Good morning. In today’s edition:

• 🏌️ Rory wins the Masters
• 🚢 Strait of Hormuz blockade
• 🆚 Millennials vs. Boomers

…and much more.

Ready, Set, Go: Today’s news should be a ~3.82-minute read (1,015 words).

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"Listen to what you know instead of what you fear."

–Richard Bach (b. 1936)

Fertility rates among women in the US fell again in 2025 to reach a new record low, according to federal data published last week.

By the numbers: The US saw an average of 1.57 births per woman last year, down slightly from 2024 and continuing a post-pandemic decline. The current figure is well below the 2.1 births/woman which experts say is needed to keep a population from shrinking over time.

The decline is occurring at different rates across age groups.

• Younger Americans are driving most of the drop, with fertility rates among teens aged 15-19 falling ~9% year-over-year to a new record low, and the 20-29 age group also seeing declines.
• On the flip side, older Americans have seen slight increases in fertility rates across the ages of 30-44, though it hasn’t been enough to counteract decreases among younger women.

Driving the trend

Experts say fertility rate declines come down to a mix of cost, culture, and caution, with more Americans delaying parenthood as they try to get financially and personally settled.

• The cost of raising a child has climbed sharply, with infant care alone now costing more than in-state college tuition in 38 states plus Washington, D.C.
• Experts also say factors like more demanding careers and the growing intensity of parenting make the decision to have children less appealing for many.
• Finally, widespread concerns about finances, relationships, and overall outlook are leading more people to delay having children until their life situation is more secure.

The US isn’t alone. Most developed countries are already below the 2.1 replacement rate for fertility, including Japan (1.3 births/woman), much of Europe (near 1.5), and South Korea (below 1.0).

• The US, at ~1.6 births, has historically been higher than its developed peers, but that gap is shrinking.
• Meanwhile, developing countries like Nigeria (4.4) and the Democratic Republic of the Congo (6.0) still remain well above replacement levels, though many are also seeing those rates decline.

On Capitol Hill: In the US, policymakers are responding to falling fertility rates by making it cheaper to have kids, including efforts to expand the child tax credit beyond $2,000/child.

📊 Flash poll: Which of the following best describes your current situation? (More questions to follow)

• I have children
• I don’t have kids, but want to in the future
• I don’t have kids—and don’t want kids

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BUSINESS & MARKETS

• 📈 Consumer Price Index rises 3.3% in March compared with a year earlier, up from 2.4% in February; sharp increase in inflation is largely attributed to spike in gas prices (+21% month-over month), which also affect airfare, food, and e-commerce; it’s the first CPI since the Iran war began February 28.
• 📉 US consumer sentiment falls 11% month-over-month in April to reach lowest reading in 74-year history of University of Michigan survey (if preliminary numbers hold).
• 🏦🤖 CEOs of largest US banks—including Bank of America, Citi, and Wells Fargo—reportedly gathered in Washington last week for “hastily arranged” meeting with Treasury Sec. Scott Bessent and Fed Chair Jerome Powell; US officials reportedly warned that allowing Anthropic’s new AI software to run through banks’ internal systems could threaten customers’ sensitive data.

SPORTS, MEDIA & ENTERTAINMENT

• 🏌️ Rory McIlroy prevails to win his second straight Masters Tournament; he’s the fourth golfer ever to win back-to-back Masters. | 🏀 The NBA regular season ended yesterday; see the full playoff picture.
• 🍿 The Super Mario Galaxy Movie rakes in $69 million at the North American box office in its second weekend, bringing its domestic total above $308 million ($629 million globally).
• 🎭 The 2026 Olivier Awards, the most prestigious honors in British theatre, took place yesterday in London.

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SCIENCE, SPACE & EMERGING TECH

• 🦠 Team of scientists observe for the first time an interaction between two ancient microbial ancestors that may have resulted in the development of complex life as we know it.
• 🗣️👂 Brain scans reveal how human echolocators can “see with sound” and create a remarkably accurate map of their surroundings without the use of vision.
• 🌌 Our universe is expanding faster than earlier scientific models predict, per new ultra-precise measurement from international team of scientists.

US, WORLD & POLITICS

• 💥 Iran war: President Trump orders US Navy to begin blockading the Strait of Hormuz on Monday, after US-Iran peace talks in Pakistan (led by JD Vance) break down over the issue of Iran’s nuclear pursuits; US red lines in negotiations reportedly include a fully reopened Strait of Hormuz, ending Iran’s nuclear enrichment program, reclaiming its uranium, and ending the funding of military proxies like Hezbollah.
• 🏛️ Rep. Eric Swalwell (D-CA) faces criminal investigation and potential vote to expel him from the House following multiple accusations of sexual misconduct, including rape; Swalwell, who denies the allegations, suspended his California’s gubernatorial campaign last night.
• 🇭🇺 Hungary PM Viktor Orbán concedes Sunday’s election in bombshell defeat for country’s leader of 16 years, after early results show opposition leader Peter Magyar’s party dominating the vote; President Trump and VP Vance had endorsed Orbán.

👆The four Artemis II astronauts splashed down safely off the coast of San Diego on Friday night in the Orion spacecraft, successfully wrapping up the first-ever human mission to the far side of the Moon, and the first crewed lunar visit since 1972

🤔 Did you know? The Masters’ concession prices are so cheap, they’ve actually fallen since 1934 when adjusted for inflation—by a significant amount. The iconic pimento cheese sandwich still costs just $1.50, up slightly from $0.30 at the inaugural tournament (or $7+ in today’s money).

📰 Worth a read: Did Millennials or Boomers have it harder? We went searching for the answer.

🖱️ What we’re clicking:

• Cut it higher: the lazy way to a better lawn
• A Nobel Prize-winning breakthrough turns air into drinking water
• Why you can't get a signal at festivals and sports matches

On Friday, we covered President Trump’s proposed federal budget for 2027, which pairs a major increase in military spending with widespread cuts to domestic programs.

❓ Our question to you: In general, do you support or oppose President Trump’s proposed federal budget for 2027?

• Support: 14%
• Oppose: 81%
• Unsure/other: 5%

Click here to read some of the most thoughtful longform responses.

+Note on sample size: We received 625 votes and 80 longform responses.

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Monday: Goldman Sachs kicks off Q1 earnings season; National Thomas Jefferson Day

Tuesday: Producer price index for March (covering wholesale inflation); JPMorgan Chase, Johnson & Johnson, Citigroup, Wells Fargo all report earnings

Wednesday: Adrien Brody and Tessa Thompson make Broadway debuts in The Fear of 13

Thursday: Netflix, TSMC, PepsiCo all report earnings; White House budget chief testifies before Senate on Trump’s proposed 2027 budget

Friday: Lee Cronin's The Mummy hits theaters

Guess the definitions of the following Greek/Latin root words:

1. Cac
2. Dub
3. Fug
4. Patr
5. Ret

📦 A recent Stanford University study helped adults with hoarding disorders part with some of their cluttered things in a healthy manner, by first doing it in a VR version of their home.

1. Cac = Bad (e.g., cacophony)
2. Dub = Doubtful (dubious)
3. Fug = Flee (refuge, fugitive)
4. Patr = Father (partriarch)
5. Ret = Net (reticle, retina)

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