Economists say President Trump's trade policy, tax cuts and infrastructure-spending plan could reignite inflation, making goods more expensive at a time when much of his base already feels squeezed.

Jon Lansner, business columnist for the Orange County (Calif.) Register, points out how good we've had it: The Consumer Price Index rose 1.3% last year, the fifth straight year under 3%, and best in half a century.

  • Why the change? Trump policies — including a tax on imports, tax incentives for companies to return cash from overseas, and up to $1 trillion in infrastructure spending — could fuel inflation.
  • And one more: The N.Y. Times' Neil Irwin, in an Upshot dispatch in November, pointed out that increased deportations could lead to a shortage of low-skilled labor: "The remaining workers … could demand higher pay."
  • Why it matters: Inflation is felt most acutely by people who immediately spend most of their incomes, many of them in the economically stressed Trump coalition. And how people feel will be a vital component of Trump's narrative headed into the 2018 midterms and his 2020 reelection.

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Trump commutes Roger Stone's sentence

Roger Stone arriving at his sentencing hearing on Feb. 20. Photo: Drew Angerer/Getty Images

President Trump on Friday evening commuted the sentence of his longtime associate Roger Stone, according to two senior administration officials. Stone in February was sentenced to 40 months in prison for crimes including obstruction, witness tampering and making false statements to Congress.

Why it matters: The controversial move brings an abrupt end to the possibility of Stone spending time behind bars. He had been scheduled to report to prison on July 14.

Updated 7 hours ago - Health

Which states have set single-day coronavirus records this week

Data: COVID Tracking Project and state health department data compiled by Axios; Map: Danielle Alberti and Naema Ahmed/Axios

13 states this week surpassed records set just last week for their highest number of coronavirus infections in a single day, according to the COVID Tracking Project and state health department data. 16 states in total reported new highs.

The big picture: The United States' alarming rise in coronavirus cases isn't just due to increased testing — particularly where the number of cases has grown fastest over the last month, Axios' Andrew Witherspoon and Caitlin Owens report.

Updated 8 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 6:30 p.m. ET: 12,389,660 — Total deaths: 557,279 — Total recoveries — 6,830,596Map.
  2. U.S.: Total confirmed cases as of 6:30 p.m. ET: 3,169,611 — Total deaths: 133,885 — Total recoveries: 983,185 — Total tested: 38,856,341Map.
  3. Public health: The reality of the coronavirus bites.
  4. Trade: Trump says he's no longer considering phase-two trade deal with China because the pandemic damaged the two countries' relationship.
  5. 🎧 Podcast: Rural America has its own coronavirus problem.