Ten-year Treasury yields hit a multiyear high this week. It’s also happening in Germany, Japan and the U.K. as the Iran war sends ripple effects across the globe economy. That’s bad news for governments selling debt, and for consumers’ loans. 

Sarah Wells checked her company bank account last week and got a welcome surprise.

“About half of what I claimed for refund was in my bank account,” said the owner of Sarah Wells Bags, which makes products for new moms. “Like, the cash was not even pending. It was already deposited back into my bank account.”

There it was: $10,000 in tariff refunds, half of what the government owes her.

“I was really hesitant to believe it would be real until the check was in the bank, so to speak. And it was exciting to see it,” she said.

As of about a week ago, U.S. Customs and Border Protection had approved more than $35 billion of the $166 billion the Trump administration owes to companies for tariffs the Supreme Court ruled illegal.

The deposits have started arriving earlier than businesses were expecting. Still, many business owners are in disbelief that the refunds are real, even after seeing the cash in their accounts.

“I think it’s OK to do both celebration on these refunds, but still also be mindful that we’re still in a state of real upheaval,” said Wells, who’s earmarked the money to pay for other tariffs still in place.

Frank died yesterday at 86. A long-serving Democratic representative from Massachusetts, he and then-Sen. Chris Dodd coauthored landmark legislation reforming Wall Street after the 2008 financial crisis.

The Dodd-Frank Act required banks to have more capital on hand to cover bad loans, like the risky subprime mortgages that played a leading role in the financial crisis. It also created the Consumer Financial Protection Bureau. Frank and Dodd talked to Marketplace’s David Brancaccio in 2018 about how the law came together, “too big to fail” bailouts, inequality in America and much more.

The climate crisis is escalating. We have to decarbonize our economy, but we’re moving too slowly. So, what’s the backup plan?

On our climate podcast “How We Survive,” host Amy Scott explores large-scale interventions to limit climate change. Some ideas are really out there, like shooting sulfur into the stratosphere, sucking carbon out of the air and resurrecting extinct animals. What would Darwin think? Check out the trailer and subscribe below.