Author: admin

• The Federal Reserve cut rates for the third time this year at its final 2025 meeting.
• A rate cut could lower borrowing costs for mortgages and credit cards, bringing relief to consumers.
• The central bank penciled in one cut for 2026.

The Federal Reserve made its final decision of 2025, cutting interest rates for the third meeting in a row — and it set the tone for where interest rates will go in the new year.

The call will have ripple effects across consumer prices, the job market, and Corporate America through 2026 and beyond. Here’s how the decision will affect you.

Thirty-year fixed mortgages, two-year auto loans, and credit card rates tend to fluctuate alongside the federal funds rate. And, while inflation remains above the Fed’s 2% goal, mortgage rates have largely cooled in recent months in anticipation of rate reductions.

A quarter-point cut could mean lower returns on investment for savers using high-yield savings accounts or certificates of deposit, though it would become cheaper to pay off credit cards. Lower rates would also make home equity lines and small business loans more accessible to Americans.

Elizabeth Renter, senior economist at NerdWallet, told Business Insider the cut could be a positive sign for people applying to roles in the sluggish labor market: If job seekers “hear that the Fed is responding to an unfavorable labor market, that’s going to feel good to them; they may feel like relief is on the horizon,” she said.

The labor market has shown signs of weakness in recent months. Job seekers of all ages have told Business Insider that they’ve been through grueling application cycles without an offer, while recruiters are drowning in resumés. Over the summer, the number of Americans looking for work eclipsed the number of available jobs and labor force participation has been trending downward. The unemployment rate, however, is still relatively low, hovering a little above 4% for most of this year.

Sustained rate cuts would bolster the job market by making it easier for businesses to borrow and invest money. This would free up more funds for companies to hire and pay employees, which could lead to higher consumer spending — all factors needed for a healthy economy.

And lower interest rates are historically good news for the stock market. When it’s cheaper to borrow money and approve loans, both companies and individuals are more likely to invest. With more funds in the market, Wall Street could see a boost in 2026.

Madison Hoff contributed reporting.

• The Navy’s investing almost half a billion dollars on a new, Palatir-powered AI system for shipbuilding.
• Ship OS sped up the workflow for submarine jobs.
• This capability is starting with private and public yards and will steadily expand into other shipbuilding programs.

The Navy is pouring hundreds of millions of dollars into an artificial intelligence system that it says has sped up key shipbuilding processes.

In one case, the AI cut painstaking processes of submarine schedule planning — mapping out how the many pieces of construction fit together and making sure people, parts, and yard space are available at the right time — from many hours to only minutes.

The Navy is launching the new Shipbuilding Operating System, or Ship OS, as it tries to break out of decades-old shipbuilding problems rooted in outdated technologies and work practices. The service announced a $448 million investment Thursday, saying it will accelerate the adoption of AI and autonomy across the industrial base.

The Ship OS technology is powered by Palantir’s Foundry and Artificial Intelligence Platform and began in pilot programs at submarine shipyards.

At General Dynamics Electric Boat, a long-time submarine yard located in Connecticut, submarine schedule planning saw a dramatic reduction from 160 manual hours down to under 10 minutes. And at Portsmouth Naval Shipyard in Maine, material review times for submarines went from taking weeks to under an hour.

The $448 million investment will go toward the submarine industrial base and then expand. It’ll be deployed across two major shipbuilders, three public yards, and 100 suppliers, Palantir said in a press release.

“This investment provides the resources our shipbuilders, shipyards, and suppliers need to modernize their operations and succeed in meeting our nation’s defense requirements,” said Navy Secretary John Phelan in a statement.

“By enabling industry to adopt AI and autonomy tools at scale, we’re helping the shipbuilding industry improve schedules, increase capacity, and reduce costs,” he added, explaining “this is about doing business smarter and building the industrial capability our Navy and nation require.”

Maritime Industrial Base Program, a Navy initiative to revitalize US shipbuilding and repair capabilities, and Naval Sea Systems Command are overseeing the implementation of Ship OS. Both are gathering data from multiple sources to identify where the hiccups are in submarine shipbuilding, how the processes, including engineering, can be sped up, and what specific risks can be mitigated through technology.

Problems in the Navy’s submarine industrial base — from shipbuilders to the repair yards — have been building for decades. Submarines are central to any Pacific fight and a top Pentagon priority, yet major programs like the upgraded Virginia-class submarines and new Columbia-class ballistic missile subs have repeatedly run into delays and cost overruns.

The Government Accountability Office, a government watchdog agency, has documented long-standing problems in the Navy’s plans for purchasing and constructing submarines, as well as shipyard deficiencies such as worker inexperience, aging facilities and equipment, and inadequate construction space.

The introduction of the new Ship OS capability aims to address some of these problems facing US submarine shipbuilding. And once the technology has been used for the submarine programs, the Navy said, it’ll apply lessons and adapt them to surface ship programs.

• While many people downsize as they age, 75-year-old New Yorker Laurence Gerowitz did the opposite.
• In 2024, he and his wife swapped their small apartment for a larger condo on the Upper East Side.
• Now they have more living space and fun for their grandkids, who love the building’s many playrooms.

This as-told-to essay is based on a conversation with 75-year-old Laurence Gerowitz, a real estate litigator, about his move into a larger condo in New York City. This conversation has been edited for length and clarity.

I lived on the Upper East Side for most of my adult life: about 48 years, starting in the late 1970s. My wife and I bought into a co-op on 85th Street in 1999 for $265,000 and lived on the third floor of the five-story walk-up.

Our apartment was 1,200 square feet and had a very nice layout, as well as a working fireplace. The building had no amenities whatsoever, but we were still very happy to be there. We lived there for 25 years and essentially raised our son in that apartment.

In 2008, he moved to Villanova, Pennsylvania — near Philadelphia — for college, and over the years it became clear he was never moving back to New York. He’s now married and they live there with their two young children.

New York suits me just fine, but not so much for my son — between the impossible parking and our three-story walk-up, he wasn’t interested.

I understand why. When he used to visit, I’d have to go downstairs to help him haul everything up. We did have two bedrooms, which is a luxury in Manhattan, but there still wasn’t a comfortable place for him and his family to sleep, and I’d end up on a blow-up mattress.

It was just untenable; they didn’t enjoy visiting.

It was time for something new

About two years ago, my wife noticed that a new complex was being built around the corner from us called the Harper. She’s a painter and interior decorator, so she wanted to take a look.

We toured a two-bedroom apartment, which we thought was very nice, but it was also small. Still, we thought the building’s amenities were fantastic. They have a gym, music room, game room, playroom, and creative studio — which we thought would be great for our grandkids.

We sat with the idea for a while. A couple of months later, we went back to see a larger unit — a model of about 1,853 square feet with an 80-square-foot terrace and three bedrooms, one of which could be used as an office.

After that tour, it didn’t take us long to decide to move to the Harper. In the end, it took a couple of months to stage our old co-op, and then a few more months to sell.

We have more space and activities for the kids here

The best things I’ve ever done in my life are being a good father and grandfather. My son texts or calls me at least once a day, and that’s my proudest accomplishment — even more than being admitted to the bar at 48 after going to night school for four years while supporting a family.

A big reason we decided to upsize and buy the condo was that my wife and I love being around my son and his family, and we really wanted to create a place where the kids would want to come visit.

We moved into the Harper in March 2024. It’s just around the corner from our old place. It wasn’t a far move, but we’ve spent decades living on the Upper East Side for a reason — we love the neighborhood.

Our new condo has a really well-thought-out layout. We have three bedrooms, including a home office, and two-and-a-half bathrooms. When you walk in, you can turn left into one wing, down that hall are the primary closet, the primary bedroom and bathroom, and the terrace.

If you go to the right instead, a quick left takes you into the kitchen and great room. Further to the right are the guest bedroom and bathroom, a third bedroom that I use as my office, and a small laundry area.

Besides having a larger apartment and living in a building that actually has an elevator, we’re especially happy about the amenities. It’s such a contrast to our old place, where the only extra space was the boiler room.

Our grandkids especially love the building’s music room. They can bang on the drums, sing into the microphone, and strum a guitar. There’s also a playroom with a ball pit.

In the beginning, whenever the grandkids would come over, they would go down to the ball pit three times a day. In the mornings, I’d have to plead with them to finish their breakfast before heading down to play.

It’s obvious they love visiting our new home. The grandkids talk about it all the time, and it’s cute to see them arrive, dragging their little suitcases, already excited to play.

Our family enjoys visiting, it’s not an obligation

I have very fond memories of our old place — it was the first home I ever bought. But over time, living there became stressful.

I was on the board, constantly worrying about the building — especially whether the boiler would work. It was an older property with no central air, just radiators, so there were always issues with the heat.

Here at the Harper, it’s a completely different experience. Everything works, we have three separate HVAC zones that you can set to the exact degree, and the staff is great. My biggest dilemma now is whether to go to my gym on 91st Street or just head downstairs.

I think upsizing later in life is a good thing if you’re in a position where it makes sense for you.

If it’s within your means to make that choice, do it. You’re not just gaining more physical space; you’re also giving yourself and your family more options.

When my son and his family visit, they have their own rooms and are well taken care of. I think they genuinely enjoy coming now; it no longer feels like an obligation.

• When my youngest stopped believing in Santa, I was worried that Christmas wouldn’t feel special.
• As an Italian Catholic raising Jewish children, Santa was a way for me to pass along my heritage.
• By introducing karaoke at my annual Christmas Eve party, I created a new, cherished tradition.

“Don’t come into the attic, I’m wrapping Christmas gifts,” I shouted to my youngest child last December, awaiting her response. She’d recently turned 11, and in my heart, I knew she no longer believed in Santa.

“Mom! Don’t forget, I want Monopoly,” she casually called back.

I scrunched my eyelids together, holding back hot tears. Santa, the only arbiter of Christmas gifts in our household, was also the magic link to my Italian Catholic childhood for me and for my Jewish children, whom I’m raising in my husband’s faith.

Even though my kids go to synagogue and have been bar and bat mitzvah’d, it was important to me that they celebrate my Christmas traditions with my family, and Santa has always been an integral part of the holiday.

But now, my worst fear was confirmed. Without having to ask her, my daughter communicated that she realized St. Nick didn’t exist in her world any more. I was left to wonder how our family would keep the holiday sparkle, my Christmas tradition, alive if Santa’s magic had been put to rest.

My heart ached

Sure, Christmas would be easier now that my baby was wiser, but a dull ache still enveloped my heart. Knowing I was turning 50 in early December added to my melancholy.

Part of the reason why I continued the Kris Kringle tradition was that watching my children blissfully tear open presents reminded me of my own childhood excitement, which was especially high the year I turned 8, when a brand-new tape recorder and microphone gleamed under the tree. I remember that magic, and wanted my children to keep feeling it, too.

Now that Santa had vanished from our Christmas celebrations, I felt like I was left with a meaningless pile of boxes to wrap, a slog without his enchantment. I wished for a “Back to the Future” moment, one where I’d revisit my childhood for just one day.

Instead, my night sweats, coupled with the shock that my face (amongst other body parts) was inching downward, caused me to wonder, “Am I closer to where I’m going than where I came from? Will my children channel Santa when I’m gone?” I’ll admit, it was all very dramatic.

I wanted to add something special to our celebrations

As the first week of December approached, I flipped through a childhood photo album, hoping, once again, to relive my youth. There, I saw a picture of myself with the recorder and microphone that I remembered so fondly. That’s when my inner child whispered, “karaoke,” as I looked into an imaginary spotlight, and I made jazz hands.

Later that month, I rang in my 50th birthday with friends at Baby Grand, a karaoke bar in New York City. High on the vocal vibrations of the night, I Amazon-primed a karaoke machine to my house as a birthday gift and pondered my annual Christmas Eve gala. I thought singing might make it a more cheerful occasion now that Santa wouldn’t be getting the spotlight.

“I’m serving seven fishes, but not gefilte,” I joked, as I invited my extended Jewish relatives to join our Italian festa, something I’d never done before. I hoped my cousins wouldn’t be offended that I’d turned our annual Christmas gathering into a Broadway-like musical. I also worried that my three kids, aged 11 to 19 at the time, would be so embarrassed they’d refuse to participate.

A new Christmas tradition emerged

That night, I tossed my hair like Janice Joplin and belted out, “Busted down in Baton Rouge,” a line from one of my favorite tunes. The crowd was quiet, so I opened my eyes and took a breath. Then, everyone woo-hoo’d as I crooned the rest of “Me and Bobby McGee” and bowed. Then my cousin and his fiancée started “Sweet Caroline.”

My kids’ beaming smiles radiated joy, not embarrassment. For a moment, while they clapped and we harmonized together singing the line, “Good times never felt so good,” I was a kid again, and the Santa vibes surrounded us as a new tradition was born.

This year, I’ll bust out the karaoke microphones again, lure my Dad to the stage with a little Frank Sinatra, and ply the Jewish side of the family with extra eggnog in hopes that they’ll all indulge my new tradition again. I can’t wait.

• National Geographic’s December 2025 issue features its annual Pictures of the Year.
• The issue features striking wildlife photos highlighting endangered species and fragile ecosystems.
• Some photos also show once-endangered species bouncing back thanks to conservation efforts.

National Geographic’s annual Pictures of the Year collection showcases stunning images of wildlife from around the world.

Out of the hundreds of thousands of images taken by its photographers in 2025, National Geographic selected 25 to be included in the feature.

“Individually, these photographs speak to beauty, fragility, and wonder,” National Geographic editor in chief Nathan Lump said in a statement. “Taken together, I see a collective sense of urgency — a call to preserve what’s in danger of being lost, as well as a reminder of the poetic beauty to be found in carrying on, in daring to dream of a better future.”

Here are seven photos from the collection, which can be viewed in its entirety on National Geographic’s website.

National Geographic’s annual Pictures of the Year issue features “the most unforgettable photos of 2025.”

The December 2025 issue highlights striking photos that show fragile ecosystems, endangered species, and wildlife.

Roie Galitz’s photo, taken in Svalbard, Norway, shows a polar bear digging into the floating carcass of a sperm whale.

Galitz was leading a photography expedition when he came across the decomposing sperm whale, an unusual sight since the species is often found in more temperate waters. Galitz used a drone to capture the image from above.

“It’s so unpredictable and fragile,” Galitz told National Geographic of wildlife photography in the Arctic. “A scene you saw today will probably not be there tomorrow.”

Fernando Faciole photographed one of the few remaining jaguars in Rio Doce State Park in Minas Gerais, Brazil.

Due to deforestation, National Geographic estimates that fewer than a dozen jaguars are left in Brazil’s Rio Doce State Park.

Brian Skerry got up close and personal with a 10-foot great white shark off the coast of Maine.

Shark sightings have increased in the area due to the growing population of seals, an outcome of the Marine Mammal Protection Act of 1972, National Geographic reported.

Karine Aigner spotted a sunflower chimney bee resting in a flower in Davis, California.

Aigner wrote on Instagram that she was “absolutely thrilled that native bees are getting the limelight they deserve” by having her photo featured in National Geographic’s Pictures of the Year.

Using a drone, Marcus Westberg captured a sweeping view of antelope migrating in South Sudan.

A 2024 study conducted by African Parks and the University of Juba found that around 6 million antelope migrated across South Sudan, making it the largest land migration in the world.

Stephen Wilkes specializes in combining hundreds of photographs taken over 18 to 36 hours into a single image, such as this layered shot of a watering hole in Botswana.

Wilkes photographed the watering hole in Okavango Delta during a drought, when the animals “were all thirsty, hot, and stressed,” he said.

Wilkes also employed his “Day to Night” technique to photograph Steller sea lions in Canada’s Malaspina Strait.

Steller sea lions are considered “near threatened” according to the International Union for Conservation of Nature status cited by the Vancouver Aquarium, but conservation efforts such as federal protections have helped their numbers grow.

• James Dyson says he learned “absolutely nothing” from his failed electric car project, but it brought in smart engineers.
• The electric vehicle project was scrapped in 2019 due to high costs.
• In a podcast interview, he said rivals like Tesla had the money to invest billions into EVs, but the risk was too high for Dyson.

Not all of Sir James Dyson’s failures have resulted in a font of learnings. But even failures can have a silver lining.

The billionaire British inventor helped reshape what people expect from home appliances, particularly the modern vacuum cleaner. His company’s history is one of overcoming failures and rejections to create successful products.

However, some of Dyson’s visions never got past the prototype phase. In 2014, the company decided that it would work on building an electric car since it already manufactured electric motors for its existing products. By 2019, though, the project was scrapped, as it was “no-longer commercially viable,” Dyson wrote in a 2020 blog post.

“Everybody said, ‘You know, you must have learned a lot from that experience,’ and the answer is I learned absolutely nothing,” Dyson told podcast host David Senra in a Monday episode of his show.

Dyson spent about $750 million on research and development for its electric car. Then came the 2016 “Dieselgate” scandal in which Volkswagen was called out for misleading “clean diesel” ads, triggering billions in fines and reshaping the global auto industry. As automotive companies jumped into making EVs, Dyson said they became more expensive to produce.

It was “fun to do,” Dyson said, and it produced one model in its Singapore office and a somewhat drivable prototype in one of the company’s hangars.

“It was a difficult decision to stop, because hundreds of engineers, scientists and designers, had poured everything into the project and it was a great engineering achievement,” Dyson said in the blog post.

However, the company said it simply couldn’t afford to invest the money into overcoming the “huge disadvantages” that come along with only manufacturing EVs. He pointed to one competitor that had the funds to do so, and it’s still around today.

“Tesla overcame that through sheer scale and might and investment, but we didn’t have that sort of money,” Dyson said on the podcast. “We couldn’t take that sort of risk, so we stopped it.”

“Sadly, we didn’t really learn anything from it,” Dyson said.

Building an EV isn’t an easy undertaking even for companies that have billions to pour into research and development. In 2024, Apple reportedly decided to sunset its electric car project after pushing back the car’s launch date to 2028 amid production challenges.

Dyson has previously said that he doesn’t regret pursuing an EV even if nothing came of it. It brought in talented engineers, and while half the people who worked on the project ended up leaving for other manufacturers, the other half were put back to work on vacuum cleaners, Dyson said.

A Dyson spokesperson told Business Insider that the inventor believes “passionately in the importance of failure.”

“The project brought a significant influx of talented engineers and scientists into Dyson, and those engineers have contributed to many successes across Dyson’s R&D, with their expertise strengthening Dyson’s innovation in multiple areas,” the spokesperson added.

Although Dyson said he doesn’t test drive the prototype anymore, there is one scrapped project that remains close to Dyson’s heart — or at least useful in his day-to-day life.

The Dyson CR01 Contrarotator is a washing machine that was discontinued in 2005 after it failed to gain traction with a $1,300 price tag that dwarfed that of the competition. However, Dyson said he still uses his.

“I use them,” Dyson said. “It’s great, and people have now copied a lot of the ideas, like the big door.”