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Portland City Council slips into name calling instead of discussing investment policy, majority of banks expect a Federal interest rate hike tomorrow, mortgage rates hit 7.1%, Meta opens up Kuna, ID data center, Brooks Runnings inks shoe deal with Seahawks, Deschutes county chooses new landfill location.

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PNW Market Look

As of market close 9.14.26

Stock Market Today: 10-Year Treasury Yield Touches 5%, Pushed by Oil Surge (WSJ)

Key Events This Week: (KL)
1. US 20Y Bond Auction - Tuesday
2. August Retail Sales data - Wednesday
3. Fed Interest Rate Decision - Wednesday
4. September Philly Fed Manufacturing Index - Thursday
5. August Pending Home Sales data - Thursday
6. August Industrial Production data - Friday

Headline Roundup

Pacific Northwest timber giant opens 145K acres to geothermal development (PBJ)
Costco hikes motor oil prices and puts limits on how much members can buy (CNBC)
Meta’s $1.2B Kuna data center is up and running (IDS)
Why data centers are suddenly in the middle of Oregon governor’s race (OPB)
Discussion of City’s Investment Policy Devolves Into Accusations of Antisemitism (WW)
TA Realty pays $102M for 204-unit Boulder Creek in Sammamish (DJC)
Diesel prices soar past $6 a gallon, deepening strain for hauling goods (DJC)
From farm to fab: Agriculture is driving Idaho’s technology economy (IBR)
Rising material costs impacting contractors in Portland, beyond (DJC)
Salem Opens New Financing Program for Commercial Property Upgrades (SBJ)
Meridian denies ‘micro-hospital’ at busy intersection (IDP)
McCall spends $1.2 million on apartments, eyes partnership to build more (VL)
Oregon data center task force backs reform but sidesteps moratoriums, tax breaks (ORL)
Microsoft sets its own AI guardrails amid rising industry concerns (ST)
Microsoft Sets Limits for AI Models as Altman Details Control Risks (WSJ)
PNW power crunch starts with AI. The bigger challenge may come after (ST)
Federal funding triples in Spokane to $23M (SBJ)
Craft3 invests $35M in Eastern Washington projects (SBJ)
DEQ receives $20.78 million for reclamation costs at bankrupt Montana Tunnels mine (MTS)
Brooks Running inks branding deal with Seahawks (PBJ)
Deschutes County’s next landfill will be at Horse Ridge (BB)

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Community Highlight

Oregon lawmakers approve more than $120 million to cover cost of 2026 wildfires (IDC)

“The Oregon Legislature’s Joint Emergency Board agreed to allocate $108 million to the Oregon Department of Forestry and $15 million to the Department of the State Fire Marshal at a morning meeting Thursday. The 20-member board has the authority to allocate funding when the full Legislature isn’t in session.

As of late August, wildfires had scorched across 2.5 million acres and cost the state $236.2 million. Those costs are expected to reach $350 million by the end of the wildfire season — putting 2026 on track to surpass the state’s previous $318 million record when wildfires scorched 1.9 million acres in 2024.

The forestry department has been able to pay for nearly $79 million of those costs with federal recovery funding, grants and other contributions. With the emergency board’s approval Thursday, the agency will also borrow $150 million from the Oregon State Treasury through three loans over the next three months to maintain solvency through the end of the year.

The State Fire Marshal responded to 12 destructive wildfires this year that cost more than $50 million. The agency’s $15 million request will cover funding gaps needed to address those costs.

The federal government is expected to reimburse Oregon for some of these costs, though that money can take years to arrive.

The Federal Emergency Management Agency still owes Oregon about $92 million in fire management and public assistance grants from 2020. These are grants a state requests if they are facing a catastrophic emergency, and the federal government agrees to pay 75% of the costs.

Typically they take about two to three years to be fully released to the states. This is not an unusual amount of money owed, nor is it unusual that it’s taking so long to be reimbursed, according to Joy Krawczyk, a spokesperson for the Oregon Department of Forestry.

The slow pace of federal reimbursements frustrated lawmakers.

“Through the course of today’s allocations, we’re going to be taking general fund dollars away from our schools, from healthcare, from housing, from public safety, while we’re waiting for reimbursement from the federal government,” said Rep. David Gomberg, D-Otis.

Lawmakers on the emergency board thanked all the agencies who worked to put out the wildfires this summer.

“It was predicted to be tough,” said Rep. Mark Owens, R-Crane. “We exceeded tough by many levels in that period of time. Without the coordination, the dedication of the state agencies, and I’ll say our Bureau of Land Management, the U.S. Forest Service, Rangeland Fire Protection Associations, rural fire districts and the volunteers that are out there, there’d have been towns and houses taken out.”

Rip’s Spotlight

Trump administration repeals Biden era greenhouse gas requirements for power plants (CNBC)

The EPA repealed Biden-era requirements that existing coal plants and new natural gas plants control 90% of their carbon dioxide emissions.
It also also proposed a sweeping action that would eliminate all remaining greenhouse gas rules for power plants.
Power plants are the second-largest source of these planet-warming emissions in the U.S. behind the transportation sector, according to the EPA.

“This rule, which is still subject to finalization, would prevent future administrations from regulating power plant emissions to fight climate change, an EPA official told reporters on a call Monday.

The final repeal of Biden’s rules comes as EPA Administrator Lee Zeldin, Energy Secretary Chris Wright and Interior Secretary Doug Burgum meet with their G20 counterparts in Houston, Texas, to discuss energy issues.

Zeldin framed the repeal as a way to reduce electricity prices for American families. The cost of living is a major issue ahead of the November midterm elections as gasoline and diesel prices surge due to the U.S. war with Iran.

President Donald Trump has systemically dismantled regulations implemented by the Obama and Biden administrations that sought to fight climate change. The EPA in February revoked a key finding that classified carbon dioxide as a threat to public health.

The Trump administration has sought to revive the coal industry, expand gas-fired power plants, and increase crude oil production while blocking solar and wind power projects.”