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Permanent Switch To Daylight Saving Time Easily Passes US House

The movement to liberate Americans from changing their clocks twice a year cleared a key hurdle on Tuesday, as the US House of Representatives advanced the Sunshine Protection Act by a lopsided 318-117 margin. While many Americans would like to stop the spring and fall time changes, not all of them are on board with the Sunshine Protection Act's specific approach, would would make daylight saving time permanent. 

President Trump has backed the proposal, and the White House issued a statement as the House vote was looming: “This bipartisan legislation represents a popular, common-sense reform and would benefit Americans by protecting precious daylight during the evening, when people are most likely to be awake and active." Party affiliation didn't play much of a part in Tuesday's House voting: The aye votes included 193 Republicans, 114 Democrats and one independent. An AP-NORC poll conducted last year found 47% of Americans oppose the current clock-switching, compared to only 12% who like it.  

Proponents tout the ability to enjoy more sunlight in the later part of winter days. The bill is popular among operators of golf courses, restaurants, retail shops, professional sports teams and theme parks.but that comes at the cost of later sunrises on those days:

This will be such a nightmare. pic.twitter.com/qrD03wxEdl

— Julian Mille☈ (@ATLAreaWx) July 14, 2026

Opponents of permanent DST include the American Academy of Sleep Medicine, which says permanent standard time better matches natural circadian rhythms, which affects immune system function and other aspects of personal health. The group, along with some concerned educators and parents, say permanent DST would have particularly harmful effects on children.  "Permanent daylight saving time would delay morning light exposure, making it harder for children and adolescents to wake, learn, and travel safely to school during dark winter mornings," the group said in a statement.  

The legislation allows states to exempt themselves or an area of their state from the permanent switch, provided they do so before it is enacted. Hawaii and Arizona (other than the Navajo Nation in the northeast part of the state) opted out of daylight saving time in the late 1960s. Federal legislation currently allows states to opt out of DST, but they don't have the authority to choose permanent DST. Eager to get a jump on things, 19 states have passed laws that would switch their citizens to permanent DST if the federal government gives states a choice. However, the Sunshine Protection Act would make it the default.  

remember folks: it’s daylight saving, not savings pic.twitter.com/TynurJXKCZ

— Grace Panetta (@grace_panetta) July 15, 2026

The drive to end clock-switching has a long history of sputtering out. Last time around -- in 2022 -- it was the Senate that approved the Sunshine Protection Act, not even using a recorded vote but passing it by unanimous consent. Then it died in the House as legislators grappled with constituents who were wary of ill effects on health. It won't pass the Senate by unanimous consent this time: Oklahoma Sen. Tom Cotton blocked such passage last fall and remains an ardent opponent. A Senate staffer told NBC News that Cotton will urge Senate Majority Leader John Thune to let the bill gather dust on his desk.  

Some Capitol Hill proponents aren't enthusiastic about its prospects. “I’m kind of digging the fact that we’re going to fix it, I hope,” Tennessee Rep. Tim Burchett told NBC. “See if the Senate takes it up. They probably won’t, but we’ll see.”

Tyler Durden Wed, 07/15/2026 - 15:25

US Utilities Requested $9.2BN In Rate Hikes In Q2, Up 26% From Previous Year

By Ethan Howland of UtilityDive

Electric and gas utilities in the second quarter asked state regulators to approve $9.2 billion in rate hikes, up 26% from the $7.3 billion in rate increase proposals filed in the same period last year, according to an updated report released Tuesday by the advocacy group PowerLines.

In the first half this year, utilities asked for $18.6 billion in rate hikes, down from about $25 billion in the same period last year, according to data collected by the nonprofit.

The report comes as average U.S. residential electric rates increased 7.3% from the year before to 18.8 cents/kWh in April, according to the U.S. Energy Information Administration. As a result, “regulators face mounting pressure to scrutinize utility spending plans while balancing the infrastructure investments that a modernizing grid genuinely requires,” PowerLines said.

The utility sector appears to be entering a capital investment “super-cycle” amid growing affordability concerns. Backlash to rising bills has prompted protests by consumers and their advocates, as well as new state laws intended to tackle the issue.

The Edison Electric Institute, a trade group for investor-owned utilities, estimates that IOUs will spend about $1.4 trillion from this year through 2030 on capital investments. EEI expects capital expenditures will jump 17% this year to nearly $239 billion, from about $204 billion in 2025.

Some utilities contend they can make the investments without significantly affecting their rates. FirstEnergy, for example, is proposing to increase its electric rates in Ohio over three years by about $392 million — partly to cover roughly $2.5 billion in planned capital expenditures. The company says this will increase average annual residential customer bills by less than 3% a year.

According to PowerLines and public filings, other rate hike proposals utilities filed in the second quarter include:

• Dominion Energy in Virginia is seeking about $1.5 billion across three rate requests;
• Oncor in Texas requested the largest single increase in the second quarter, at $1.2 billion, driven largely by transmission and distribution investments to meet demand from the oil and gas industry and data centers in the Permian Basin;
• We Energies in Wisconsin is seeking about $606 million in rate increases;
• DTE Energy in Michigan is seeking an increase of $474 million; and,
• Consumers Energy in Michigan is asking for a rate hike of $456 million.

The proposed rate increases in the Midwest total about $193 per customer, followed by $172 per customer in the South, $135 per customer in the Northeast and $110 per customer in the West, according to the data from PowerLines.

Utility regulators will scrutinize the rate hike proposals in the coming months.

“These requests, while often approved at a lower cost than utilities propose, have a high chance of reaching consumer bills in some form,” PowerLines said.

State regulators approved 58% of the total costs utilities sought to add to their rates from 2023 through 2024, the organization said.

U.S. residential customers paid 18.8 cents/kWh on average in April, up 7.3% from the year before, according to the latest data from the Energy Information Administration.

Those costs ranged from 12.4 cents/kWh in North Dakota to 46.6 cents/kWh in Hawai’i. The other highest cost states for residential customers were California at 35.3 cents/kWk, Connecticut at 32.2 cents/kWh and Massachusetts and New York at 29.5 cents/kWh.

Eversource Energy’s Connecticut Light and Power subsidiary is preparing to seek a $503 million rate increase, according to a May 20 filing at the Connecticut Public Utilities Regulatory Authority. If approved, it would increase residential rates by about 13%, the utility estimated.

CL&P said it would show PURA it has strategies to keep customer bills as stable and affordable as possible, while keeping the distribution system reliable.

Tyler Durden Wed, 07/15/2026 - 15:05

Ukraine Shake-Up: Zelensky Sacks Popular Defense Chief, & IDs CEO Of Naftogaz As Likely Next Prime Minister

Update(1410ET): FT is reporting late in the day Wednesday that Ukraine's 35-year old defense minister, Mykhailo Fedorov, who has grown in popularity for his 'reformer' reputation and for orchestrating the ramped-up drone war on Russia, has been sacked by Zelensky.

The shock move comes days after Yulia Svyrydenko, Zelensky's prime minister, was forced to step down, and amid a big cabinet shake-up. Zelensky had previewed huge changes coming.

As to who might be elevated as new prime minister, Zelensky has dropped a strong hint that the CEO of the state-owned energy company Naftogaz, Sergii Koretskyi, might be next in the spot...

“The priorities are clear – preparing for winter,” Zelenskyy said on Wednesday as Kyiv braces for another season of expected Russian strikes on Ukraine’s energy grid. “Therefore, following ⁠all the consultations, Sergii Koretskyi is surely the ⁠most prepared candidate for the post of prime minister of Ukraine.”

This is already unleashing a flurry of controversy and commentary Wednesday, with pundits scratching their heads and questioning whether Zelensky is actually just playing petty and jealous internal politics - despite the narrative on the war shifting:

Ukrainian MPs say that Zelensky decided to fire popular defense minister Fedorov, in yet another cabinet reshuffle.
Many Ukrainians (and not just Ukrainians) see this as Zelensky putting petty politics ahead of winning the war.

— Yaroslav Trofimov (@yarotrof) July 15, 2026

*  *  *

Ukraine's 35-year old defense minister, Mykhailo Fedorov, has only been in the top military spot for six months, but amid a new Zelensky-initiated major cabinet reshuffling, the FT reports that the military's top spot has been targeted as the next leadership change.

The report has been issued just on the heels of Prime Minister Yulia Svyrydenko's surprise removal, upon which Zelensky in a statement suggested a broader government overhaul is underway. "Ukraine is changing its political strategy," he made clear.

The Ukrainian leader is "expected to remove defense minister Mykhailo Fedorov, the 35-year-old architect of Ukraine's wartime defence technology drive, after just six months in the post as part of a major cabinet reshuffle," FT writes Wednesday.

via the Ukrainian Review

"Several senior figures close to Zelensky said the president had held conversations about replacing the minister as he prepares to unveil his new government on Thursday," the report adds.

The FT report suggests that the young defense chief's anti-corruption zeal is alienating powerful figures who wish for the wartime situation to be looser with less oversight:

"But defense industry officials, senior Ukrainian officials, MPs from Zelenskyy’s party and others familiar with the matter have said — some publicly — that Fedorov had been a barrier to interests seeking to profit from Ukraine’s vast wartime defence budget… Fedorov repeatedly blocked attempts to steer lucrative procurement contracts to favoured companies, which put him at odds with powerful figures inside Ukraine’s political and defence establishment, said people familiar with the situation."

And yet interestingly President Trump has of late issued positive praise of Ukrainian forces' accomplishments in the area of drone warfare against Russia.

Kiev has further been boasting of its drone tech, and is even seeking to market it abroad, especially in the Middle East where Gulf countries are hungry for better defenses against smaller suicide drones.

Fedorov has been widely seen as having rapidly implemented a transformative vision on this front. For example, earlier this week The Economist wrote:

Tensions simmered barely below the surface at a war-council meeting in early July. Ukraine’s military leaders had mostly good news for their president. Middle- and long-range drone operations were seeing continued successes. A campaign to isolate Russian-occupied Crimea was running ahead of schedule. But as Power Point slides were shown to the testosterone-filled room, the generals griped about missile and ammunition procurement. The focus of their criticism, Mykhailo Fedorov, the 35-year-old tech-savvy defence minister who is known—and occasionally mocked—for his Silicon Valley style presentations, responded in kind.

If it wasn’t for his emergency drone-purchasing decisions at the beginning of the year, which required borrowing money earmarked for salaries, there would be no Crimean operation to speak of. A witness to the proceedings describes “two different co-ordinate systems” in a clinch: “No common language, even if holding back from direct conflict.”

But it seems there's a lot of angst within military command ranks over the defense chief's reluctance to try and achieve parity with Russia in terms of conventional military hardware, which he might reason is a lose-lose pursuit anyway.

Ukraine scores another €300 million in European cash

Ukraine's Defense Minister Fedorov says Ukrainian defense companies will be able to get €260M to increase production, plus €35.3M in innovation grants

EU shows no sign of letting up on fueling the conflict pic.twitter.com/Qkb6JMgj6o

— RT Intl (@RT_on_X) July 15, 2026

In the meantime, Zelensky had started the week by saying, "The Cabinet of Ministers needs to be renewed." He explained that "Each priority area of foreign policy will be assigned to a specific person with substantial experience who is capable of implementing what we agree on at the leaders’ level and what the Ukrainian people expect," he described further of an impending reshuffle. Who is next on the chopping block?

Tyler Durden Wed, 07/15/2026 - 15:04

Trump Wants ICE To Resume Traffic Stops After Deadly Encounter In Maine

President Donald Trump declared Wednesday that Immigration and Customs Enforcement (ICE) should keep relying on traffic stops as a major enforcement tool, defending the practice after a string of deadly encounters involving immigration officers, including a recent fatal shooting of a Colombian illegal immigrant in Maine. 

In a Truth Social post on Wednesday, Trump commended ICE agents and pushed the agency to maintain vehicle stops, even as officials examine the approach after recent events in Maine, Texas, and Florida.

"The men and women of ICE are doing a Great job, one that has to be done," Trump wrote. "We must be strong, tough, and smart, and we Cannot give up one of I.C.E.'s most important and effective Crime Fighting tools, The Traffic Stop!"

Trump warned that giving up the tactic would seriously harm the mission to remove criminals from the United States.

"Once we do, we are playing right into the criminal's hands," he wrote. "I.C.E., be judicious, fair, and smart, and go back and do your very important job."

Trump also stepped up his attacks on former President Joe Biden’s immigration policies, stating in the post that millions of illegal immigrants had poured into the country without any controls and that ICE must stay "strong, tough, and smart" while executing deportations.

Enforcement Review After Fatal Encounters

As the Epoch Times notes further, Trump's remarks come as immigration officials review vehicle-stop procedures following several deadly incidents involving ICE agents.

Border czar Tom Homan told Fox News on July 14 that ICE had temporarily paused most vehicle stops nationwide while the agency examines whether changes to training or tactics are needed.

FBI investigators work the scene of an alleged ICE-involved shooting in Biddeford, Maine, on July 13, 2026. Joseph Prezioso/AFP/Getty Images

"It's not a policy change. It's a temporary pause," Homan said. "ICE leadership along with DHS believes they want to look at these last couple incidents and look: Is there something that could have been done better? Is there any training that can be improved?"

Homan said the review was unlikely to affect the pace of immigration-related arrests and expressed confidence that ICE agents would continue to use traffic stops when necessary, particularly in cases involving dangerous suspects.

"If we can arrest that alien outside that vehicle and take that two-ton weapon away from them, that's good in some instances," Homan said. "Other instances, we're still going to need to do vehicle stops for a significant criminal."

The review follows a July 13 shooting in Biddeford, Maine, where an ICE officer fatally shot a Colombian national during a traffic stop after the man allegedly attempted to flee. The Department of Homeland Security said the agent opened fire while "fearing for public safety."

The Maine incident came days after another fatal shooting involving ICE agents in Houston. Authorities said officers were searching for a different individual when they attempted to stop a vehicle driven by Mexican national Lorenzo Salgado Araujo, who allegedly rammed an ICE vehicle, prompting an officer to fire in self-defense.

A third man died in Florida on Tuesday after being struck by a tractor-trailer while fleeing immigration and other federal officers, according to authorities.

The recent incidents have intensified debate over ICE's enforcement tactics.

Sen. Susan Collins (R-Maine) said she had urged Homeland Security Secretary Markwayne Mullin to suspend "non-urgent vehicle stops" following the Maine shooting and welcomed the department's decision to review the practice.

Collins joined Sen. Angus King (I-Maine) and Reps. Chellie Pingree (D-Maine) and Jared Golden (D-Maine) in requesting an independent investigation by the Department of Homeland Security inspector general.

Trump, meanwhile, cast traffic stops as an indispensable part of law enforcement, calling on ICE agents to "keep those Crime Stat Records coming" and assuring them that they are "loved and respected in America."

Jack Phillips and Troy Myers contributed to this report.

Tyler Durden Wed, 07/15/2026 - 14:45

Beige Book: Economic Activity Picked Up In 11 Of 12 Districts; Only San Fran Flat As "Employers Invested In AI"

In a modest support of the Fed's recent hawkish pivot, the latest Beige Book released today notes that economic activity across the US improved moderately, increasing at a slight to moderate pace in eleven of twelve Federal Reserve Districts in late May and June, while one District (San Francisco) reported no change. The pace of growth was ever so slightly better than that reported back in June when activity expanded in ten Districts, was flat in one, and down in one.

Here are the big picture highlights:

• The Beige Book, which this month was prepared by the Chicago Fed, found that consumer spending edged up as higher prices, particularly for fuel, dampened sales in other categories. To that point, several Districts noted declines in spending on discretionary items or trading down to more affordable varieties.
• Tourism was up, with some Districts receiving a boost from World Cup visitors.
• Confirming that consumers are hunkering down and not splurging, auto dealers reported little change in sales, but spending on repairs grew as consumers held onto vehicles for longer.
• Agricultural conditions deteriorated due to lower commodity prices, higher input costs, and tighter credit.
• In the energy sector, oil and gas drilling increased, despite the recent drop in oil prices.
• Manufacturing production grew modestly to moderately in most Districts, led by stronger orders from the data center, machinery, and defense sectors. Manufacturers in several Districts said supply chain issues were more common.
• Construction and real estate activity increased slightly overall, with several Districts noting growth in data center building.
• Financial conditions were stable on net, and commercial and consumer loan volumes were both up modestly.
• Commercial loan quality was stable, but consumer loan quality ticked down.
• Transportation activity increased modestly amidst ongoing supply chain changes related to higher tariffs and the conflict in the Middle East.
• Overall, activity in other service industries also was up modestly, with Districts highlighting growth in health care and professional services.
• Social service providers were adjusting to funding declines while demand for basic supports—housing, food, health care—remained high.
• Contacts generally expected the economy to continue to expand in the coming months, but several Districts noted elevated uncertainty in the outlook for fuel costs.

The Beige Book next went through an analysis of Labor Markets: 

• Employment rose on balance, with five Districts showing modest, moderate, or solid gains in employment, and with seven Districts experiencing little to no change.  In the previous report, only one District had modest, moderate, or solid employment gains.
• Employment rose in a variety of industries, including manufacturing, construction, and retail.
• Skilled workers were difficult to find in a range of fields, notably technicians and tradespeople.
• Though there were reports of lower employment in a couple of Districts, the declines were small.
• Wage growth was modest to moderate in most Districts, though two saw only slight wage increases. Some wage increases were attributed to increased competition for skilled workers.
• A few Districts noted that firms had increased their usage of AI, either in the hiring and screening of potential employees or to boost worker productivity.

Prices

• Prices increased moderately overall, with nine Districts reporting moderate growth, two robust growth, and one slight growth; compared with the last reporting period, price growth was the same or slower in all Districts.
• Non-labor input costs increased for a variety of industries—including services, construction, and manufacturing—and reflected in part higher costs for energy, transportation, and raw materials.
• Some contacts tied these cost increases to the conflict in the Middle East; others mentioned tariffs.
• Consumer prices continued to rise, and a few Districts said contacts saw greater price sensitivity among their customers.
• A couple of Districts reported that selling prices grew less than input costs over the period, crimping margins.
• Expectations for price growth over the coming months varied across Districts, with contacts in some expecting inflation to continue at its current pace, while contacts in others expected inflation to slow, in part due to falling fuel prices.

Highlights by Federal Reserve District

• Boston: Economic activity expanded slightly. Employment was flat, with some isolated layoffs, and wages rose at a slight pace. Cost pressures remained elevated, but output prices increased only slightly. Consumer spending rose modestly overall, buoyed by the World Cup, but discretionary spending softened among low- and moderate-income households. The outlook improved on balance.
• New York: Economic activity increased modestly, as service sector activity picked up after a long period of weakness. Employment increased modestly, with larger firms starting to hire for growth. Input prices rose strongly under pressure from tariffs and energy costs, though selling price increases remained moderate. Businesses became more optimistic.
• Philadelphia: Economic activity rose slightly in the current period, up from a slight decrease in the last period. Nonmanufacturing activity picked up, while manufacturing activity again rose modestly. Employment again declined somewhat. Wage inflation held steady at a modest pace, and prices continued to grow moderately. Manufacturers have more widespread expectations for future growth than nonmanufacturers.
• Cleveland: Fourth District business activity increased modestly, with faster growth anticipated in the coming months. Manufacturing demand rose moderately, while retailers continued to face soft demand due to higher fuel prices. Higher fuel costs filtered through to both selling prices and wage pressures. Selling prices rose at a robust pace.
• Richmond: The regional economy expanded moderately this cycle as consumer spending continued to grow despite some shifts in consumer behavior, even among higher income consumers. Business activity was generally reported as modestly growing, and employment grew modestly as well. Manufacturing output also increased modestly while producer prices were little changed despite rising input costs. Overall price growth remained moderate.
• Atlanta: Economic activity grew modestly. Employment levels remained largely flat. Wages rose moderately, and prices increased at a moderate pace. Consumer spending expanded modestly. Residential and commercial real estate were little changed. Transportation and manufacturing rose modestly. Energy activity was stable, but agricultural conditions worsened. Lending increased at a modest pace.
• Chicago: Economic activity in the Seventh District increased modestly over the reporting period. Manufacturing demand rose moderately; employment rose modestly; consumer spending, business spending, and construction and real estate activity increased slightly; and nonbusiness contacts saw a small increase in economic activity. Prices rose moderately, wages were up modestly, and financial conditions tightened slightly. Farm income expectations for 2026 edged down.
• St. Louis: Economic activity has slightly increased. Employment was unchanged, and wage growth was moderate. Prices rose at a robust pace, and increases were widespread. The outlook remains unchanged, with contacts noting that persistent uncertainty and elevated fuel costs continue to weigh on overall conditions.
• Minneapolis: The District economy expanded slightly. Employment grew modestly, and contacts reported that labor availability increased. Wage growth was modest to moderate. Prices increased moderately, but input price pressure remained elevated. Retail contacts reported greater discretion among consumers. Services, construction, commercial real estate, and manufacturing activity increased. Agricultural conditions deteriorated.
• Kansas City: Economic activity expanded slightly within the Tenth District, which was supported by increased manufacturing activity. Inflationary pressures continued to compress profit margins, prompting firms to make pricing and investment adjustments. Contacts expect slight growth over the next six months.
• Dallas: Economic activity in the Eleventh District rose moderately. Growth picked up in the banking, energy, and service sectors but moderated in manufacturing. Retail sales improved, and the real estate sector was mixed. Employment strengthened, and wage pressures rose. Outlooks were stable to positive, though inflation, the level of demand, and geopolitical and domestic policy uncertainty remained sources of concern.
• San Francisco: Economic activity was stable but somewhat muted. Employers held head counts steady and invested further in AI. Prices increased moderately, while wages rose slightly. Retail sales and demand for services edged down. Manufacturing activity rose modestly, while agriculture activity was unchanged but weak. Conditions were steady in real estate and financial services.

More in the full Beige Book 

Tyler Durden Wed, 07/15/2026 - 14:30

Fort Knox Standoff: Bessent Says All The Gold Is There, Says America 'Used To Be Backed' By It

U.S. Treasury Secretary Scott Bessent has once again assured the public that America's gold reserves remain fully intact, pushing back against years of speculation surrounding the legendary vaults at Fort Knox. In a Fox News interview with Jesse Watters that aired Monday night, Bessent reiterated his standing assurance that every ounce of the nation's bullion is "present and accounted for" - while making no plans to visit the Kentucky depository himself.

"I am happy to say all gold is present and accounted for. The U.S. has the largest pile of gold in the world, over a trillion dollars, at current market value," Bessent told Watters. 

FORT KNOX GOLD CONFIRMED 🚨

Treasury Secretary Scott Bessent says all US gold is present and accounted for.

Over $1 TRILLION in gold.

The largest gold pile in the world.🇺🇸 pic.twitter.com/Hr9LKBPlyd

— Wall Street Gold (@WSBGold) July 15, 2026

His comments come amid renewed calls from lawmakers and gold advocates for a comprehensive, independent audit - the first large-scale public verification since 1974.

But as ZH contributor Phoenix Capital Research notes, Bessent prefaced his comment with something even more interesting...

Treasury Secretary Scott Bessent appeared on Fox News business yesterday. During the conversation with Jesse Waters, he made several key statements.

One of them… “we [the $USD] used to be backed by silver, sometimes gold.”

And a few moments later regarding Fort Knox…

“all gold is present and account for… the U.S. has the largest pile of gold in the world, over a $1 trillion at current market value.”

Officially, the United States holds the world's largest gold stockpile, valued at more than $1 trillion at current market prices. According to Treasury data, the Fort Knox depository alone contains 147,341,858.382 fine troy ounces of gold - roughly 56% of the federal government's total reserves, and about 59% of the bullion held in the Mint's deep storage. Additional holdings are stored at West Point, Denver, and the Federal Reserve Bank of New York.

Also officially, no gold has left Fort Knox in any significant documented capacity since 1974, aside from limited testing samples. Bessent has said he has no plans to travel to Kentucky himself, pointing instead to the Treasury's annual internal verifications and offering to arrange a visit for any senator who asks.

The U.S. shifted to a pure fiat currency system in the 1970s, ending the requirement to back paper money with gold or silver.

Yes, what happened with the audit at Fort Knox? https://t.co/Xbh03T3TlK

— zerohedge (@zerohedge) July 8, 2025 Book Value vs. Market Reality

A major source of public confusion lies in how the gold is valued on the government's books. Federal law still prices gold at the statutory rate of $42.2222 per fine troy ounce, frozen since 1973. At that rate, Fort Knox's holdings carry a book value of approximately $6.2 billion.

At spot prices that have recently traded near $4,500 per ounce, however, the same gold is worth on the order of $660 billion on the open market. This massive gap between accounting value and real-world worth continues to fuel debate over transparency and potential revaluation.

The National Gold Bullion Depository at Fort Knox

Bessent has repeatedly cited annual internal audits by the Treasury Department's Office of the Inspector General as proof the reserves are secure. These reviews reconcile records and conduct limited sampling of vault compartments rather than physically weighing and assaying every single bar. That said, Bessent addressed the idea of revaluing the US's gold last year while discussing sovereign wealth fund plans, stating it was "not what I had in mind."

The last major public inspection took place in 1974, when a congressional delegation and journalists were allowed inside. A smaller visit occurred in 2017 involving then-Treasury Secretary Steven Mnuchin and Kentucky lawmakers.

That decades-long gap has prompted sharp criticism. Kentucky Republican Rep. Thomas Massie introduced the Gold Reserve Transparency Act, which would require the Government Accountability Office to conduct a full independent audit of all U.S. gold holdings and repeat the process every five years. The bill has not advanced.

President Trump has kept the question alive himself. Asked in a May interview what happened to the Fort Knox audit he and Elon Musk once championed, Trump said: "I do want to go to Fort Knox sometime. I want to see if the gold is there, which I'm sure it will be."

Trump's 250th Anniversary Coins Move Forward

Bessent's remarks came in the same interview in which he showed off the Treasury's commemorative currency plans for America's 250th anniversary - and there are two distinct Trump coins in motion.

The first is a special 24-karat gold coin approved unanimously by the U.S. Commission of Fine Arts in March 2026, depicting Trump from the waist up with his fists on a desk. Authorized under the Treasury secretary's statutory authority over gold coinage, it will be struck in an extremely limited run - reportedly just 47 pieces, each containing roughly $90,000 worth of gold - with no on-sale date yet set.

The second is a legal-tender $1 semiquincentennial coin bearing Trump's likeness, intended for circulation. On July 15, Bessent posted an image of it on X and announced that minting is moving ahead:

"As America commemorates 250 years of independence, the U.S. Mint will begin striking this new $1 gold coin to honor the enduring legacy of liberty and a lasting symbol of patriotism. Featuring President Trump, it celebrates the strength of American values, and the promise of a nation dedicated to preserving freedom for all."

Federal law generally bars living persons from appearing on U.S. currency, and critics note the 2020 law the Treasury cites for the $1 coin prohibits living-person portraits on a coin's reverse. Bessent defended the plan to Watters directly: "As Treasury Secretary, I only have two mandates: The currency has to say, 'In God We Trust,' somewhere on it, and there cannot be an image of a living person," he said, distinguishing paper money from coinage. "During that 150th, there was a Calvin Coolidge coin. So, we can put living people's images on a coin." The coins are expected in limited quantities later in 2026 or into 2027, with a court fight over the circulating design considered likely.

Massie Compares To Rome

On Tuesday, Rep. Massie drew a historical parallel on X between pending U.S. coinage reforms and the currency debasement practiced by Roman emperors. He pointed to legislation that would allow cheaper metal alloys for nickels while preserving size, weight, and vending-machine compatibility.

Gold coin image shared by U.S. Treasury Secretary Scott Bessent on Wednesday, July 15, 2026. Image source: X. Tyler Durden Wed, 07/15/2026 - 14:22

US Gasoline Prices Could Top $4 Per Gallon Within Days

After several weeks of reprieve for drivers, the US national average price of gasoline could top $4 per gallon within a week, as crude oil prices rallied by about 12% in the three days since Friday amid the all-but-collapsed U.S.-Iran ceasefire.

The renewed hostilities in the Middle East have fueled a new crude oil price rally this week, while tight fuel markets globally are also pushing US prices at the pump higher, OilPrice notes.

“I've seen enough and believe the national average price of gasoline will again reach $4/gal in the next 7-10 days, if not sooner,” Patrick De Haan, head of petroleum analysis at GasBuddy, wrote late on Monday, when crude had surged by 9% on the day following the announcement of U.S. President Donald Trump that the U.S. blockade on Iran would be re-imposed on July 14.

GasBuddy’s key analyst expects price increases of $0.15-0.45 per gallon, depending on price cycling, in the next week or so.

Early this week, the average U.S. national price of gasoline rose for the first time since May, as the re-escalation of hostilities in the entire Middle Eastern region prompted an oil rally with prices hitting more than one-month highs.

As of the end of the day on July 14, the national average was $3.8590 per gallon, according to AAA data. That’s up from the $3.79 average from a week ago.

“The pain at the pump is about to intensify, and this time it's not one story driving it, it's two,” GasBuddy’s De Haan wrote earlier this week, noting the double gas price whammy of the re-escalation in the Middle East and Ukraine systematically knocking out Russian refining capacity.

“I now expect the national average price of gasoline to reach $4 per gallon in the next 7-10 days, if not sooner, while the U.S. average diesel price is likely to again reach $5 per gallon by the end of this week, potentially as soon as Friday,” De Haan said.

Tyler Durden Wed, 07/15/2026 - 14:20

UN Maritime Boss Warns Ships To Avoid Hormuz As Transits Continue

The International Maritime Organization warned Wednesday that the Strait of Hormuz remains too dangerous for commercial shipping, even as vessels continue to transit the narrow waterway.

US Central Command said its latest round of strikes against Iranian coastal military targets concluded early Wednesday. Tehran retaliated with missile and drone attacks against US-allied Gulf states while continuing to disrupt some maritime traffic through the strait.

Yet commercial ships are still transiting, suggesting Iran's ability to fully weaponize the maritime chokepoint is gradually eroding under sustained US air and naval superiority.

Speaking on Bloomberg Radio, Arsenio Dominguez, the secretary general of the IMO, said the waterway remains dangerous and unsafe for tankers and bulk cargo ships.

"I will maintain the message of upholding international law, for countries to do the same thing, and for companies — at this stage, particularly with the volatility — not to take risk to transit through the strait of Hormuz," Dominguez said.

Dominguez's warning appears to be ignored by some ships.

Strait of Hormuz risks deepen despite slight rise in crossings

Vessel activity through the Strait of Hormuz increased slightly on 14 July, with 21 confirmed crossings recorded, according to #MarineTraffic data. Commercial traffic accounted for most movements, including vessels… pic.twitter.com/oIkrtu2kGl

— MarineTraffic (@MarineTraffic) July 15, 2026

Bloomberg data show that vessel traffic continues in the narrow waterway, at lower volumes than last week, even as fighting between the US and Iran intensified overnight.

With or without Tehran's cooperation, US-allied Gulf countries are in the beginning innings of what we've described as a "great energy rewiring"...

Latest:

• Great Rewiring: US Supports Iraq-Syria Oil Pipeline To Erode Tehran's Hormuz Leverage
• Dubai's New East Coast Port Signals The Beginning Of End For Iran's Hormuz Leverage
• "Zero Hormuz Dependency": UAE Races To Rewire Energy Flows, Bypassing Chokepoint Chaos
• Hormuz Bypasses Maxed Out: Saudi East-West Pipeline Hits Record 7 MMb/d, As UAE Fujairah Crude Loadings Reach Capacity

We compiled evidence for readers showing that US-allied Gulf countries are poised to undertake a generational rewiring of regional energy flows to bypass the Hormuz chokepoint. Over time, that infrastructure buildout - from pipelines to ports - could render Tehran's leverage over the critical waterway increasingly irrelevant.

Tyler Durden Wed, 07/15/2026 - 14:00

Iraqi Militia Vows To Disrupt Any Future Iraq-Syria Oil Pipeline: US 'Stealing Our Oil'

Via The Cradle

US and Iraqi officials are set to conclude a major energy deal as part of Prime Minister Ali al-Zaidi’s visit to Washington this week, according to Iraqi officials cited by AP Wednesday.

"An agreement is slated to be signed Friday between Iraq, US companies Chevron and TI Capital, and Qatar’s UCC for construction of an oil pipeline that will connect southern Iraq’s Basra to western Iraq’s Haditha," the officials said.

via Reuters

The pipeline is meant to extend from Haditha to Turkiye’s Ceyhan port and the port of Baniyas in Syria. 

The details of the reported agreement were not discussed publicly during meetings between Zaidi and US President Donald Trump in the Oval Office on Tuesday. Neither the US president nor the Iraqi premier mentioned the deal. AP referred to it as a “significant energy deal.”

A senior Trump administration official said later on 14 July that Washington is “facilitating conversation” between Iraq and Syria regarding potential future energy projects.

Meanwhile, Iraqi pro-Iran resistance faction Al-Nujaba Movement warned against making deals with Washington in Iraq.

“[Trump] will not continue living under the illusion of stealing Iraq's oil and wealth, whether through direct theft or under the cover of suspicious investments. The Islamic resistance will continue confronting US forces and drive them from Iraq's land and skies,” the movement’s leader Akram al-Kaabi said in a statement on Wednesday.

The new Iraqi prime minister’s visit to Washington is expected to last until Saturday. 

On Tuesday, the premier said that Iraq deserved an equitable allocation within OPEC, coming during discussions with Trump in the Oval Office. His comments were a response to questions on whether Iraq was considering withdrawing from the oil producers' alliance.

“Iraq is one of the founding members of OPEC ... Our right is to receive a fair share for Iraq,” Zaidi said to reporters during the meeting with Trump. 

“The damage suffered by Iraq exceeds $400 billion, and to this ⁠day some Iraqis still have destroyed homes and are living in camps. I have a plan to return them to ⁠their homes, and that is why I want a fair share for Iraq in OPEC,” the Iraqi premier went on to say. 

During the meeting at the Oval Office, Trump called Zaidi “young” and “handsome,”  and that he had “tremendous chemistry” with the new Iraqi prime minister. 

In a press briefing between the two leaders, Baghdad and Washington announced that US combat troops would withdraw from Iraq by September 30. 

Zaidi was sworn in as premier in May this year, succeeding former prime minister Mohammed Shia al-Sudani. This came after the president had threatened to “cut off” Iraq completely if Nouri al-Maliki – a former Iraqi premier with ties to Iran – was re-elected. 

Despite initially vowing to continue running, Maliki ended up withdrawing his candidacy. “Mark my words, I knew what I was doing,” Trump said as he sat near Zaidi in the Oval Office on Tuesday.

“This man is going to be a great leader … beyond Iraq. His influence is going to spread all throughout the [region],” he said, referring to Zaidi. Zaidi’s visit coincided with reports of a major escalation of US pressure tactics, aimed at forcing the Iraqi resistance to surrender its arms.  Sources told the New Arab on Wednesday that Washington has “hardened its stance” against resistance factions in the country. 

Trump: Soleimani—I killed him…a very bad person from Iraq happened to be killed in that same incident . So I don't know if I did you a favor or not. I've never asked you that question.

Iraq PM: I was not in politics…. I'd like to talk about the future pic.twitter.com/8GDvhUadTD

— Acyn (@Acyn) July 14, 2026

The Trump administration has adopted a significantly more coercive approach than its predecessors to disarming the Iraqi resistance, stepping up pressure on Baghdad in recent months to dismantle the resistance factions swiftly.

Washington reportedly froze security programs with Baghdad and blocked dollar shipments to the country earlier this year to pressure Iraq into dismantling Iran-backed resistance groups.

Late last month, Baghdad issued a 30 September deadline for the disarmament of all armed factions in Iraq, including resistance movements.

After months of heavy US pressure, some armed organizations have agreed to turn over weapons to the state. Many others, including resistance groups Kataib Hezbollah and Al-Nujaba Movement, have refused.

Iraqi resistance groups demand a full US withdrawal, rather than the “transitional” pullout agreed on between Washington and Baghdad, which will see Washington shift from a “combat” to an “advisory” role, while still retaining a military presence in the country.

Tyler Durden Wed, 07/15/2026 - 13:40

Pennsylvania Data Centers Face Increased Oversight Under New Law

By Diana DiGangi of UtilityDive

Pennsylvania's Democratic Governor Josh Shapiro, signed a budget Sunday which will require data centers to report their exact water and power usage annually to the state. It also requires the PJM Interconnection to give Pennsylvania state regulators additional insight into its demand forecasting.

“The current process by which utilities submit information to PJM lacks transparency for policymakers, regulators and stakeholders,” states House Bill 1924, which was folded into Pennsylvania’s 2026-2027 budget. “There is a need for oversight by the Pennsylvania Public Utility Commission to ensure accuracy and transparency of load-forecast inputs.”

Data centers in the state will now be required to compile an annual report containing information such as their “estimated average amount of energy usage per hour during the data center’s peak load,” the provision states.

The provision in the budget also requires data centers to submit total energy consumption for the previous calendar year, an estimate of the projected total energy demand for the following year, and “any measures undertaken to generate electricity on site or off site to reduce carbon emissions or impacts on the electric grid, including the specific energy source, and any potential future measures to generate electricity or other form of energy on site or off site,” it states. 

Data centers that fail to comply with the new reporting requirements will be fined $10,000 per day until their report is submitted, according to the budget.

The state Department of Environmental Protection will publish an annual report on the “aggregate energy consumption and water consumption trends for data centers operating [in the state], including environmental impacts and recommendations to address identified issues.”

Data center development in Pennsylvania has boomed, with utility PPL Electric reporting in May that its “advanced” stage data center pipeline had jumped 12% in three months, from 25.2 GW to 28.3 GW expected by 2034.

The PJM language in the budget will help state agencies “better understand future electricity needs as demand continues to increase,” said state Sen. Gene Yaw, R, who sponsored the original legislation, in a Monday release.

Shapiro was one of the PJM state governors who in September threatened to pull their states out of PJM’s markets unless they were given a role in governing the organization. “If PJM refuses to change, we will be forced to go in a different direction,” he said. “That is not a path that I am eager to chart, but I am not willing to stand idly by and let PJM dictate our future.”

An October memo about the legislation, circulated by Yaw and Sen. Nick Miller, D, said that “the process by which utilities and load-serving entities submit information to PJM is opaque, and policymakers, regulators, and stakeholders lack confidence in the data’s reliability.”

The Pennsylvania PUC “showed one utility is projecting its load to grow over the next 9 years by over 200% while the next closest utility was at 11% over the same period,” the memo said. “Such a wide disparity raises questions about how Pennsylvania utilities are evaluating requests for new service from large customers and relaying that information to PJM.”

The legislation gives the Pennsylvania PUC the authority to “review and validate load forecasts submitted by Pennsylvania utilities to PJM,” “coordinate with PJM and other state regulators to ensure accuracy and prevent duplicative counting of projects and contracts,” and “access all relevant materials necessary to carry out this oversight,” the memo said.

Tyler Durden Wed, 07/15/2026 - 13:00

SpaceX Shares Fall Below $135 IPO Price, But The Real Story Is Its Bonds

SpaceX has slipped below its much-hyped $135 IPO price, and down 40% from the all time high hit during the June 15th gamma squeeze when the stock surged above $220 if ovenright trading, an "inevitable outcome" according to Bloomberg, which lends some validation to the skepticism surrounding "a valuation that always relied more on imagination than observable fundamentals."

Wall Street’s price target estimates spanned from roughly $60 to $800 (from Raymond James), a forecast that was 5x above the IPO price...

... a remarkable range that underscored just how little conviction existed around intrinsic value, and where all the upside is based on the Musk "story.".

As Bloomberg's Brendan Fagan writes, "when analysts cannot even agree within hundreds of billions of dollars on what a company is worth, valuation becomes an exercise in storytelling rather than finance." Not like that should have been a surprise: after all, this was expected from the journey that Tesla shares have been on.

While the recent price action does not settle the debate over SpaceX’s long-term potential, but it does suggest the market is becoming less willing to pay almost any price for that uncertainty.

But while the SPCX stock price is notable, the real story is not in the stock but rather the company's brand new $25BN bonds due 2056, which have been a one-way street lower since breaking for trade on June 24...

... and which now yield a junkbond-esque 7.5%. 

The issue here, no pun intended, is that the rout of particular bond has pushed the Goldman hyperscaler bond basket to a new record wide as we noted earlier... 

Hyperscaler bond basket: another day, another record wide https://t.co/Ge41UpsaL9 pic.twitter.com/nssT8MoTeH

— zerohedge (@zerohedge) July 15, 2026

... and prompted Bloomberg to paraphrase what we said over the weekend, in its "Before the Bell" this morning, writing that "Signs of Hyperscaler credit stress has reached the highest since Goldman Sachs launched the basket in February. The data-center building boom has sparked an explosion of debt funding, with investors not paying enough attention to the terms of their lending."

For those who missed it, here is our article from this weekend "Carnage" In The Hyperscaler Bond Market: Did Goldman Just Pop The AI Debt Bubble, in which we explained that the bond market is almost at capacity, and will barely be able to digest any more bond issuance. Which, in a world where trillions in future capex have to be funded almost entirely by new debt issuance...

The corporate bond market threw a tantrum at "just" $250bn in IG bonds YTD.

So how do we get to $8 trillion... or $4.https://t.co/pA7aONbtiy https://t.co/8PamQYA6FH

— zerohedge (@zerohedge) July 15, 2026

... is suddenly a very big problem.

Tyler Durden Wed, 07/15/2026 - 12:44

Legionnaires' Cases Rise In Manhattan's Upper East Side As Dozens Of Cooling Towers Test Positive

Authored by Kimberley Hayek via The Epoch Times,

New York Health officials have identified dozens of cooling towers in Manhattan’s Upper East Side that tested positive for traces of Legionella bacteria, as Legionnaires’ disease cases reached 63 as of Tuesday. So far, 12 people are currently hospitalized, and 40 have been discharged from the hospital.

The New York City Department of Health and Mental Hygiene published a list this week detailing building cooling towers where initial PCR tests were positive for the bacteria.

Owners must drain, clean, and disinfect those cooling towers immediately. Many have already completed the work, with a few pending, according to numbers published by officials.

The towers with positive PCR results, according to the health department’s July 14 update, include 60 East End Avenue, 100 East End Avenue, 180 East End Avenue, and a long string along Madison, Park, York, and Fifth avenues, plus blocks of East 78th through 95th streets.

A handful still show cleaning pending, including 80 East End Avenue and 90 East End Avenue. The department posted exact addresses and street numbers, down to 300 East 83rd Street, which had an unregistered tower.

Confirmed cases climbed to 18 by July 5, an increase from 10 just days prior. They are clustered in ZIP codes 10028, 10128, and 10075, which are located in Yorkville and Carnegie Hill, as well as a stretch east of Central Park.

No deaths have been reported thus far.

Symptoms for legionnaires’ disease include fever, chills, cough, and muscle aches, and it spreads when people inhale mist from contaminated water, not from person-to-person contact. The symptoms usually appear 2–10 days after exposure, according to the U.S. Centers for Disease Control and Prevention.

The disease is treatable with antibiotics. Nonetheless, approximately 1 in 10 cases can be fatal, especially in older adults, smokers, and those with weakened immune systems or chronic lung disease. Cooling towers on rooftops are often the source of these outbreaks through warm, stagnant water.

Health Commissioner Dr. Alister Martin urged people to be on the lookout for symptoms.

“Any New Yorkers who currently live or work in this area or people who have visited the area since late June and are experiencing flu-like symptoms, such as cough, fever, or difficulty breathing, should contact a health care provider immediately,” the department said in an earlier statement.

“This is not an issue with any building’s plumbing system,” the health department noted.

Legionnaires’ disease is a form of pneumonia caused by Legionella bacteria, which thrive in warm water. It produces flu-like symptoms, and if left untreated, complications can become serious or even fatal.

When multiple cases emerge within a neighborhood—known as a community cluster—the exposure often traces back to sources such as cooling towers, hot tubs, or spray fountains. When cases cluster within a single building instead, the source is usually the building’s plumbing system, particularly its hot water system. In these situations, residents can be exposed to the bacteria through water mist while showering.

Last summer, a cluster in Central Harlem made 114 people sick and killed seven. That one was also connected to cooling towers.

Tyler Durden Wed, 07/15/2026 - 12:40

Alibaba's Qwen AI Will Be Integrated Into Apple Phones In China Amid Push For Local Models

Apple is starting to take cost-cutting (and Chinese supply chains) very seriously.

Just days after reports that the smartphone giant will use China's DRAM pioneer CXMT (which just priced its IPO) for local memory as a cheaper alternative source to ridiculously overpriced DRAM sourced from the memory cartel triad of Samsung, SK Hynix and Micron, this morning Reuters reported that BABA Qwen AI - much cheaper but just as efficient as most US frontier models - will be integrated into Apple Intelligence in China.

US-listed shares in of Alibaba rose 6% on Wednesday after the company confirmed to CNBC that the Qwen AI model will be integrated into Apple systems in China. 

“Qwen will be integrated into Apple Intelligence experiences within iOS, iPadOS, macOS, and visionOS for users in China,” an Alibaba spokesperson told CNBC. 

The Cyberspace Administration of China included Apple AI services on a list of approved providers, which included products from homegrown companies like Huawei.

The decision follows a long route to a Beijing greenlight for Apple’s AI service since the offering was first announced in 2024. In that time, the technological rivalry between the US and China has intensified as both countries race for dominance in AI.

The Apple-Qwen integration gives users the ability to access the model’s capabilities, “like text and image understanding and generation, without needing to jump between tools,” the Alibaba spokesperson added.

It comes after CNBC reported that Apple is in talks with a small Silicon Valley company that says it can shrink powerful artificial intelligence models enough to run directly on an iPhone, the startup’s CEO told CNBC on Tuesday. PrismML, a Khosla Ventures-backed spinout from the California Institute of Technology, publicly released compressed versions of Alibaba’s open-source Qwen model on Tuesday. The company said it reduced the model from roughly 54 GB to less than 4 GB, allowing all 27 billion of its parameters to run on an iPhone 15 or newer.

Meanwhile, in a stealthy push for local (i.e., "on your cell phone") models, earlier this week Bloomberg reported that Apple's planned M7 Ultra chip is being designed to support up to 1.5 TB of unified memory and to push AI performance toward the class of Nvidia's Blackwell accelerators. Why? To give the company's upcoming local LLMs access to as much DRAM as possible so the company is not confined to the cloud.

Apple's M7 Ultra chip coming in 2029 is rumored to support 1.5TB of RAM.

This would make the processor much more capable for on-device AI. pic.twitter.com/7162RWZjpN

— AppleTrack (@appltrack) July 12, 2026

We previously looked at the Chinese LLM scene in two extended articles recently, the first one showing how rapidly China's open models are catching up to the latest frontier offerings in the US (see "Are Chinese AI models a better value than US models")...

... and the second one drilling down into each and every AI model in what we called the "definitive Chinese LLM primer."

Source: Goldman

We also did an extended overview of the Alibaba offering which increasingly appears primed to take on the leading US frontier models; the schematic is summarized below.

Source: Goldman

Much more in the full reports (here and here).

Tyler Durden Wed, 07/15/2026 - 12:20

Standard Nuclear Slashes IPO Size As Nuclear Comps Collapse

Standard Nuclear reset its IPO terms sharply lower as recent nuclear peers have watched their stock price crater after debuting on the public market. 

The TRISO fuel manufacturing company originally targeted 18.25 million shares at $18-$21, for up to $383 million in proceeds and an implied valuation as high as $3.55 billion. It has now filed to sell 10 million shares at $15, raising $150 million with a fully diluted market value around $2.4-2.7 billion.

The adjustment reflects cooling sentiment toward newer nuclear public vehicles. While some established or better-capitalized names have held up, others that listed via SPAC or IPO have had their stock prices obliterated.

Terrestrial Energy (IMSR), which went public in late 2025, trades under $6 after falling more than 70% from its highs. 

Hadron Energy (HDRN), a micro-modular reactor play that listed earlier this year, has dropped roughly 80% from its post-deal peaks and now trades around $2 with a market cap near $140 million.

Standard Nuclear reported just $3 million in revenue for the twelve months ended March 31, 2026, against a net loss of approximately $15 million. At the original top-end valuation of $3.55 billion, that implied a price-to-sales multiple over 1000x. The revised valuation doesn't improve the multiple very much, but it's worth noting that the company at least has revenue compared to some of its other nuclear peers.

The company produces TRISO fuel for advanced reactors and claims the only privately funded industrial-scale line in the US after acquiring assets from the Ultra Safe Nuclear bankruptcy. 

BWXT already manufactures and has delivered TRISO fuel for Department of Defense programs such as Project Pele and continues expanding capacity. 

Newer players include Kairos Power, which uses TRISO in annular pebbles for its fluoride salt-cooled design and is collaborating with BWXT on commercial production scaling, and X-Energy with its TRISO-X fuel for the Xe-100.

Markets are applying greater scrutiny to nuclear valuation and timelines even as long-term demand tailwinds from AI power needs remain intact. Capital is clearly no longer flowing indiscriminately to every nuclear story that reaches the public tape.
 

Tyler Durden Wed, 07/15/2026 - 12:00

Trump Says FBI Wasting Time If It Probes Conspiracy Theories About Graham's Death

Authored by Aldgra Fredly via The Epoch Times,

President Donald Trump said on July 14 that he was aware of the conspiracy theories surrounding Sen. Lindsey Graham’s (R-S.C) sudden death but said that any FBI investigation into them would be a waste of time.

Trump was responding to a reporter’s question at the Oval Office about why FBI agents were at the senator’s residence and whether there were any updates on the possible probe into his death.

“Well, I don’t know why because I think he had a problem. His father had a very similar problem, as you know. It’s very unique,” the president said, referring to Graham’s health issues.

“I don’t see a lot of evil there. I know there’s all sorts of conspiracy theories going on and I think the FBI is wasting their time if they’re doing that.”

Graham passed away on July 11 after what his office described as a “brief and sudden illness.”

Preliminary findings by the medical examiner suggest that Graham died from an aortic dissection due to arteriosclerotic cardiovascular disease, which is considered an aorta rupture stemming from hardening of his arteries, according to his office.

Trump said that Graham’s condition was difficult to detect, although he noted that the late senator had previously complained about having a “bad back.”

“I wish he took better care of himself,” the president told reporters.

“What happened is actually something that’s very hard to detect. It was not related to any blockage. It was a totally different thing.

“I’ve watched all the medical reports. I’ve had the doctors from the White House come in and explain what happened. And this is something that is very, almost undetectable. And if it happens, there’s not much you can do about it.”

Trump: 'A part of Lindsey's body literally BLEW up' pic.twitter.com/5uwHasvYWQ

— RT (@RT_com) July 14, 2026

The Epoch Times reached out to the FBI for comment but did not receive a response by publication time.

FBI Director Kash Patel speaks during a press conference in Washington on April 27, 2026. Madalina Kilroy/The Epoch Times

FBI Director Kash Patel said in a July 12 post on X that the FBI was “assisting local authorities and has made every necessary resource available,” but did not elaborate.

Graham had just returned from a trip to Kyiv, Ukraine, where he announced on July 10 that he and other senators had reached ​an agreement with the Trump administration to move forward with updated legislation on Russia sanctions.

The legislation, which Graham had been ​working on with fellow Republicans and Democrats for months, would impose sanctions on countries doing business with Russia, including buyers of its ‌energy exports.

Graham, who met with Ukrainian President Volodymyr Zelenskiy in Kyiv on the same day, said the ​agreement meant the legislation could move forward, giving Trump fresh tools to help end the Ukraine–Russia war, which is now in its fifth year.

“We’ve reached an agreement with the White House on a version of the Russian sanctions bill that they will support. It means it’s ​going to become law,” he told reporters, wrapping up his 10th visit to Kyiv.

Following Graham’s passing, South Carolina Gov. Henry McMaster announced on July 13 that he had appointed Graham’s sister, Darline Graham Nordone, to serve the remainder of the late senator’s term, which is set to expire in January 2027.

Tyler Durden Wed, 07/15/2026 - 11:40

Wisconsin Panel Finds Elon Musk Likely Broke The Law With $1 Million Voter Checks

Authored by Kimberley Hayek via The Epoch Times,

A bipartisan Wisconsin elections panel has determined there is probable cause that Elon Musk broke state law by offering two $1 million checks to voters during last year’s hotly contested Supreme Court race.

The Wisconsin Elections Commission voted 5-1 last week to file two complaints against the billionaire with Brown County District Attorney David Lasee. Prosecutors have 40 days to decide whether to file criminal charges under the state’s election bribery statute. That law blocks offering anything of value to entice someone to vote.

The complaints arose from Musk’s actions in the days before the April 1, 2025, election. He posted on X promising $1 million prizes and gave out two oversized checks at a Green Bay rally to supporters who signed a petition against “activist judges.” The recipients were Nicholas Jacobs and Ekaterina Diestler.

The commission said Musk’s social media promise and the public giveaway were meant to induce individuals to vote in that Supreme Court contest. Musk donated and backed groups in the race to help conservative candidate Brad Schimel flip the court’s liberal majority.

Musk’s spokespeople did not immediately return a request for comment.

Democrat-backed Susan Crawford defeated Schimel by approximately 10 percentage points. The loss came despite Musk-connected efforts spending tens of millions. Total spending in the race broke records, surpassing $100 million and rendering it the most expensive judicial contest in American history.

On March 30, 2025, Musk hosted a town hall in Green Bay, donning a cheesehead hat, and made a show of awarding the prizes. He told the crowd the race could impact the future of the state, the House of Representatives, and even “Western civilization.”

“The Wisconsin Supreme Court is able to redraw the districts,” he said at the event.

“They will gerrymander the district and deprive Wisconsin of two seats on the Republican side.”

Wisconsin Attorney General Josh Kaul, a Democrat, tried to prevent the payouts. He filed emergency lawsuits arguing they violated laws against using money to influence votes. Lower courts turned him down. The state Supreme Court itself, with its liberal majority, refused to hear the last-minute appeal without explanation.

Kaul’s office had said it was committed to “safe, secure, free and fair” elections. But the payments were made anyway.

Crawford’s victory maintained the 4-3 liberal sway on the court. Conservatives had hoped a new majority could help redraw congressional maps and bolster Republican influence in Washington. 

Musk later signaled he'd slow down political spending, and his side framed the checks as rewards for petition signers and publicity, not direct vote-buying. Similar complaints were lodged around Musk’s $100 offers for petition signatures in other states.

Tyler Durden Wed, 07/15/2026 - 11:05

WTI Dips As US Crude Production Hits Record High, SPR Draw Slows, Cushing Remains At 'Tank Bottoms'

Oil prices are marginally higher overnight after President Trump reinstated the blockade on Iranian ports in the Strait of Hormuz and shipping slowed to a crawl amid the renewed warfare in the critical waterway.

US Central Command said it completed a morning round of strikes on Iran that further degraded its ability to attack commercial shipping in Hormuz.

It comes a day after attacks on ships that had been participating in so-called shuttle runs that have helped get oil from inside the Persian Gulf through the strait.

Visible transit through the waterway has fallen sharply in recent days, but there remains a high level of uncertainty about what’s actually crossing because many ships have been doing so dark - without broadcasting their location.

“While crude has started to find some balance after rallying from around $70, it still takes a brave shipowner to transit the Strait of Hormuz with the threat of attacks from forces aligned with Tehran remaining very real,” said Chris Weston, head of research at Pepperstone Group Ltd.

“The broader geopolitical backdrop continues to deteriorate, providing ongoing support for crude prices and keeping buyers prepared to step back in should prices push toward the $90 area.”

Overnight saw mixed data from API on crude/product supply, all eyes now on the official data.

API

• Crude -564k

• Cushing +200k

• Gasoline -1.664mm

• Distillates +2.3mm

DOE

• Crude -1.69mm (-900k exp)

• Cushing +430k

• Gasoline -1.53mm

• Distillates +4.56mm - biggest build since Jan 2026

After a build the prior week, crude stocks resumed their series of drawdowns last week (11 of last 12 weeks) and gasoline stocks also saw another draw while distillate stocks soared (amid record 3-2-1 crack spreads)...

Crack spreads remain at record highs...

The SPR saw yet another drawdown... but the smallest since the war-driven releases began (-2.985mm)...

Cushing stocks barely moved off 'tank bottoms'...

US crude production pushed back up to record highs as the rig count trends higher...

Interestingly, after reaching record highs in the prior week, US crude product exports plunged to pre-war norms last week (but bear in mind this data series is a week lagged)...

The rebound in crude... and more notably products... has started to drag pump prices higher in the US...

Not what President trump wants to see.

But oil prices are dipping after the report...

Finally, as The FT reports, oil traders are warning that the latest flare-up of tensions in the Strait of Hormuz marks a risky new phase for the market, which is facing fresh disruption without the stockpiles that helped avert a wider economic crisis earlier in the US-Iran war.

“We’ve burned through all of the buffers we had. Everything,” said one trader.

“All of that’s now gone,” he said.

Western powers released record volumes of strategic oil reserves, China cut its oil imports in half and made its state-backed companies pull fuel from inventories, while the White House even let it be known the US could, in theory at least, intervene in futures markets if prices got out of hand.

The result was that Brent crude peaked at $126 a barrel in April, well below its all-time high, despite the IEA warning that the world was experiencing the worst supply disruption in history.

But traders said that if the renewed closure of the strait lasts for months, with some suspecting Iran wants to keep the pressure on US President Donald Trump ahead of the November midterm elections, it is not clear this time where the oil to make up the shortfall would come from.

Tyler Durden Wed, 07/15/2026 - 10:40

"Going To Rock A Lot Of Things": Pentair Crashes After Guidance Cut And CFO Exit As Pool Boom Fades

Pentair shares crashed in early U.S. cash trading after the swimming pool equipment and water treatment systems company slashed its 2026 outlook. Preliminary second-quarter results also missed estimates, while the sudden departure of its CFO raises questions about the company's trajectory and whether the Covid-era pool boom has finally run its course.

Pentair now expects full-year adjusted earnings of $4.60 to $4.80 per share, down from prior estimates of $5.30 to $5.40, and well below the Bloomberg consensus estimate of $5.33.

Preliminary second quarter sales were about $930 million, while adjusted earnings of roughly $1.12 per share missed the $1.47 consensus.

Goldman analysts told clients earlier:

Watching PNR down 18% pre-market – big guide down last night + CFO resigning. This is going to rock a lot of things consumer today – PNR sells equipment into the pool end market. POOL HAYW are the other names people will sell. But broad negative read.

The Covid-era pool boom boosted Pentair's revenues beginning in the second half of 2020, and quarterly revenues have since flatlined around $1 billion.

Here's what other Wall Street analysts are saying (courtesy of Bloomberg):

RBC Capital Markets (sector perform from outperform)

• Analyst Deane Dray downgrades to sector perform after a "negative preannouncement, full year guidance cut, and surprise CFO departure after just four months in the role"
• Says Pool channel destocking is "clearly proving far worse" than previously communicated by management; says lack of visibility of recovery makes it a "show-me story for now"

TD Cowen (sell)

• Analyst Joe Giordano sees a "significant" miss and that "magnitude of the reset highlights questions around market share dynamics and underlying market health into 2027"
• Says announcement suggests "more extreme" underperformance, "sizeable" change in market dynamics, or combination of both

Citi (buy)

• Analyst Andrew Kaplowitz says quarterly revenue miss was "meaningful," flagging company commentary that Pool channel inventory weighed on results
• Say that even with leadership and business changes "we acknowledge that remaining 3Q destocking actions and investor concern around PNR's Pool market share could keep shares pressured in the near-term"

It remains unclear how or when Pentair's pool business will recover. Perhaps lower interest rates and another pandemic-driven home improvement boom are what it will take to revive demand.

Tyler Durden Wed, 07/15/2026 - 10:35

We Have The Tools/Tolls To Do It

By Michael Every of Rabobank

Markets were delighted by US CPI data. Against a backdrop of oil up nearly double digits they instead got a number closer to a future trimmed mean measure without that nasty volatility, even if it was a fall in gasoline prices that resulted in the -0.4% m-o-m headline and 0.0% core prints.

Warsh modelled the New Model Army he wants to see central bankers being: he refused to say ‘mission accomplished’ on inflation: “We have the tools to do it” is perhaps being the new “Whatever it takes.” However, he didn’t want to talk about what he thought on rates: markets had to do that themselves, and they took CPI to mean less Fed tightening.

The Middle East’s new models of arms will get a big say on that. In Hormuz, the US naval blockade of Iranian ports is now back in effect, with enforcement of sanctions, and the two sides are trading blows across the strait, if not the deadliest they are capable of. Yet President Trump is again threatening to hit Iranian power plants and bridges next week if no deal is reached; Axios reports that Trump just held a Situation Room meeting on massive new strikes that are wide enough in scope to force Tehran to back off in Hormuz; the Houthis might threaten the Red Sea after announcing Saudi airspace is not safe for overflight; and Israeli PM Netanyahu warned Iran if his country is attacked, the response will be a “decisive blow.”

There are more positive signs too. Israel-Lebanon talks continue in Rome, along with a surprise Trump press conference call for Israel to withdraw from Lebanon and Syria that is unlikely to mean much on the ground. Trump also just hosted Iraq’s PM for talks on a final US troop withdrawal set for end-September, Iran, and oil - where the US is supporting efforts to revive an Iraq-Syria crude oil pipeline as another Hormuz workaround.

Trump also dropped his 20% Hormuz toll in favor of GCC FDI pledges into the US. Take Trump seriously (the US is not going to fight for free) not literally (the toll was impractical short of a full state-press vs the private sector); and will those who fight alongside the US see their FDI contribution commensurately lower? A more obvious carrot and stick is the Wall Street Journal underlining the UAE was rewarded with coveted US AI chips for supporting the war.

At a more meta level than the Financial Times -- opining Trump has no clear path to victory vs. Iran -- sees, stop to Hor-muse over this idea for a moment too:

1. The US national security strategy openly calls for control of maritime chokepoints.
2. That must include Hormuz and its energy flows.
3. That’s very expensive --and hard-- to achieve and maintain.
4. Yet someone else controlling Hormuz is even more expensive, geostrategically.
5. So, if the US starts a war to control Hormuz but can’t, even if it gains during fighting as an LNG and helium exporter, why not then ensure the strait is not a chokepoint?
6. How better to achieve that than to ensure Hormuz remains in on-off chaos long enough that friends’ pipelines and new oil supply eventually reduce it to more of a sideshow?
7. Seen that way, though the US went into this war wanting ‘Venezuela 2.0’, within limits, it has rolling optionality on other outcomes that suit its geostrategy - and it “has the tolls to do it.”

Brent is still stable at $85-86, in line with our energy analyst Joe Delaura’s expectations, following the aggressive short squeeze just seen. For more from him, and Florence Schmit on LNG, see here.

There is also more recognition of the incredible success of Ukrainian drone strikes on Russia’s Sea of Azov fleet, which Moscow is calling terrorism. Imagine that transplanted elsewhere…

Meanwhile, President Macron used Bastille Day to showcase Europe's defense ambitions and will allow Ukraine to build French defense systems there; but the head of Germany’s Luftwaffe warned Europe has “no time” to counter Putin without US weapons. Somebody who should know thinks that Europe doesn’t have the tools to do it.

US Under Secretary of War Colby had a blunt social media message in a related regard, not just for Europe, but for Australia and Canada, among others: “There is a great deal of hubbub about a collective “middle powers” strategy these days. At the Department of War, we are not concerned that this is a serious possibility. Rather, we are more concerned that a few allies and partners will *think it is* and waste valuable time, money, and political capital on a distraction.”

Just before that, UK Chancellor Reeves gave an annual Mansion House speech which sounded like an interview to keep her job under PM Burnham by focusing on devolution, postcodes, “economic security is national security,” “securonomics,” and “industrial strategy.” Yet she didn’t mention tariffs as the tools to do it when statecraft logic, which she implies is being embraced, says this cannot happen without them. Then again, Reeves also sounded like she would like to rejoin the EU if possible, so that tariff decision hypothetically wouldn’t be any UK government’s to make anyway.

For its part, Europe will look at yesterday’s China-EU trade data, with the Chinese surplus surging yet again, and the report that China is targeting strategic sectors in the Netherlands as Dutch technology and companies offer Beijing outsize influence over value chains, and thinking about what it needs to do re: trade come October.

Likewise, Chinese Q2 GDP today was 4.3% y-o-y, lower than the 4.5% consensus, but 0.9% q-o-q expectations, and the y-o-y year-to-date (YTD) figure was 4.7% vs. 4.8%. Within that, retail sales for June were 1.0% y-o-y and 1.3% y-o-y YTD, while industrial production was 5.3% y-o-y vs. 4.6% consensus and 5.4% y-o-y YTD. Fixed asset investment was -5.7% y-o-y YTD, worse than -5.0% expected. In short, consumers are spending little, investment is declining (with property investment -18% y-o-y YTD and new house prices -0.3% m-o-m), yet industry is booming: that either means stockpiles are building or exports are flooding the world.

It’s the latter, clearly, as China’s economic statecraft has the tools to do it: for example, it now not only makes the tools Germany used to, but the tool-making machines it used to. Now let’s all say “securonomics” or “strategic autonomy” again and see what happens next.

Aside from tools and tolls, markets can also note that China just increased its holdings of US Treasuries, as Japan’s Finance Ministry is floating JGBs in tax-free accounts amid a GPIF portfolio review to incentivise its vast funds to keep more cash at home not abroad. What if (or when) other major economies follow suit to try to deal with the vast bills looming for a true “securonomics”?

In the meantime, enjoy headlines such as ‘Wall Street Traders Seize on Fervour and Fear to Set Records’ and ‘IBM Acting Like a Penny Stock Is a Sign of Times’ on your Bloomberg screen.

Tyler Durden Wed, 07/15/2026 - 10:00

Why Central Banks Love A Gold Sell-Off

Via SchiffSovereign.com,

On July 7, Bloomberg published an article with the headline: “Gold’s Bull Market Has Ended and Now All Eyes Are on Bears,” explaining how many retail investors have headed for the exits.

That same day, the People’s Bank of China, the country’s central bank, reported its largest monthly gold purchase since 2023.

Of course, June marked its twentieth consecutive month of adding gold to its reserves. Central banks are relatively price insensitive. They buy gold as a long term hedge to preserve value, not to trade back for more paper.

But they aren’t stupid either, and this shows they are buying the dip.

Gold peaked at $5,589 per ounce on January 28 and trades around $4,000 today, roughly 28% below the high. The second quarter was gold’s worst since 2013. Investors have pulled about $18 billion out of gold ETFs since the peak, much of it late money that piled in during last year’s frenzy and bolted the moment momentum broke.

But the price is not the story. The story is what central banks are doing.

Central banks have been the dominant force in gold since 2022, when Russia invaded Ukraine, the US froze $300 billion of Russia’s central bank reserves, and every finance ministry on earth learned that dollar assets were not the safe havens they’d believed.

In 2024, central banks bought 1,090 tons of gold, close to an all-time record.

That massive demand made gold expensive. The price nearly doubled from its 2025 low, and central bank buying slowed to 863 tons. That was still higher than historical averages, but down 21% from the year before.

The slowdown was not fading interest; it was price discipline. Central banks are not traders chasing momentum. They are savers accumulating a reserve asset, and like any sensible saver, they buy less when the thing they are saving in gets expensive.

And they speed back up when it goes on sale. In the first quarter of this year central banks bought 244 tons, more than the previous quarter and above the five-year average. China alone has added about 40 tons in the first six months of 2026, compared to just 27 tons in all of 2025. The People’s Bank of China bought more gold last month, with the price down nearly 30% from its high, than in any single month of the entire run-up.

The reason is simple: nothing has changed about why they buy.

The World Gold Council, the industry group that tracks official gold demand, surveyed 76 central banks this year. Seventy-four percent said they expect the dollar’s share of global reserves to be lower five years from now.

These are the institutions that actually hold the world’s reserves, and they are telling you, on the record, that they plan to keep moving away from the dollar.

None of their reasons went away when the price fell. The US national debt keeps growing by trillions, Congress has no plan beyond borrowing more, and Washington keeps proving it will continue to weaponize the dollar.

A central bank holding dollars is holding the liability of a government that is both overextended and unpredictable. Gold sitting in its own vault carries neither risk.

That calculus was true at $5,589, and it is just as true at $4,000.

A trader who is down 28% has a problem if they are trying to quickly turn a profit, and accumulate more paper dollars.

But a saver who plans to accumulate gold for the next decade just got a better price. That is why the sell-off did not scare away the biggest buyers in the market.

It may be exactly what they were waiting for.

We made this argument to our subscribers of our investment research newsletter, Strategic Assets, in January.

With gold near its all-time high, we said that this was no longer the early stage of a bull market, that a major drawdown was a real possibility, and that it was time to take some profits.

In fact, subscribers who took action on our research locked in gains of more than 950% on a small silver producer and 540% on a gold and silver producer, both in under a year.

Now the sell-off has come for the miners too. Even solid, debt-free producers are trading as much as 50% below their highs from earlier this year.

But again, as nothing had changed about the long term gold thesis, little has changed about the profitability of these companies. They are still wildly profitable at $4,000 gold, which is far above projections they had planned for.

Some of these companies are still pulling gold out of the ground at a cost of just $1,000 an ounce, which is an amazing margin.

So we are starting to buy again.

It is the same discipline the central banks just demonstrated: slow down when the asset is expensive, step up when it gets cheap, and never confuse a price correction with a change in the story.

Nobody knows where gold trades next month. But the biggest buyers on earth just showed you what they do when gold gets cheaper. They buy more.

Tyler Durden Wed, 07/15/2026 - 09:20