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Quote of the Day

"There's been a lot of speculation about who that superfan was"

— Andy Cohen finally revealed the identity of the famous Bravo fan who helped identify the Summer House leaker. But how?

Shoppers face rising prices due to inflation.
Money

The Economy Is Doing That Thing Again

We’re at the inflation station, and we want off the train: For the third-straight month, inflation is on the rise, hitting a three-year high of 4.2% in May, according to the Labor Department. May also marked the second month inflation outpaced wage growth. Energy prices are largely to blame for most of the increase (you know, because of the Strait of Hormuz situation — though President Donald Trump sees it differently). The AI boom and tariffs (more on that in a minute) have also added pressure. Summer travel is expected to cost significantly more than a year ago, with flights up 26.7% and hotel rates up 5%. Sounds bleak, yes, but so far, the economy has shown a lot of resilience in the face of trouble. 

Show me my (tariff) money: While consumers try to navigate rising costs, businesses are looking to recoup some of their money lost to tariffs. The Supreme Court decided in February that Trump’s tariffs were unlawful, and now the legal fight has entered new territory — payback (and not the revenge kind). A court order says any importer affected by the $166 billion collected in tariffs should be allowed to seek a refund, but the Trump administration argues only the companies that challenged the duties in court should get paid back. If that position prevails, thousands of businesses that paid the tax but never sued could be left out — and the government could keep billions. Meanwhile, consumer advocates want to know (as do we) if customers who indirectly absorbed tariffs by way of higher prices might also be entitled to a refund. Best to hope your most frequented stores pass along their reclaimed money (a few have promised to) or concentrate on maximizing your personal economy.

Related: President Trump Said What About Today’s Inflation Numbers? (The Hill)

The News in 5