Friday Wrap Up
Keeping you up to date on pressing news from May 7 – 9.
Welcome back to Ghost Reader – a publication to help you stay informed when you don’t have the time, access or energy to keep pace with today’s news cycle.
Here’s what you can look forward to this edition:
High-Impact Events: The election of the 267th leader of the Catholic Church; and an update on the escalating conflict between India and Pakistan.
Executive Orders & Legislative Impacts: Thursday’s trade deal between the U.S. and U.K.; and a recent executive order tied to civil rights.
Federal Government Operations: What the Federal Reserve did with interest rates this week; and two recent firings at FEMA and the Library of Congress.
Human Experience & Rights: How tariffs may impact baby products; and Bill Gates’ announcement about the trajectory of the Gates Foundation.
Good for the Soul: The difference between happiness and joy; and ways to cultivate a more joyful life.
Let’s get into it.
High-Impact Events
Introducing Pope Leo XIV
Cardinal Robert Francis Prevost was elected the 267th leader of the Catholic Church on Thursday. He will be known as Pope Leo XIV and is the first pope from the United States and Peru, as well as the first pope to represent the Augustinian order.
What should I know?
Why this matters: As previously mentioned in this newsletter, the Catholic Church has 1.4 billion members worldwide. Pope Leo XIV assumes a role to not just lead that faith community, but to also serve as a critical voice on global sociocultural and diplomatic issues. The election of a pope born in America surprised many. While that is an important part of Pope Leo’s identity, his decades spent in Peru as a missionary, parish priest, and bishop, followed by elevated roles in the Vatican, and combined with his reputation as a “bridge-builder” who can bring people from all perspectives together, is likely why the 133 voting cardinals elected him.
The global context: Pope Leo XIV steps into the papacy at a critical time, when principled leadership – in the Catholic Church and outside of it – is vital. He faces ongoing conflicts in Ukraine, the Middle East, Africa, and South Asia; along with politically and morally divisive issues of migration, religious freedom, human rights, and the climate crisis.
A brief background: Prevost (now Pope Leo) was born in Chicago to a family with Italian, French, and Spanish roots. He attended a high school run by an Augustinian seminary and graduated from Villanova University with a bachelor’s degree in mathematics. He then studied and was ordained at the Catholic Theological Union in Chicago before spending most of his life outside the U.S. as an Augustinian missionary, parish priest, and bishop in Peru. We was named a Cardinal by Pope Francis in 2023 with additional responsibilities of serving as president of the Pontifical Commission for Latin America and Prefect of the Dicastery for Bishops. For context, the Dicastery for Bishops is responsible for vetting bishop nominations around the world and is one of the most important jobs in church governance. During his time in Peru, Prevost became a naturalized citizen, meaning he has dual citizenship in the United States and Peru.
What it means to be “Augustinian”: Augustinians are Catholic priests who are members of the Order of St. Augustine. The Catholic Church is made up of many orders, with some of the more prominent being the Jesuits (which Pope Francis was a member of), Franciscans, Dominicans, Benedictines, Carmelites, and Cistercians. While all Catholic, each order was founded at various points in history and focuses on different things. The core value of the Augustinian order is to “live together in harmony, being of one mind and one heart on the way to God.” Augustinians tend to focus on peace and justice, the common good, community, and love. The Order of St. Augustine includes about 2,800 Augustinians in 47 countries around the world.
A reminder on how he was elected: In the papal conclave, 133 cardinals sworn to secrecy gathered in the Sistine Chapel beginning Wednesday to cast their ballots for who would become the next pope. To be elected, an individual must receive a two-thirds majority vote. Pope Leo was chosen during either the fourth or fifth round of voting. He succeeds Pope Francis, who passed away on April 21. The fact that voting took less than two days – on par with Pope Francis’ election in 2013 – shows the cardinal electors were largely united in their choice.
About his name selection: The papal tradition of a cardinal taking a new name after being elected pope is meant to symbolize rebirth as a custodian of the church. The chosen name often signals the direction the new pope intends to take. In this case, by choosing the name Leo, Prevost made a nod to Pope Leo XIII who also served during a time of global upheaval, is considered to have ushered in Catholic social teaching, and was known for his defense of workers’ rights, advocacy for immigrants, and care for the poor.
Leo’s initial words: In his immediate, short address to those in St. Peter’s Square, Pope Leo thanked members of his Peruvian diocese, praised Francis’ commitment to outreach and inclusivity, emphasized the importance of dialogue, and spoke to a vision for the Church that “always seeks peace, that always seeks clarity, that always seeks to be close, especially to those who suffer.” And on Friday, when presiding over his first official Mass, he said his election was both a cross to bear and a blessing.
What comes next: Pope Leo will be formally installed on May 18 and preside over his first general audience May 21. In the meantime, he asked all Vatican leaders – who technically lost their jobs when Francis died – to remain in their posts until he makes a decision on his leadership structure.
Catch me up on the latest with India & Pakistan
In the last 48 hours, the conflict between India and Pakistan escalated following India’s airstrikes on Wednesday that hit targets in Pakistan and the Pakistani-controlled side of Kashmir. For a reminder on context, check out Wednesday’s edition of Ghost Reader.
What should I know?
The details: Honestly, details are murky – partially because each side is putting its own media spin on events while blocking the other’s news. Pakistan has banned Indian news sites for years. Now, India also cut off most of its access to Pakistani news sources. This – combined with consistent back and forth strikes since Wednesday – paints a picture of a potentially rapid escalation to war.
Recent reports: Today, the Indian government said it struck air-defense installations in several Pakistani cities in response to Pakistani attempts to target Indian military facilities overnight. On the other side, Pakistan said it shot down 29 Indian drones and called the attack “a serious provocation.”
How the U.S. is engaged: On Thursday, Vice President J.D. Vance acknowledged a full-scale war between India and Pakistan would be “disastrous” but said the U.S. shouldn’t get involved and it’s “fundamentally none of our business and has nothing to do with America’s ability to control it.” Reports say U.S. Secretary of State Marco Rubio has spoken with the Indian external affairs minister and Pakistani prime minster to urge de-escalation and resumption of dialogue between the two countries.
Executive Orders & Legislative Impacts
Tell me about the first ‘Liberation Day’ trade deal
Thursday, President Trump and British Prime Minister Keir Starmer announced a trade deal between the United States and United Kingdom that would reduce tariffs and non-tariff barriers for both sides. This is the first trade deal following Trump’s ‘Liberation Day’ tariff announcement on April 2.
What should I know?
About the deal: The U.K. will reduce non-tariff barriers on U.S. products such as beef, ethanol fuel, machinery, and chemicals. In return, the U.S. will reduce tariffs on British vehicles from 25% to the universal baseline tariff of 10%, as well as steel and aluminum tariffs from 25% to zero. The UK will still face the baseline tariff of 10% on all countries. Beyond that, more specific details for the deal are still being determined.
An interesting fact: The U.K. is one of the few major countries where the U.S. doesn’t run a trade deficit – it had a trade surplus of nearly $12 billion in 2024.
Why this deal might have been reached: After Trump announced his sweeping global tariffs, Starmer took a far less combative stance than some other world leaders. At the time, he said it was not sensible to jump into a trade war with the U.S.
How the stock market responded: Thursday, stock markets reached their highest points since before ‘Liberation Day’ on April 2.
What comes next: We turn to upcoming talks with China. Treasury Secretary Scott Bessent and Trade Representative Jamieson Greer are scheduled to meet with Chinese lead economic representative and Vice Premier He Lifeng in Switzerland on Saturday. While analysts say a deal is unlikely from a single meeting, they are hopeful a path to de-escalation might present itself.
Let’s talk about “disparate-impact liability”
Late last month, President Trump signed an executive order directing federal agencies to eliminate use of the “disparate-impact liability” – a legal tool to enforce the Civil Rights Act of 1964 and determine if policies disproportionately disadvantage certain groups.
What should I know?
Some background: The disparate-impact test has been critical in enforcing the Civil Rights Act, which prohibits recipients of federal funding from discriminating based on race, color, or national origin. For decades, it was relied upon by the government and attorneys to identify and eliminate discrimination in areas of employment, housing, policing, and education. It aims to reveal inequities by showing how a seemingly neutral policy or law has a different outcome for different demographic groups.
Examples: When applied, lawyers say the test has shown how criminal background and credit checks affect employment of Black people, how physical capacity tests inhibit employment opportunities for women, how zoning regulations could violate fair housing laws, and how schools have given harsher discipline to minority students and children with disabilities.
What critics say: The disparate-impact rule is a frequent target of conservatives who say employers and other entities should not be scrutinized and penalized for the “mere implication” of discrimination. Instead, they argue scrutiny should be directed at what they claim to be “explicit and intentional discrimination” prohibited by the Civil Rights Act. Opponents also say the rule is used to unfairly discriminate against white people.
About the order: Trump directed federal agencies to eliminate use of the disparate-impact liability in all contexts to “the maximum degree possible” under the law and Constitution. He also requires agencies to “deprioritize enforcement of all statutes and regulations” to the extent they include the rule.
What all of this means: For now, that likely no new civil rights cases will rely on the theory and existing ones will not be enforced.
If it’ll stand up in court: Still to be seen. The executive order will likely face legal challenges, especially since Trump’s EO falsely claims the disparate-impact test is “unlawful” and violates the Constitution. In reality, the measure was codified by Congress in 1991, upheld by the Supreme Court as recently as 2015, and cited in December 2024 by Supreme Court Justice Samuel Alito.
Federal Government Operations
Let’s recap this week’s news on interest rates
Wednesday, the Federal Reserve announced it will leave interest rates unchanged amidst higher prices from tariff policy uncertainty and weakening economic growth.
What should I know?
The rationale: Fed Chair Jerome Powell said it isn’t clear if the economy will continue its steady growth or “wilt” under uncertainty and a possible looming spike in inflation. He said with so much unsettled about what President Trump will decide and what survives possible legal and political battles, “the scope, the scale, the persistence of those effects are very, very uncertain.”
The details: This means the rate held steady in the 4.25% - 4.5% range.
What it means: There are a few ways decisions by the Federal Reserve impact the average consumer – check them out below.
Credit cards: According to Bankrate, with interest rates the same, the average credit card annual percentage rate has also remained just over 20% this year. In 2024, banks raised credit card interest rates to record levels, with some issuers keeping those higher rates in place. This comes as more people are also carrying greater debt due to higher prices.
Mortgages: Uncertainty over tariffs and a possible recession are dragging mortgage rates down slightly. The average for a 30-year, fixed-rate mortgage was 6.91% as of May 6, while the 15-year fixed-rate is 6.22%. Michele Raneri, vice president and head of U.S. research and consulting at TransUnion, says while mortgage rates show signs of life, it’s not enough to boost the housing market.
Auto Loans: The average rate on a five-year new car loan was 7.1% in April, with the average rate for used cars at 10.9%. With interest rates near historic highs and car prices rising – along with pressure from Trump’s 25% tariffs on imported vehicles and auto parts – new car shoppers face larger monthly payments and affordability issues.
Student Loans: Federal student loan rates are fixed so most borrowers aren’t impacted by Fed decisions. The larger impact will likely come from any changes to the federal student aid program proposed by the Department of Education.
Tell me about the head of FEMA being fired
Thursday, Cameron Hamilton, acting administrator for the Federal Emergency Management Agency (FEMA), was fired.
What should I know?
The timing: It occurred a day after Hamilton testified before a House Appropriations subcommittee, where he contradicted recent comments by Secretary of Homeland Security Kristi Noem about potentially eliminating FEMA. In his testimony, Hamilton said he didn’t believe it was in the best interests of the American people to eliminate FEMA, but that he was not in a position to make that decision.
Some other background: According to a source granted anonymity by Politico, Hamilton considered resigning in March after being required to take a lie detector test by Homeland Security officials to determine if he leaked information about a private meeting with Noem. The test came back negative.
Who is taking over: David Richardson will now serve as acting administrator – he is currently the assistant secretary for the Department of Homeland Security’s Countering Weapons of Mass Destruction Office.
The broader context: FEMA does not currently have a permanent administrator or deputy administrator. Hamilton became acting administrator because FEMA didn’t have one. He was not nominated for the top role because he lacked the emergency management experience required under federal law. In response to this change and overall lack of FEMA leadership, former FEMA chief of staff Michael Coen said it “further erodes confidence that state emergency managers and the American people are going to have in the nation’s emergency management.”
… and about the Librarian of Congress being fired
Late Thursday, the Librarian of Congress, Carla Hayden, was abruptly fired for unspecified reasons. Hayden was confirmed by the Senate for the Librarian of Congress role in 2016 and was the first woman and African American to serve in the position.
What should I know?
Recent context: Hayden’s 10-year term was set to expire next year. She experienced recent political backlash from a conservative advocacy group – the American Accountability Foundation – that vows to root out those it deems to be standing in the way of Trump’s agenda. The group accused Hayden and other library leaders of promoting children’s books with “radical” content and literary material authored by Trump opponents.
An example: Prior to Hayden’s firing Thursday, the American Accountability Foundation posted on X: “The current #LibrarianofCongress Carla Hayden is woke, anti-Trump, and promotes trans-ing kids. It’s time to get her OUT and hire a new guy for the job!”
Who will step into the role: Robert Newlen, the principal deputy librarian, said he would serve as acting librarian of Congress until further instruction.
About the Library of Congress: It sits across from the U.S. Capitol in Washington, D.C. and holds a vast collection of the nation’s books and history. It houses the papers of nearly two dozen presidents and more than three dozen Supreme Court justices. It also has collections of rare books, images, music, and artifacts.
Human Experience & Rights
Let’s talk about tariff impacts on baby product costs
This week, President Trump and Treasury Secretary Scott Bessent gave competing answers when asked about a potential exemption for baby products from recent tariffs.
What should I know?
What both leaders said: Wednesday, while testifying to the House Financial Services Committee about tariffs’ impacts on American families, Bessent said exemptions on “items that parents need for their babies” are under consideration. Later that day, when asked about the same, Trump told reporters he didn’t know and would think about it, but that he wasn’t thrilled about the idea, wants to make his tariff policy “nice and simple,” and is “not looking to have so many exemptions.”
Why this is relevant: According to data from the Juvenile Products Manufacturers Association (JPMA), more than 70% of baby gear sold in the U.S. is manufactured in China. Additionally, baby registry company Babylist noted 97% of strollers and 87% of car seats sold in the U.S. are made in China. As a result of tariffs, JPMA expects the price of baby products to broadly go up by about 30%.
Some additional data: An April analysis by S&P Global found infant furniture faces tariffs of approximately 129%, toys are tariffed at 113%, and infant clothing imports are taxed at 41%.
And some more data: In a study published in February, the parenting resource BabyCenter estimates parents spend approximately $20,384 on baby-related expenses in the first year of their child’s life. That study – published before Trump’s ‘Liberation Day’ tariff announcement – does not account for additional price hikes from the tariffs.
The irony: The rising cost of these products – and a potential unwillingness to create exemptions – runs counter to the Trump administration’s stated desire to boost the birth rate by encouraging American women to have more children. While baby products might be estimated to cost $20,384 in a child’s first year, that cost doesn’t account for other things like medical expenses and childcare in that first year, let alone in the years beyond. While the White House said it’s considering a $5,000 “baby bonus” to American mothers after they give birth, according to this data, that clearly won’t cut it.
I heard Bill Gates is giving away all his money
Thursday, Bill Gates announced a plan to distribute “virtually all” his wealth – around $200 billion – in the next 20 years before closing the Gates Foundation at the end of 2045.
What should I know?
The rationale: While Bill and Melinda French Gates created the Gates Foundation in 2000 and planned for the organization to continue its work several decades after they died, Gates said based on the current landscape, he wants to accelerate the foundation’s work on global health and equity initiatives, hoping to also set a model for other billionaires in how they can distribute their funds.
What the focus will be on: Over the next 20 years, the Gates Foundation will focus on three main goals: ending preventable deaths of moms and babies, eradicating deadly infectious diseases, and lifting people around the world out of poverty.
About the Gates Foundation: It’s one of the world’s largest philanthropies and has already given away more than $100 billion since its founding. Its mission is to create a world where everyone has the opportunity to live a healthy and productive life. It focuses on global health and development, as well as improving educational and economic opportunities in the United States and around the world.
What Gates said: In the announcement and various interviews to follow, Gates said “people will say a lot of things about me when I die, but I am determined that ‘he died rich’ will not be one of them,” adding, “there are too many urgent problems to solve for me to hold on to resources that could be used to help people.”
Good for the Soul
In a world full of chaos, the concept of “joy” might feel hard to reach. Today, let’s explore the difference between “joy” and “happiness” and a few ways to work toward cultivating something that can persist even during difficult times.
What should I know?
What happiness is: Generally, a feeling of contentment or satisfaction in the present moment. It can be fleeting and often depends on external factors such as situations, people, events, or thoughts.
What joy is: A deeper emotion that comes from within – from a sense of purpose, meaning, and relationships with others. It’s internal and requires one to do inner work, identify values and strengths, and align one’s life with them. While it’s an emotion, it’s also a state of mind.
How the two are different: Happiness is typically more fleeting and sparked by a particular moment or event, while joy is a longer-lasting state of being characterized by contentment and satisfaction with life overall. In a sense, joy transcends while happiness reacts. Joy is a sustained practice and behavior while happiness comes and goes. Joy can share space with other emotions such as sadness and fear while happiness most often can’t. Happiness happens to us while joy is a choice we make.
Why this is important: By understanding the difference between joy and happiness, we can try to prioritize joy as a more all-encompassing mindset to help with navigating the ups and downs of life. Working to cultivate joy can help increase resilience during hard times and deepen appreciation for all life has to offer – big and small, expected and unexpected.
How to work toward cultivating joy: While many want joy, not many know how to obtain it. If you’re one of those people (I’ll raise my hand!), here are some suggestions for simple ways to start working toward finding your joy:
Reach out to your people: Dr. Robert Waldinger, a professor of psychiatry at Harvard Medical School, found that focusing on one’s relationships is a big factor in people’s well-being as they age. He says investing in relationships can be as simple as picking up the phone and texting or calling someone you haven’t seen in a while. He says if you don’t receive a response, don’t become discouraged; it’s like baseball – “you won’t get a hit or home run every time, and that’s OK.”
Embrace movement that works for you: Kelly McGonigal, a health psychologist at Stanford University, said exercise helps us feel more inspired and hopeful, as it changes our brain chemistry in a way that makes it easier to connect with others. Acknowledging everyone has different interests, physical abilities, and access, she said the challenge is to find ways to move one’s body that feel joyful – not burdensome. With this, she said to pay attention to your body and how it gives you data – what feels good, what you want more of, how you feel afterward. By paying attention to how your body and mind feel before and after exercising, it can help pinpoint what “joyful” movement is to you.
Live every day like it’s your first (not last): Author Suleika Jaouad said after she was diagnosed with leukemia in her 20s, many people advised her to live each day like it was her last. She said every time she heard that, it made her panic and placed an “exhausting” pressure on her during an already difficult time. Instead, she took a different mindset – to live each day like it’s her first – with the goal to wake up each day with a sense of curiosity and wonder about the people and world around her. One strategy Jaouad uses is to stream of consciousness, write down 10 memorable moments from the day. She said it’s surprising what bubbles up, and often, her greatest joy comes from the small things.
So the next time life feels overwhelming, take a minute to consider the difference between happiness and joy; and perhaps use one of the strategies above to help create more of that lasting joy in your own life and for others.
With that, we wrap another week. Until Monday, let’s keep creating clarity in the chaos.
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