Democrats Will Try Not To Act Like Children During Trump's State Of The Union Address

President Donald Trump will deliver his State of the Union address on Tuesday evening, and according to reports, many seats will be empty.

Earlier this month, House Minority Leader Hakeem Jeffries gave his caucus its marching orders in a closed-door meeting: sit in the chamber with "silent defiance" or don’t attend. 

"The two options that are in front of us in our House is to either attend with silent defiance or to not attend, and send a message to Donald Trump in that fashion," Jeffries told reporters last week.

The directive wasn’t given out of respect for President Trump or the event, but because last year's joint address devolved into a spectacle that backfired on the Democrats. Many Democrats held up signs reading "Save Medicaid" and "False" as Trump spoke. Dozens of members from the Democratic Women's Caucus wore pink. But most notably, Rep. Al Green of Texas stood up during the speech and began shouting, raising his cane toward the president, before Speaker Mike Johnson ordered the sergeant-at-arms to remove him from the chamber. Green was later censured in a largely party-line vote, but many Democrats realized that the protests didn’t make them look good at all.

Rep. Greg Casar of Texas, chair of the Congressional Progressive Caucus, told Axios, "Last year didn't really work as envisioned." A senior House progressive, declining to go on the record, confirmed the broader sentiment that “there's just a feeling that it wasn't real effective last time." Another House Democrat even said the behavior was "completely counterproductive and made us look like children. We should be grown-ups, because [Republicans] are not." Jeffries reportedly chewed out some of the most vocal disruptors behind closed doors. 

Now, a growing coalition of members will skip the Capitol entirely and head to the "People's State of the Union," a counter-rally near the Lincoln Memorial organized by MeidasTouch and MoveOn Civic Action, two left-leaning media and activist outfits. The event is designed as counter-programming, featuring former MSNBC anchors Joy Reid and Katie Phang as hosts alongside elected officials and Americans the organizers say have been directly affected by Trump’s policies.

The Senate contingent heading to the rally includes Sens. Ed Markey of Massachusetts, Jeff Merkley of Oregon, Chris Murphy of Connecticut, Chris Van Hollen of Maryland, and Tina Smith of Minnesota. On the House side, Reps. Yassamin Ansari, Becca Balint, Veronica Escobar, Pramila Jayapal, John Larson, Sydney Kamlager-Dove, Delia Ramirez, Sara Jacobs, Emily Randall, and Bonnie Watson Coleman are all set to appear. Even Greg Casar, who blasted his party’s behavior last year, is participating.

Still, some Democrats are ignoring Jeffries entirely and appear to be planning some protest during the speech. 

"The only question for me is which of his disgusting lines prompts me to get up and leave, because at some point I will,” Rep. Jared Huffman of California said. 

Rep. Shri Thanedar of Michigan hinted at his intentions to protest during the speech, but refused to offer specifics: "I don't have details to share, but this President is not above [the] law, his massive corruption, unconstitutional actions, his insults to our allies, and despicable acts at Epstein's island must be protested." 

Sen. John Fetterman of Pennsylvania previously warned his fellow Democrats not to disrupt Trump’s speech.

“I mean, there’s just no dignity if you have paddles, if you are yelling and saying those kinds of things,” Fetterman told Fox News last week. “I mean, you can agree or disagree on things, but if you’re going to show up, just do it with dignity because, you know, really need to respect the office.”

The Democratic Party heads into Tuesday night's State of the Union address with no unified strategy, a fractured caucus, and a lingering hangover from the last time they tried to make a scene. 

Tyler Durden Tue, 02/24/2026 - 16:40

Cartel Problem Is 'Spilling Over To The United States': Texas Senator

Authored by Naveen Athrappully via The Epoch Times,

The cartel problem in Mexico has spilled over into the United States, harming Americans and requiring Washington to take action on the matter, Sen. John Cornyn (R-Texas) said in a Feb. 23 interview with Fox News.

“[Mexicans are] very particular about their sovereignty. And I get that. But if they’re not able to take care of the problem, and it’s spilling over to the United States and killing American citizens, it’s our problem. And we need to do something about it. And fortunately, President [Donald] Trump is willing to take this fight to those cartels,” Cornyn said.

“We, under President Trump, have leaned into providing surveillance ISR to the Mexican elite forces. And now the Senate of Mexico has agreed to allow some of our special forces to go in and train theirs.” ISR, in military terms, refers to Intelligence, Surveillance, and Reconnaissance.

The lawmaker said Mexico has long been controlled by the cartels, and the corruption facilitated by its government.

Many of the government officials in Mexico have been compromised, Cornyn said, with these officials getting rich and continuing to do so because of drugs, human trafficking, fuel theft, and other activities.

“You name it, they'll do anything for a buck. And these are dangerous and very violent people,” the senator said.

“But fortunately, President Trump has gotten President [Claudia] Sheinbaum to extradite I think approximately 50 different cartel members to the United States. And I’m glad to see them taking the fight to the cartels in Mexico using U.S.-facilitated intelligence,” the lawmaker said.

Cornyn said he was in communication with the State Department to ensure that they can bring Americans currently in Mexico back home safely amid the violence unleashed following the death of a major drug leader.

Nemesio Ruben Oseguera Cervantes, known as “El Mencho,” the leader of the Jalisco New Generation cartel (CJNG), was killed on Feb. 22 during a Mexican government operation. CJNG is one of the most powerful and fastest-growing criminal organizations in Mexico.

There have been reports of violence across Mexico following El Mencho’s death. On Sunday, the U.S. Embassy and Consulates in Mexico issued a security alert, asking Americans in Mexico to “shelter in place.”

The alert asked Americans to follow the instructions of local authorities and call 911 in case of emergencies. It recommended that they monitor local media to remain updated on the situation, and “keep family and friends advised of your location and well-being via phone, text, and social media.”

White House press secretary Karoline Leavitt said in an X post on Sunday that the United States had provided intelligence to the Mexican government in its operation that killed El Mencho.

“The Trump Administration also commends and thanks the Mexican military for their cooperation and successful execution of this operation,” Leavitt said. President Donald Trump wants narcoterrorists sending deadly drugs into the United States to “face the wrath of justice they have long deserved.”

Cartel Threat

The U.S. Department of State said it was offering a reward of up to $15 million for information leading to the arrest or conviction of El Mencho.

Since 2017, the drug leader has been indicted several times in a Columbia district court. In 2022, he was charged with conspiracy and distribution of a controlled substance for purposes of unlawful importation into the United States, according to the department.

CJNG “has been assessed to have the highest cocaine, heroin, and methamphetamine trafficking capacity in Mexico, and over the past few years, includes the trafficking of fentanyl into the United States,” the department said.

CJNG and other Mexican cartels were designated as foreign terrorist organizations last year by the Trump administration. The group has attacked Mexican police and military, and conducted assassinations of local officials, the State Department said while announcing the cartel as a terror group.

On Sunday, Texas Gov. Greg Abbott urged the state’s citizens who are in Mexico to closely follow warnings from the State Department amid the security operations, related road blockades, and criminal activity in Mexico, according to a Feb. 22 statement from the governor’s office.

In a Feb. 23 statement, Abbott’s office announced that the governor has directed the Texas Department of Public Safety to boost public safety and homeland security operations across the state in response to the rising cartel violence in Mexico.

“Mexican drug cartels pose a significant threat to public safety and national security,” Abbott said.

“By increasing proactive efforts to defend against cartel violence, Texas will continue to utilize every tool and strategy to protect our state and our nation. We will not cower to criminals who impose terror on our fellow Texans and Americans.”

Tyler Durden Tue, 02/24/2026 - 16:20

PayPal Shares Jump Again After "Large Rival" Suitor Revealed As Stripe

Update (1558ET):

Bloomberg reports that payment processor Stripe has expressed interest in PayPal, a day after the outlet first reported that a "large rival" suitor was exploring a takeover of the payments platform.

Bloomberg:

• STRIPE IS CONSIDERING AN ACQUISITION OF ALL OR PARTS OF PAYPAL

• STRIPE HAS EXPRESSED PRELIMINARY INTEREST: SOURCES

Before the first Bloomberg report hit, PayPal shares in New York were at 2017 lows (with a market capitalization of around $37 billion) and were down more than 85% from the 2021 high of $291.48.

Shares have jumped as much as 18% since the initial report was released late Monday morning. 

Bloomberg noted, "The deliberations are still early and there's no certainty they'll lead to a transaction." 

*   *  *

PayPal shares were briefly halted due to volatility and are now up 9% after a Bloomberg report said the digital payments firm is attracting takeover interest from potential buyers, as the stock slid to a decade low. The report, based on unnamed sources, has not been confirmed by PayPal.

Interest in a PayPal takeover is in the early stages, according to people familiar with the matter. They say the company has met with banks amid unsolicited interest from suitors.

The sources described one of the suitors as " "large riv"l" looking to purchase the entire digital payments firm, while others are only interested in certain PayPal assets.

Before the news hit, PayPal shares in New York were at 2017 lows (with a market capitalization of around $37 billion) and down more than 85% from the 2021 high of $291.48. Year to date, shares are down 30%.

Wall Street analysts are largely neutral on the stock, with 1" "Buy"," 3" "Hold"," and si" "Sell"." The average 12-month price target is $50.08. 

PayPal was one of the pioneers of digital payments, but has been losing market share as consumers shift to alternatives like Apple Pay and Google Pay.

Bloomberg notes a leadership shakeup of the firm is underway, with board chair Enrique Lores set to become president and CEO on March 1, following the ouster of Alex Chriss earlier this month. The latest earnings have disappointed, with quarter four profit and revenue missing estimates and signs of a continued slowdown in payment volume.

Tyler Durden Tue, 02/24/2026 - 15:58

Iran Strikes Covert Missile Deal With Moscow In Backchannel Rearmament

Iran is squarely in the Trump administration's crosshairs, and both Russia and China are to some degree coming to Tehran's aid with some significant arms deals meant to potentially stave off future attack.

Most significantly, the Financial Times is reporting that Russia will supply the Iranians with thousands of advanced shoulder-fired missiles in a deal worth 500 million Euros.

via Reuters

It's said to be part of a broader effort to rebuild Iran's air defenses, which were heavily destroyed and retarded by Israeli-US airstrikes in the last June war. Iran is also greatly limited given years of US-led sanctions targeting its defense and industrial sectors.

Though only coming to light this past weekend, the agreement was inked in Moscow in December, and commits Russia to deliver 500 "Verba" launch units and 2,500 "9M336" missiles over three years.

FT says it reviewed leaked Russian documents the UK publication obtained, which revealed the secretive deal for the Russian anti-air defenses.

The agreement was reportedly negotiated between Russia’s state arms exporter Rosoboronexport and the Moscow representative of Iran's Ministry of Defense and Armed Forces Logistics (MODAFL), with for example the the 9M336 missiles going for €170,000 per unit.

As for the Verba systems, for Moscow they represent a relatively low-cost way to shore up Iran's air defenses, bolstering Tehran's deterrent posture without meaningfully draining Russia's own missile inventories, badly needed for operations in Ukraine and as readiness for some potential future engagement with NATO.

Graphic News: the Verba 9K336 MANPADS

Last week, Russian naval power was on rare display near Iran, cooperating in planned joint naval drills with the Iranian Navy and IRGC units, in a bit of muscle-flexing as the Pentagon builds up its forces in the Mideast region.

If the US were to launch a surprise attack on Iran, it remains unlikely that either Russia or China would come to Tehran's direct military aid and engage militarily with Washington. However, Moscow and Beijing would no doubt team up to issue a UN Security Council condemnation, and would seek to rally the globe against another Iraq-style war in the Middle East which would likely sow broader instability. 

Tyler Durden Tue, 02/24/2026 - 15:45

Judge In Kirk Murder Case Refuses To Disqualify Prosecutors

Authored by Stacy Robinson via The Epoch Times,

A judge ruled on Feb. 24 that a Utah deputy attorney general could continue prosecuting the man accused of murdering Charlie Kirk.

Defense attorneys for Tyler Robinson, the accused shooter, had asked the judge in January to disqualify that member of the prosecution team—along with his entire office—after it was revealed that his daughter had been in the crowd when Kirk was killed.

The young woman did not see the shooting, but texted “CHARLIE GOT SHOT” to a family group chat.

Robinson’s defense attorneys had argued that the prosecutor’s relationship with someone in the crowd might have influenced his decision to seek the death penalty.

The prosecution said in a court filing in Utah’s Fourth Judicial District Court for Utah County that she did not have “any lasting trauma from the event.”

“In fact, nearly everything [she] knows about the actual homicide is hearsay,” the filing said, adding that any testimony she gave would consist of “generic, uncontested details available from literally thousands of other witnesses.”

Utah County Attorney Jeffrey Gray had argued in court that the request was meant to delay the trial.

“This is [an] ambush and another stalling tactic,” Gray said.

Kirk, a popular conservative commentator, was killed last September while speaking at the Utah Valley University campus in Orem, Utah. Robinson, 22, faces aggravated murder charges related to the shooting.

Footage from the day of the shooting appears to show Robinson, wearing sunglasses and a baseball cap, climbing onto a building where the shooting is believed to have originated. He turned himself in after consultation with family members.

Tyler Durden Tue, 02/24/2026 - 15:25

Panama Seizes China-Linked Ports Amid Trump-Beijing Dispute

Panama published a Supreme Court decision, issued in late January, that voided key port operations held by Hong Kong-based CK Hutchison. The Balboa and Cristobal terminals have become entangled in a legal dispute involving Washington and Beijing. The timing is important, as it comes about a month before President Trump's planned late-March trip to China.

On Monday, the ruling authorized the Panama Maritime Authority to take over the Balboa and Cristobal terminals near the Panama Canal, ending concessions held by Panama Ports Company (PPC), a CK Hutchison subsidiary, for more than two decades.

The ruling stated that the Panama Maritime Authority will occupy both ports for "reasons of urgent social interest" and take control of all cranes, vehicles, computer systems, and software.

CK Hutchison said Panama's move was "unlawful" and threatened national and international legal action against the country, which controls the 50-mile man-made maritime chokepoint connecting the Atlantic and Pacific Oceans, allowing more than 13,000 ships to transit annually.

"CKH considers the ruling, the executive decree, the purported termination of PPC's concession, and the takeover of the terminals to be unlawful," CK Hutchison said in a statement to the Hong Kong Stock Exchange, adding, "The actions by the Panama State also raise serious risks to the operations, health and safety at the Balboa and Cristobal terminals."

Hong Kong-listed shares of CK Hutchison closed down 2.7% following the court-ordered takeover. Shares year-to-date have gained about 18%, according to Bloomberg data.

Following the move, Danish shipping company Maersk and Geneva-based Mediterranean Shipping Company were granted temporary licenses to operate both terminals.

In a statement to CNBC, Maersk said temporary operations at the Port of Balboa have already begun and will continue for a period of 18 months.

"One of the main tasks will be the deployment of a new terminal operating system and training the workforce to use this new system," Maersk said

The saga surrounding the Balboa and Cristobal terminals comes as the Trump administration pursues a Western Hemisphere defense posture, repositioning the Department of War to secure the region and curb the influence of Chinese and other foreign adversaries across the Americas. This also includes purging the region of communist and socialist regimes.

Tyler Durden Tue, 02/24/2026 - 15:05

FedEx Seeks Tariff Refund With Lawsuit Against US

Authored by Jill McLaughlin via The Epoch Times,

FedEx is suing the United States Feb. 23, seeking a full refund on President Donald Trump’s emergency tariffs after the U.S. Supreme Court ruled his use of the International Emergency Economic Powers Act (IEEPA) lacked authorization.

The lawsuit, filed in the U.S. Court of International Trade, seeks to recoup all duties paid by FedEx as a result of IEEPA orders and any interest accrued, plus attorney’s fees.

The Tennessee-based shipping giant focused its lawsuit mainly on the emergency tariffs imposed on Mexico, Canada, and China, and the 10 percent baseline tariff on all imports to the United States, which went into effect on April 5, 2025.

In the Learning Resources v. Trump case, the Supreme Court ruled Feb. 20 that Trump’s tariffs violated the emergency powers law he invoked last year to impose levies on China, Canada, Mexico, and other countries.

Tariffs enacted under other laws were not affected by the ruling.

The president declared a national emergency under IEEPA starting on Feb. 1, 2025, to address the flow of illicit drugs across the northern and southern borders, and to stop the synthetic opioid supply chain from China.

Trump continued taking more steps to implement emergency orders with tariffs last year and earlier this year, addressing global threats. The latest tariffs targeted Iran on Feb. 6.

The president issued an order Feb. 20 ending IEEPA tariff actions.

In a dissenting opinion, Supreme Court Justice Brett Kavanaugh said the federal government may be forced to refund billions of dollars to importers who paid tariffs under IEEPA “even though some importers may have already passed on costs to consumers or others.”

Kavanaugh also said he expected it could be a “mess.”

During a press conference Feb. 20 following the Supreme Court’s decision, Trump said the ruling didn’t do enough to address the refund issue, which could tie up the federal government in court for years to come.

“I guess it has to get litigated for the next two years,” the president said.

Ships are docked at the Port of Long Beach in Long Beach, Calif., on Feb. 20, 2026. Damian Dovarganes/AP Photo

Other companies have filed lawsuits seeking refunds on the tariffs, including Revlon, Costco, Goodyear Tire & Rubber, Toyota, BYD, Patagonia, REI, Trek, Specialized, Shimano, Bell Sports, Osprey, and Dole Fresh Fruit Company.

Since the Supreme Court ruling, Trump has imposed a 10 percent tariff on all countries, which was raised to 15 percent on Feb. 21. The new worldwide tariff level went into effect immediately, the president announced in a post on Truth Social.

Tyler Durden Tue, 02/24/2026 - 14:05

Tonight's State Of The Union: Here's What To Watch As Trump Plans Two, Possibly Three Hour Speech

 Update (1555ET): Tonight's speech is expected to be over two hours, possibly approaching three, PBS News reports. 

He's also expected to call for a new form of personal and corporate tax cuts, Fox News reports, citing comments Trump made at the White House luncheon.

*  *  *

President Trump is set to deliver his first State of the Union address of his second term on Feb. 24, when he is expected to highlight his administration’s accomplishments and seize the moment to shore up support for Republicans ahead of the critical 2026 elections.

Historically, the president’s party almost always suffers midterm losses, and the House appears especially vulnerable this year.

Trump, eager to reverse the trend, is set to deliver a lengthy speech promoting the policy wins over the past year.

“It’s going to be a long speech, because we have so much to talk about,” the president said during an event at the White House on Feb. 23.

In fact, as Polymarket odds show, his speech is expected to last 95 minutes...

The address is scheduled for 9 p.m. ET and will be Trump’s second to Congress since returning to office. He previously spoke to a joint session of Congress on March 4 last year. While it was not an official State of the Union address, the speech was the longest on record, lasting nearly 1 hour and 40 minutes.

Below, The Epoch Times' Emel Akan lays out five key things to watch at this year’s State of the Union:

Midterms Messaging

With eight months until the midterms, Republicans are working to win voters, especially independents who backed Trump in 2024. The majority of voters are still anxious about the high cost of living, according to recent polls. Trump is likely to prioritize the economy in his speech and talk about what he has done to lower gas, housing, and health care costs for American families.

Luke Nichter, professor of presidential studies at Chapman University in Orange, California, believes that Trump’s primary message will be about the midterms.

“He wants to make sure those enthusiastic supporters are still enthusiastic, they still support him, and continue to turn out this fall,” Nichter told The Epoch Times.

The speech comes on the heels of the Supreme Court’s decision last week that struck down tariffs imposed under the 1977 International Emergency Economic Powers Act.

President Donald Trump acknowledges the audience before delivering his State of the Union address at the U.S. Capitol in Washington, on Feb. 4, 2020. Mandel Ngan/AFP via Getty Images

Trump sharply criticized the justices who supported the ruling and has since pledged to raise global tariffs to 15 percent using other statutory authorities. During a Feb. 20 press conference, Trump said he was “ashamed of certain members of the court.” Hence, his tone and remarks toward the justices in the room will be closely watched during the address.

Trump is expected to make the case for high tariffs, even as some Republican lawmakers have expressed concerns about their economic impact.

Immigration will also be a key topic, as the Department of Homeland Security (DHS) remains shut down due to ongoing disagreement between the White House and congressional Democrats. Trump is expected to defend his administration’s policies while adopting a more measured tone in light of two recent fatal shootings by immigration agents in Minneapolis.

Aaron Dusso, a political science professor at Indiana University, believes that Trump will try to shift the narrative during his speech, especially given recent criticism of the domestic immigration crackdown and declining approval ratings.

“This is going to be an opportunity for him to command attention across the entire country,” Dusso told The Epoch Times.

Foreign Policy Questions

Foreign policy is typically not a major focus in the State of the Union addresses, as presidents usually prioritize domestic issues. Trump’s address may be an exception, Nichter said.

In recent weeks, the administration has stepped up the U.S. military presence in the Middle East to exert pressure on Iran to curb its nuclear program. The Pentagon has dispatched another large aircraft carrier to the region. Amid tensions, another round of talks with Tehran is set for Feb. 26 in Geneva. Lawmakers will be closely watching for any new announcements regarding Iran.

Mexican soldiers patrol in armored vehicles in Acapulco in the aftermath of a military operation in which Mexican drug lord Nemesio Oseguera, known as "El Mencho," was killed in Jalisco state, in Acapulco, Mexico, on Feb. 22, 2026. Henry Romero/Reuters

In Mexico, a U.S.-aided operation killed Nemesio “El Mencho” Oseguera Cervantes, a powerful drug cartel leader, on Feb. 22. Lawmakers and foreign policy analysts will be listening for clarity on the extent of the U.S. involvement in the Mexican military’s operation.

Trump is also expected to highlight his broader efforts to broker peace around the world, crediting himself for ending eight wars.

According to Nichter, Trump may also address unresolved foreign policy issues, including Greenland, Cuba, Venezuela, and the golden dome missile defense system.

Guests in the Gallery

The White House and lawmakers will invite special guests to the State of the Union to highlight their political messages.

Over the weekend, Trump invited the U.S. Men’s and Women’s Olympic Hockey teams following their gold medal victories over Canada.

The women’s team declined the invitation, citing scheduling issues. The men’s team is expected to attend.

Jake Guentzel #59, Tage Thompson #72, Jaccob Slavin #74, Kyle Connor #81 and Jake Sanderson #85 of Team United States listen to the national anthem during the medal ceremony for Men's Ice Hockey following their gold-medal win over Canada at the 2026 Winter Olympic games at Milano Santagiulia Ice Hockey Arena in Milan, Italy, on Feb. 22, 2026. Bruce Bennett/Getty Images

Democratic lawmakers have invited several people who say they were victims of sex offender Jeffrey Epstein, including Jess Michaels and the family of the late Virginia Roberts Giuffre, to demand legal consequences for those named in the files.

Some Democrats, including Senate Minority Leader Chuck Schumer (D-N.Y.), will bring constituents to raise concerns about the impact of rising tariffs and health care costs.

Some Republicans are focusing on human rights issues in China. House Speaker Mike Johnson (R-La.) will host the daughter of Gulshan Abbas, a Uyghur doctor detained in China since 2018. Rep. Chris Smith (R-N.J.) will host Claire Lai, daughter of Hong Kong media tycoon Jimmy Lai, who is serving a 20-year prison sentence.

Reaction

There have been dramatic moments at past State of the Union addresses, most notably in February 2020, when then-House Speaker Nancy Pelosi tore up a copy of Trump’s speech after he finished speaking.

This time, the setting will be different. Seated behind Trump will be Johnson and Vice President JD Vance.

Reactions from Democrats in the chamber will be closely watched. As with previous years, some lawmakers are expected to stage symbolic protests, wearing coordinated colors or displaying signs.

Vice President Mike Pence claps as Speaker of the House of Representatives Nancy Pelosi rips a copy of President Donald Trump's speech after he delivers the State of the Union address at the Capitol in Washington on Feb. 4, 2020. Mandel Ngan/AFP via Getty Images

The official response from the Democratic Party will be delivered by Virginia Gov. Abigail Spanberger, who won a landslide victory last November and became the state’s first female governor. Her response will air immediately after Trump’s speech.

Yemisi Egbewole, a Democratic strategist and former Biden White House adviser, said that Spanberger’s selection shows the party is changing its strategy by focusing on affordability and moving away from identity issues.

The response is expected to be measured and aimed at voters who are uneasy about Trump as president, even if they sometimes support Republicans, Egbewole told The Epoch Times.

“That is really where Democrats need to hit,” she said.

Virginia Gov. Abigail Spanberger signs executive orders after being sworn into office at the Virginia State Capitol in Richmond, Va., on Jan. 17, 2026. Win McNamee/Getty Images

More than a dozen Democrats plan to skip the speech and attend an alternative event, the “People’s State of the Union” rally at the National Mall in Washington.

Sens. Adam Schiff (D-Calif.), Ed Markey (D-Mass.), Jeff Merkley (D-Ore.), Chris Murphy (D-Conn.), Tina Smith (D-Minn.), and Chris Van Hollen (D-Md.), as well as Reps. Yassamin Ansari (D-Ariz.), Becca Balint (D-Vt.), Greg Casar (D-Texas), Veronica Escobar (D-Texas), Pramila Jayapal (D-Wash.), Delia Ramirez (D-Ill.), and Bonnie Watson Coleman (D-N.J.) are expected to skip the address.

Defending the Record

Trump is expected to defend his record and outline his legislative goals in another lengthy address.

He will tout economic milestones, including the Dow Jones Industrial Average surpassing 50,000 points. He will argue that crime is falling nationwide.

He will also likely highlight reductions in immigration flows at the southern border with Mexico. Trump has previously said that illegal immigration along that border has reached near-zero levels.

A banner showing President Donald Trump at the Department of Justice in Washington on Feb. 21, 2026. Madalina Kilroy/The Epoch Times

The address is also considered a prime opportunity for the president to lay out his legislative proposals. This year, Trump is expected to encourage the passage of the Safeguarding American Voter Eligibility (SAVE) America Act, a bill that would require proof of citizenship to vote.

He will also tout his other policies, such as banning male athletes with gender dysphoria from competing in women’s sports.

According to David Schultz, a political science professor at Hamline University in Minnesota, Trump will have to keep his base energized while deciding whether to adjust his tone and message to win back the independent voters who helped elect him in 2024.

Republicans’ chances of holding Congress depend on retaining those swing voters, he told The Epoch Times.

“His base is still mostly with him,” Schultz said. “The question becomes, does he only pitch to the base, or does he try to alter his language and approach to appeal to the swing voters?”

Tyler Durden Tue, 02/24/2026 - 13:35

As Epstein Brokered Rothschild Bank Deals, DEA Ran Secret Probe Into $50M Laundering Scheme

A newly uncovered DEA document from the DOJ's Jeffrey Epstein files release reveals that Epstein was the subject of a secret, 5-year investigation by the Drug Enforcement Agency (DEA) on suspicions of laundering approximately $50 million through a web of illicit drug and prostitution networks - yet federal prosecutors pursuing his 2019 trafficking case had no idea. 

The DEA investigation, code-named "Chain Reaction," was launched by the DEA's New York office on December 17, 2010, and targette4d Epstein (listed as "Target 4") - as well as 14 other individuals whose names have been redacted. Chain Reaction focused on "illegitimate wire transfers" suspected of funding "illicit drug and/or prostitution activities" in New York City and the US Virgin Islands, where Epstein owned his notorious Little St. James island. 

Drawing from a multi-agency dragnet - including the DEA, FBI, ICE, CBP, FinCEN, and others - the memo compiles biographical data, border crossings, criminal histories, and financial red flags. It reveals roughly $50 million in suspicious transactions from 2010 to 2015, routed through accounts in Switzerland, France, the Cayman Islands, and New York. Epstein himself was flagged in seven Unified Suspicious Activity Reports (USARs) totaling $5.67 million, eight Currency Transaction Reports (CTRs) amounting to $233,397, and three Unified Currency Transaction Reports (UCTRs) for $102,648 - some conducted on his behalf by associates.

The memo also reveals overlapping investigations, including an ICE case in West Palm Beach (2006–2008), a Las Vegas ICE probe (opened 2009, pending in 2010), a Paris-based ICE "Operation Angel Watch" (2013), and an FBI case from 2006 still active in 2015.

The redacted targets include individuals with ties to prostitution (e.g., a Polish fashion model linked to $2 million in transfers) and businesses like SLK Designs LLC (a fashion entity run by Epstein associates) and Hyperion Air Inc. (his aircraft holding company). Epstein's border crossings (e.g., frequent flights between JFK and Paris's Charles de Gaulle in 2014) and communications (phones, emails) were tracked.

The memo expands Epstein's crimes beyond sex trafficking, suggesting a syndicate blending prostitution with potential narco-finance. Redacted associates handled transactions "on behalf" of Epstein, and businesses like SLK Designs appear tied to UCTRs involving negotiable instruments. Little St. James - Epstein's "Pedophile Island" - is fingered as a hub, aligning with survivor accounts of exploitation.

Timeline of Key Probes:

• 2006: FBI opens investigation (still active in 2015).
• 2006–2008: ICE West Palm Beach case.
• 2009: ICE Las Vegas probe opens.
• 2010: DEA "Chain Reaction" begins.
• 2013: ICE Paris "Operation Angel Watch."
• 2015: OCDETF memo compiled.
• 2019: SDNY sex-trafficking charges (unaware of DEA).

Elite Banking Ties: From Rothschilds to Qatar's KBL Lux JV

Epstein repeatedly held himself out to people as a representative to the Swiss-based Edmond de Rothschild Group, led by Ariane de Rothschild at the time. Emails reveal that Ariane met with him dozens of times between 2013 and 2019, stayed at his properties, sought his advice on family feuds (e.g., with cousin David de Rothschild over branding), and listened to geopolitical advice such as how to profit from the 2014 Ukraine coup. For his services, the Rothschilds paid him $25 million in two payments roughly one month apart in October and November of 2015. Epstein introduced her to lawyers like Obama White House counsel Kathy Ruemmler, and pursued funding for Israeli cyber firms (e.g., via Ehud Barak). Last week, former Victoria's Secret boss Les Wexner testified under oath that he only trusted Epstein due to his work for the Rothschilds in France. 

Jeffrey Epstein, right, became a personal confidant and key business adviser to Ariane de Rothschild, left, for six years from 2013 © FT montage/Bloomberg/Alamy/Getty Images It's Fine...

And what happened in December of 2015, after the Rothschilds wired Epstein $25 million? The bank reached a non-prosecution agreement with the Obama DOJ on December 18, 2015 amid a DOJ investigation under the "Swiss Bank Program," which targeted banks for aiding U.S. tax evasion through undeclared accounts. The bank ended up paying a $45.2 million penalty (including fines and forfeitures) as part of a non-prosecution agreement. 

Behind the scenes, the group’s French chief, Ariane de Rothschild, had tasked Jeffrey Epstein and the lawyer he had introduced her to, Kathy Ruemmler, with closing the deal.

“45 mio [million]?” de Rothschild asked Epstein in a December 2015 email exchange. He replied that, counting a $10mn fee for the lawyers involved and $25mn for him, “I think you will find that . . . all less than 80 pretty good”. “Deep thks for your amazing help,” de Rothschild answered. -FT

Specific allegations against Edmond de Rothschild included knowingly assisting U.S. clients in concealing assets (with an aggregate maximum balance of about $1.8 billion in undeclared accounts), using sham offshore entities in jurisdictions like Liechtenstein, Panama, and the British Virgin Islands to hide ownership, and facilitating cash movements or other methods to evade IRS detection. The bank admitted it was "highly probable" that some American accountholders were non-compliant with U.S. tax laws, and it encouraged clients to use structures that obscured true beneficial ownership. This investigation stemmed from broader U.S. efforts post-2009 UBS scandal (where UBS paid $780 million), which exposed systemic issues in Swiss banking secrecy aiding tax evasion.

Tangled Web of Who's Who

While the DEA was digging into shady wire transfers, Epstein was moonlighting as a high-society financial fixer. Emails from the DOJ's Epstein files (DataSet 9) show him brokering a 2013–2015 joint venture between Qatar-owned KBL European Private Bankers (Luxembourg) and the Edmond de Rothschild Group's Swiss operations. Epstein pitched the deal to Qatari royalty - Sheikh Jaber Al Thani, boasting of his Rothschild representation, though the deal never materialized.

Epstein with Sheikh Jabor Bin Yousef Bin Jassim Bin Jabor al Thani. Pic: @OversightDems

True: here is Epstein trying to convince Qatar's Jaber al-Thani (via his nephew Jabor) to JV his Luxembourg bank KBL with Rothschild's Swiss bank https://t.co/YAqrQGOMtD pic.twitter.com/mmpQdljzKZ

— zerohedge (@zerohedge) February 20, 2026

Here are other notable individuals and deals Epstein was involved in while also under DEA investigation:

Peter Thiel

Epstein and tech billionaire Peter Thiel had a multi-year relationship starting around 2014, involving at least eight meetings and over 2,000 emails. Epstein invested $40 million in Thiel's Valar Ventures fund (backing international startups like Wise and Xero) in 2015–2016. Their correspondence often covered shared interests like tax avoidance (e.g., Thiel's Roth IRA ballooning to over $2 billion) and anti-globalization views (e.g., celebrating Brexit as a "return to tribalism"). Epstein also used Thiel as a sounding board for other deals, including emergency-services tech startups and connections via former Israeli PM Ehud Barak

In one Feb. 28, 2016 email to Peter Thiel, Epstein sought inroads for "the bank that has 160 b in mgmt' - which has the 'best client list in the world.' 

Brian Armstrong

One of Epstein's notable tech investments during this time was in Coinbase, the prominent cryptocurrency exchange, where in 2014 he directly invested in the company at an early stage through one of his entities, committing approximately $3 million when Coinbase's valuation was around $400 million, a move that aligned with his growing interest in emerging fintech and proved successful as he later sold half of his stake for $15 million in 2018, with the total return escalating to over $30 million by the time of his estate's valuation in 2026, making it one of his few profitable ventures in the Silicon Valley space that showcased his access to startup opportunities amid the DEA's probe into his broader financial dealings.

Leon Black

Epstein's involvement in the art world intersected with his advisory role for billionaire Leon Black, particularly in orchestrating the 2015 acquisition of Pablo Picasso's 1931 sculpture Buste de Femme (Marie-Thérèse), where acting as Black's tax and estate strategist he helped structure the $106 million-plus deal with Black's Narrow Holdings LLC purchasing the work from Maya Widmaier-Picasso via intermediary Larry Gagosian, involving over $86 million in wires from May to October 2015 routed through European banks like Banque Leonardo in France amid a legal dispute with Qatari buyers, during which Epstein demanded detailed wire records under joint defense privilege, ultimately succeeding with Black retaining ownership after a 2016 settlement as part of Epstein's broader management of Black's $2.7 billion collection that coincided with DEA-flagged transfers and Black's $50 million-plus payments to Epstein that year.

Larry Gagosian

On the other side of the Buste de Femme (Marie-Thérèse) deal was art dealer Larry Gagosian, who acted as the intermediary in the $106 million-plus deal, purchasing the work from Maya Widmaier-Picasso and selling it to Black's Narrow Holdings LLC amid a legal dispute with Qatari buyers, with emails showing Epstein's active role in scrutinizing wire transfers and demanding details under joint defense privilege during the height of the DEA investigation.

Ehud Barak

Epstein also ventured into Israeli security technology by investing in Carbyne (formerly Reporty), a surveillance and emergency-response startup chaired by former Israeli Prime Minister Ehud Barak, committing an undisclosed amount reportedly around $1–2 million from 2014 to 2015 while attempting to introduce Barak to Peter Thiel for additional funding, with the company raising $16 million overall during this period as Epstein's stake became part of his pattern of pursuing global tech deals with intelligence ties including potential Russian connections, proving successful in terms of his investment and highlighting his networked approach to opportunities that blended tech and geopolitics.

Sergey Belyakov

On the geopolitical front, Epstein explored Russian investment opportunities through contacts like Sergey Belyakov, a Russian government official, where between 2014 and 2015 Belyakov pitched Epstein on attracting foreign capital to Russia such as at the St. Petersburg International Economic Forum while Epstein sought assistance with visas and deals. Epstein also asked Belyakov for help resolving an extortion attempt by a Russian woman targeting a "powerful" businessman in New York - for which Epstein was provided detailed intelligence on the woman which may tie into some of the prostitution and money laundering risks being investigated by the DEA.

Hosain Rahman

In consumer tech, Epstein backed Jawbone, the fitness tracker and headset startup led by CEO Hosain Rahman, with his investment occurring sometime between 2010 and 2015 though exact details are murky, fitting his broader Silicon Valley plays but ultimately failing when the company liquidated in 2017 and resulting in a total loss for his stake.

In 2012, Ian Osborne, an adviser to executives and political figures, reconnected the pair and encouraged Mr. Epstein to invest in Jawbone. When Woody Allen was filming “Blue Jasmine” in San Francisco, Mr. Epstein invited Mr. Rahman to visit the set, where Mr. Epstein showed off a pair of high-tech eyeglasses. -NYT

Paul Tudor Jones

Epstein also engaged in a hedge fund transaction with Paul Tudor Jones, the renowned manager of Tudor Investment Corporation, where during the 2010–2015 window Epstein received $13.5 million from Jones' fund with the nature of the payment unclear possibly a return on investment or advisory fee, as part of Epstein's involvement in high-finance circles that surfaced in post-death estate reports and potentially tied into the opaque transfers under DEA scrutiny.

Honeycomb Partners

Finally, Epstein facilitated a significant fund transfer into Honeycomb Partners, moving at least $60 million into this private investment vehicle sometime before 2015, with the assets successfully transferred and valued at over $60 million though the fund's opacity could have intersected with the DEA's investigation into Epstein's illegitimate wire activities.

George Bush / Bill Clinton - that whole Haiti thing

Epstein's connections even extended to former U.S. President George W. Bush during the 2010-2015 period, notably through his role in coordinating private jet logistics for Bush and Bill Clinton's joint humanitarian trip to Haiti in March 2010 following the devastating earthquake. You know, the one where a woman named Laura Silsby - who showed up in the Clinton emails - was busted trying to smuggle 33 children out of the country without proper exit documentation. The case gained notoriety due to diplomatic interventions by the U.S. government under Secretary of State Hillary Clinton. Bill Clinton, as UN special envoy to Haiti, visited the smugglers and advocated for their release, emphasizing humanitarian intent amid the earthquake chaos. Hillary's State Department monitored the case closely, with cables (later leaked via WikiLeaks) showing efforts to expedite trials and releases.

Interesting, Silsby's original lawyer, Jorge Puello, was arrested in March 2010 as part of an investigation into an international human trafficking ring following an investigation being led by U.S. Immigration and Customs Enforcement (ICE) and Homeland Security Investigations (HSI) in connection with the ring - and served just three years in federal prison for "alien smuggling."

Tyler Durden Tue, 02/24/2026 - 13:20

AI Is An 'Orchestration' Layer, Not 'Displacement': Anthropic Event Leaves Deutsche Doubting Software's Imminent Demise

After watching Anthropic's Enterprise Agents briefing event, Deutsche Bank's Software research team have even greater conviction that model providers are unlikely to displace software incumbents and are instead positioning themselves and their agents to be an orchestration layer on top of existing and incumbent systems.

Various partnership announcements (detailed below) earlier in the day (including Intuit) along with mentioning the importance of data and context that live in the various systems of record and engagement suggest that it remains very difficult to replicate or displace much of the knowledge, metadata, and workflows incumbent systems have amassed ("Claude is only as useful as the data it connects to").

This is consistent with Deutsche Bank's previous thoughts, where they see the risk of AI is less vibe coding or replacing existing systems.

With stocks continuing to embed this risk in current multiples, Deutsche see today's event as an incremental positive for the software sector.

With that said, we still acknowledge other risks around the costs of software development compressing along with the potential for change in the interaction layer for knowledge workers, thus reducing switching costs for software companies.

This could impact underlying unit economics over the medium to long term.

Additionally, we wonder whether model providers such as Anthropic offering orchestration capabilities could increase competition with incumbent vendors looking to be the control plane for agentic AI.

Lastly,Deutsche continues to see this as positive for the infrastructure/compute layer given the increase in queries by humans/agents against underlying enterprise data.

*  *  *

Read the details of the presentation below:

Update 1230PM EST:

Goldman out with a note on the event, pointing out covering in names that were sold yesterday and arguing that positive earnings from key names like Salesforce could bring buyers back to the names hit by AI fears:

Anthropic "Enterprise Agents Briefing" kicked off 9:30am, and is ongoing. This event looming contributed to some of the weakness across AI-at-risk complex yesterday (in addition to the already much talked about Citrini blog post). The first hour of trading has been a COVER the news reaction with software complex popping higher.

Several significant single name moves on Anthropic mentions... many of which were primary constituents of the AI-At-Risk Thematic: CRM, INTU, FDS, LZ, DOCU all rallying ~5%. Early read is market is viewing as more of a PARTNERSHIP w incumbent SaaS vendors vs. DISPLACEMENT. We are seeing HF covers. No significant L/O buyers in the space just yet. Decent results from WDAY (tonight) and CRM (tomorrow night) might finally inspire some longer duration buyers to step up to the plate.

Update 1030AM EST:

Anthropic rolled out new AI capabilities for its Claude Cowork agent, designed to automate tasks in areas like human resources, investment banking, and design. Developed with partners including FactSet Research Systems Inc., the tools also allow business customers to customize plug-ins to fit their internal standards. The move is part of a broader push by Anthropic and OpenAI to expand AI deeper into professional industries.

Recent AI releases have unsettled Wall Street, contributing to sharp declines in software and financial services stocks amid fears of disruption. Scott White, Anthropic’s head of product, called it a “little bit of an overreach or overreaction” to tie market swings to a single launch, noting the company now serves over 300,000 business customers and was recently valued at $380 billion in a new funding round.

Updates include department-specific plug-ins for teams like human resources and investment banking, tools that let companies build customized plug-ins for their own workflows, and integrations with existing platforms such as Google Drive, Gmail, DocuSign, and LegalZoom.

Company executive Matt Piccolella said the strategy is to drive adoption by enabling businesses to create and distribute large numbers of tailored “mini apps” across departments. Anthropic is also launching a marketplace where organizations can host and share their internal plug-ins with employees.

--

Today, Anthropic took the spotlight with a live virtual event unveiling the latest advancements in its Claude chatbot, a presentation that comes at a tense moment for markets already rattled by artificial-intelligence disruption fears.

After a sharp Monday selloff that dragged down the Dow Jones Industrial Average and the Nasdaq Composite - led by declines in companies like MasterCard and IBM on fears of AI disrupting their respective industries - investors on Tuesday steadied ahead of the demonstration, where the company promised real-time showcases of Claude’s expanding capabilities, new product announcements, and strategic insights from leadership.

Market jitters have intensified in recent days, particularly following the debut of Claude Code Security, a code-scanning tool that fueled concerns about mounting competition for established cybersecurity and software providers.

Against that backdrop, Tuesday's event is positioned not just as a product update, but as a potentially consequential moment for companies and investors closely watching how rapidly evolving AI tools like Claude could reshape the competitive landscape.

You can watch the event live here:

Tyler Durden Tue, 02/24/2026 - 13:10

Huge Number Of US Allied Forces Exit Erbil Airbase, Fearing Iran Retaliation

Via Middle East Eye

A few days ago, amidst heightened US-Iran tensions, a military helicopter landed at the Erbil airport in the Kurdistan region of Iraq. Although Western troops are rarely seen on the city’s streets, Erbil Air Base is heavily staffed with soldiers, and military helicopters fly overhead every day. Now, this airport could potentially become a target for Iran if the situation escalates. Since 2018, the Kurdistan region, including Erbil's airport, has come under attack by drones, rockets and ballistic missiles from Iran and its proxies.

In July last year, a suicide drone was shot down above the airport amidst attacks on oil fields in the region. On January 21, a drone also targeted an Iranian Kurdish opposition party, killing one Kurdish fighter.

"There are foreign forces here, including Americans, and the Kurdistan region traditionally has good relations with western countries and America," Ziryan Rojhelati, the director of Rudaw Research Center, told Middle East Eye. "In this last year, we witnessed how a militia group targeted the Khor Mor gas field in the Kurdistan region. So many people think that in a possible war between Iran and America, and Iran and Israel, some kind of tension would be spread to the Kurdistan region."

Source: AFP

In recent weeks, the US has positioned around 100 aerial refuel tankers, carrier strike groups and fleets of fighters in the region. Meanwhile, US President Donald Trump has not ruled out strikes if nuclear negotiations between Washington and Tehran, set to resume on Thursday, fail.

Sources told Middle East Eye that, amid the high possibility of a US attack on Iran, several countries belonging to the US-led coalition in Iraq have withdrawn or repositioned troops from Erbil Air Base, fearing possible Iranian retaliatory strikes.

"I think as you start seeing repositioning from Erbil, which is a likely counter-attack target and the ordered departure of nonessential personnel from Beirut, the chances of a US strike are going up. A lot hinges on the meeting in Geneva on Thursday," Michael Patrick Mulroy, the former US deputy assistant secretary of defence for the Middle East, said.

Repositioning troops

In a formal letter to the UN secretary-general on February 19, Iran’s UN ambassador warned that all US bases, facilities and assets in the region could be considered legitimate targets if Tehran is attacked.

Several sources confirmed that roughly half of the coalition forces in Erbil have repositioned to other countries as a precautionary measure. While US and Hungarian troops have largely remained, Norwegian and Swedish forces, along with a number of Italian and French soldiers, have left.

Only Norway and Germany have so far publicly confirmed that they have relocated forces from the Erbil base. "Norway has about 60 soldiers in the Middle East region, carrying out various missions. Some of them have been relocated due to the tensions in the region, in cooperation with our coalition partners," Norwegian military spokesperson Brynjar Stordal told MEE.

A German military source said the army reduced its forces in response to the escalating regional conflict. Captain Raissa Broeren, a spokesperson for the Dutch defense ministry, on Monday said that they “are closely monitoring the situation in the region. Naturally, the safety of our personnel is the highest priority. If necessary, we will take security measures”.

However, she did not confirm if Dutch troops at the base have relocated. Andrew J Tabler, a senior fellow at the Washington Institute for Near East policy, who served during the first Trump administration as a senior adviser in the US State Department’s Bureau of Near Eastern Affairs, told MEE that it is "logical for coalition forces to move out as they believe they will be in the crosshairs of an Iranian retaliatory strike".

A prominent target

According to Reuters, there are estimated to be fewer than 2,000 troops in Erbil, after the US-led coalition moved its forces from Baghdad and Ain al-Assad to Erbil as part of a 2024 deal to end its presence in federal Iraq by the close of 2025, and in the Kurdistan region of Iraq by September 2026.

The latest Pentagon Inspector General report, released on February 19, confirms that coalition forces relocated to the Kurdistan region after handing over their headquarters in Baghdad to Nato in November, and the al-Asad airbase to the Iraqi government in December.

via ABC News

The coalition moved its headquarters to Erbil and Kuwait. As a result, the Erbil airbase, which is located at a civilian airport, has become a more prominent target for Iran, since it is now the only US base left in Iraq.

"The Erbil base has a large target on it not only due to US withdrawal from other Iraqi bases but also because attacking it provides the Iranians with an opportunity to make a declaration to local US partners in the region as to the cost of working with the Americans," Nicholas Heras, the senior director for the Strategy and Programs Unit in the Academic Division at the New Lines Institute, told MEE.

The New York Times reported on Sunday that Trump is leaning towards conducting a strike in the coming days to force Iran to make concessions. "The US is preparing for a conflict with Iran and will want to minimize the potential exposure of its personnel to Iranian attack," Heras added. "The Erbil base is a relatively large, multi-agency base that has rotating personnel, so in the event of a war with Iran, at a minimum the US will want to rotate out nonessential personnel."

Tyler Durden Tue, 02/24/2026 - 12:50

USS Gerald Ford Carrier Hit By 'Sewage Crisis' As Record Deployment Endures

The USS Gerald R. Ford carrier is traversing the Mediterranean, reportedly set to dock in Israel's port of Haifa next, following a prior stop in Crete early this week, after having been ordered from the Caribbean to the Middle East area as the US threatens Iran.

Coming off Venezuela operations and being ordered to the Central Command (CENTCOM) has meant its deployment is being extended. The Ford and its some 4,500+ personnel on board have already surpassed 240 days at sea, ranking this deployment is among the longest in modern naval history.

via AFP

But this significantly extended stint has witnessed some major internal problems - most especially centering on the supercarrier's strained infrastructure a mere decade after its commissioning. 

The Navy's flagship carrier is reportedly beset by chronic sewage system failures, various reports which stretch back to January have found.

According to the highly reputable military news source 19fortyfive, "While the carrier projects unmatched power, internal reports reveal a fleet under duress: sailors are missing major life events, and the ship's complex vacuum sewage system is suffering daily clogs."

The Wall Street Journal was able to get US Navy confirmation of the problem, though the US military still maintains this is not significant enough to hamper the mission:

Prosser said his son had mentioned problems with the toilets on the ship, without going into detail. NPR first reported in January that a number of toilets on the Ford were out of commission.

The Navy official said the Ford’s sewage system, which uses vacuum technology to transport waste from roughly 650 toilets on board, has experienced issues during the deployment, averaging about one maintenance call a day. But the situation is improving and the problems haven’t impacted the carrier’s ability to carry out its mission, the official said.

The WSJ had elsewhere in the article written, "One sailor missed the death of his great-grandfather. Another is thinking about leaving the Navy after almost a year away from her toddler daughter. Two more said the ship had sewage problems."

The story added, "President Trump’s decision to extend for a second time the deployment of the aircraft carrier USS Gerald R. Ford is taking a toll on the ship's sailors and their families, and leading some to consider leaving the Navy when they return to home port, according to interviews with sailors on board the ship and their family members back home."

Some critics of America's anti-Iran posture have mocked the situation of the high-tech mega carrier not being able to keep up with its sewage...

A $13 billion warship positioned for confrontation with Iran is reportedly struggling with systemic sewage failures. Not hypersonics. Not asymmetric warfare. Not geopolitics. Toilets.

Washington talks about “shock and awe.”
The USS Gerald R. Ford is currently delivering shock &… https://t.co/frq547VOTa

— Hala Jaber (@HalaJaber) February 23, 2026

However, the ship's command has reminded the crew that this is what they signed up for, and that when the country calls, they must fulfil their mission.

Some reports have said that the vessels apparent persistent plumbing problems can ultimately be remedied only when the carrier comes back to US port and undergoes more thorough maintenance. 

Tyler Durden Tue, 02/24/2026 - 11:45

Home Depot Posts Biggest EPS Beat In 16 Quarters As Big Remodeling Projects Sidelined

Shares of Home Depot are up 3.5% in early U.S. trading after the home-improvement retailer reported what Goldman consumer expert Scott Feiler called the "biggest EPS beat in 16 quarters."

Feiler explained:

We had positioning marked as just a 3 out of 10 in our pre-EPS positioning scorecard. That compared to LOW at a 5. Historically, we rarely have HD below a 5.

A small sales miss was expected and instead, we got a beat. This was also the first time they beat operating margins in the last 5 quarters and led to their biggest EPS beat in 16 quarters. The upside was driven by gross margins, so we will need to hear if that's sustainable.

Is this a thesis changer? No. However, it removes some of the recent near-term concerns that had begun to be more discussed (margin misses, small top-line miss/negative comps had been expected and no current buyback to support EPS upside).

Fourth quarter details:

4Q EPS of $2.72 vs. Consensus $2.53, with revenues ~30 bps ahead and comp sales of +0.4% vs. Consensus -0.4% (think bogey was -0.5% to -1%). Gross margins beat by 40 bps and SG&A was in line, leading to a nice operating margin beat. The FY guide is exactly in line with what they gave at their analyst day on December 9th, which was expected (EPS 0 to +4% and comps 0 to +2%).

The results suggest that the appetite for home renovation projects is steady despite a frozen housing market and inflation concerns. Home Depot gained market share last quarter and achieved double-digit e-commerce growth for a third straight quarter.

Multiple Wall Street analysts point to better-than-expected gross margin, with RBC analysts citing likely support from lower shrinkage, supply chain efficiencies, and better product mix. 

Here's more from Wall Street analysts (courtesy of Bloomberg):

RBC (sector perform), Steven Shemesh

• "4Q results exceeded fairly muted expectations," with comp sales growing +0.4% (RBC -0.2%/consensus -0.4%) and adj. EPS coming in ~7% ahead

• The beat was driven primarily by stronger-than-anticipated gross margin, which Shemesh expects was supported by lower shrink, supply chain efficiencies and product mix

• The annual guidance is in-line with the company's preliminary guide on 12/9, but on a "higher EPS base implies some upside to current consensus positioning," according to the analyst

Bloomberg Intelligence, Drew Reading 

• "Home Depot's 4Q same-store sales exceeded expectations, as a higher average ticket offset a drop in transactions, suggesting volumes remain muted by depressed housing turnover and cautious consumers, who continue to delay big-ticket projects," Reading writes

• The reiterated the annual flat to +2% comp. sales growth outlook reflects a "relatively flat home-improvement market"

• "Professional and e-commerce investments should drive market- share gains and position Home Depot well for a rebound," in his view

Stifel (hold), W. Andrew Carter

• Carter expects the stock is likely to trade higher on the stronger 4Q performance with reiterated guidance driving positive revisions

• "We believe performance validates the lofty valuation," he adds

Bernstein (market perform), Zhihan Ma

• Ticket growth drove comp. sales gain as traffic declined, Ma writes

• HD reached an "all-time high" in average ticket ($90.6) for the full year whereas transactions (1,601.5m) remained below pre-Covid levels

• "A key question will be how HD manages to drive more traffic into stores and whether this requires more promotions" this year, she says

• Sales result came in "largely in line with management expectations, reflecting a lack of hurricane-driven repairs activities and ongoing weakness in housing/home improvement demand," Ma adds

• Overall, she maintains her cautious outlook and expects a "gradual path to a home improvement market rebound"

• "Despite near-term catalysts such as tax refunds and potential rate cuts, we still believe that a fundamental inflection point is some ways away," the analyst says

• She is also montioring the tariff situation, which could introduce margin upside should there be a refund and/or some relief in cost pressures

Even with the stronger 4Q performance, CFO Richard McPhail said in a Bloomberg interview that customers "have been on the sidelines" for large remodeling projects "for three years now."

McPhail added: "The homeowner is one of the healthiest customer cohorts out there, but they tell us that uncertainty is growing, that there's concern around housing affordability, and around job losses."

In a separate report, The Wall Street Journal cites The Freedonia Group's data showing that a frozen housing market has curbed demand for appliances, cabinets, and flooring, among other products.

Here's the latest read on the 30-year fixed mortgage rate from Bankrate, with rates hovering around 6.15%.

Latest news about the housing market ahead of the spring selling season: 

• Despite Rise In December, US Home Prices Saw Weakest Full-Year Gain Since 2011

• 2025 New Home Sales Highest Since 2021

Millions of Americans feel trapped in their homes or apartments as the Trump administration tries to thaw the nation's frozen housing market. The fallout has shown up across the housing ecosystem for the last few years, hitting firms from window manufacturers to retailers like Home Depot.

Tyler Durden Tue, 02/24/2026 - 11:30

Iran 'Ready' For 'Any Step' To Achieve US Deal, Oil Slides Ahead Of Trump SOTU

Tonight, when President Donald Trump will step into the House chamber to deliver his State of the Union address, it will undoubtedly be overshadowed by the prospect of coming conflict with Iran. 

Tehran will be up late (or early), carefully scrutinizing every word of the US leader, anticipating the what's next at a moment of massive Pentagon build-up in the region, including no less than two carrier groups. Iranian leadership, looking toward the big Trump speech tonight, has just offered that it's ready to do anything necessary to reach a deal to stave off an attack.

Iran's Deputy Foreign Minister Majid Takht-Ravanchi has declared Tuesday that his country is "ready to take any necessary step to reach a deal with the US" but coupled with a warning that "a strike on Iran is a real gamble." This momentary or rhetorical 'concession' sent oil prices sliding...

Crude Oil Futures Price (WTI)

The big question tonight is whether President Trump will signal if he's still betting on diplomacy in the days ahead, or if he'll prepare the American public for full military action if talks fail.

The prospect of a new conflict in the Middle East remains deeply unpopular among Americans - even among many Republicans - recent poll after poll have demonstrated.

Again, the buildup toward a potential military confrontation with Iran has overshadowed the run-up to the address and all other issues - whether immigration, the economy, or even the Supreme Court's tariff halt decision.

With some 400 million barrels currently stuck on sanctioned tankers, it remains that a breakthrough Trump-Iran deal would suddenly release these supplies on the global market and prices would plunge.

3 days later, Goldman went and charted it https://t.co/9O6rSXcOhz pic.twitter.com/0PLe4CJkDA

— zerohedge (@zerohedge) February 23, 2026

As for Iran's 'readiness' to do 'anything' - it's really still anything but clear whether the Islamic Republic would actually enter into dialogue on conventional missile limits. This remains unlikely, as reducing this capability would in effect neuter Iran's ability to defend itself or fight a war.

Will Trump tip his hand? "Bloomberg’s Courtney Subramanian framed Iran as one of the major flashpoints Trump may address as he tries to reset the national mood after a Supreme Court ruling struck down his global tariff regime," writes one regional source seen as close to the Israeli establishment. Citing Bloomberg, the same source says the SOTU speech "could provide a moment for Trump to explain why military action might be necessary, even as negotiations led by envoy Steve Witkoff and Jared Kushner continue in Geneva."

Tyler Durden Tue, 02/24/2026 - 11:15

Yen Tumbles After Japan's PM Voices Concerns About Further Rate Hikes To BOJ

The yen was already sliding on Monday after Nikkei Asia reported that the sharp swing we saw in USDJPY in January was initiated by FX intervention from US Treasury Secretary Bessent not Tokyo, even if Washington, D.C. is open to coordinated forex moves if requested by Japan. FX traders took this as evidence that, contrary to previous conventional wisdom, Japanese authorities were prepared to allow the USDJPY to continue climbing on Jan. 23 and it was only US action which prevented a print at 160, or higher. At the time, investors were leaning toward the upcoming Japanese election as a reason for intransigence, but this report made it seem more like benign neglect of the currency.

Then yen then dropped some more after China added 20 Japanese firms - including affiliates of Mitsubishi Heavy Industries - to an export control blacklist, escalating the dispute between the two nations. 

But it was the third drop that was the biggest, and sent the USDJPY above 156, after Japan's Mainichi daily reported that Japanese Prime Minister Sanae Takaichi expressed reservations about additional interest rate hikes during her meeting with Bank of Japan Governor Kazuo Ueda last week. 

The report, if true, signals growing friction over monetary policy that could complicate the BOJ's timetable as coordination with the newly strengthened administration becomes more delicate, and as the new PM does what every other politicians has been so willing to do in recent years: support the stock market at all costs, surging inflation be damned. Oh, and by not hiking rates, Japan can pretend that its Japanese bond market game of musical chairs can extend a little bit longer. 

Ueda had (mis)characterized the meeting last Monday as a general exchange of views on economic and financial developments, and had said the prime minister had not made any specific monetary policy requests.

Takaichi herself has been coy about the particulars of their meeting, saying only that she hoped the central bank would work closely with the government to durably achieve its 2% inflation target accompanied by wage gains. 

The meeting was held amid raging speculation that the rising cost of living, driven in part by the weak yen - but mostly by the surging price in rice which the BOJ has no control over - could prompt the central bank to raise interest rates as soon as March or April. In December, the BOJ raised rates to a 30-year high of 0.75% and signaled further hikes were possible.

A Reuters poll this month showed that a majority of economists expect the BOJ to raise its key rate to 1% by the end of June, with some anticipating a move as soon as April because of mounting concerns about inflationary pressures and a weak yen. Odds of a rate hike have certainly tumbled after last night's report. 

Following the Mainichi report, the yen tumbled, and the USDJPY surged by 100 pips, rising to 156, the highest price it has been in 2 weeks.

Tyler Durden Tue, 02/24/2026 - 11:00

After Four Years Of War, Zelensky Wants All Land Back

Authored by Dave DeCamp via AntiWar.com,

Tuesday marks four years since Russia first launched its invasion of Ukraine, and, despite President Trump promising to end the war quickly, there's no end in sight to the conflict as Russian and Ukrainian leadership haven't budged on their core demands for a peace deal.

Ukrainian President Volodymyr Zelensky reaffirmed in an interview with the BBC over the weekend that he wouldn’t cede the territory Ukraine still controls in the eastern Donbas region and defined "victory" as Ukraine regaining all of the land it has lost to Russia since February 2022.

Zelensky awarding a medal to a Ukrainian soldier on February 23, 2026 Source: Office of the President of Ukraine.

Ukraine ceding the Donbas is a key Russian demand to end the war, and President Trump has repeatedly called for Zelensky to do so, arguing that Ukraine will likely lose the territory in bloody battles in the coming months and years. When asked by the BBC interviewer if he thought it was a “reasonable request” for a ceasefire, Zelensky said he didn’t agree.

"I see this differently. I don’t look at it simply as land. I see it as abandonment – weakening our positions, abandoning hundreds of thousands of our people who live there. That is how I see it. And I am sure that this ‘withdrawal’ would divide our society," Zelensky said.

When asked whether he still sought to regain all the land Ukraine has lost, Zelensky answered in the affirmative but suggested he needed more help from his Western backers to do so.

"We'll do it. That is absolutely clear. It is only a matter of time. To do it today would mean losing a huge number of people – millions of people – because the [Russian] army is large, and we understand the cost of such steps. You would not have enough people, you would be losing them. And what is land without people? Honestly, nothing," Zelensky said.

"And we also don’t have enough weapons. That depends not just on us, but on our partners. So as of now that’s not possible but returning to the just borders of 1991 without a doubt, is not only a victory, it’s justice. Ukraine’s victory is the preservation of our independence, and a victory of justice for the whole world is the return of all our lands," he added.

Another major sticking point in the negotiations is the issue of security guarantees. Zelensky and many European leaders want troops from NATO nations to deploy to Ukrainian territory with the backing of US airpower after a peace deal is signed, but Russian officials have repeatedly rejected the idea and made clear that the condition is a non-starter.

Zelensky said in the BBC interview that he wants whatever security guarantee he gets from the US to last 30 years. He made the comments when asked about the Trump administration’s call for him to hold elections, saying that US security guarantees would need to be in place before that happened.

Russian and Ukrainian officials held talks in Geneva last week, but there’s been no sign of progress. Russia maintains it won't agree to a deal unless its key demands are met, which include Ukraine ceding the territory and guarantees on Ukraine not joining NATO, and has made clear it's willing to continue the grinding war to achieve those goals.

Tyler Durden Tue, 02/24/2026 - 10:45

Former Norway PM Attempts Suicide After Epstein-Linked Raid, Corruption Charges: Report

Norway's former Prime Minister Thorbjørn Jagland was hospitalized a week ago after a failed suicide attempt, days after he was charged with "gross corruption" after a police probe into his ties with the late sex offender Jeffrey Epstein, local outlet iNyheter reports. 

Thorbjorn Jagland, a former prime minister of Norway, in Oslo February 12th. 

Jagland, 75, who gave Barack Obama a Nobel peace price less than nine months into his presidency, was charged on February 12 after police carried out an extensive search of his properties - including apartments in Oslo and in Risør.

The man who shockingly awarded the newly elected Barack Obama the Nobel peace prize in 2009, and who was chair of the Nobel Committee from 2009 to 2015, was an Epstein Island regular pic.twitter.com/ObuEO3pB5C

— zerohedge (@zerohedge) February 4, 2026

According to the report, Norway's Økokrim - which investigates economic and environmental crimes - took the serious step of sending a letter to the Council of Europe requesting that Jagland's immunity be lifted. It was revoked one day before the raids took place. In the letter, Økokrim says that Jagland and his immediate family used Epstein's private apartments in Paris and New York multiple times between 2011 and 2018, and stayed at Epstein's villa in Palm Beach, Florida - with travel being likely covered by Epstein in connection with one of the stays. 

Epstein also reportedly paid for travel and hotel costs for Jagland and five other adults in the Caribbean, and reportedly asked Epstein for a loan, though it's unclear whether that was actually made. 

If convicted, and he doesn't successfully kill himself, Jagland faces up to a decade in prison if convicted. 

In one 2018 email exchange, Epstein wrote to Jagland suggesting that "I think you might suggest to Putin, that Lavrov, can get insight on talking to me."

Jagland served as Norway's Prime Minister from 1996 to 1997, and held other prominent international roles - including Secretary General of the Council of Europe (2009-2019) and chairman of the Norwegian Nobel Committee. 

Apparently Epstein was in bed with several top Norwegians;

Other prominently placed Norwegians are also facing new scrutiny, including Crown Princess Mette-Marit, Borge Brende, an ex-foreign minister who now runs the World Economic Forum, and Mona Juul, who this week was suspended from her role as ambassador to Jordan and quickly resigned. There has been fallout from the release of the Epstein files around the world, and though seemingly no region’s elites have been immune, Norway has been hard hit. -NYT

Prime Minister Jonas Gahr Store says he supports an independent inquiry and will testify if asked about his time as a former foreign minister. 

Tyler Durden Tue, 02/24/2026 - 10:30

1, 2, 3, 4, 5 And 5, 4, 3, 2, 1

By Michael Every of Rabobank

Depressingly, today marks the start of the fifth year of the Ukraine War: a battered Ukraine is still standing against a bruised Russia; the US is still aiming for a peace deal so it can pivot to Asia; and Europe --even as it knows it has to look after both Ukraine and its own conventional defenses after decades of having this provided for it-- is still trying to get its act together.

Despite its rhetoric, with a few notable exceptions European rearmament isn’t happening with appropriate scale and speed. Is Ukraine supposed to hold on until 2035, when EU defense budgets will be at the promised 3.5% of GDP? 

EU ministers also just failed to agree their 20th sanctions package on Russia, and Hungary is blocking the €90bn loan to Ukraine the EU had thrashed out. As such, the EU’s Kallas is reopening the controversial Russian frozen assets option shelved in December, which Belgium refused to go along with it. That’s as the UK Telegraph reports that “Kremlin spies” are acquiring ‘Trojan horse’ networks of sites in residential homes near European military bases that could be used to launch sabotage campaigns.

Meanwhile, we appear very close to a new war in the Middle East. Forget Bloomberg headlines and Iranian sabre-rattling. Look to: the USS Ford steaming towards Haifa; US troops removed from bases in Qatar; US staff removed from the embassy in Lebanon; former senior Israeli officials told to return home from abroad immediately; Israel preparing to shutter its embassies; a major underground hospital being opened in Tel Aviv; US Secretary of State Rubio postponing his planned meeting in Israel to next week; Indian PM Modi to speak in the Knesset tomorrow as part of what is claimed will be the announcement of a new extremist coalition (which will also have some EU members); and PM Netanyahu telling the Knesset: “This is not a time to engage in arguing. I am setting that aside. We are in very complex and challenging days. No one knows what tomorrow will bring. We have our eye open and are prepared for every scenario. I have made it clear to the ayatollah regime that if they make an error, perhaps the severest error in their history, and attack Israel, we will respond with force that they cannot imagine…. we must rally the ranks of the nation and stand shoulder to shoulder.”  

Importantly, what looms is not a repeat of the Iran-Israel clashes we correctly predicted following October 7: logically, if it’s to happen, it will be an endgame. The Iranian regime’s response will be appropriate, as seen vs its own people, up to 30,000 of whom may have died while protesting against it. In that respect, if Iran feels it’s going to lose control --which is never has until now-- it will do whatever it can to fan the global flames as high as possible for as long as possible.

In the recent Greenland Crisis, we stressed that in 2026 Europe is the Egypt of 1956’s Suez Crisis and the US is still the US. Iran’s goal will be to try to make the US into the UK and France of 1956 via markets telling Trump to pack up and go home rather than play grand macro strategy in the Middle East.

Of course, that involves energy flows – and it’s Iran’s physical ability to stop them that matters more than the politics or “because markets” of it. Could Hormuz be mined or see suicide attacks on tankers? Could missile attacks hit Saudi oil given reports Iran will have heard that Riyadh now backs a US strike? Could there be terror attacks from sleeper cells across the region and the West against civilians or key infrastructure? None of this is available on Bloomberg, so are you sure?

Look to the cartel violence in Mexico as an example of how one can be relaxing one minute and fleeing from gunfire the next. There, following President Shenbaum’s evacuation to a naval vessel for her own safety, the WSJ reports, ‘Mexico Races to Prevent Cartel War’.

That’s plenty of ‘risk off’ for markets. But there’s far more afoot.

Stocks were rocked by a viral report underlining the devastating impact of AI on the economy as another claimed UK unemployment will rise above its pandemic high within months: you think the UK by-election on Thursday shows a fragmented and polarized polity now? Such views overlook the need for resources to power AI but are worth considering – so is the struggle for those resources, which hardly says we are all going to sit and sing kumbaya together.

The US is leaning on Anthropic to get with the (military-industrial) program or be on the outs; and Anthropic is reporting China set up 16,000 fake accounts to use Claude to train DeepSeek. That effectively allows China access to Nvidia chips indirectly. Again, no kumbaya here but rather more controls on who can get access to US AI ahead – and notably that’s as India is strategically looped into the US AI ecosystem. If we are developing separate supply chains from critical minerals up to chips, how does that allow for a “because markets” free trade in the end product AI? Answer: it doesn’t. Walls will go up. Which/whose side you are on will dictate what AI you can use as a consumer.

Relatedly, Trump eviscerated the ‘supreme court’ (no capital letters) and stressed --correctly-- that their ruling allowed him to “use Licenses to do absolutely “terrible” things to foreign countries,” and that tariffs can “be used in a much more powerful and obnoxious way, with legal certainty.” He later added another point also clear to us: any country that thinks it can wriggle out of US trade deals will face even higher tariffs. Moreover, the WSJ reports Trump is considering new 232 and 301 national security tariffs on large-scale batteries, cast iron and iron fittings, plastic piping, industrial chemicals and power grid and telecom equipment.

Yet as France bans the US ambassador from talking to its government, the EU Parliament put the US trade deal on ice. Expect US-EU tensions to rise further, it seems. By contrast, Japan has underlined that it’s sticking with its trade deal and the $550bn of pledged, and guided, investment into the US. The contrast between the two is stark – and markets should take note.

More so given the Nikkei Asia reports the marked swing we saw in USD/JPY in January was initiated by FX intervention from US Treasury Secretary Bessent not Tokyo, even if Washington, D.C. is open to coordinated forex moves if requested by Japan. In short, FX markets don’t get to focus on simple risk on/off and the likes of rate differentials anymore: they have to focus on the geopolitics of geoeconomics and who wants to help, and hurt, whom, and how.

Similarly, the WSJ reports that crypto firm Binance fired staff who flagged $1bn moving to sanctioned Iran entities, which sounds like something the Treasury and Pentagon might also like a word about. Moreover, the Trump-backed crypto group World Liberty’s stablecoin says it was the subject of a deliberate attack. Bitcoin is also having a bad time of it rather than rallying on all the above uncertainty. And as those at the leading edge of markets thrash around for what the emerging global architecture may be, China is pushing Hong Kong as its global gold trading hub.

All of this is the backdrop to President Trump’s State of the Union address tonight at 9PM US eastern time. Start the countdown clocks to that piece of political theatre – with what surprises for the viewing audience?

Five, four, three, two, one…

Tyler Durden Tue, 02/24/2026 - 10:20

Despite Crazy Revisions, Consumer Confidence Rebounds From January's Doom

After Boomers and Gen X dragged The Conference Board Confidence measure down to eight month lows to end 2025, expectations were for a rebound to start 2026.

Instead, January was a bloodbath with all the cohorts tumbling. Today sees February's data released with expectations for a rebound, particularly in expectations... and the consensus was right.

• The headline Consumer Confidence print rose from 84.5 (revised dramatically up to 89.0) to 91.2 (better than the 87.1 expected)

• Under the hood it was kind of crazy with the dismal Present Situation print for January of 113.7 dramatically revised up to 121.8, which meant the 120.0 print for February was actually a decline MoM (but better than expected).

• The Expectations sub-index rose from a revised 67.2 to 72.0 (also better than expected).

So, overall, confidence ticked up in February after falling in January, as consumers’ pessimistic expectations for the future eased somewhat.

“Comments about prices, inflation, and the cost of goods remained at the top of consumers’ minds,” Dana Peterson, chief economist at the Conference Board, said in a statement.

“Mentions of trade and politics also increased in February.”

With Expectations at their lowest since COVID...

Source: Bloomberg

The survey cutoff date was Feb. 17, before the Supreme Court struck down most of President Donald Trump’s sweeping global tariffs.

Finally, under the hood, The Conference Board survey shows the trend of a weaker labor market continued to accelerate...

Source: Bloomberg

Circling back to where we started, how exactly do you 'revise' consumer expectations (especially so dramatically?)

Tyler Durden Tue, 02/24/2026 - 10:09

Moscow Claims NATO Nuke Smuggling Plot Into Ukraine - UK Denounces 'Heinous' Charge

It's hard to know what's true amid the fog of war, but when Russia's Foreign Intelligence Service (SVR) comes out with whatever new accusation it lodges against Ukraine it usually 'goes big'.

That's true of the latest statement Tuesday, which happens to mark the fourth anniversary of the full-scale Ukraine invasion of 2022. The SVR is newly alleging that France and the UK are plotting to secretly arm Ukraine with a nuclear weapon.

French M51 submarine-launched ballistic missile. Photo credits: Marine Nationale

According to the agency, British and French officials are considering the "covert transfer of relevant European-made components, equipment, and technologies to Ukraine" - and are in parallel laying the groundwork for an information campaign that would misrepresent the nuclear capacity as domestically developed.

Russian sources and state media strongly suggest their belief that this is still just in planning stages, and that several options are being considered, including that Ukraine could be provided with a French TN 75 warhead, currently in the the French Navy's submarine-launched ballistic missiles.

There's also the option of Western assistance to help Kiev build a 'dirty bomb' - which has long been a feared weapon in the context of the grinding Ukraine conflict, given it spreads radioactive material far and wide, among urban areas.

TASS and others have cited the SVR in framing this as an act of desperation given Ukrainian forces are being rolled back piecemeal on the battlefield:

According to its information, the British and French elites are unwilling to accept defeat. "It is believed that Ukraine should be supplied with a ‘Wunderwaffe’ (German for ‘miracle weapon’ - TASS). Kiev would be able to aspire to more advantageous terms of ceasing the hostilities if it possesses a nuclear or at least a so-called ‘dirty’ bomb," the statement said.

The suggestion is that the Western allies supporting Ukraine would do anything rather than admit defeat, even the unthinkable.

Here's more from an official state media translation from the SVR's media office:

"At present, according to the information available to the Russian SVR, London and Paris are actively working over the issue of providing Kiev with a weapon of this kind, as well as with means of its delivery. This involves a covert transfer of relevant European-made components, equipment and technologies to Ukraine. As an option, the French small-size TN-75 warhead from the M51.1 submarine-launched ballistic missile is being considered," the press bureau pointed out. At the same time, "Berlin has prudently refused to take part in this dangerous venture."

According to the Foreign Intelligence Service, the British and the French realize that their plot is "a gross violation of the international law, first of all the Non-Proliferation Treaty, and carries the risk of destroying the global non-proliferation system." "Consequently, the Westerners’ main efforts are focused on making Kiev’s possession of nuclear weapon look like it was developed by the Ukrainians themselves," the statement said. "Great Britain and France are aware that the situation developing in Ukraine leaves no chances for them to achieve the ardently desired victory over Russia with the hands of the Ukrainian armed forces," the SVR noted.

The statement concludes by an allegation that NATO countries are "losing touch with reality" their reckless efforts to impose defeat on Russia in Ukraine, and so are willing to seriously contemplate a 'dirty bomb' - as losses mount.

The Kremlin has meanwhile not been forthcoming with any specific evidence, and the SVR has not revealed the types of sourcing underlying its serious allegations.

That's it. For the first time since 1972, Russia (the former USSR) and the US have no treaty limiting strategic nuclear forces. SALT 1, SALT 2, START I, START II, SORT, New START – all in the past. pic.twitter.com/D3TBZM9ffC

— Dmitry Medvedev (@MedvedevRussiaE) February 4, 2026

But according to RIA, the Russian government is taking all of this seriously enough for Putin's office to say it plans to inform the United States about these potential nuclear aspirations of Ukraine and its European backers.

Downing Street has so far been among the first to dismiss the allegation, with the UK Prime Minister's official spokesman saying: "This is a clear attempt by Vladimir Putin to distract from his heinous actions in Ukraine" and that "there is no truth to this."

Tyler Durden Tue, 02/24/2026 - 10:00