Axios PM

May 12, 2026
ππ» Hello, Tuesday readers. Today's newsletter, edited by Alex Fitzpatrick, is 488 words, a 2-min. read. Thanks to Sheryl Miller for copy editing.
- β‘οΈ Situational awareness: FDA Commissioner Marty Makary is stepping down after a turbulent 13 months marked by upheaval, drug approval controversies and tensions with the White House. Go deeper.
1 big thing: Inflation outpaces wages


New data today: Americans' paychecks are lagging behind inflation for the first time in three years, Axios' Courtenay Brown reports.
- That's amid an energy shock and other effects of the Iran war.
π The Consumer Price Index, which measures inflation, rose 3.8% in April year over year. That's up from 3.3% in March.
- Wages increased 3.6% βΒ better than March, but not enough to offset inflation.
- In other words, worker pay fell 0.2% in real terms.
π’οΈ Higher energy prices accounted for the bulk of last month's jump in inflation, rising nearly 4% after gaining about 11% in March.
- Food prices also soared in the second full month of the war.
π James McCann, a senior economist at Edward Jones, writes in a note: "American households continue to feel the brunt of surging energy costs, adding to the deluge of inflation they have weathered since the pandemic."
- "Moreover, with the Strait of Hormuz still effectively shuttered, the risk that we are not past the peak of these price pressures is rising."
2. π» Google unveils AI-powered laptops

Google today unveiled the Googlebook, a Chromebook successor with deeper Gemini AI integration, Axios' Ina Fried reports.
- The Googlebook's most visible change is the Magic Pointer, which summons Gemini at the wiggle of a cursor.
π¨π½βπ» The laptops will come in a variety of sizes and from a number of companies, including Acer, Asus, Dell, HP and Lenovo.
- The first models are due out this fall.
3. β‘οΈ Catch me up

- π’ Federal prosecutors announced charges against a ship operator and a key employee in the fatal 2024 collapse of Baltimore's Francis Scott Key Bridge. Get the latest.
- π¦ The World Health Organization has confirmed nine cases of hantavirus tied to the latest outbreak so far. WHO director-general Tedros Adhanom Ghebreyesus said today that there's "no sign that we are seeing the start of a larger outbreak," but added, "we might see more cases in the coming weeks." Go deeper.
- π€οΈ CNN released a new weather app, marking its first stand-alone lifestyle product since launching a new digital strategy last year. More from Sara Fischer.
4. πΊ 1 for the road: Now do a funny one!

Stephen Colbert of CBS' "The Late Show" hosted a quartet of his "best television friends" last night ahead of his final show on May 21.
- Fellow late-night hosts Jimmy Kimmel, Jimmy Fallon, John Oliver and Seth Meyers joined Colbert for the send-off.
ποΈ Colbert joked: "The five of us being here right now β obviously it's dangerous, because we represent so much of late night."
- "Jon Stewart is designated survivor tonight. Someone has to survive for the president to be mad at β and do our eulogies."

What's next: ABC's Jimmy Kimmel is airing a rerun on the night of Colbert's last broadcast, so the shows don't compete β a "tip of the cap," as Variety puts it.
- Go deeper ... Highlight reel.
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