="dragndrop" data-rss-posts="undefined" height="100%" style="table-layout:fixed;" width="100%">
<tbody>
<tr class="trpad10" style="background-color:#EFEFEF">
<td class="td100" colspan="2" style="background-color:#EFEFEF;width:33.3333%;vertical-align:top;font-family:Arial,Helvetica,sans-serif;font-size:15px">
<a aria-label="Chip Somodevilla / Getty Images" style="color:#105C8E;" target="_blank" title="Chip Somodevilla /
Getty Images">
<img alt="Chip Somodevilla / Getty Images" class="img100" data-linktype="Normal" data-target="_blank" height="auto" src="https://inboxflows.com/_/image/https%253A%252F%252Fqz.com%252Fcdn-cgi%252Fimage%252Fwidth%253D640%252Cheight%253D360%252Cfit%253Dcover%252Cquality%253D85%252Cformat%253Dauto%252Fhttps%253A%252F%252Fassets.qz.com%252Fmedia%252Ftrump_powell_fed.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZxei5jb20lMkZjZCIsInRpbWUiOjE3NzQyNjAzMTEuNDg0NjAxfQ:1w4c9n:3QrTyR6eMTzho7nRX9LgAKe3GgveSfS8OLIdHocTCNc" style="width:200px;max-height:338px;vertical-align:middle;border:0;" width="200"/>
</a>
</td>
<td class="td100" colspan="4" style="background-color:#EFEFEF;padding:10px;font-size:15px;font-family:Arial,Helvetica,sans-serif;width:66.6667%;vertical-align:top">
<div style="line-height: 1.4">
<strong style="color:#105C8E">
<a data-linktext="Trump's attacks on Fed Chair Jerome Powell are backfiring." data-linktype="Normal" style="color:#105C8E;" target="_blank">
Trump's attacks on Fed Chair Jerome Powell are backfiring.
</a>
</strong>
<span style="color:#000000">
Powell says he won't step down until the Justice Department completes its investigation into him, and he could remain on the Fed's seven-member Board of Governors until 2028, robbing Trump of the opportunity to fill the seat with a more pliant nominee.
</span>
</div>
</td>
</tr>
<tr style="background-color:#EFEFEF">
<td class="td100" colspan="6" height="24" style="background-color:#EFEFEF;width:100%;height:24px;font-size:1px;vertical-align:top;font-family:Arial,Helvetica,sans-serif">
<!--[if mso]><img src="//editor.ne16.com/spacer.gif" style="mso-hide:all;border:0;"><![endif]-->
</td>
</tr>
<tr class="trpad10" style="background-color:#EFEFEF">
<td class="td100" colspan="2" style="background-color:#EFEFEF;background-repeat:no-repeat;background-size:auto;vertical-align:top;width:33.3333%;font-family:Arial,Helvetica,sans-serif;font-size:15px">
<a aria-label="Kevin Dietsch / Getty Images" style="color:#105C8E;" target="_blank" title="Kevin Dietsch / Getty Images">
<img alt="Kevin Dietsch / Getty Images" class="img100" data-linktype="Normal" data-target="_blank" height="auto" src="https://inboxflows.com/_/image/https%253A%252F%252Fqz.com%252Fcdn-cgi%252Fimage%252Fwidth%253D640%252Cheight%253D360%252Cfit%253Dcover%252Cquality%253D85%252Cformat%253Dauto%252Fhttps%253A%252F%252Fassets.qz.com%252Fmedia%252FGettyImages-2267441328.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZxei5jb20lMkZjZCIsInRpbWUiOjE3NzQyNjAzMTEuNDg0NzIyOX0:1w4c9n:lDC5wQEDgkilPbBYfEKwtSIMfbZ_F4k9q5eoC4J96D4" style="width:200px;max-height:338px;vertical-align:middle;border:0;" width="200"/>
</a>
</td>
<td class="td100" colspan="4" style="background-color:#EFEFEF;padding:10px;font-size:15px;font-family:Arial,Helvetica,sans-serif;width:66.6667%;vertical-align:top">
<div style="line-height: 1.4">
<strong style="color:#105C8E">
<a data-linktext="A Fed governor says interest rate cuts this year are still possible." data-linktype="Normal" style="color:#105C8E;" target="_blank">
A Fed governor says interest rate cuts this year are still possible.
</a>
</strong>
<span style="color:#000000">
While Christopher Waller supported the central bank's recent decision to hold interest rates
steady, he said he would advocate for a cut if the labor market continues to weaken. "I just want to wait and see where this goes," he said.
</span>
</div>
</td>
</tr>
<tr style="background-color:#EFEFEF">
<td class="td100" colspan="6" height="24" style="background-color:#EFEFEF;width:100%;height:24px;font-size:1px;vertical-align:top;font-family:Arial,Helvetica,sans-serif">
<!--[if mso]><img src="//editor.ne16.com/spacer.gif" style="mso-hide:all;border:0;"><![endif]-->
</td>
</tr>
<tr class="trpad10" style="background-color:#EFEFEF">
<td class="td100" colspan="2" style="background-color:#EFEFEF;background-repeat:no-repeat;background-size:auto;vertical-align:top;width:33.3333%;font-family:Arial,Helvetica,sans-serif;font-size:15px">
<a aria-label="SOPA Images / Getty Images" style="color:#105C8E;" target="_blank" title="SOPA Images / Getty Images">
<img alt="SOPA Images / Getty Images" class="img100" data-linktype="Normal" data-target="_blank" height="auto" src="https://inboxflows.com/_/image/https%253A%252F%252Fqz.com%252Fcdn-cgi%252Fimage%252Fwidth%253D640%252Cheight%253D360%252Cfit%253Dcover%252Cquality%253D85%252Cformat%253Dauto%252Fhttps%253A%252F%252Fassets.qz.com%252Fmedia%252FGettyImages-2226519912.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZxei5jb20lMkZjZCIsInRpbWUiOjE3NzQyNjAzMTEuNDg0ODUzN30:1w4c9n:bEzv3foGkWRt9dFZ01KtEMUCvg2HN76e3huJ-wDAyFI" style="width:200px;max-height:338px;vertical-align:middle;border:0;" width="200"/>
</a>
</td>
<td class="td100" colspan="4" style="background-color:#EFEFEF;padding:10px;font-size:15px;font-family:Arial,Helvetica,sans-serif;width:66.6667%;vertical-align:top">
<div style="line-height: 1.4">
<strong style="color: var(--blue-cta-default)">
<a data-linktext="An OpenAI 'superapp' is in the works." data-linktype="Normal" style="color:#105C8E;" target="_blank">
An OpenAI 'superapp' is in the works.
</a>
</strong>
<span style="color:#000000">
To combat Google and Anthropic's gains, the company reportedly plans to blend ChatGPT, its Codex coding platform, and
the Atlas browser into a single desktop app. OpenAI decided to pivot after drawing an uneven user response to its multi-app rollout.
</span>
</div>
</td>
</tr>
<tr style="background-color:#EFEFEF">
<td class="td100" colspan="6" height="24" style="background-color:#EFEFEF;width:100%;height:24px;font-size:1px;vertical-align:top;font-family:Arial,Helvetica,sans-serif">
<!--[if mso]><img src="//editor.ne16.com/spacer.gif" style="mso-hide:all;border:0;"><![endif]-->
</td>
</tr>
<tr class="trpad10" style="background-color:#EFEFEF">
<td class="td100" colspan="2" style="background-color:#EFEFEF;background-repeat:no-repeat;background-size:auto;vertical-align:top;width:33.3333%;font-family:Arial,Helvetica,sans-serif;font-size:15px">
<a aria-label="Annabelle Chih / Bloomberg
via Getty Images" style="color:#105C8E;" target="_blank" title="Annabelle Chih / Bloomberg via Getty Images">
<img alt="Annabelle Chih / Bloomberg via Getty Images" class="img100" data-linktype="Normal" data-target="_blank" height="auto" src="https://inboxflows.com/_/image/https%253A%252F%252Fqz.com%252Fcdn-cgi%252Fimage%252Fwidth%253D640%252Cheight%253D360%252Cfit%253Dcover%252Cquality%253D85%252Cformat%253Dauto%252Fhttps%253A%252F%252Fassets.qz.com%252Fmedia%252Fnvidia%2520chips.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZxei5jb20lMkZjZCIsInRpbWUiOjE3NzQyNjAzMTEuNDg1MTkyM30:1w4c9n:TEEutGHxqORv5-INlbCGjSkLo_ynBgzRIMKInLTM_ss" style="width:200px;max-height:338px;vertical-align:middle;border:0;" width="200"/>
</a>
</td>
<td class="td100" colspan="4" style="background-color:#EFEFEF;padding:10px;font-size:15px;font-family:Arial,Helvetica,sans-serif;width:66.6667%;vertical-align:top">
<div style="line-height: 1.4">
<strong style="color: var(--blue-cta-default)">
<a data-linktext="Feds say Super Micro
executives shipped $2.5 billion in chips illegally." data-linktype="Normal" style="color:#105C8E;" target="_blank">
Feds say Super Micro executives shipped $2.5 billion in chips illegally.
</a>
</strong>
<span style="color:#000000">
Company co-founder Yih-Shyan Liaw and two others are accused of bypassing export controls on Nvidia hardware using server replicas and false documents. The charge carries a maximum sentence of 20 years in prison.
</span>
</div>
</td>
</tr>
<tr style="background-color:#EFEFEF">
<td class="td100" colspan="6" height="24" style="background-color:#EFEFEF;width:100%;height:24px;font-size:1px;vertical-align:top;font-family:Arial,Helvetica,sans-serif">
<!--[if mso]><img src="//editor.ne16.com/spacer.gif" style="mso-hide:all;border:0;"><![endif]-->
</td>
</tr>
<tr class="trpad10" style="background-color:#EFEFEF">
<td class="td100" colspan="2" style="background-color:#EFEFEF;background-repeat:no-repeat;background-size:auto;vertical-align:top;width:33.3333%;font-family:Arial,Helvetica,sans-serif;font-size:15px">
<a aria-label="Kevin Carter / Getty Images" style="color:#105C8E;" target="_blank" title="Kevin Carter / Getty Images">
<img alt="Kevin Carter / Getty Images" class="img100" data-linktype="Normal" data-target="_blank" height="auto" src="https://inboxflows.com/_/image/https%253A%252F%252Fqz.com%252Fcdn-cgi%252Fimage%252Fwidth%253D640%252Cheight%253D360%252Cfit%253Dcover%252Cquality%253D85%252Cformat%253Dauto%252Fhttps%253A%252F%252Fassets.qz.com%252Fmedia%252FFedEx.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZxei5jb20lMkZjZCIsInRpbWUiOjE3NzQyNjAzMTEuNDg1Mjk5fQ:1w4c9n:SFe1Hcg_o349oBGTdOT58_95OnqdQIrv-iHznQklq1c" style="width:200px;max-height:338px;vertical-align:middle;border:0;" width="200"/>
</a>
</td>
<td class="td100" colspan="4" style="background-color:#EFEFEF;padding:10px;font-size:15px;font-family:Arial,Helvetica,sans-serif;width:66.6667%;vertical-align:top">
<div style="line-height: 1.4">
<strong style="color: var(--blue-cta-default)">
<a data-linktext="FedEx raises full-year outlook after beating earnings estimates." data-linktype="Normal" style="color:#105C8E;" target="_blank">
FedEx raises full-year outlook after beating earnings estimates.
</a>
</strong>
<span style="color:#000000">
The delivery company's adjusted earnings per share of $5.25 exceeded the $4.09 to $4.15 expected by analysts. Management increased its 2026 revenue target and trimmed
planned capital expenditures.
</span>
</div>
</td>
</tr>
<tr style="background-color:#EFEFEF">
<td class="td100" colspan="6" height="24" style="background-color:#EFEFEF;width:100%;height:24px;font-size:1px;vertical-align:top;font-family:Arial,Helvetica,sans-serif">
<!--[if mso]><img src="//editor.ne16.com/spacer.gif" style="mso-hide:all;border:0;"><![endif]-->
</td>
</tr>
</tbody>
</table>
</td>
</tr>
<tr>
<td class="td100" colspan="6" height="24" style="width:100%;height:24px;font-size:1px;vertical-align:top;font-family:Arial,Helvetica,sans-serif">
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</td>
</tr>
<tr class="trpad10">
<td class="td100" colspan="6" style="padding:10px;width:100%;vertical-align:top;font-family:Arial,Helvetica,sans-serif;font-size:15px">
<h1 style="mso-line-height-rule:exactly;Margin:0;font-family:Arial;font-size:24px;font-weight:bold;">
<span style="font-size:24px;font-family:Arial">
Recommended
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<table border="0" cellpadding="0" cellspacing="0" class="dragndrop" data-rss-posts="undefined" height="100%" style="table-layout:fixed;" width="100%">
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<tr class="trpad20" style="background-color:#E9F2F9">
<td class="td100" colspan="6" style="font-family:Arial,Helvetica,sans-serif;line-height:1.3;width:100%;background-color:#E9F2F9;font-size:16px;padding:20px;vertical-align:top;mso-line-height-rule:exactly">
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Is your company one of the best places to work? Prove it.
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We're accepting nominations for our
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style="mso-hide:all;border:0;"><![endif]-->
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<td class="td100" colspan="6" style="width:100%;font-size:1px;vertical-align:top;font-family:Arial,Helvetica,sans-serif">
<a aria-label="Linked image" style="color:#105C8E;" target="_blank">
<img class="img100" data-linktype="Normal" data-target="_blank" height="auto" src="https://inboxflows.com/_/image/https%253A%252F%252Fqz.com%252Fcdn-cgi%252Fimage%252Fwidth%253D640%252Cheight%253D360%252Cfit%253Dcover%252Cquality%253D85%252Cformat%253Dauto%252Fhttps%253A%252F%252Fassets.qz.com%252Fmedia%252Ftrump%2520tariff%2520refunds.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZxei5jb20lMkZjZCIsInRpbWUiOjE3NzQyNjAzMTEuNDg1NDA5fQ:1w4c9n:4lBArauzp5BLQWcD7uXSqkjz-ROOUU9H60fSvSTTVTw" style="width:600px;max-height:338px;vertical-align:middle;border:0;" width="600"/>
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<td class="td100" colspan="6" style="padding:10px;vertical-align:middle;text-align:center;width:100%;font-family:Arial,Helvetica,sans-serif;font-size:15px">
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Chen Mengtong / China News Service / VCG
via Getty Images
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<td class="td100" colspan="6" height="24" style="width:100%;height:24px;font-size:1px;vertical-align:top;font-family:Arial,Helvetica,sans-serif">
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<td class="td100" colspan="6" style="padding:10px;width:100%;vertical-align:top;font-family:Arial,Helvetica,sans-serif;font-size:15px">
<h1 style="mso-line-height-rule:exactly;Margin:0;font-family:Arial;font-size:24px;font-weight:bold;">
<span style="font-size:24px;font-family:Arial">
Tariff refunds: A $166 billion question with few answers
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</span>
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</h1>
</td>
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It's been nearly a month since the Supreme Court issued its decision striking down the majority of President Donald Trump's tariffs. Since then, the administration has been ensnared in a legal fight on whether it should return what's been ruled as illegal tariff revenue back to the businesses that originally paid them. At least $166 billion in illegally-collected duties are at
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