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President Donald Trump has been clear that his vision for Americas energy landscape prioritizes fossil fuels. He has curtailed federal funds for renewable energyand has voiced his personal distaste for those projects, particularly wind farms. Hes talked about ramping up coal and increasing oil drilling, and hes threatened to completely undo the Inflation Reduction Act (IRA). But even amid all that, the solar industry is still somewhat optimistic about its future. Solar just makes sense, industry players sayespecially if we need to increase our energy production, and do so fast. I keep on reminding people that solar energy is as competitive as natural gas now, its as cheap as any form of energy, and it can be built quicker than any form of energy, says George Strobel, cofounder and co-CEO of Monarch Private Capital, which invests in renewable energy and affordable-housing projects. A solar project can be built within two years, he notes. To get a new natural gas facility up and running takes around five or six years. That means new gas projects that arent in development now likely wont be adding to the energy grid before 2030. That wont help with the concerns around the grid resilience were facing nowand currently, there are tremendous concerns around grid reliability and resilience, Strobel adds. Solar, instead, could be quickly set up to provide microgrids that help maintain that resilience. Thats why solar energy still appeals to utility companies, and utilities are even campaigning on Capitol Hill for solar energy, Strobel says. There is some surprising supportat least as far as the [Trump] administration is concernedfor the solar industry, coming from the utility sector. Thats not to say there isnt uncertainty. The Trump administrations whiplash actions, including rapidly changing tariff policies and a series of climate rollbacks (a stark change from Biden’s efforts), are creating some instability for businesses at large. Anytime we have uncertainty, its going to create a problem in the industry, Strobel says. That has caused some solar projects to pause or investments to slow down. But even if that continues through 2025, Strobel expects companies to push back projects by just a year, and for solar demand to pick up again in 2026. (That’s also partially because the current Tax Cuts and Jobs Act expires at the end of 2025, so by next year, there will at least be less unknowns around taxes, and what tax benefits companies will get for investing in renewables.) As time goes on, there also could be more action against things such as Trump pausing renewable permits on private lands. Tariffs could also affect the solar industry, even as the IRA spurred more stateside manufacturing. Trump has expanded tariffs on steel and aluminum, which could cause domestic steel prices to rise (as they did initially when he enacted similar tariffs during his first administration). That could make solar, which uses steel for its structural racks and trackers, a bit more expensiveeven if those structural components are made in the United States. Nevados, which makes all-terrain trackers that allow solar panels to move and follow the sun, is currently signing contracts for 100% domestically manufactured tracker systems (the IRA helped boost that domestic production). Even though the company has concerns about tariffs raising prices, it still expects solar to grow. Solar has seen major strides over the past decade: It became nearly 90% cheaper between 2009 and 2019; and for years, it’s been cheaper to create new renewable power plants than operate existing coal plants. The solar industry also saw record growth in 2024. The freight train is unstoppable by things like tariffs, says Nevados COO Jenya Meydbray. Though solar is influenced by policies, its growth, he adds, is really driven by private industry, which continues to see the benefits. The Trump administration has hinted at restarting retired coal plants, but the business case for coal isnt there. Even 10 or 15 years ago, utility companies began building out solar in order to stabilize energy costs, says Nevados founder and CEO Yezin Taha, and move away from coal and natural gas, which saw high price fluctuations. As our need for energy increases because of data centers or the electrification of appliances and vehicles, solar is a fast, stable way to add capacity. And interestingly, its Republican states that have primarily benefitted from the solar industrys growth. About 85% of the investments in renewable energy from the IRA have gone to red states, as well as 65% of the jobs. By the second anniversary of that bill in 2024, it had already brought $286 billion to Republican-led districts. Some Republicans have been speaking out for solar, and renewable energy at large. More than 20 House Republicans wrote a letter to the House Ways and Means Committee chairman opposing cuts to clean energy credits. Strobel, who has spent time on the Hill himself, has seen this Republican support firsthand. Most members of the House will tell you, ‘Dont listen to our rhetoric, thats for public consumption,’ but theres tremendous support for solar energy, he says. There may still be tweaks to the IRAperhaps removing some labor and apprenticeship rules and increasing domestic content rulesto more align with the Trump administrations agenda. But Strobel doesnt anticipate significant changes that affect solar’s growth. It’s got too many supporters, both on the Hill and in the country.
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E-Commerce
There has been lots of chatter in the past few years about the benefits of a shorter workweek, as some companies have tested out four-day work schedules and other variations on the traditional workweek. Back in 2021, on the heels of the pandemic, California Congressman Mark Takano even introduced a bill to enshrine a 32-hour workweekthough it never garnered enough bipartisan support to progress further. In surveys, a majority of workers have expressed interest in a four-day or 32-hour workweek (with no reduction in pay, of course). Even as some leaders increasingly see the evolution of the workweek as an inevitability, were still a long way from ushering in sweeping changes across the workforce. But a recent report revealed that many employees may already be leaning into a shorter workdayor at least a more flexible workweek. Corporate workers in the U.S. are now clocking out at 4:39 p.m. on average, according to data from the workforce analytics platform ActivTrak. The report found that while employees still log on by 8 a.m., they seem to be working less on average. The average length of the workday is now eight hours and 44 minutes, a decrease of more than 40 minutes from two years ago. However, ActivTrak’s findings also reveal a broader shift in how we work today: More people are logging hours over the weekend, especially at larger companies; and hybrid employees seem to have longer workdays, which could mean they’re wrapping up their work after hours. Many employees, especially caregivers, have said hybrid work enables greater flexibility in their workdays and allows them to set their own schedule. Perhaps the solution to our frustrations with rigid work schedules is a shorter, more flexible workdaynot necessarily a truncated workweek. The challenges of a four-day workweek At tech companies like Bolt and Kickstarter, the shift to a four-day workweek has been popular with employees and a selling point for prospective talent. Still, while a four-day workweek can help alleviate certain workplace challenges, it isn’t a viable option in every job or industry. There are some types of businesses that simply cannot shut down for a full day each week. Also, this type of restructuring may have little benefit for shift workers with long hours. Even among knowledge workers, there’s a risk that cutting a full day would simply result in employees scrambling to cram their work into a shorter week. “Simply shortening the number of days we work wont solve our problem,” wrote Mathilde Collin, CEO of the customer communication platform Front. “In fact, it might even increase stress and burnout: Squeezing more meetings into a shorter number of days means theres even less time to focus and get creative, thoughtful work done.” Why flexible workdays could help Reframing this shift as a shorter workweek, whether that means four full days of work or five truncated workdays, could be a more effective approach. After all, much of the resistance to return-to-office mandates has stemmed from employees wanting to preserve the flexibility they had when remote and hybrid work was the norm. Employees are often just looking for more flexibility in the workday rather than fewer working hours, whether they’re trying to accommodate doctors’ appointments or school pickupsor simply want to take a proper lunch break. That’s why Collin’s company implemented flexible Fridays. “The team felt relief to have a day where they could work if needed, yet nothing was expected of them,” she wrote. “If you need focused time, youve always got it. And if you want to spend time with your kids or take a bike ride or go to a dentist appointment, you can do that guilt-free.” There’s also plenty of research that indicates workers are not necessarily more productive simply because they work longer hours. Adopting a shorter workday or workweek requires a shift in mindset from companies and employees alike, to ensure that they measure output rather than hours logged; it could also mean cutting back on superfluous meetings to give employees time back. And for companies that view a four-day workweek as a drastic measure, giving employees some flexibility to set their own working hours might actually be a better compromiseand a more realistic step in the right direction.
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E-Commerce
Want more housing market stories from Lance Lamberts ResiClub in your inbox? Subscribe to the ResiClub newsletter. Last month, new Treasury Secretary Scott Bessent said that the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) could get released from government conservatorship if doing so doesnt push up mortgage rates. Right now the priority is tax policyonce we get through that, then we will think about that [ending conservatorship]. The priority for a Fannie and Freddie release, the most important metric that Im looking at is any study or hint that mortgage rates would go up. Anything that is done around a safe and sound release [of Fannie Mae and Freddie Mac] is going to hinge on the effect of long-term mortgage rates, Bessent said. While some in the Trump administration have alluded to an interest in ending the conservatorship of Fannie Mae and Freddie Mac, Trump and Bessent also earlier expressed interest in bringing down long-term rates and yields. Bessent suggests that their goal of lowering mortgage rates could take precedence over releasing Fannie Mae and Freddie Mac from conservatorship. Fannie Mae and Freddie Mac, which support the mortgage industry by buying mortgages from lenders and selling mortgage-backed securities to investors, were placed into conservatorship by the Federal Housing Finance Agency (FHFA) in September 2008. That was after they suffered massive losses during the housing crash, which threatened the stability of the U.S. financial system. The U.S. Treasury provided a bailout to keep them afloat, and they have remained under government control ever since, despite returning to profitability. While the U.S. Treasury owns the majority of their profits through senior preferred stock agreements, the common and preferred shares that existed before conservatorship were never fully wiped out. Immediately following Trumps November election win, the stock prices of Freddie Mac and Fannie Mae both soared and the market started to price in higher odds of conservatorship coming to an end. To better understand what the end of conservatorship for Freddie Mac and Fannie Mae could mean for the housing market and mortgage rates, ResiClub reached out to Moodys chief economist Mark Zandiwho has published several reports (including in 2017 and 2025) on how the end of conservatorship could impact financial markets. Zandi provided ResiClub with his odds for five scenarios and how each could impact mortgage rates, including whether the government offers an “implicit” or “explicit” guarantee of Fannie and Freddie. An “explicit guarantee” means the government formally guarantees Fannie Mae and Freddie Mac’s obligations, ensuring that investors will be repaid no matter what. This reduces risk for investors, leading to lower mortgage rates. An “implicit guarantee” means the government does not commit to backing the GSEs, but markets assume it would intervene to prevent failure. (This was the case before the 2008 financial crisis when investors believed the government would rescue the GSEs if needed.) Since theres no formal guarantee, this scenario can lead to higher borrowing costs because investors demand extra compensation for the uncertainty. 1. Conservatorship status quo remains in place: 65% probability The status quo with the [Government-Sponsored Enterprises] remaining in conservatorship is the most likely scenario,” Zandi tells ResiClub. “This is the most likely scenario as it is consistent with the status quo and current mortgage rates. The housing finance system has worked very well since the GSEs were put into conservatorship in 2008. And the GSEs have been effectively privatized through their credit risk transfers to the private sector. Those advocating for taking the GSEs out of conservatorship need to explain what the benefit of privatization is. 2. Release of Freddie Mac and Fannie Mae with an “implicit government guarantee”: 20% probability Release of the GSEs as systemically important financial institutions (SIFIs) with an implicit government guarantee like that which prevailed prior to the GSEs conservatorship,” says Zandi. “This is going back to the future, and while the GSEs will be better capitalized and with a much smaller and less risky balance sheet than when they failed, global investors will be highly wary of this approach, pushing mortgage rates up 20-40 basis points compared to the status quo for the typical borrower through the business cycle. Given the nightmares this will conjure up, it is a less likely scenario. 3. Full release of Freddie Mac and Fannie Mae without an “implicit” or “explicit” government guarantee: 10% probability This would add an estimated 60-90 basis points to 30-year fixed mortgage rates compared to the current status quo for the typical borrower through the business cycle,” Zandi projects. “Without a government guarantee, the Federal Reserve would not be able to buy the GSEs [mortgage-backed securities], and there is the risk that the rating agencies would downgrade the GSEs debt and securities. The GSEs share of the mortgage market would significantly decline, and it would increase for private lenders and the [Federal Housing Administration], resulting in greater taxpayer exposure, as taxpayers bear all the risk in FHA loans. 4. Release of Freddie Mac and Fannie Mae with an “explicit” government guarantee: 5% probability Release of the GSEs with an explicit government guarantee would result in a small decline in mortgage rates (as much as 25 basis points) compared to the current status quo. But this is not likely as it would require legislation that would be difficult and [nearly] imossible to pass, says Zandi. 5. Freddie Mac and Fannie Mae fully chartered as government corporations: 0% probability [If the] GSEs are chartered as government corporations (much like Fannie pre-1968) with an explicit government guarantee, [this] would effectively codify the current status quo to get the full faith and credit guarantee of the federal government. This would result in the lowest mortgage rates, but also requires legislation and is not at all likely in a Trump administration, says Zandi. While the Trump administration is interested in releasing Freddie Mac and Fannie Mae from conservatorship, it is also sensitive to any increase in mortgage rates. Given this concern and the evidence presented by Moodys, it is fair to assume that the administration will proceed with caution over the next year. If conservatorship does end, it is likely to happen later in the Trump administration, once concerns around mortgage rates have been addressed.
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E-Commerce
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