Here’s Where Rent Growth In The US Is Finally Slowing
After years of rapid increases, rent growth in the U.S. is finally slowing—and in some cities, prices are even declining, according to Marketwatch.
From January 2025 to January 2026, rents rose 2.8%, a smaller increase than the year before and lower than pre-pandemic norms, marking the slowest growth since 2021. This cooling trend, driven in part by a surge in new housing supply, suggests the market is stabilizing after an intense period of price escalation. At the same time, easing inflation, steady mortgage rates around 6%, and rising wages could gradually improve overall housing affordability and give households more purchasing power.
Still, housing continues to feel expensive for most Americans because prices surged dramatically during the pandemic and have remained elevated. Income growth hasn’t kept pace, leaving many households stretched and limiting how much relief people actually feel.
Even though rent increases have nearly stalled—growing just over 1% annually in some segments—prices are still significantly higher than they were five years ago, with some cities seeing increases far above the national average. As a result, about half of renters spend more than 30% of their income on housing, underscoring the ongoing affordability crisis.
Marketwatch writes that recent rent declines also haven’t been evenly distributed. The biggest drops are concentrated in fast-growing Sun Belt cities like Austin, where rents have fallen notably from their 2022 peaks, along with places such as New Orleans and Denver. However, these declines often follow unusually steep increases in prior years.
Meanwhile, higher-income renters have benefited more from the recent slowdown, as prices for more expensive units have softened the most. This has pulled down overall averages, making the market appear more affordable than it feels for many.
In contrast, lower-cost rentals saw sharper increases during the boom and have experienced little meaningful relief since. Prices for these units rose faster between 2019 and 2025 and have not declined as much, leaving lower-income renters with fewer gains from the current slowdown. Overall, while the cooling rent market is a step in the right direction, it hasn’t yet translated into widespread affordability, and financial pressure remains especially high for those already most burdened by housing costs.
The average tax refund is 10.8 percent higher this year when compared with the same time period in 2025, according to data released by the Internal Revenue Service (IRS) on March 20.
The figures show that as of March 13, the average refund for individual filers for 2026 was $3,623, up from $3,271 from 2025.
Around 69.7 million individual tax returns have been received by the IRS so far, the agency said, around 1 percent down from the same time period last year. An estimated 164 million taxpayers are expected to file this season, which started on Jan. 26 and will run through April 15.
The release suggests that the average refund size has gradually declined over the past several weeks of filing updates released by the IRS. On Feb. 20, according to the figures, tax refunds increased more than 14 percent over the previous year.
Treasury Secretary Scott Bessent in January touted new tax cuts that were included under the One Big Beautiful Bill Act last year by saying they would lead to “substantial refunds” for families.
“They’re [going to] change their withholding and have bigger take-home pay every two weeks, every month. So, it’s really an exciting time,” he said in a Fox News interview at the time.
The tax refunds come as gasoline prices have surged to nearly $4 per gallon on average nationwide as the price for a barrel of oil has increased amid the U.S. war with Iran that started in late February.
The average price of gasoline in America has risen by around $1 per gallon following the strikes on Iran, which prompted Iranian attacks on energy installations around the Middle East and the effective closure of the Strait of Hormuz, which carries one-fifth of the global oil supply.
The release of IRS data last week comes as the agency announced there is still around $1.2 billion in unclaimed tax refunds for the year 2022, while it also estimated that the median refund for that year is around $686. Taxpayers who haven’t filed a Form 1040 return for the 2022 tax year have until April 15 to submit their returns.
On March 10, officials said that nearly 45 percent of the returns used Schedule 1-A, the form for the new deductions, including approximately 15.5 million that took advantage of tax breaks on overtime and 3.5 million that avoided paying taxes on tips.
“Halfway through this filing season, the Working Families Tax Cuts are already delivering meaningful relief to middle- and low-income taxpayers, increasing after-tax income and putting more money back into the pockets of American families, workers, and small business owners,” Treasury Secretary Scott Bessent said in a statement.
The IRS added that taxpayers who may be seeking their 2022 tax refund could see those returns held if they haven’t filed returns for either 2023 or 2024, according to a March 20 news release.
The One Big Beautiful Bill Act, backed by Republicans and signed by President Donald Trump in July 2025, included $4.5 trillion in tax cuts, including making his 2017 tax rates permanent.
It also added tax deductions on tips, overtime, and auto loans. There’s a $6,000 deduction for older adults who earn no more than $75,000 a year, while the measure also boosted the $2,000 child tax credit to $2,200.
Bud Light & Budweiser Continue To Struggle As Dylan Mulvaney Ad Disaster Nears Three-Year Mark
Ahead of next week’s three-year anniversary of Anheuser-Busch’s most epic marketing ad blunder ever, the Bud Light backlash remains intact and should serve as a case study for generations in how far-left wokeism in corporate America can destroy decades of brand-building overnight.
What began as a viral TikTok promotion featuring Dylan Mulvaney, a man pretending to be a woman, has since become one of the clearest examples of self-inflicted brand suicide in recent consumer history. The latest beer trends from Goldman suggest the brand has yet to fully recover nearly three years later.
In the latest beer trends report, a team of Goldman analysts led by senior consumer analyst Bonnie Herzog tapped its beer distributor contacts, representing around 60 distributors – or roughly 170,000 retail outlets and about 28% of total U.S. outlets that sell alcohol – and found continued dismal Bud Light consumption trends among Americans.
“Bud Light’s performance continues to level off, even with additional resources being put behind the brand,” Herzog wrote in the note published to clients on Tuesday morning.
Herzog continued, “In terms of specific brands, a distributor noted Michelob Ultra is growing, while Bud Light and Budweiser are struggling.”
To be fair, beer trends have been declining overall in recent years as consumers shift away from alcohol, either due to health trends or because some are gravitating toward marijuana.
The good news for the industry is that 54% of beer distributors expect “a stronger summer selling season,” according to Herzog, who added that volumes are expected to decline by about 1% this year, while noting that Constellation Brands is set to be the “clear outperformer.”
Herzog reiterated a “Buy” rating on Constellation Brands. More details are available in the full Goldman note for professional subscribers.
The U.S. Department of Energy’s secretary has broad authority under the Federal Power Act to declare emergencies to keep power plants from retiring, and those emergencies don’t have to be imminent, DOE told a federal appeals court last weekin response to challenges over its orders keeping a Michigan coal plant online.
“The statute’s text grants the Secretary discretion to determine that an emergency exists,” DOE said in a March 17 brief with the U.S. Court of Appeals for the District of Columbia Circuit. “This expressly includes a sudden increase in demand, a shortage of generation facilities, or other causes.”
The brief is the DOE’s first defense in court of the 90-day emergency orders it began issuing last year to prevent fossil-fueled power plants from retiring. So far, the orders have targeted six power plants — all but one coal-fired — totaling about 4,300 MW.
Generally, in those orders, DOE said the power plants need to keep running to prevent blackouts in the face of rising electric demand. The DOE has not allowed any of those orders to lapse, using its authority under the Federal Power Act’s section 202(c) to issue new 90-day orders when the old ones expire.
The brief was in response to challenges brought against the DOE over its May 23 order directing Consumers Energy to continue running the 1,407-MW, coal-fired J.H. Campbell power plant in West Olive, Michigan, past its May 31 retirement date. The department has renewed that order three times since.
Michigan, Minnesota and Illinois as well as the Sierra Club and other groups have challenged the emergency order. In part, they contend that DOE failed to show the Midcontinent region around the Campbell power plant faces an energy emergency.
In its brief, DOE said the Federal Power Act defines emergency broadly.
“It does not require imminence or an unexpected development,” DOE said. “The Secretary is also granted broad discretion to use his ‘judgment’ on what ‘will best meet the emergency and serve the public interest.’”
Moreover, the statute lacks strict procedural requirements, according to DOE.
“Contrary to Petitioners’ contentions, the Secretary was not required to prepare any particular analysis, weigh alternatives, or to select the best theoretically possible emergency response,” the department said.
When DOE considered issuing an emergency order for the Campbell power plant, the department found that electricity demand was rising, major power plants were retiring and new power sources weren’t coming online fast enough, it said. The Midcontinent Independent System Operator was at “elevated risk” for reliability problems and higher than normal temperatures were expected, DOE told the court.
“The Secretary interpreted the totality of this evidence and applied his expertise to find that an emergency exists,” DOE said.
DOE noted that Secretary Chris Wright ordered the Campbell plant to operate under “economic dispatch” to reduce ratepayer costs.
If the court finds a legal flaw in the 202(c) order, it should send the issue back to DOE instead of vacating the order and limiting its ability to issue similar orders,government lawyers argued.
“The Secretary must be able to use section 202(c) to protect public health and safety, particularly in anticipation of extreme weather events like the recent Winter Storm Fern and the ensuing, prolonged cold snap,” the DOE said.
In the seven months after DOE ordered the Campbell plant to stay online, it produced 3.6 million MWh, down 39% from 5.9 million MWh generated over the same period in 2024, according to the latest U.S. Energy Information Administration data.
Consumers Energy spent about $254 million keeping the Campbell plant operating per the DOE orders through December, according to a Feb. 10 filing at the U.S. Securities and Exchange Commission. It received $119 million in revenue from running the plant in the second half of last year and has asked the Federal Energy Regulatory Commission for permission to recoup $135 million in costs from MISO ratepayers, said CMS Energy Corp., which owns Consumers.
The utility asked the court to “avoid unintended consequences for those separate proceedings, including making clear that any decision here does not assume the availability of refunds or otherwise affect FERC’s decision-making in those separate proceedings.”
DOE continues to issue emergency orders to keep other fossil-fueled power plants running. On March 16 it issued its second emergency order for TransAlta’s 730-MW, coal-fired Centralia power plant in Washington. The company mustmake the plant available to run until mid-June under the order. The company had planned to shut it down at the end of 2025.
TransAlta’s president and CEO, John Kousinioris, said during an earnings call in February that the company was complying with the orders, but he did not expect the plant to run given “how flush” the state was with hydropower.
“Our primary focus is more on getting clarity on the existing order,” including how TransAlta will recoup its expenses from keeping the unit online, Kousinioris said.
Other generators under 202(c) orders are in Colorado, Indiana and Pennsylvania.
The district serves over 11,000 students, yet only 13% meet math proficiency standards. The program includes a summer “Rap Camp” and specialized programming tied to cultural themes, all framed to boost student engagement.
“The School Yard Rap curriculum transforms history lessons into relatable characters presented through songs and storytelling—resulting in emotional connection,” the School Yard Rap website states.
Established in 2016, School Yard Rap, which operates in 28 states, presents “a world where learning meets rhythm, exploring diverse cultures and subjects through interactive music-infused modules.”
Merced has handed out $610,000 worth of contracts to School Yard Rap, the Post reported. Fox News Digital has reached out to the school district and School Yard Rap.
Supporters believe that approach helps students stay interested in school, an argument that sounds appealing, yet it doesn’t resolve a basic concern. Students struggling with reading and math need direct, structured teaching that builds skills step by step, while a program centered on performance and expression risks shifting attention away from those core needs.
The financial side raises its own concerns; the district has already committed over $600,000 in total contracts tied to the program, a level of spending that stands out in a district already dealing with low performance and limited resources.
When outcomes remain weak, large investments in unproven strategies invite scrutiny, making leaders accountable for whether those dollars would deliver more value if directed toward tutoring, teacher support, or curriculum improvement that’s focused on the fundamentals.
Federal officials have also taken notice. Harmeet Dhillion, assistant attorney general for civil rights at the DOJ, has warned that race-based programming raises legal concerns, stating that offering benefits based solely on race would violate federal law if proven true.
The Merced program includes an “African American Affinity Group,” which has drawn attention because of how it organizes students. Those details place the district in a position where innovation intersects with legal boundaries.
That’s a concern that doesn’t exist in isolation. Attorney General Pam Bondi and federal civil rights officials have recently taken action in other California districts over programs that classify or treat students differently based on race.
Federal filings have challenged policies that assign benefits or resources using racial categories, arguing that such practices conflict with equal protection principles. These actions signal a broader push to examine how districts design programs and whether they comply with federal law.
Districts often reach for new ideas in hopes of turning things quickly around. Some ideas may help in limited cases, yet large-scale adoption without clear evidence can deepen existing problems rather than solve them.
Local school boards and administrators are responsible for these choices, deciding how to allocate funding, which programs to adopt, and how to measure success. When a district with low performance heavily invests in a music-based curriculum, it signals a shift in priorities.
Families watching those decisions want reassurance that leaders remain focused on academic growth, not just student engagement. Engagement matters, but it doesn’t replace the need for measurable progress in reading, writing, and math.
Merced’s situation reflects a larger issue across parts of the country, where education systems under pressure turn to bold or unconventional strategies. Some of those strategies generate attention and short-term excitement, while long-term improvement depends on whether students gain the skills they need to succeed beyond the classroom. Without that foundation, new programs risk becoming distractions rather than solutions.
California schools don’t lack funding or attention; they face a deeper challenge rooted in priorities and execution. A rap-based curriculum may draw interest, but interest alone doesn’t raise test scores or close learning gaps.
Leaders must decide whether to continue experimenting or return to methods that have proven results over time. Students deserve clarity, consistency, and a focus on skills that prepare them for the future.
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Grounding Planes ‘A Distinct Possibility’: Tightened Global Fuel Supply Hitting Asian Nations Hardest
European Commission President Ursula von der Leyen has again warned of a “critical energy situation” as oil and gas markets convulse, underscoring growing fears of supply shocks, at a moment President Trump early this week claimed the Strait of Hormuz could “reopen very soon” if talks with Iran succeed – though Tehran has flatly denied any negotiations are underway as confusion reigns over the status of backchannel dialogue.
Already one country says it is suffering a fuel shortage crisis, amid broader reports of some demand destruction problems coming in from various parts of the globe. Philippine President Ferdinand Marcos on Tuesday said there’s a “distinct possibility” planes may be grounded due to a jet fuel shortage, connected to the war on Iran and de facto closure of the Strait of Hormuz.
“Several countries have already told our airlines they cannot fuel their aircraft, so they have to carry fuel there and back,” he told Bloomberg News in an interview.
He additionally warned that long-haul flights could become “a much more serious problem” due to the fuel crisis and restrictions. He was specifically asked whether planes might inevitably be grounded, to which he responded: “We’re hoping not, but it’s a distinct possibility.”
Now in its fourth week, the US-Israel-Iran war had already disrupted commercial flights across the Gulf and Mideast region, especially impacting key regional hubs of Dubai, Doha, Abu Dhabi, and Tel Aviv – due to the ongoing missile and drone danger in the skies. Another significant development reported by Bloomberg Tuesday:
Vietnam Airlines will temporarily suspend flights on some domestic routes as jet fuel shortages and rising fuel prices caused by the conflict in the Middle East start to impact the nation’s air travel.
The national flag carrier will cut around 23 flights per week from April 1 over tightened supplies of jet fuel, according to a statement from the Civil Aviation Authority of Vietnam. VietJet Aviation JSC is also reducing flights on some routes, according to schedules on its booking website.
But as far as oil and fuel flows disruptions, Asia in particular has been the first region to feel the supply crunch most acutely. Below is a round-up of some of the latest examples:
Flight surcharges: Some Asian countries, including Vietnam, say airlines are planning to role out fuel surcharges on international routes from early April.
Diesel shortages in Thailand: The abbot of Wat Saman Rattanaram in Chachoengsao province, about 50 miles east of Bangkok, warned that cremation services may have to be suspended. “In more than 50 years, I’ve never seen anything like this,” he said.
More drastic power-saving measures… Last week, the Thai government ordered civil servants to take the stairs rather than the lift, and it’s increased the air-conditioning temperature to 27C. It will tell government employees to wear short-sleeved shirts rather than suits.
Bangladesh electricity rationing: Lectures at the country’s main universities have been cancelled until later this month as the government closed the campuses to save electricity.
Scrambling for cheap local alternatives: There are reports that suggest some regions in India are witnessing a spike in timber sales, while others see increased sales of cow dung cakes – both biomass fuels.
…and there are widespread images and examples of huge lines at gas pumps across various countries.
Major cities in India, particularly #Hyderabad is currently experiencing a severe Compressed Natural Gas #CNG shortage, forcing thousands of auto-rickshaws and cabs off the roads or into long, hours-long refueling queues pic.twitter.com/h0xMYHXDNr
We also detailed earlier that hundreds of service stations across Australia have run out of fuel.
Energy Minister Chris Bowen warned federal parliament on Monday that more than 109 gas stations in Victoria had run out of at least one grade of gas. He said 47 outlets in Queensland had no diesel, 32 had no regular unleaded, and 37 stations in New South Wales had completely run out of fuel.
The below data from Goldman Sachs charts an array of examples over the past couple weeks:
“The flow of oil to Asian refineries has slowed, and that has downward impacts on us,” Bowen said, adding, “We’re in an uncertain environment, so that’s why we’re doing all the preparatory work.”
Bowen warned that fuel supplies were at about 38 days for gasoline. He said only 30 days of diesel and jet fuel remained. There’s the potential that the crisis could be coming to fuel pumps near you.
Pentagon Removes Press Offices After Federal Judge Blocks Trump Restrictions
The Defense Department has announced plans to remove media offices from the Pentagon after a Clinton-appointed federal judge sided with The New York Times in a lawsuit challenging limits on reporters’ access to the building. The action is seen as a “loophole” strategy to bypass the ruling against restrictions which the Trump Administration has struggled to enforce in the wake of a hailstorm of national security leaks.
The press area of the Pentagon, known as “Correspondents’ Corridor”, has been used for decades to cover U.S. military operations. Journalists stationed at the Pentagon offices often enjoyed extensive freedom of movement and access to officials. However, heightened hostilities involving leftist activists and the progressive media have brought operational security into question.
Not since the Civil War has the political divide in the US been so deep, to the point that left-wing journalists might represent a clear and present danger to national security. As a result, the Correspondent’s Corridor will be closed immediately according department spokesperson Sean Parnell.
Journalists will eventually be able to work from an “annex” outside the primary Pentagon building, which Parnell says “will be available when ready.” He did not offer details on how long that will take. The Pentagon Press Association said the announcement “is a clear violation of the letter and spirit of last week’s ruling.” But, it does not necessarily go against the ruling. The Pentagon will still issue press credentials, but journalists won’t be allowed access to the corridor or move freely inside the building.
On March 20, 2026, a U.S. District Court judge vacated key security provisions of the Pentagon’s October 2025 media access policy. The court removed every provision that allowed the Department to screen press credential holders for security risks and every provision that allowed…
In the lawsuit brought by The New York Times (filed in December 2025), Judge Paul Friedman ruled that portions of the October 2025 press policy, imposed under Defense Secretary Pete Hegseth, violated the First Amendment and the Fifth Amendment. He argued that the rules were vague and “viewpoint-discriminatory”, as they allowed the Pentagon to revoke credentials for journalists who solicited or reported information not officially pre-approved.
BREAKING – Pete Hegseth confirms journalists will no longer roam the Pentagon freely, now requiring badges, escorts, and strict rules against soliciting classified or sensitive information to crack down on leaks and “fake news” reporting inside the building. pic.twitter.com/NyHjq9TSwW
— Right Angle News Network (@Rightanglenews) October 5, 2025
The judge ordered the restoration of press passes for seven Times reporters and vacated the challenged provisions for all affected journalists. The most recent Pentagon office closures, though, are not targeted at any specific reporters for non-compliance with the new rules. Rather, they are targeted to all reporters regardless.
Secretary of War Pete Hegseth’s restrictions called for tighter oversight on approvals for information sharing, journalists had to be escorted through the Pentagon, and increased security screenings for any media employees working at the Pentagon. The restrictions also made it easier for the Defense Department to revoke press badges if a journalist was “reasonably determined” to pose a security risk through unauthorized access, attempted access, or disclosure of sensitive information.
The Trump Administration has dealt with a flood of information leaks to the press in the past year, often in relation to military operations. In April 2025, the Pentagon launched a large scale investigation (including polygraphs) into “recent unauthorized disclosures” of national security information. The danger of Obama and Biden appointed officials working against Trump from the inside, even if this harms the US, is an unfortunate reality of the current political climate.
Specific leaks under probe included military operational plans for the Panama Canal, deployment of a second carrier to the Red Sea, Elon Musk’s Pentagon visit/briefing on China war plans (which was canceled after the leak), and a pause in intelligence collection for Ukraine.
Three senior political appointees were suspended/placed on leave (Dan Caldwell, senior adviser to Hegseth; Darin Selnick, deputy chief of staff; and Colin Carroll, chief of staff to the deputy defense secretary). Democrats used the scandals to demand Hegseth’s resignation, calling them breaches that threatened national security.
While the decision does challenge traditional courtesies given to the press, and perhaps even disrupts access that some would consider a First Amendment obligation, it cannot be denied that the establishment media as it exists today has proven time and time again to be dangerously biased against Trump and conservatives. This bias has, in the recent past, bordered on treason (the Russiagate hoax being a clear example).
It is not surprising that Trump would seek to distance the press from Pentagon access. Why would he invite the enemy inside the wire?
U.S. electric utilities need new tools and regulatory authorizations to protect the power grid from drone attacks, experts and industry groups say.
The issue has taken on new urgency recently. The Department of Homeland Security reportedly urged U.S. energy companies to increase security in response to potential threats from Iran, which has successfully used drones to target American military personnel and assets since the U.S. and Israel launched a war against Iran on Feb. 28.
But power grid asset owners and operators have “growing concern” around “unmanned aircraft systems,” or UAS, attacks and their “ability to protect critical assets and infrastructure,” the North American Electric Reliability Corp. said in a report this week.
Hundreds of organizations stress-tested emergency preparedness protocols and game-planned responses to hypothetical scenarios. In one of those scenarios, multiple UAS targeted a switchyard at a nuclear generating station and a transformer station.
The report said participants noted that there is a “variety of guidance” from different government agencies on drones regarding what laws and regulations apply to detection, and what technologies can be legally deployed.
“Collaboration between industry and government partners would allow for a better understanding of the concerns that [asset owner or operators] maintain related to [drones] and how the government can support [asset owner or operators] during impending and active threats,” it said.
“Currently, utilities leverage detection capabilities to establish baseline traffic near critical assets but are limited to engaging with [drones] only after they are safely on the ground, which is often too late.”
– Kimberly Mielcarek, Vice President of Corporate and External Communications at the North American Electric Reliability Corporation
Drones have become ubiquitous in modern warfare, from Ukraine to the Middle East. The United States military is finding drones a difficult threat to counter — and even well-funded electric utilities do not have the budget of the U.S. military.
“The electric grid was never designed with aerial threats in mind,” said Charlie O’Connell, chief business officer of Fortem Technologies, an airspace security firm.
There have been drone attacks on the U.S. electric grid, but the threat is relatively new. In 2021, federal law enforcement issued a warning to state and local officials about an incident the year before where a crashed drone appeared to have been modified to “specifically target energy infrastructure.”
Since then, the threat has grown as the technology evolves. Small drones are “inexpensive, widely available, and increasingly capable, which means utilities now have to think about security not just at the fence line, but in the airspace above critical infrastructure,” O’Connell said.
Federal airspace regulation limits utility options
Power grid asset owners and operators said efforts should be made to consolidate federal guidance for consistency and clarity, NERC’s report noted.
U.S. airspace is regulated by the Federal Aviation Administration, which “grants very few exceptions to interdicting unmanned aircraft systems, which are treated the same as any aircraft,” NERC Vice President, Corporate and External Communications Kimberly Mielcarek, said in an email.
Utilities “are reluctant to engage UAS in flight because of these restrictions and penalties,” Mielcarek said. “The GridEx discussions highlighted this concern across the industry and the need for our government partners to decide the safest and best way to interdict drones over utility assets.”
Meanwhile, the drone challenge facing utilities is “evolving quickly,” said Melissa Swisher, chief revenue officer at SkySafe, an airspace intelligence company with a focus on drone visibility.
Currently, most drone incidents near critical infrastructure appear to involve surveillance or reconnaissance rather than direct attacks, Swisher said. But that reconnaissance can enable more coordinated cyber or physical assaults.
“Drones represent a new domain of exposure for utilities,” she said in an email. “The challenge is less about reacting to a single drone sighting and more about understanding patterns of activity and having visibility into what is happening in the airspace around critical infrastructure.”
Utilities prepare while pursuing policy changes
Many utilities are exploring ways to incorporate airspace monitoring and drone detection capabilities into broader physical security strategies, Swisher said, “alongside traditional protections like perimeter security, surveillance systems, and coordination with law enforcement.”
Utilities track many threats to the grid, the Edison Electric Institute, which represents investor-owned utilities, said in an emailed statement.
“While physical threats to the grid are not new, drones do present unique challenges,” it said.
Grid operators currently use a “defense-in-depth approach to secure critical grid assets” from drones, EEI said, including “counter-drone measures, limiting single-points of failure, and responding and repairing systems should assets be impacted.”
EEI also said it is pursuing “technology and policy changes” that would allow utilities to limit drone use near critical facilities, and allow companies to interdict drones that enter their airspace.
According to Fortem’s O’Connell, the first thing utilities need is “airspace awareness” — the ability to detect and track drones operating near their facilities. Technologies such as compact radar and integrated command-and-control platforms can allow utilities to monitor low-altitude airspace around substations and generation sites, he said. When suspicious activity is detected, utilities can then coordinate with law enforcement and federal partners.
“The electric grid was never designed with aerial threats in mind.”
– Charlie O’Connell, Chief Business Officer of Fortem Technologies, an airspace security firm.
O’Connell also said that the FY2026 National Defense Authorization Act, signed into law in December, expanded domestic counter-UAS authorities and created a framework for state and local law enforcement agencies to “detect, track, and mitigate” credible drone threats.
“That change should make coordination between utilities and local authorities more practical going forward,” he said.
NERC’s primary UAS recommendation resulting from GridEx was for U.S. and Canadian federal government partners to “work with industry partners to identify legally accessible technology to address threats from UAS and clarify available government support.”
Additionally, the reliability watchdog called for government agencies to clarify guidance regarding UAS and the methods available or drone detection, and for more clarity around governmental support available to industry in the event of an incident or attack.
“Currently, utilities leverage detection capabilities to establish baseline traffic near critical assets but are limited to engaging with UAS only after they are safely on the ground, which is often too late,” NERC’s Mielcarek said.
Senate Democrats Blink: DHS Deal Emerges After Weeks Of Gridlock
After more than a month of political stalemate, the Senate Democrats are finally flinching, and a deal to reopen the Department of Homeland Security seems within reach – even if the path looks like a compromise designed to please no one.
Key Senate Republicans left the White House late Monday in a noticeably upbeat mood, telling colleagues that there is now a realistic framework to get DHS running again, even as President Donald Trump continues to demand that the SAVE America Act be “welded in” to any funding package.
According to a report from Punchbowl News, the outlines of the emerging agreement would fund nearly all of DHS while carving out ICE’s migrant removal operations, then use a separate reconciliation bill to backfill ICE and press ahead with the two key provisions of the SAVE America Act (proof of citizenship to register to vote and a photo ID to cast a ballot in federal election) that Trump has made very clear is his top legislative priority.
“This framework is similar to the outlines of an agreement that Senate Majority Leader John Thune discussed with Trump on Sunday – a strategy that the president rejected. Trump has insisted on tying the SAVE America Act to DHS funding, complicating matters even further. Thune said this was ‘not realistic,” explains Punchbowl. “It’s too early to say whether this DHS framework will satisfy Senate Democrats. There are several key details that still need to be ironed out. But many Democrats pointed to what they see as a sense of urgency to get something done, especially as nightmarish TSA security lines cause chaos for millions of air travellers.”
Republican leaders, including Sen. John Kennedy (R-La.), are openly talking about a two‑step reconciliation strategy: first, fund the rest of ICE using budget‑reconciliation so Democrats do not have to vote “yes,” and second, attach pieces of the SAVE America Act to a broader reconciliation package that could also include a $200 billion defense‑spending push and random pet priorities from the GOP base. Kennedy has framed reconciliation as the only way to get policies through amid Democratic obstruction, but he acknowledges there is a question as to whether the votes are there.
“It’ll take a little longer,” Kennedy said. “But we could do it. If you want to throw in the SAVE Act, I’m fine with that. I don’t know how feasible that is in terms of the whip count.”
Sen. James Lankford (R-Okla.) noted that the reconciliation process itself takes “about a month,” meaning even if leadership wanted to rush a deal, the machinery of the Senate would impose a natural delay.
Behind the closed‑door negotiations is another quiet calculation: the Senate parliamentarian. Republicans know that using reconciliation to pass the SAVE America Act’s citizenship‑verification and voter‑ID provisions is no sure thing, and many privately doubt the parliamentarian will bless such a move.
That raises the possibility of a vote to overrule Elizabeth MacDonough, a nuclear‑option maneuver that would infuriate Democrats and probably trigger a fresh round of partisan recriminations. Thune has previously cast doubt on that idea, suggesting he would rather avoid the backlash than force the vote. However, there is precedent, since Democrats used reconciliation to pass Obamacare back in 2010.
Both sides also know that the DHS shutdown cannot go on indefinitely, and both want to emerge from this standoff claiming victory. But, with Democrats appearing eager to do something, it’s clearly progress.
Circle Plunges Most Ever On Stablecoin Legislation, As Tether Prepares Full Audit
Circle Internet Group, the issuer of the USDC stablecoin, plunged the most on record as investors reacted to potential stablecoin regulation changes that could make the firm’s cryptocurrency less attractive to large holders, as it would be stripped of interest payments. Concerns that a competitor is readying a move into the US market also hurt Circle’s share price.
The stock declined as much as 22%, its steepest intraday drop ever, and leading losses across crypto-linked equities. Coinbase fell as much as 11%, while MARA Holdings, Bullish, Galaxy Digital Holdings and Robinhood Markets also moved lower.
Bitcoin also dropped as much as 2.8% to $68,906.31, breaking below $70,000 after rising above it yesterday.
Circle’s decline comes as investors grappled with the implications on the economics of stablecoins of proposed US legislation. Draft language of the so-called Clarity Act could prevent exchanges like Coinbase from offering rewards on holdings of stablecoins such as USDC, Circle’s US dollar-pegged token.
While the Clarity Act seeks to establish a comprehensive regulatory regime for cryptocurrencies and other forms of tokens, the proposed legislation has faced delays largely due to disagreements between the crypto industry and the banking sector over whether stablecoins can offer rewards similar to interest rates on bank accounts.
“We believe it is almost entirely related to the Clarity Act language out today,” John Todaro, an analyst at Needham & Co. said. His firm expects that if the draft language is adopted, it would curtail Coinbase’s program offering certain customers 3.5% rewards on their USDC balances.
Meanwhile, competition among stablecoin issuers is drawing renewed attention. On Tuesday, Tether said it has entered into a formal agreement with a big four accounting firm to complete its first full audit, creating speculation that the El Salvador-based firm could be preparing to move into the US, said Gus Gala, senior equity research analyst at Monness, Crespi.
“That’s what’s hitting the stock more so today,” he said.
Circle shares surged as much as 750% above its initial public offering price last year in anticipation of the US Genius Act stablecoin legislation that passed in July. But the euphoria has since faded as crypto prices have plummeted, competition has increased and the Clarity Act has stalled in Washington. Circle’s shares are now down more than 60% from their peak.
