Dan Burns

Splashdown confirmed.

There's more increases to come here, but there's maybe a little bit of a silver lining in that it does seem to have been extraordinarily concentrated in energy costs so far.

Airline ticket prices were up by the most in about three years.

On a year-over-year basis, that's largely because of fuel surcharges.

that airlines are adding.

There's concerns that there could be a real shortage of jet fuel if this persists in the coming big summer travel season.

But certainly that's a place that Fed officials and others are watching closely.

Because the longer you do have oil at $100 a barrel or in that vicinity, the greater risk it is that

headline inflation pressures begin to bleed into other measures that are more sustainable and worrying for policymakers.

The Supreme Court's ruling on Friday is not the end of this process, particularly the litigious process.

It kicks the case back down to the International Trade Court, where they will sort out things like, are we going to tell the government to refund $175 billion of tariffs that have been collected since last January?

Are they going to say, well, forget that.

That's too difficult.

But you can't do it going forward.

So what's considered prospective relief, which would leave that $175 billion still in the coffers of the U.S.

Treasury.

And then there's the question about are companies going to be able to get refunds?

That's part and parcel to that fight that's now going to take months at a minimum to play out at a lower court and possibly face appeals from there about those findings and those rulings coming ahead.