Please don't let this newsletter stress you out

You probably already have enough anxiety! [Bloomberg]( This is Bloomberg Opinion Today, a hand-combed embroidered coat that’s made out of Bloomberg Opinion’s opinions. [Sign up here](. Today’s Agenda - We’re [stressing]( at a time of social unease. - Our outfits are hurting the [trees](. - Dismantling [explosives]( is no breeze. - Bond bears prepare for [a deep freeze](. Everyone Is Stressed Out If this newsletter were a podcast with [host-read ads](, I might start off saying that today’s edition is brought to you by Stress and Anxiety, then mention that the 25%-off discount code for both products, exclusive to Opinion Today listeners, is YOU-DONT-NEED-ONE! Because really, after years of dealing with Covid and its fallout, various economic woes, widespread geopolitical upheaval and disturbingly fast new technology, you probably already have stress and anxiety. As Lisa Jarvis [says]( (free read), our collective worries are making our skin crawl like never before. Just read this [horrifying story]( in the Wall Street Journal and you’ll understand why: “When girls at Westfield High School in New Jersey found out boys were sharing nude photos of them in group chats, they were shocked, and not only because it was an invasion of privacy. The images weren't real.” That’s right: Explicit, fabricated photos have infiltrated classrooms, and parents say their daughters feel “humiliated and powerless, and worry about damage to the girls should the images surface later.” Can you imagine? High school is already incredibly stressful: You’ve got cliques, sports matches, the pressure to try your first sip of alcohol. And now young women are having to deal with bullies who use AI-powered websites to make pornographic images of them? It’s a traumatizing event, likely to haunt those students for a long time. Technology such as AI is just one of many things causing children to experience higher levels of anxiety. [The alarming data]( on depression and thoughts of self-harm during the pandemic have mobilized [policymakers](, educators and parents to help kids who are in crisis. But it’s not just children, Lisa says: Nearly a quarter of adults are operating at the [highest levels]( of stress, rating it at least an 8 out of 10: As a result, we’re seeing more and more workers [file charges of disability discrimination]( because their [mental-health conditions]( are declining as they return to their [workplaces](. Making matters worse is the economy. More than 70% of adults under the age of 45 — many of them parents — say it’s a major stressor, compared to just over 50% of people in 2019. Perhaps those worried about the economic headwinds should read Tyler Cowen’s [latest column](, where he says American workers needn’t be so anxious about their next paycheck. “Greater income security is welcome news for workers, full stop. In general, it gives people room to make their life’s plans — to marry, to buy a house, to start a family,” he writes. Let’s just hope the kids don’t end up at Westfield High School. Supply Chain Sustainability In the past week, two new clothing brands were born: - Former Céline designer Phoebe Philo’s [eponymous line]( launched on Oct. 30. - Kylie Jenner’s new [clothing company](, Khy, launched on Nov. 1. The two brands couldn’t be more different. Jenner’s features about a dozen affordable faux leather garments ranging from $48 to $198: Philo’s collection is far more pricey, with a [jacket]( for $4,200, a pair of [leggings]( for $1,100 and some [twill trousers]( for $5,200. Oh, and there’s also a 100% viscose [hand-combed embroidered coat]( that’s made in Madagascar. It’s “price on appointment-only,” and Lord knows I’m never getting an appointment: The price is a mystery, just like the fabric it’s made with. But price isn’t the only thing that sets these two brands apart. Phoebe Philo has a portion of her website dedicated to “[impact](,” which includes a link to [this one-pager]( about the atelier’s supply chain. Khy, on the other hand, has no such information, and many of the garments are lined with polyester — a material that’s derived from oil. The differences in the two lines highlight an important fact: We often don’t know where our clothes come from, how they’re made, or where the materials they’re made with originate, Lara Williams [writes]( (free read). Consider that 100% viscose jacket from Philo’s line. Viscose is good, right? The increasingly popular fabric belongs to a family of materials, known collectively as man-made cellulosic fibers (MMCFs), that are made of dissolved wood pulp. “These forest fibers tend to use less water and energy than other types of fabric. They also have the potential to be fully biodegradable (depending on which chemicals are used to treat and dye the fabric) and come from a renewable resource,” Lara writes. But there’s a catch: 300 million trees are [cut down]( for MMCFs every year, adding to the risk “of deforestation, water pollution, soil erosion, biodiversity loss and clashes with indigenous communities who rely on the forests to survive.” A traceable supply chain would help save the forests. Certification within the fashion industry is “not currently adopted beyond the fiber level, so most consumers have no credible way of verifying whether the garment they’re buying is linked to a deforestation source,” she explains. Interestingly, on Philo’s one-pager, it says they are switching their key fibers (wool, cotton, viscose) to “certified sustainable options” in 2024. It’s an admirable step — and certainly better than The Row’s [website](, which sells [a $550 viscose t-shirt]( with zero details about its supply chain — but what prevented Philo from using sustainable options from the get-go? It’s a question you ought to be asking before purchasing a coat that could cost more than a down payment on your first home. Ukraine’s Cleanup Crew “How do you go about removing an explosive device?” is a question I didn’t want to be Googling today, but here we are: In Ukraine, “Russian forces have placed landmines in [every imaginable place]( and form,” Bloomberg’s editorial board [writes](. Hundreds of thousands of hidden explosives are littered throughout at least[30%]( of the country — an area about the size of Florida. “They are buried in fields, hidden within buildings and inside children’s toys, scattered through forestland and tucked beneath [corpses](,” the editors explain. “Some explode when a small, plastic, leaf-like tab is touched; others are triggered by remote control or have sensors that detect vibrations from footsteps, exploding into the air and spraying metal fragments around.” These deadly boobytraps are killing civilians, preventing military advances and stalling Ukraine’s economy. “It could take decades — or, at existing capacity to decontaminate territory, [hundreds of years]( — to make Ukraine’s territory safe. Much depends on whether enough de-miners and engineers can operate without danger,” the editors write. Removing them will be labor-intensive and dangerous, and Ukraine is going to need Western governments to support those efforts as the war drags on. Read [the whole thing](. Telltale Charts US Treasury bonds are “the largest, most liquid and important securities market on the planet,” John Authers [writes](. So what happens when the Beyoncé and Taylor Swift of financial institutions — the Federal Reserve and the Treasury Department — make back-to-back announcements on the same day? Obviously there’s going to be some some sort of [hullabaloo](: “The rally suggested that we may be seeing a meaningful shift in sentiment after an abysmal three months,” Jonathan Levin writes. That said, “it’s important not to get too carried away. Bond yields are in an historic surge that many believe is overdone,” John (that's Authers) says. I can’t be the only one who [sung]( the headline of this chart in my head as I read it: Javier Blas [says]( he instinctively fills up his car’s gas tank whenever war breaks out in the Middle East, which is low-key genius but also slightly terrifying? On the bright side, his anxiety hasn’t actually manifested: Oil prices are only slightly elevated, and it’s been almost a month since Hamas’s Oct. 7 terrorist attack. “The likelihood of a wider regional war may be far-fetched, but its impact would be severe. In market parlance: The tail is rather fat. It does feel like the options market is a bit too sanguine,” he argues. Further Reading JPMorgan needs to [have money]( in order to lend it to corporate clients. — Matt Levine The Bank of Japan’s [media leaks]( are making an awful mess. — Gearoid Reidy and Daniel Moss The winning streak of one of China’s largest [real estate developers]( is ending. — Shuli Ren  A confident Chinese liquor giant is [going against]( the grain. — Tim Culpan There's an emerging [Biden Doctrine](: Show strength, whisper restraint. — Andreas Kluth The world knows [Chinese food]( — but does it really? — Howard Chua-Eoan Keir Starmer may be [pro-business]( for now, but his sparkle will fade. — Adrian Wooldridge ICYMI Cornell [canceled classes]( after anti-Semitic threats. Putin [made fun]( of Europe’s bedbugs. SpaceX’s Starlink achieved [breakeven]( cash flow. The Beatles’ [final song]( is now streaming. (h/t Earl K) Italy’s rumbling [supervolcano]( has residents on edge. Kickers It’s cold [here](, it’s hot [there](. What are [seasons](? How humans [named]( basic colors. (h/t Ellen Kominers) [Cocaine energy drinks]( could be the future. Rats may have [the power]( of imagination. [Scooped bagels]( are controversial … Just like [Bob Knight](. Notes: Please send [pre-chewed bagels]( and feedback to Jessica Karl at jkarl9@bloomberg.net. [Sign up here]( and follow us on [Threads](, [TikTok](, [Twitter](, [Instagram]( and [Facebook](. Follow Us Like getting this newsletter? [Subscribe to Bloomberg.com]( for unlimited access to trusted, data-driven journalism and subscriber-only insights. Before it’s here, it’s on the Bloomberg Terminal. Find out more about how the Terminal delivers information and analysis that financial professionals can’t find anywhere else. [Learn more](. Want to sponsor this newsletter? [Get in touch here](. You received this message because you are subscribed to Bloomberg's Opinion Today newsletter. If a friend forwarded you this message, [sign up here]( to get it in your inbox. 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