When you apply its effect, you can refresh any spent or consumed item you have equipped.
Would be nice to include this in the class FAQ for this character class.
The Rulebook page 27 states that refresh actions will state which types of items (Consumed or Spent) are affected, and that doesn't happen in this case.
I know our group at least guessed wrong, and used it only on Spent items (believing using it on Consumed was more powerful than intended). Would have made a major impact on many scenarios.
Thank you for the clarification!