• Melinda French Gates took her first business course at 12 years old.
• The course emphasized writing and achieving life goals.
• French Gates said she later realized the need to balance goal-setting with enjoying life.

Melinda French Gates picked up her knack for goal-setting at an early age.

During the summer after seventh grade, her father sent a 12-year-old French Gates and her sister off to a business course. It was called the "Successful Life Course," and her dad had attended on an earlier work trip.

He was so inspired by what he learned, she wrote in her memoir "The Next Day: Transitions, Change, and Moving Forward," that he signed his daughters up to attend the class over 100 miles away from her Dallas home.

"'Oh my God,' I remember thinking. 'What did they do to my father?'" she wrote.

Their class used books from self-help guru Dale Carnegie and practiced "mind-controlled relaxation," which French Gates said was essentially power naps. The main lesson, however, was the art of goal-setting. They started with short-term goals and pushed on to life goals — reinforcing their commitment by writing them out each night before.

These are the goals that 12-year-old French Gates set for her future self:

• By age fourteen, to have made the intramural cheerleading squad.
• By twenty, to have taken a trip to Europe.
• And by twenty-one, to own her own car. ("'A Cadillac with velvet seats,' I specified, dreamily," she said.)

After the course ended, French Gates said she kept the navy blue binder she received and continued using it each night.

"Over time, the goals I wrote down started to become more and more serious," she wrote.

Although the goal-setting lessons stayed with her, she added that there was a key part of the class she'd been less disciplined in: reflecting on the goals she managed to achieve. Instead of slowing down after crossing off items on her list, her "entire focus would shift to the next one." Her ambition led her to a job at Microsoft, and, eventually, an estimated net worth of $30.1 billion, according to Forbes.

"I was almost using the goals to just push myself so hard in life," French Gates told CNN's Abby Phillip on Monday.

Yet by 35, she realized it was time to set the goal-setting aside and "ease into life," French Gates said during the live interview. At that age she'd been married to her ex-husband, Microsoft founder Bill Gates, for years and had become a mother. She wasn't done with her ambitions, however.

"I'm gonna have big audacious goals, but I'm gonna give myself some time to achieve them," she said she told herself at the time.

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Why it matters: It could set up a clash between the former House Republican Conference chair and Rep. Mike Lawler (R-N.Y.), who has long been teasing a gubernatorial run.

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• Stefanik joins a growing wave of House members looking at runs for higher office — which complicates attendance math for congressional leaders in both parties.

What we're hearing: Stefanik is seriously considering a run after being encouraged by Republicans in her home state and individuals in Trump's orbit, one of the sources told Axios.

• Stefanik gave up her role as conference chair after being nominated for UN ambassador, only to withdraw in part due to GOP concerns about her seat staying vacant — and potentially falling into Democratic hands.
• Her withdrawal created a difficult dynamic for House Speaker Mike Johnson (R-La.), who attempted to make things right by offering Stefanik her committee assignments back and a consolation role in GOP leadership.
• Johnson has reportedly been struggling with how to put Stefanik back on the Intelligence Committee.

State of play: Lawler has been considered the frontrunner for the GOP nomination to challenge Gov. Kathy Hochul — who may face her own primary challenge from Rep. Ritchie Torres (D-N.Y.).

• Stefanik, however, is a high-profile star in Trump's orbit and could easily be a formidable candidate for the nomination if she runs.

Federal Reserve chair Jerome Powell said on Wednesday that President Trump's tariffs would likely lead to a faster rise in prices and weigh on economic growth.

Why it matters: Trump campaigned on lowering prices for inflation-weary consumers, but Powell is the latest to suggest Trump's trade war might do the opposite.

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• In a speech at the Economic Club of Chicago, Powell said the Fed could face a tough scenario if inflation rises alongside teetering economic growth.

What they're saying: "Tariffs are highly likely to generate at least a temporary rise in inflation," Powell said, warning of the possibility that inflationary effects could also linger.

• Powell said how long tariff-related inflation persists depends on a slew of factors, including the time it takes for tariffs to "pass through fully to prices."

The big picture: Trump's tariff regime — which has shifted week-to-week — has so far been "significantly larger than anticipated," Powell said.

• "The same is likely to be true of the economic effects, which will include higher inflation and slower growth," he added.

Between the lines: Tariffs might result in stagflation-like economic conditions, leaving the Fed in an uncomfortable bind.

• If the economy stagnates alongside rising inflation, it would force the Fed to choose whether to support the economy (likely with lower rates) or tame inflation (likely with higher rates).

"We may find ourselves in the challenging scenario in which our dual-mandate goals are in tension," said Powell, who was first nominated to the Fed post by Trump in 2017.

• "If that were to occur, we would consider how far the economy is from each goal, and the potentially different time horizons over which those respective gaps would be anticipated to close," Powell added.
• Congress assigned the Fed two mandates: maximum employment and price stability.

What to watch: The Fed has embraced a "wait-and-see" approach, preferring to wait for clarity on White House policy before adjusting interest rates.

• Market-based odds show a slightly higher chance of three Fed rate cuts this year, according to the CME's Fed Watch tool.

Go deeper: The trade war's pandemic parallel

• Auto sales jumped in March, likely because of tariff concerns.
• Loan applications rose after Trump's tariff announcement, and inventory at dealerships has slipped.
• Different kinds of businesses, from vehicles to clothing, may increase prices due to tariffs.

Car buyers weren't waiting around for potential price increases once tariffs took effect.

New advance data showed motor vehicles and parts sales increased 5.3% in March from February and by 8.8% from a year prior.

While some of that could be due to typical car purchases, recent reports and economists suggest people were trying to get ahead of President Donald Trump's auto tariffs that took effect in April and parts tariffs scheduled to take effect by early May. Consumers could have been concerned over price hikes or low inventory.

Lydia Boussour, senior economist at EY, said this monthly increase in auto sales was the largest jump since January 2023 "as consumers rushed to their dealership to buy cars still available at pre-tariff prices."

Beyond the new data, reports indicate consumers were making shopping decisions before tariffs kicked in. A Bank of America Institute report found that after Trump announced tariffs on imported vehicles and certain parts on March 26, more of the bank's customers were applying for auto loans.

Cox Automotive found new vehicle supply has tumbled across the US, suggesting a rush to buy cars.

"The new retail sales pace increased almost every week in February and March, with a strong surge at month-end with the import tariff announcement creating urgency in the final five days of the month," Cox Automotive said.

Electronics and appliance stores as well as grocery stores had small upticks in sales over the month in March. Sales in building materials and garden equipment and supplies dealers rose 3.3%. Those sectors could also see price hikes as a result of the new tariffs.

Ted Rossman, senior industry analyst for Bankrate, said vehicles, furniture, and clothing are likely to become more expensive because of tariffs.

Sales at department stores, furniture and home furnishings stores, and gas stations declined from February. Boussour said the drop at gas stations reflects lower prices.

Have you made a big purchase lately because of tariffs or other economic concerns? Reach out to this reporter at mhoff@businessinsider.com

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