Michael Pierce

The physical market is skyrocketing.

And I think where we're headed is that physical tightness in one part of the world is going to meld into physical tightness across the world.

To me, it's almost as if the market woke up and said, oh, look, we got to we got to stop being optimistic.

Incredibly strong growth in anything that is AI-related.

But also the boost that that's providing to the stock market.

even though it's going to higher income, older, wealthier households, they're responsible for a lot of the spending in the economy.

Essentially, a lot of that equipment comes from South Korea, from Taiwan.

This is not pets.com that never made a single dollar and always ran negative profits.

So far, the average refund is about 11 percent higher than this time last year, about $350 more, according to data from the IRS.

Michael Pierce with Oxford Economics expects that average will go up.

That's because higher income filers typically procrastinate on filing and seem to be benefiting more from the new tax changes.

While the deadline to file is Wednesday, you can request an extension and move the deadline until October 15th.

But you should still pay any taxes you think you'll owe Wednesday to avoid having to pay penalties.

Stephen Basaja, NPR News.

And the average refund so far has been something like $3,600 per claiming.

So that's up about 10 or 11 percent from a year ago levels.

An increase in gasoline prices driven by this war is essentially a new tax on consumers.

So one way of thinking about it is this is offsetting some of the benefits that are coming from this tax cut bill.