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

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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

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

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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.”

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

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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

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

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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. 

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.

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 – 10:50

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

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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

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“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

Why Central Banks Love A Gold Sell-Off

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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

US & Iran Exchange Heavy Strikes For 5th Day As Trump Warns He’ll Take Out Power Plants Next

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US & Iran Exchange Heavy Strikes For 5th Day As Trump Warns He’ll Take Out Power Plants Next

The Pentagon opened Wednesday morning (US time) by announcing yet another round of strikes on Iran, in what looks like sustained action – also increasingly expanding to include civil and energy infrastructure of the Islamic Republic.

“At 6 a.m. ET today, U.S. Central Command forces began launching a wave of strikes against Iran,” Centcom announced. “The strikes are designed to further degrade military capabilities Iranian forces have used to attack commercial shipping in the Strait of Hormuz.”

The US military further indicated it launched a “seven-hour wave” of strikes overnight. The evening prior, the US reimposed a naval blockade on Iranian ports and alongside launching its fourth consecutive night of strikes on the country, also as President Trump freshly warned that if Iran does not return to the negotiating table, “next week it gets really bad for them, because next week comes the power plants.“

via CENTCOM

“You better make a deal, or you’re not going to have anything left,” Trump has warned. “Ultimately, we’ll hit energy targets in Iran. Next week comes the bridges. We’re going to knock out all of their power plants. We’ll knock out all of their bridges unless they get to the table and negotiate.”

Iranian government spokesperson Fatemeh Mohajerani announced that at least 30 civilians have been killed across the country over 260 people wounded by American strikes of the last few days.

Airstrikes also reportedly took out an Iranian military barracks in southeastern Iran, leaving seven dead. The Associated Press details that “One strike targeted a barracks for Iran’s 388th Mechanized Infantry Brigade, which operates tanks and armored vehicles, in Sistan and Baluchestan province, Iranian state television reported.”

“The report said the Americans fired at least 13 missiles in the attack and that the seven dead included conscripts and career soldiers,” AP continues. “A number of troops were wounded.”

Heavy bombardments have focused on the coastal areas, with US strikes reportedly having hit a civilian maritime control tower in Chabahar, southern Iran – location of country’s only deep-water port outside the Strait of Hormuz, which allows Iran direct access to the Indian Ocean without passing through the Gulf.

As expected, Iran’s IRGC has continued launching a wave of retaliatory strikes targeting critical US military infrastructure across the Gulf and even reaching into Jordan.

The list of targets hit, according to an array of regional sources, include – Bahrain’s Sheikh Isa Air Base, the US Navy’s 5th Fleet support facility, Kuwait’s Ali Al-Salem and Camp Buehring, and Jordan’s Muwaffaq Salti Air Base.

Also, Emirati sources have reported strikes on the critical Fujairah Port, while Kuwait confirms one of its navy vessels was struck, leaving four crew members injured. Additionally, social media is awash with unverified footage showing Shahed kamikaze drones striking Kuwait, as well as massive plumes of black smoke rising from burning facilities in Kuwait. US 5th Fleet HQ locations in Bahrain also show signs of damage from inbound projectiles.

The IRGC has insisted that the “export of oil and gas from the region will be either for everyone or for no one.”

The Iranians have continued to tout their nationalist defiance and have at no point shown signs of backing down as is hoped by Trump:

President Trump continues facing pressure over what’s next or what the ultimate objectives are. Related to this, he was pressed by Fox News Wednesday night about taking Kharg Island. Trump responded:

“We already hit Kharg Island, as you know, twice. Even three times. I said hit everything but just leave that little area from 25 yards out because I don’t want that in terms of the world economy. As far as taking it is concerned, if we degrade them far enough and deep enough back, I would do that.”

But Iranian forces show no signs of backing down. Instead a message from its army command via state TV says that “a decisive response to this aggressive action by the American enemy” will keep coming.

Missile alert warnings have continued to sound in Bahrain and Kuwait early Wednesday amid the Iranian fire, which has at this point grown to a daily occurrence.

Meanwhile, strikes on nuclear plans return?

Overnight Developments

via Newsquawk…

  • US President Trump said in a pre-recorded Fox News interview that they are beating up Iran badly and Hormuz has to stay open, while he added that strikes will continue until he says it is enough, as well as stated they will save energy targets for last and will ultimately hit energy targets. Trump also said they will hit Iran hard on Wednesday night, and that next week will get really bad for Iran, in which they will hit Iran’s power plants and bridges next week unless Iran comes to the negotiating table. Furthermore, he said US officials spoke to Iran on Tuesday and told Iran that it better make a deal.
  • US Central Command forces began launching an additional round of strikes against Iran at 15:00EDT/20:00BST on Tuesday, to continue degrading Iranian capabilities used to attack commercial shipping in the Strait of Hormuz, while CENTCOM later announced the completion of strikes against Iran.
  • US struck Qeshm Island in southern Iran, and explosions were heard in the maritime area of eastern Hormozgan and Sirik, while explosions were heard in Bandar Abbas and Hengam Island. Explosions were also heard in Bampur and Chabahar in Iran, although Iran’s semi-official news agency Tasnim noted officials denied reports of explosions in Chabahar, while explosions were reported in Iran’s port city of Bandar Imam Khomeini, and a mineral water plant in Deloran was hit by three projectiles. Furthermore, reports noted that air defences around the Bushehr Nuclear Power Plant in Iran became active.
  • IRGC said it targeted enemy weapons and parts storage in Bahrain and Kuwait, while it targeted a drone ramp in Kuwait’s Ali Al Salem air base and targeted US positions at Jordan’s Azraq base, as well as the US Fifth Fleet Command HQ, fuel facilities and equipment in Bahrain. IRGC said as long as the US evil stays in the region, not a drop of oil and gas will be exported from the region, and that US aggression will have no result other than delaying the opening of the Strait of Hormuz.
  • Iran will respond to the US attacks, Tasnim reported.
  • Iran’s Deputy Foreign Minister Gharibabadi said the US is making a mistake if it thinks its military attacks and blockade will force them to request negotiations, but also commented that Iran’s return to negotiations and tolerance regarding the Strait of Hormuz is possible. Furthermore, he said the MoU effectively no longer exists and that no country should expect Iran to continue implementing the terms of the memorandum.
  • Israeli PM Netanyahu is reportedly to travel to Washington on Saturday evening, aiming to meet with US President Trump, Yedioth reported.

Tyler Durden
Wed, 07/15/2026 – 09:00

Man Fleeing ICE Agents Struck, Killed By Semi-Truck In Florida

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Man Fleeing ICE Agents Struck, Killed By Semi-Truck In Florida

Authored by Kimberley Hayek via The Epoch Times,

A 28-year-old man died early on July 14 after he ran into the path of a tractor-trailer on State Road 16 in St. Augustine, Florida, moments after running from federal immigration agents at a nearby gas station.

Florida Highway Patrol Master Sgt. Dylan Bryan said the sequence of events started in the parking lot of a convenience store just before 7 a.m.

Homeland Security Investigations and U.S. Immigration and Customs Enforcement (ICE) agents were at the scene when four people ran off.

One of them ran across the road straight into oncoming traffic when he was hit by a semi-truck.

He was pronounced dead at the scene. The truck driver was uninjured.

State troopers are handling the investigation. The man’s name hasn’t been released.

Authorities have not shared much information about the four people who tried to flee on Tuesday morning or exactly why agents contacted them in the first place.

ICE and the Department of Homeland Security (DHS) did not immediately reply to a request for comment.

It was the third death in a week during ICE incidents, following fatal shootings in Texas and Maine.

In Texas, an ICE officer fatally shot an illegal immigrant from Mexico during a targeted enforcement operation in Houston after the man used his vehicle to try to run over an agent.

In Maine, an illegal immigrant with a final order of removal was fatally shot by an ICE officer in Biddeford after he attempted to flee in his vehicle during a traffic stop.

A day later, border czar Tom Homan told Fox News on Tuesday that ICE is temporarily suspending most vehicle stops nationwide.

“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? Or is it simply ICE doing a job, and bad things happen when people don’t comply with law enforcement officers?”

Homan stressed that the pause on most vehicle stops will not reduce the frequency of arrests ICE agents make of illegal immigrants. Officers can still apprehend individuals as they exit their homes before getting into a vehicle, or after they arrive at their destination, the border czar said. He cited a surge in vehicle assaults on federal agents since President Donald Trump returned to the White House as the reason for the change.

“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.”

Tyler Durden
Wed, 07/15/2026 – 08:45

July Rate-Hike Off The Table After Producer Price Inflation Drops Most Since COVID

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July Rate-Hike Off The Table After Producer Price Inflation Drops Most Since COVID

Following yesterday’s much cooler than expected, Goldman’s Rich Privorotsky notes that today’s PPI print matters more for the core PCE read-through (Fed’s favorite inflation indicator), particularly healthcare and financial services.

While May’s headline PPI print was hot, core was cooler than expected, and June’s data release today was expected to show no change in headline producer prices.

In fact, like with CPI, headline Producer prices actually saw deflation (-0.3% MoM), equaling the biggest monthly decline since April 2020. The annual pace of producer price gains slowed to 5.5% (well below the 6.2% expected) and May’s big jump was revised notably lower also…

While Services remain with modest inflation, Goods are in significant deflation now…

Core PPI (ex Food and Energy) printed +0.2% MoM, cooler than the +0.3% MoM expected, and May’s rise was revised notably lower leaving Core prices up 4.7% YoY (vs +54.1% YoY exp)…

Energy was the biggest driver of the headline deflation, but Food and Transportation also saw MoM price declines…

PPI MoM dropped -0.3%, below est of 0.0%, and down from a 0.6% increase in May (revised from +1.1%). PPI rose 5.5% for the 12 months ended in June. Core PPI rose 0.1% MoM in June, a drop from the 0.8% in May; On a YoY basis, core PPI rose 5.5%, a drop from 6.0% in May.

The June PPI decline can be attributed to prices for final demand goods, which fell 1.4%. In contrast, the index for final demand services moved up 0.2%.

Final demand goods: The index for final demand goods moved down 1.4%R in June, the largest decrease since falling 1.9% in July 2022. Leading the decline in June, prices for final demand energy dropped 6.4 percent. The index for final demand foods moved down 0.6 percent. Conversely, prices for final demand goods less foods and energy increased 0.2 percent.

  • Product detail: Nearly two-thirds of the June decline in the index for final demand goods can be traced to prices for gasoline, which dropped 12.0 percent. The indexes for diesel fuel, jet fuel, fresh vegetables (except potatoes), crude petroleum, and thermoplastic resins and materials also fell. In contrast, prices for plastic products advanced 1.6 percent. The indexes for residential electric power and for potatoes also increased.

Final demand services: The index for final demand services rose 0.2% in June after falling 0.1% in May. Over 60 percent of the advance can be attributed to margins for final demand trade services, which moved up 0.4 percent. (Trade indexes measure changes in margins received by wholesalers and retailers.) Prices for final demand services less trade, transportation, and warehousing increased 0.1%. Conversely, the index for final demand transportation and warehousing services declined 0.1%.

  • Product detail: Half of the June increase in the index for final demand services can be traced to margins for fuels and lubricants retailing, which jumped 13.0 percent. The indexes for securities brokerage, dealing, and investment advice; furniture retailing; apparel, jewelry, footwear, and accessories retailing; loan services (partial); and inpatient care also rose. In contrast, margins for machinery and vehicle wholesaling declined 8.4 percent. The indexes for food and alcohol wholesaling and for deposit services (partial) also fell.

And it appears, like with CPI, that Energy’s impact on inflation has peaked with prices…

Services did pick up from May’s deflation…

Additionally, according to the data, Memory prices also dipped…

Following this print’s confirmation of easing inflation angst, July is effectively off the table (technically 9% chance still priced), while September remains live (45%)…

Unless core inflation reaccelerates, Goldman’s Privorotsky says rate pricing should remain close to current levels.

Tyler Durden
Wed, 07/15/2026 – 08:38

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