Business activity growth soared in April, according to S&P Global’s purchasing managers index. The topline number might sound rosy, but experts think the growth spurt is really a sign of fear. In this episode, why businesses spent month two of the war in Iran stockpiling goods. Plus: Avis experiences a stock market “short squeeze,” business owners apply for the first round of tariff refunds, and we look back at the 1970s to understand the economics of oil price caps.

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