Corporate profits are booming while ordinary Americans put groceries on credit cards — good for shareholders, bad for everyone else.

• Big company profits jumped the most in years, helped by refunds on tariffs that shoppers paid for in the first place.
• Most companies kept those refunds instead of cutting prices; Walmart and Dollar General passing some savings on are the exception.
• Consumer spending looks strong only because people are running up record credit card debt to cover higher prices.
• Inflation is now the top issue for independent voters, and Trump's standing on it has collapsed from a big lead to deep negative territory.
• Stock market gains barely reach most people — the top 1% hold more stock than the bottom 90% combined.

Outlook: The Fed meets in September with inflation still hot and unemployment rising, leaving no easy move that helps both Wall Street and workers.