As President Trump takes even more steps to pull back on climate action, Bill Gates is emphasizing how crucial government policies are crucial to addressing climate change.
In his annual year-ahead letter, the billionaire Microsoft cofounder and philanthropist warns that the market alone is not enough to change our climate reality.
Without a large global carbon tax (which is, unfortunately, politically unachievable), market forces do not properly incentivize the creation of technologies to reduce climate-related emissions, Gates writes.
To stop global temperatures from increasing, we need to replace all emissions-emitting activities with affordable alternatives, Gates says. He particularly calls out industrial emissions and aviation as areas that need innovation.
And government policiesin rich countries, he notesare crucial to bringing about that innovation, because unless innovations reach scale, the costs wont come down and we wont achieve the impact we need.
Climate change is linked to poverty and health
Gatess annual letter comes just a few months after he wrote a blog arguing that the world is too focused on cutting short-term emissions, and that focusing on climate change risks getting in the way of addressing global poverty.
That post sparked some backlash from environmental activists and experts who noted that climate and development goals are interconnected.
If you look around the world right now, climate change is directly undermining human development goals, poverty eradication, and health goals, Rachel Cleetus, senior policy director for the climate and energy program at the Union of Concerned Scientists, told Fast Company back in October.
In his annual letter, Gates said that, If we dont limit climate change, it will join poverty and infectious disease in causing enormous suffering, especially for the worlds poorest people.
Climate change will also worsen both those hardships: Experts have long said that climate change exacerbates disease outbreaks and pandemics, and that it is expected to push up to 132 million people into extreme poverty by 2030.
‘Investing more than ever to climate work’
In his October post, Gates said that although climate change will hurt poor people more than anyone else, the biggest problems to poor people are poverty and disease.
Understanding this, he wrote, will let us focus our limited resources on interventions that will have the greatest impact for the most vulnerable people.
In his year-ahead letter, though, Gates emphasized climate change as a critical area for the world to focus on. He added that he will be investing and giving more than ever to climate work in the years ahead while also continuing to give more to childrens health.
Some of his investments around climate change will use AI. His foundation has committed $1.4 billion to helping farmers adapt to climate extremes, and in his annual letter, he says that with AI, we will soon be able to provide poor farmers with better advice about weather, prices, crop diseases, and soil than even the richest farmers get today.
How Trump has devastated climate action
The Trump administration has taken multiple steps to inhibit America’s climate progress. Most recently, Trump pulled the country out of a a landmark climate treaty, the U.N. Framework Convention on Climate Change.
Trump has also canceled billions in green energy projects, rolled back Biden-era government incentives for clean technologies, and cut hundreds of millions of dollars from climate and renewable energy research.
At the same time, Trump has rapidly increased the governments support of greenhouse gas-emitting fossil fuels, opening new mining leases, loosening coal plant emissions standards, and forcing coal plants that were going to close to keep operating.
Trumps actions have devastated multiple climate companies. Even Gatess own climate actions faced a challenging 2025: In March, Breakthrough Energy, a climate group Gates started 10 years ago, laid off dozens in its U.S. and Europe policy teams.
But Gates will continue to put billions into climate innovation, he writeswhile also focusing on health and education. And all three of those areas, he notes, can improve rapidly with the right government focus.
General Motors will be hit with charges of about $6 billion as sales of electric vehicles sputter after the U.S. cut tax incentives to buy them and also eased auto emissions standards.
Shares slid almost 3% Friday.
The charges that will be recorded in the fourth quarter follow an announcement in October that the Detroit automaker would take a $1.6 billion charge for the same reason in the previous quarter, with automakers forced to reconsider ambitious plans to convert their fleets to electric power.
The EV tax credit ended in September. The clean vehicle tax credit was worth $7,500 for new EVs and up to $4,000 for used ones.
GM, which had been the most ambitious among all U.S. automakers with plans to replace internal combustion engines, said in its filing with the Securities and Exchange Commission late Thursday that the $6 billion in charges includes non-cash impairments and other non-cash charges of about $1.8 billion as well as supplier commercial settlements, contract cancellation fees, and other charges of approximately $4.2 billion.
EVs have been considered to be the future of the US automotive industry. GM announced in 2020 that it was going to invest $27 billion in electric and autonomous vehicles over the next five years, a 35% increase over plans made before the pandemic.
GM expected more than half of its factories in North America and China would be capable of making electric vehicles by 2030. It also pledged at the time to increase its investment in EV charging networks by nearly $750 million through 2025.
Its goal was to make the vast majority of the vehicles electric by 2035, and the entire company carbon neutral five years after that.
Those plans have been shaken due to the drastic differences in economic and environmental policies between the Biden and Trump administrations.
China has become a global leader in electric vehicle technology in recent years, with factories there churning out millions of cars and laying the groundwork for a massive charging network for vehicles.
Earlier this month, Tesla was dethroned as the world’s largest EV automaker, replaced by China’s BYD, which produced 2.26 million electric vehicles last year.
Michelle Chapman, AP business writer
Sluggish December hiring concluded a year of weak employment gains that have frustrated job seekers even though layoffs and unemployment remained low.
Employers added just 50,000 jobs last month, nearly unchanged from a downwardly revised figure of 56,000 in November, the Labor Department said Friday. The unemployment rate slipped to 4.4%, its first decline since June, from 4.5% in November, a figure also revised lower.
The data suggests a reluctance by businesses to add workers even as economic growth has picked up. Many companies hired aggressively after the pandemic and no longer need to fill more jobs. Others have held back due to widespread uncertainty caused by President Donald Trumps shifting tariff policies, elevated inflation, and the spread of artificial intelligence, which could alter or even replace some jobs.
Still, economists were encouraged by the lower unemployment rate, which had risen in the previous four straight reports. Weakening employment raised alarms at the Federal Reserve, which cut its key interest rate three times last year.
The labor market looks to have stabilized, but at a slower pace of employment growth, Blerina Uruci, chief economist at T. Rowe Price, said. “There is no urgency for the Fed to cut rates further, for now.”
Some Federal Reserve officials are concerned that inflation hasn’t improved since 2024 and remains above their target of 2% annual growth. They support keeping rates where they are to combat inflation. Others, however, have grown worried that hiring has nearly ground to a halt and have supported lowering borrowing costs to spur spending and growth.
November’s job gain was revised slightly lower, from 64,000 to 56,000, while October’s now shows a much steeper drop, with a loss of 173,000 positions, down from previous estimates of a 105,000 decline. The government revises the jobs figures as it receives more survey responses from businesses.
Nearly all the jobs added in December were in the health care and restaurant and hotel industries. Health care added 38,500 jobs, while restaurants and hotels gained 47,000. Governments mostly at the state and local level added 13,000.
Manufacturing, construction and retail companies all shed jobs. Retailers cut 25,000 positions, a sign that holiday hiring has been weaker than previous years. Manufacturers have shed jobs every month since April, when Trump announced sweeping tariffs intended to boost manufacturing.
Wall Street and Washington are looking closely at Friday’s report as it’s the first clean reading on the labor market in three months. The government didnt issue a report in October because of the six-week government shutdown, and Novembers data was distorted by the closure, which lasted until Nov. 12.
Job gains have been subdued all year, particularly after Aprils liberation day tariff announcement by Trump. The economy gained just 584,000 jobs in 2025, sharply lower than that more than 2 million added in 2024. Its the smallest annual gain since the COVID-19 pandemic decimated the job market in 2020. Outside of recessions, it’s the smallest annual increase since 2003.
Still, Trump boasted on social media late Thursday that since January, all the new jobs have been in the private sector, while government jobs have declined. Yet his figures included December’s jobs numbers as well as revisions to previous months, which the White House receives Thursday afternoon, before the figures are publicly released.
Trump’s post on Truth Social said that 654,000 jobs were added by businesses since January, while government jobs declined 181,000, so it wouldn’t have been immediately clear that the post had new information from December. But new jobs data are generally closely guarded since they can move financial markets.
The hiring slowdown reflects more than just a reluctance by companies to add jobs. With an aging population and a sharp drop in immigration, the economy doesn’t need to create as many jobs as it has in the past to keep the unemployment rate steady. As a result, a gain of 50,000 jobs is not as clear a sign of weakness as it would have been in previous years.
And layoffs are still low, a sign firms aren’t rapidly cutting jobs, as typically happens in a recession. The low-hire, low-fire job market does mean workers have some job security, though it’s become harder to find new work.
Ernesto Castro, 44, has applied for hundreds of jobs since leaving his last in May. Yet the Los Angeles resident has had just three initial interviews, and only one follow-up, after which he heard nothing.
With nearly a decade of experience providing customer support for software companies, Castro expected to find a new job pretty quickly as in the past.
Its been awful, he said.
He worries that more companies are turning to artificial intelligence to help clients learn to use new software. He hears ads from tech companies that urge companies to slash workers like him in favor of AI. His contacts in the industry say that employees are increasingly reluctant to switch jobs amid all the uncertainty, which means fewer open jobs for others.
He is now looking into starting his own software company, and is also exploring project management roles.
Subdued hiring underscores a key conundrum surrounding the economy as it enters 2026: Growth has picked up to healthy levels, yet hiring has weakened noticeably.
Most economists expect hiring will accelerate this year amid solid growth, and Trump’s tax cut legislation is expected to produce large tax refunds this spring. Yet economists acknowledge there are other possibilities: Weak job gains could drag down future growth. Or the economy could keep expanding at a healthy clip, while automation and the spread of artificial intelligence reduces the need for more jobs.
U.S. stocks are rising toward records Friday following a mixed report on the U.S. job market, one that may delay another cut to interest rates by the Federal Reserve but does not slam the door on it.
The S&P 500 climbed 0.5% in midday trading and was on track to top its all-time high set earlier in the week. The Dow Jones Industrial Average added 237 points, or 0.5% and was also heading toward a record. The Nasdaq composite was 0.7% higher, as of 11:45 a.m. Eastern time.
The gains came after the U.S. Labor Department said employers hired fewer workers in total during December than economists expected, though the unemployment rate improved and was better than expected. It reinforced how the U.S. job market may be in a low-hire, low-fire state.
On Wall Street, power company Vistra soared 11.9% to lead the market after signing a 20-year deal to provide electricity to Meta Platforms from three of its nuclear plants. Big Tech companies have been signing a string of such deals to electrify the data centers powering their moves into artificial-intelligence technology.
Oklo jumped 12.3% after saying it also signed a deal with Meta Platforms that will help it secure nuclear fuel and advance its project to build a facility in Pike County, Ohio.
Homebuilders and other companies involved in the housing market were also strong in their first trading after President Donald Trump announced a plan to lower mortgage rates. Trump on late Thursday called for the purchase of $200 billion in mortgage bonds, similar to how the Fed in the past has bought bonds backed by mortgages to bring down mortgage rates.
Builders FirstSource, a supplier of building products, jumped 8.5% for one of the biggest gains in the S&P 500 after Vistra. Among homebuilders, Lennar rose 5.1%, PulteGroup rose 4.9% and D.R. Horton climbed 4.8%.
They helped offset a 3.3% drop for General Motors. The auto giant said it will take a $6 billion hit to its results for the last three months of 2025 related to its pullback from electric vehicles. Thats on top of the $1.6 billion in charges GM took in the prior quarter. Fewer tax incentives and easier fuel-emission regulations have been eating into demand for EVs.
WD-40 tumbled 5% after reporting a weaker profit for the latest quarter than analysts expected. Chief Financial Officer Sara Hyzer said the soft numbers were primarily because of timing issues, not weaker demand from end customers, and the company stood by its financial forecasts for the upcoming year.
In the bond market, Treasury yields were mixed following the mixed jobs report.
The improvement in the unemployment rate was enough to get traders to ratchet back expectations for a cut to interest rates at the Feds next meeting, which is scheduled for later this month. Traders are now forecasting just a 5% chance of that, down from 11% a day before, according to data from CME Group.
But traders nevertheless still largely expect the Fed to cut rates at least twice this upcoming year. Whether theyre correct carries high stakes for financial markets. Lower interest rates can goose the economy and push up prices for investments, though they can also worsen inflation at the same time. And inflation has stubbornly remained above the Feds 2% target.
Until the data provide a clearer direction, a divided Fed is likely to stay that way, according to Ellen Zentner, chief economic strategist for Morgan Stanley Wealth Management. Lower rates are likely coming this year, but the markets may have to be patient.
The yield on the 10-year Treasury eased to 4.17% from 4.19% late Thursday. It tends to track expectations for longer-term economic growth and inflation.
The two-year Treasury yield, which more closely tracks forecasts for what the Fed will do with short-term interest rates in the near term, rose to 3.52% from 3.49%.
A separate report released Friday morning suggested sentiment among U.S. consumers is strengthening, particularly among lower-income households. Perhaps more importantly for the Fed, the preliminary report from the University of Michigan also said expectations for inflation in the coming 12 months may be at their lowest level in a year. That could prevent a vicious cycle where worsening expectations lead to behaviors that accelerate inflation further.
In stock markets abroad, indexes rose across much of Europe and Asia.
The French CAC 40 rose 1.3%, and Japans Nikkei 225 jumped 1.6% for two of the worlds bigger gains. In Tokyo, Fast Retailing, the fashion company behind Uniqlo, jumped 10.7% after its quarterly operating profit surged about 34% year-on-year. It revised its full-year forecasts upward.
By Stan Choe, AP business writer
AP Business Writers Chan Ho-him and Matt Ott contributed.
Some words are far too mild for the violence of what they describe. Migraine is one of them. For many people, it evokes a simple headachean inconvenience solved with an aspirin (or Tylenol) and a glass of water. For those whove never experienced it, migraine is almost a cliché: a lame excuse to stay in bed or avoid a meeting.
But for millions of peopleand Im one of themmigraine is anything but benign. It is a debilitating neurological disease that can force life to grind to a halt for days at a time. It is an invisible disability that millions are expected to simply push through.
The Mild Version Everyone Seesand the Severe One No One Understands
I often compare migraine to carrying a 60-pound bag everywhere you go. On mild days, you still walk, work, answer emailsbut you do it while pushing through a fog of pain that absorbs all your energy. Many migraine sufferers perform normal life while their brain fights a private war.
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Ironically, this functional version of migraine contributes to the disbelief faced by people who cannot work during severe attacks. They hear, But I know someone with migraines and she still workswhy cant you?
Because not all migraines are the same. Some are annoying. Some are so ferocious you cant imagine enduring another minute of it.
A Neurological Reality That Hijacks the Entire Body
When a severe migraine hits, everything stops. I find myself in bed, motionless, in the dark. I shuttle back and forth to the bathroom to vomit. I cant read. I cant watch a show. I cant think clearly. My brain is overwhelmed by pain and sensory overload. The outside world simply disappears.
More than one billion people worldwide experience migraines. One in seven adults. And yet . . . it remains an astonishingly misunderstood disease.
It disproportionately affects womenroughly 80% of migraine suffererslargely because of hormonal fluctuations that influence the sensitivity of the nervous system. Its driven by an abnormal excitability of brainstem neurons that triggers a cascade: CGRP molecules flood the system, blood vessels dilate, nerves ignite with pain signals, and the body spirals into nausea, hypersensitivity to light and sound, vomiting, word-finding difficulties, and exhaustion. Some people experience visual disturbancesaurabefore the pain even hits. But whether with or without aura, the result can be incapacitating.
The Monastic Life Migraine Demands
Migraine forces me into a kind of monastic discipline. I dont drink alcohol anymoreits an instant trigger. Ive cut out lactose completely, because even a small amount can set off a crisis. I follow a tightly controlled diet. I guard my sleep like its sacred, because one night thats too short or too long can derail an entire day. I limit screen time as much as I can. I monitor my stress levels (not easy in the world we live in). I avoid harsh light, loud spaces, sensory overload.
And even with all that, I still cant fully prevent the attacks.
For some, its chronic. A migraine that never really leaves, a pain that becomes the background noise of existence. I honestly cannot imagine living like that. I dont know how people with chronic migraine keep goingtheir resilience is extraordinary.
A Workplace Blind Spot With Enormous Costs
The gap between lived experience and workplace perception is enormous. Migraine is still not widely recognized as a disabling condition at work. Many employees fear being judged as unreliable or weak. And too many managers still respond with skepticism or impatience.
Yet migraine is one of the worlds leading causes of productivity loss. The economic costthrough absenteeism, presenteeism, and cognitive impairmentruns into the hundreds of billions globally each year. And behind those numbers are real people who spend days each month barely able to function.
Treatment ExistsBut Access, Awareness, and Understanding Lag Behind
Traditional preventive medications (like beta blockers) help some patients, but only a fraction of them. Acute treatments like triptans can workuntil they trigger rebound headaches that are worse than the original pain. Many of us know that spiral all too well.
Newer therapies, especially those targeting CGRP, are genuinely promising. Some patients describe them as life-changing. But they remain expensive, inaccessible for many, and often unknown.
And because migraine is still not taken seriously, an astonishing number of people never even seek medical help. They just live with it. They sometimes mention it in passingoh, and I get migrainesif they mention it at all. For a condition that can derail entire lives, the gap between the severity of the disease and the lack of treatment is staggering.
Despite how common migraine is, very few workplaces have policies that address it.
The Question We Avoid: What If Migraine Affected Mostly Men?
History gives us a pretty clear answer. Across medicine, conditions that disproportionately affect womenmigraine, endometriosis, autoimmune diseaseshave been minimized, dismissed, or psychologized for decades. When women describe pain, it is more likely to be labeled as stress, anxiety, sensitivity, or overreaction. When men describe pain, it is more likely to be investigated.
Migraine sits squarely in this long lineage of medical bias. For generations, it has been seen as a womens complaint, something vaguely emotional rather than neurological. In the mid-20th century, many doctors literally described migraine as a manifestation of female hysteria. The stereotype still lingers today: the fragile woman with “her headaches.”
If a condition that disables one in seven adults were perceived as a mens disease, it would almost certainly have received more research funding, more public awareness, more employer adaptations, and far earlier recognition as a legitimate disability.
Instead, millions of women have been told for decades to push through it, take something, or manage stress, as if willpower could override a neurological storm.
What Can Employers Actually Do? More Than They Think.
Migraine shouldnt be a private burden. Workplaces can make a profound difference by recognizing it, adapting to it, and supporting those who live with it.
1. Give people autonomy over how they work: Flexibility in location and schedule is the single most important accommodation. Many of us can avert a severe attack if we rest at the earliest warning signsbut only if work allows it.
2. Accept sick leave for migraines without suspicion: No eye-rolling. No raised eyebrows. No unspoken judgment. If someone says, I cant work today, believe them. Trust goes a long way toward reducing stigma.
3. Reduce sensory triggers in workplaces:
reduce harsh lighting,
limit strong fragrances,
manage noise levels,
provide quiet rooms when possible.
These changes dont just help migraine sufferersthey benefit everyone!
4. Train managers and HR teams: A simple awareness session can avoid years of misunderstanding. Managers need to know what migraine is (and isnt), how it affects cognition, and why flexibility is not indulgence.
5. Normalize disclosure without forcing it: People should feel safe sharing information about their condition without fear of bias. A culture of psychological safety helps enormously.
6. Support access to treatment: Health insurance plans should cover modern migraine treatments, including newly approved CGRP-targeting medications. These therapies can prevent attacks entirely or significantly reduce their severity. Supporting access is cost-effective compared to the productivity losses of unmanaged migraine.
We Are Manyand We Deserve to Be Believed
Millions of people navigate migraines in silence. We endure the pain itself, and then the second burden: the disbelief, the minimization, the cultural shrug.
Migraine is not an excuse to avoid work. It is a neurological disease that destroys days and derails careers.
We deserve to be heard and supported. We deserve autonomy, flexibility, empathy, and access to effective treatment. And above all, we deserve to be believed.
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Less than three months ago, the world watched the Trump administration reduce the White Houses historic East Wing to a pile of rubble to begin construction on a massive new ballroom. But it looks like the dust from that demolition will have barely settled before Trump starts another project to turn the presidential residence into his own personal real estate development endeavor.
This week, Trump and the head architect behind the ballroom construction, Shalom Baranes, revealed several heretofore unknown plans for the nations most symbolic building. They include multiple proposals that would add considerable architectural bulk to a White House thats already set to be burdened by a 90,000-square-foot East Wing (for context, thats nearly double the square footage of the White Houses main residence).
East Wing demolition, November, 2025. [Photo: Andrew Leyden/Getty Images]
Trumps ostentatious vision for the White House feels alarmingly similar to the ethos behind Americas suburban monstrosity, the McMansion: Maximizing for square footage by adding a hodge podge of extensions, additions, and flourishes, with no actual regard for architectural sensibility. Heres everything we know so far about his latest plans.
A new “Upper West Wing”
The most eyebrow-raising aspect of Trumps latest scheme is to construct what he calls an Upper West Wing: an entire additional level on top of the existing colonnade that connects the West Wing to the White House residence.
In an interview with The New York Times on January 7, Trump said this concept was currently in design phases, and proposed that it could serve as first ladies offices for future first ladiesan ironic proposition, given that he just destroyed the East Wing, which historically served that very purpose.
Baranes added a bit more context to this proposal at a public meeting of the National Capital Planning Commission on January 8. He told attendees that the West Wing addition will serve to restore a sense of symmetry to the White House after the East Wing renovation is complete by ensuring that both wings of the building stand at the same height. He did not provide any specific timetable for this new project.
Many experts have pointed out that the 90,000-square-foot East Wing addition will dwarf the rest of the White House by comparisonin fact, that concern is reportedly one main reason that Trump cut ties with the ballrooms original architect, McCrery Architects, back in December. It seems unlikely that simply slapping more architectural mass onto the White House will offer an elegant solution to this problem.
New details about the East Wing ballroom
At the commission meeting, Baranes also offered a bit more insight into the future of the new East Wingan addition that Trump has repeatedly demanded be made both bigger and more costly, according to multiple reports.
Architect Shalom Baranes shows elevation drawings for a new $400 million White House ballroom to members of the National Capital Planning Commission on January 08, 2026 in Washington, DC. [Photo: Chip Somodevilla/Getty Images]
Baranes told commissioners that the entire East Wing project will encompass 90,000 total square feet, 22,000 of which will be taken up by the ballroom. The ballroom is set to feature towering, 40-foot ceilings, with enough seating to accommodate up to 1,000 seated guests. He added that it will be attached to the White Houses East Room via a two-story colonnade, hence the idea that an added story to the West Wings colonnade might help to even things out.
In his interview with The New York Times, Trump also added a bit more color to his ballroom concept, explaining that he sees the space as a secure site to hold a future inauguration, complete with four to five inch thick bulletproof glass.
Its being designed very much with the inauguration in mind, he said. Itll be able to hold six times what the Capitol can hold, and its all bulletproof glass, drone-proof roof, yeah, serious. The biggest drone could crash into ityoud hear a noise up there. It wouldnt be bad.
Other plans
Trumps apparent concern with the White Houses security from outside threats was echoed in his plans for Lafayette Park, located just north of the White House. He told The New York Times that he plans to tear up the park’s brick walkways and replace them with granite, in part due to fears that protestors could use the paths bricks as weapons.
Unlike the ballroom, whose current estimated cost of $400 million is being bankrolled by a hefty list of corporate donors, Trump claimed the park renovation would be self-funded. Im spending my own money and Im going to redo it, he said of the project’s estimated $10 million price ag.
Run a small business and you probably feel like you make dozens of decisions every day. Whether to cut a quality corner, or miss a ship date. Whether to respond to a customer complaint, or hope the problem goes away. Whether to address an employees behavior, or kick that can down the road.
Then there are all the personal decisions. Whether to get up and going, or hit the snooze button. Whether to ditch the food you packed, or go out for lunch instead. Whether to keep grinding, or work out.
None of those are actually decisions, though, since you already know you should do so. Nearly everything you decide already has an answer.
Quality problem? Fix it. Customer complaint? Respond. Underperforming employee? Address the behavior now; a performance issue takes care of itself.
The same is true for personal decisions. The nine minutes of sleep you get after hitting the snooze button isnt restorative sleep; youre better off setting your alarm for nine minutes later. (Or going to bed earlier.) The food you packed isor should bean integral part of your healthy lifestyle; going out for lunch when you didnt plan to is almost never better for you. Work out? Exercise can be your physical (and mental) competitive advantage.
Thats the beauty of processes and routines. Rules arent restrictive. Rules are liberating, because rules free you up from having to make decisions. Over time, those actions become habits. Then you definitely dont need to make a decision, because habits are effortless. (In both good and bad ways, obviously.) Instead of wasting mental energy and willpower on choosing, all you have to do is act.
As Jeff Bezos says, you dont get paid to make thousands of decisions every day. You get paid to make a small number of high-quality decisions.
As Bezos wrote in Fast Company:
You need to be thinking two or three years in advance, and if you are, then why do I need to make a hundred decisions today? If I make three good decisions a day, thats enough, and they should just be as high quality as I can make them. Warren Buffett says hes good if he makes three good decisions a year, and I really believe that.
Clearly, theres a huge difference between making three good decisions per day, and three good decisions per year. Yet that difference is also easy to explain.
Launching a startup, like starting anything from a relatively blank slate, requires making seemingly countless decisions. Infrastructure, branding, pricing strategies, marketing strategies . . . everything is up in the air. Its impossible to work in the future when you havent figured out the present.
But once youve made a decision, you no longer have to decide. Barring evidence that decision was wrong and needs to be revisited, all you have to do is act. With time, the number of decisions you need to make every day should rapidly decline.
Which means you can focus all that mental energy on making strategic rather than tactical decisions. You can focus on making decisions that set the course for the next months, or even years. To launch a new product line, or not. To open a new location, or not.
To take your lifehealth, education, relationships, etc.in new directions, or not.
Making fewer decisions (better yet, constantly revisiting fewer decisions) frees you up to think about the things that will make the biggest difference in your professional and personal life. Think of it that way, and you really dont need to make more than three good decisions a year.
Especially if those decisions help you become the person you want to be, and to build the life you really want to live.
Jeff Haden
This article originally appeared on Fast Companys sister publication, Inc.
Inc. is the voice of the American entrepreneur. We inspire, inform, and document the most fascinating people in business: the risk-takers, the innovators, and the ultra-driven go-getters that represent the most dynamic force in the American economy.
Barely 10 days into the new year, it already feels like you cant look away from the news. In the last week alone, the U.S. military captured Venezuelan president Nicolás Maduro and took over operations of the country; President Trump withdrew the U.S. from dozens of international organizations, including a major climate treaty; and an ICE agent fatally shot a Minneapolis resident, sparking outrage and widespread protests.
If it seems impossible to focus on workor anything else, for that matteramid all this troubling news, youre not alone. Plenty of research in recent years has shown that Americans are overwhelmed by the state of politics and feel a heightened sense of anxiety over the news cycle. Theres also clear evidence that doomscrolling and constantly absorbing negative media can interfere with our physical and mental health.
It might feel like theres no reprieve from the endless onslaught of news, and the idea of staying productive seems almost quaint when each day has something new in store. But there are, in fact, some things you can do to help ground yourselfand get through the workday without being consumed by the news cycle.
Create some guardrails
Our media consumption habits are unhealthy, and not only because of the obvious effects on our productivity. Engaging with the news cycle takes a toll on our well-beingand from an evolutionary perspective, our brains are wired to pay closer attention to negative news.
When we see something in the news that triggers our perception of danger, we have a physiological response in our bodies, says Emma McAdam, a marriage and family therapist who also shares mental health resources on YouTube. So in order to not be reactive, we have to be really intentional consumers of the news. And we have to ask ourselves: Am I consuming news for entertainment, or am I consuming news to inform action? If the news youre taking in is not actionable, McAdam says, it can just increase your stress levels or serve as a distraction.
It’s easy to pretend that we’re doing some important job by reading the newsthat we’re being informed, she says. But realistically, we’re probably more emotionally driven to read the news. At the same time, its also not realistic for many people to entirely block out the newsespecially when it directly impacts their lives.
McAdam argues you can, however, be more intentional about how you consume news to avoid simply consuming information that is not actually actionable. This can be as simple as turning off push notifications and carving out specific times of day to catch up on the news. Or you might remove certain apps from your phone so youre less inclined to check the news unless youre on your laptop.
Our bodies respond very differently to acute stress than chronic stress, McAdam says. We’re actually very good at managing little bits of stress. A big stressor in a short dose gives your nervous system a chance to get activated and then to relax and restore your internal sense of safety. But when we consume the news throughout our entire day, then we have this low level of chronic stress.
Step away from the devices
There are, of course, jobs where you simply cant avoid the news, or maybe a push notification pops up when you pick up your phone for something work-related. In those moments, you may have an emotional response that makes it difficult to stay on task.
We’re not able to focus and concentrate as well because our nervous system is activated, says psychologist Maggie Stoutenburg, who works with the telehealth provider NY Mental Health Center. We feel this distress, but then we also feel hopelessand people can feel kind of paralyzed by that.
If you find yourself in that situation, it can be helpful to just step away from your desk. When youre activated and on edge, doing something that lights up your parasympathetic nervous system can help calm you down, Stoutenburg says. Deep breathing can be quite powerful, she says, or you might try going on a brief walk or listening to soothing music. Even a funny video can do the trick.
When you need to get back on track after a distressing news alert, Stoutenburg recommends trying to work for just 1015 minute increments without letting your mind wander. Give yourself some compassion, she says. Validate your own feelings, and try to acknowledge it and then redirect it. Okay, there’s this stress here. Maybe there’s not a lot I can do about that in this moment, but what I can do is accomplish something in the next 10 or 15 minutes that will give me more of a sense of productivity and control.
Focus on what you can control
Embracing the things that are within your control can be a crucial tool for managing news-related anxiety. McAdam recommends an activity that can help you gain agency, by articulating exactly what is within your control and what is out of your hands.
You take a piece of paper, you divide it in half, and on one side, you write things I can’t control, and on the other side you write, what I can control, she says. I can’t control what the President said today. But I can control whether I’m going to show up at a protest. I can control whether I love my kids.
In other words, you do have a say in how you respond to depressing newsand McAdam points out that even anxiety can be a useful response at times, by nudging you to take action and relieve that feeling. Anxiety isn’t just something bad that happens to us, she says. Anxiety is actually supposed to ask the question: Am I in danger? Is there something I should do about it? When we ask that question, we can get more clarity and be like, well, I can’t change this. I’ll let it go . . . And if there is something actionable, that little spurt of anxiety can help us take that action.
When theres so much happening in the world, it can be difficult to stay motivated. You may have a harder time finding purpose or meaning in your work, especially in the face of more serious concerns. It can be helpful, then, to reframe how you think about your job or other elements of your life and understand where you can actually have an impact.
Most of the news we read is very far from us, and most of the good we can do is very close to us, McAdam says. Parenting matters. Being connected to our neighbors and being kind to our neighbors matters. Doing good in my sphere, doing good in my job, being kind to my coworkers, being really productive and solving [problems] at workthese are things that actually do make a difference and hopefully make the world a better, kinder, happier, safer place.
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On Thursday, President Donald Trump announced that government sponsored enterprises (GSEs) Fannie Mae and Freddie Mac will buy an additional $200 billion in mortgage bonds.
Trump wrote:
Because I chose not to sell Fannie Mae and Freddie Mac in my first term, a truly great decision and against the advice of the experts, it is now worth many times that amountan absolute fortuneand has $200 billion in cash. Because of this, I am instructing my representatives to buy $200 billion in mortgage bonds. This will drive mortgage rates down, monthly payments down, and make the cost of owning a home more affordable.
Long-term yieldslike the 10-year Treasury yield and the average 30-year fixed mortgage rateare set by demand / lack of demand for the underlying bond. Yields move inversely to bond prices. If demand for long-term bonds rises, prices go up and yields/mortgage rates fall. If bond demand falls, bond prices drop and yields/mortgage rates rise.
For example, when the Federal Reserve engages in quantitative easing, as it did during the pandemic, it buys long-term assets like Treasuries and mortgage-backed securities (MBS), increasing bond demand and pushing bond prices up and long-term yields down, including mortgage rates. The Feds MBS purchases put additional downward pressure on mortgage rates in 2020 and 2021.
Conversely, during quantitative tightening since 2022, the Fed has been letting MBS assets roll off its balance sheet without replacing themeffectively removing a major MBS buyer from the marketwhich can put additional upward pressure on 30-year fixed mortgage rates.
Effectively, Trump is proposing to use Fannie Mae and Freddie Macboth in government conservatorshipto absorb a larger share of mortgage bonds, increasing relative market demand for MBS. That could put some short-term upward pressure on MBS prices and downward pressure on mortgage rates, further reducing the mortgage spread.
Around the same time the Federal Reserve began raising short-term rates and stopped buying long-term bonds in the spring of 2022, financial markets started pulling back from bonds, causing long-term yieldsincluding mortgage ratesto surge. Only, without the Fed buying MBS, the 30-year fixed average mortgage rates saw a bigger jump than the 10-year Treasury yield.
At its peak in June 2023, the mortgage spreadthe difference between the 10-year Treasury yield and the average 30-year fixed mortgage ratehit 2.96 percentage points (296 bps). That was far above the 1.76 percentage point (176 bps) historical average since 1972.
Over the past 2 years, the mortgage spread has slowly compressedhitting 2.05 percentage points (205 bps) in December 2025.
The goal of Trumps announcement on Thursday (i.e., Fannie Mae and Freddie Mac buying an additional $200 billion in mortgage bonds) is to accelerate that mortgage spread compression.
As reported by Bloomberg in December, Fannie Mae and Freddie Mac have already started to accelerate their retained mortgage holdingswith them climbing around $69 billion in the second half of 2025.
According to John Burns Research and Consulting, if Fannie Mae and Freddie Mac were to add another $200 billion in mortgage bond holdings in 2026, it would put the GSEs pretty close to their $450 billion legal limit ($225 billion each).
On Thursday, Alex Thomas, research manager at JBREC, tweeted:
Fannie [Mae] and Freddie [Mac] have already added ~$70B to their retained mortgage portfolios since May of last year. Adding another $200B would basically put the GSEs at their legal cap ($225B each).
Following Trumps Thursday post, there was some immediate MBS pricing movement.
That said, its unclear exactly just how much impact an additional $200 billion in GSE retained mortgage bonds ould have on the mortgage spread and the average 30-year fixed mortgage rate.
Through the end of June 2025, there is $9.26 trillion in agency mortgage-backed securities (MBS), according to data the Urban Institute recently provided to ResiClub. Below is the breakdown:
> $3.00 trillion held by depositories (banks)
> $2.74 trillion held everyone else
> $2.14 trillion held by the Federal Reserve
> $1.33 trillion held by foreign buyers
> $0.06 trillion held by GSEs (Fannie Mae and Freddie Mac)
The chart below is the same as the one above, but it shows MBS holders by distribution.
Prior to the Great Financial Crisis, the GSEs (Fannie Mae and Freddie Mac) used to be much bigger buyers of mortgage-backed securities.
In an Urban Institute report published in January 2026, Laurie Goodman and Jim Parrott explain what happened:
For years, Fannie Mae and Freddie Mac were the buyers of last resort in the market, stepping in to profit from widening spreads and, in doing so, putting a comforting outer bound on MBS volatility. Once they went into conservatorship, the government-sponsored enterprises (GSEs) were replaced in that role by the Federal Reserve, which stepped into the agency MBS market to calm much larger swings in the economy. All of this went unnoticed outside of the MBS market until recently, when the Federal Reserve finally ended its time in the stabilizing role, leaving the MBS market without a buyer of last resort for the first time in decades.
The GSEs gave up their role as market stabilizer when they went into conservatorship and began reducing their portfolio under the terms of their bailout by the Treasury. The Federal Reserve then promptly stepped into the role. As part of its broader effort to shore up the market in the wake of the financial crisis, the Federal Reserve bought $1.25 trillion in agency MBS between January 2009 and March 2010 and bought another $823 billion between 2012 and 2014. Largely because of that aggressive posture, along with the bailout of the GSEs, the MBS market and mortgage liquidity generally remained stable through the depths of the crisis, a remarkable feat given the level of dislocation in the rest of the economy.
The Federal Reserve was then well positioned to handle the next major disruption in the MBS market, when financial markets seized up in the early days of the COVID-19 pandemic. In February and early March 2020, the financial markets froze, and investors were forced to sell their agency MBS to build cash reserves, pushing mortgage spreads wider by 75 basis points. The Federal Reserve stepped in in March, committing to buying agency MBS and Treasury securities in the amounts needed to support smooth market functioning and effective transmission of monetary policy to broader financial markets and the economy. 1 True to its word, the Federal Reserve, over the next month, bought more MBS than the entire gross production of the securities, stabilizing spreads and, with them, mortgages rates. Spreads ultimately settled a bit higher than they had been before the pandemic, but that was attributable to volatility in fixed income and a refinance wave triggered by the drop in Treasury rates.
The Federal Reserve relinquished its role as the stabilizer of the agency MBS market when it pivoted to quantitative tightening in March 2022, ending its purchases of MBS and committing to running off its MBS portfolio. With the GSEs still operating under the portfolio constraints imposed in conservatorship, that left the market without a stabilizer for the first time in recent history.
Two years ago, countries around the world set a goal of transitioning away from fossil fuels in energy systems in a just, orderly and equitable manner. The plan included tripling renewable energy capacity and doubling energy efficiency gains by 2030important steps for slowing climate change since the energy sector makes up about 75% of the global carbon dioxide emissions that are heating up the planet.
The world is making progress: More than 90% of new power capacity added in 2024 came from renewable energy sources, and 2025 saw similar growth.
However, fossil fuel production is also still expanding. And the United States, the worlds leading producer of both oil and natural gas, is now aggressively pressuring countries to keep buying and burning fossil fuels.
The energy transition was not meant to be a main topic when world leaders and negotiators met at the 2025 United Nations climate summit, COP30, in November in Belém, Brazil. But it took center stage from the start to the very end, bringing attention to the real-world geopolitical energy debate underway and the stakes at hand.
Brazilian President Luiz Inácio Lula da Silva began the conference by calling for the creation of a formal road map, essentially a strategic process in which countries could participate to overcome dependence on fossil fuels. It would take the global decision to transition away from fossil fuels from words to action.
More than 80 countries said they supported the idea, ranging from vulnerable small island nations like Vanuatu that are losing land and lives from sea level rise and more intense storms, to countries like Kenya that see business opportunities in clean energy, to Australia, a large fossil-fuel-producing country.
Opposition, led by the Arab Groups oil- and gas-producing countries, kept any mention of a road map energy transition plan out of the final agreement from the climate conference, but supporters are pushing ahead.
I was in Belém for COP30, and I follow developments closely as a former special climate envoy and head of delegation for Germany and senior fellow at the Fletcher School at Tufts University. The fight over whether there should even be a road map shows how much countries that depend on fossil fuels are working to slow down the transition, and how others are positioning themselves to benefit from the growth of renewables. And it is a key area to watch in 2026.
The battle between electro-states and petro-states
Brazilian diplomat and COP30 President André Aranha Corra do Lago has committed to lead an effort in 2026 to create two road maps: one on halting and reversing deforestation and another on transitioning away from fossil fuels in energy systems in a just, orderly, and equitable manner.
What those road maps will look like is still unclear. They are likely to be centered on a process for countries to discuss and debate how to reverse deforestation and phase out fossil fuels.
Over the coming months, Corra plans to convene high-level meetings among global leaders, including fossil fuel producers and consumers, international organizations, industries, workers, scholars and advocacy groups.
For the road map to both be accepted and be useful, the process will need to address the global market issues of supply and demand, as well as equity. For example, in some fossil fuel-producing countries, oil, gas or coal revenues are the main source of income. What can the road ahead look like for those countries that will need to diversify their economies?
Nigeria is an interesting case study for weighing that question.
Oil exports consistently provide the bulk of Nigerias revenue, accounting for around 80% to over 90% of total government revenue and foreign exchange earnings. At the same time, roughly 39% of Nigerias population has no access to electricity, which is the highest proportion of people without electricity of any nation. And Nigeria possesses abundant renewable energy resources across the country, which are largely untapped: solar, hydro, geothermal and wind, providing new opportunities.
What a road map might look like
In Belém, representatives talked about creating a road map that would be science-based and aligned with the Paris climate agreement, and would include various pathways to achieve a just transition for fossil-fuel-dependent regions.
Some inspiration for helping fossil-fuel-producing countries transition to cleaner energy could come from Brazil and Norway.
In Brazil, Lula asked his ministries to prepare guidelines for developing a road map for gradually reducing Brazils dependency on fossil fuels and find a way to financially support the changes.
His decree specifically mentions creating an energy transition fund, which could be supported by government revenues from oil and gas exploration. While Brazil supports moving away from fossil fuels, it is also still a large oil producer and recently approved new exploratory drilling near the mouth of the Amazon River.
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Norway, a major oil and gas producer, is establishing a formal transition commission to study and plan its economys shift away from fossil fuels, particularly focusing on how the workforce and the natural resources of Norway an be used more effectively to create new and different jobs.
Both countries are just getting started, but their work could help point the way for other countries and inform a global road map process.
The European Union has implemented a series of policies and laws aimed at reducing fossil fuel demand. It has a target for 42.5% of its energy to come from renewable sources by 2030. And its EU Emissions Trading System, which steadily reduces the emissions that companies can emit, will soon be expanded to cover housing and transportation. The Emissions Trading System already includes power generation, energy-intensive industry, and civil aviation.
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Fossil fuel and renewable energy growth ahead
In the U.S., the Trump administration has made clear through its policymaking and diplomacy that it is pursuing the opposite approach: to keep fossil fuels as the main energy source for decades to come.
The International Energy Agency still expects to see renewable energy grow faster than any other major energy source in all scenarios going forward, as renewable energys lower costs make it an attractive option in many countries. Globally, the agency expects investment in renewable energy in 2025 to be twice that of fossil fuels.
At the same time, however, fossil fuel investments are also rising with fast-growing energy demand.
The IEAs World Energy Outlook described a surge in new funding for liquefied natural gas, or LNG, projects in 2025. It now expects a 50% increase in global LNG supply by 2030, about half of that from the U.S. However, the World Energy Outlook notes that questions still linger about where all the new LNG will go once its produced.
What to watch for
The Belém road map dialogue and how it balances countries needs will reflect on the worlds ability to handle climate change.
Corra plans to report on its progress at the next annual U.N. climate conference, COP31, in late 2026. The conference will be hosted by Turkey, but Australia, which supported the call for a road map, will be leading the negotiations.
With more time to discuss and prepare, COP31 may just bring a transition away from fossil fuels back into the global negotiations.
Jennifer Morgan is a senior fellow at the Center for International Environment and Resource Policy and Climate Policy Lab at Tufts University.
This article is republished from The Conversation under a Creative Commons license. Read the original article.
