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It is a time-honored tradition for Americans who live north of the 39th parallel to mock cities like Washington, D.C., and Atlanta when they shut down over a little bit of snow. It is with great regret, then, that I write now to tell you that New York City has fallen. No longer will it be acceptable for us to roll our eyes at Southerners who abandon their cars over a mere inch of snow; no, we in fact deserve to be razzed by New Englanders and Minnesotans, our former partners in razzing. New Yorkers have become, in effect, weak. We’ve forgotten how to winter.
Maybe it’s because it has been 745 days since our last significant snowfall, or maybe it’s because, at some point, we started to lean into our designation as a “subtropical” climate. But no — I won’t make excuses, either. Outside my window in western Queens, the sidewalks are slushy but navigable, the flakes are light, and the city has lost its mind.
“‘Stay home,’ NYC mayor pleads,” reads one illustrative headline, while The New York Times has at least 16 different reporters assigned to its nor’easter live blog covering — what, exactly? The fact that “the Metropolitan Museum of Art remained open on Tuesday”? (At least we haven’t all lost our senses.) And while the white stuff was still coming down around midday, at the time of this writing, Central Park had reported just 1.2 inches of total accumulation — not even enough to make a proper snowball without scraping the ground bare beneath your glove.
Meanwhile, New York City Mayor Eric Adams, channeling his inner Jim Cantore, posted video from the frontlines of the storm. Even he was forced to admit, however, that “the roads are not bad.” At home, kids robbed of a proper snow day struggled to connect to their remote classrooms after the city preemptively closed schools on Monday, a whole 20 hours before the brunt of the storm even hit.
As tempting as it is to blame meteorologists for overselling the nor’easter (another time-honored American tradition), that’s not what the problem is. More simply, New Yorkers have gotten soft. As recently as 2016, Snowzilla dumped 26.8 inches across the five boroughs, and my street went unplowed for days. There will be longtime New Yorkers who laugh at even that example, pointing to the 2006 storm — 18 years ago to the day! — that was a tenth of an inch deeper and set the standing city record.
Ridiculous snowstorms are, in fact, part of what gives New York its grit. None of this “few are out on the [Prospect Park] loop in the snow” nonsense. Back in 1920, the city deployed the Army’s Chemical Warfare Service to use flamethrowers to melt the snowbanks. The Blizzard of 1888 was so severe that 200 New Yorkers died and you could reportedly walk across the East River from Brooklyn to Manhattan or, if you were less lucky, trip over a frozen horse:
One man suffered a gash on his forehead when he fell into a snow drift. The drift was soft and deep, but his head struck the leg of a dead horse buried there. For some time afterward, the man showed his friends the wound and boasted that he was the first person ever kicked by a dead horse. [NYCSubway.org]
Not everyone has forgotten what it means to be scrappy, though.The more I looked into it on Tuesday, the more I found New Yorkers reacting to the storm with refrains of “this is nothing” and “lame.” It’s not that we need frozen horse legs to feel like proper New Yorkers, but not having them certainly isn’t making us any happier. Having a real winter is part of what makes the city, the City. If we become the kind of people who get worked up over a few inches of snow, then we truly are no better than Washingtonians. Shudder.
But getting wimpier about winter might also be out of our control. New York’s Department of Environmental Conservation says that statewide, snowfall is “likely to decrease … due to warming global temperatures.” As we’re seeing already, our ability to handle a little snow will decrease right along with it. One day, there could even be New Yorkers who don’t know what it means to fatally misjudge the depth of a snow-crusted puddle at the corner of an intersection. Then who are we?
All I’m saying is, we used to be a proper city. And if what’s outside my window is what passes for exciting weather in New York these days — now at the tail-end of the storm, the snowfall is starting to turn to rain — then Boston, do your worst. We deserve it.
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Core inflation is up, meaning that interest rates are unlikely to go down anytime soon.
The Fed on Wednesday issued a report showing substantial increases in the price of eggs, used cars, and auto insurance — data that could spell bad news for the renewables economy.
Though some of those factors had already been widely reported on, the overall rise in prices exceeded analysts’ expectations. With overall inflation still elevated — reaching an annual rate of 3%, while “core” inflation, stripping out food and energy, rose to 3.3%, after an unexpectedly sharp 0.4% jump in January alone — any prospect of substantial interest rate cuts from the Federal Reserve has dwindled even further.
Renewable energy development is especially sensitive to higher interest rates. That’s because renewables projects, like wind turbines and solar panels, have to incur the overwhelming majority of their lifetime costs before they start operating and generating revenue. Developers then often fund much of the project through borrowed money that’s secured against an agreement to buy the resulting power. When the cost of borrowing money goes up, projects become less viable, with lower prospective returns sometimes causing investors not to go forward .
High interest rates have plagued the renewables economy for years. “As interest rates rise, all of a sudden, solar assets that are effectively bonds become less valuable,” Quinn Pasloske, a managing director at Greenbacker, a renewable investor and operating company, told me on Tuesday, describing how the stream of payments from a solar project becomes less valuable as rates rise because investors can get more from risk-free government bonds.
The new inflation data is “consistent with our call of an extended Fed pause, with only one rate cut in 2025, happening in June,” Morgan Stanley economists wrote in a note to clients. Bond traders are also projecting just a single cut for the rest of the year — but not until December.
Federal Reserve Chair Jerome Powell told the Senate Banking committee Tuesday, “We think our policy rate is in a good place, and we don’t see any reason to be in a hurry to reduce it further.”
The yield for the 10-year Treasury bond, often used as a benchmark for the cost of credit, is up 0.09% today, to 4.63%. While this is below where yields peaked in mid-January, it’s a level still well above where yields have been for almost all of the last year. When Treasury yields rise, the cost of credit throughout the economy goes up.
Clean energy stocks were down this morning — but so is the overall market. Because while high interest rates are especially bad for renewables, they’re not exactly great for anyone else.
The Army Corps of Engineers, which oversees U.S. wetlands, halted processing on 168 pending wind and solar actions, a spokesperson confirmed to Heatmap.
UPDATE: On February 6, the Army Corp of Engineers announced in a one-sentence statement that it lifted its permitting hold on renewable energy projects. It did not say why it lifted the hold, nor did it explain why the holds were enacted in the first place. It’s unclear whether the hold has been actually lifted, as I heard from at least one developer who was told otherwise from the agency shortly after we received the statement.
The Army Corps of Engineers confirmed that it has paused all permitting for well over 100 actions related to renewable energy projects across the country — information that raises more questions than it answers about how government permitting offices are behaving right now.
On Tuesday, I reported that the Trump administration had all but paralyzed environmental permitting decisions on solar and wind projects, even for facilities constructed away from federal lands. According to an internal American Clean Power Association memo sent to the trade association’s members and dated the previous day, the Army Corps of Engineers apparatus for approving projects on federally shielded wetlands had come to a standstill. Officials in some parts of the agency have refused even to let staff make a formal determination as to whether proposed projects touch protected wetlands, I reported.
In a statement to me, the Army Corps has confirmed it has “temporarily paused evaluation on” 168 pending permit actions “focused on regulated activities associated with renewable energy projects.” According to the statement, the Army Corps froze work on those permitting actions “pending feedback from the Administration on the applicability” of an executive order Trump issued on his first day in office, “Unleashing American Energy,” and that the agency “anticipates feedback on or about” February 7 from administration officials.
While the statement demonstrates how vast the potential impacts to the renewables sector may be, it also leaves several important questions unanswered. It’s unclear whether each pending permit action that has been frozen applies to its own individual project, or whether some projects have more than one permit pending before the Army Corps, so it is still fuzzy precisely how many projects may be impacted. The Army Corps did not say whether that feedback would lead to the lifting of holds on permitting activity, nor did it explain why the holds were enacted in the first place.
Finally, there’s one big question that still needs answering: The executive order in question focuses on fossil fuel projects and says nothing about renewable energy — no mentions of “renewable,” no “solar,” no “wind.” Why did this order trigger a permitting freeze in the first place? This level of confusion and ambiguity is part and parcel with other statements in the ACP memo, including that guidance and agency perspectives have varied widely in recent weeks depending on who in the government is being asked.
Climate advocates are already pressing the panic button. “This is a 5 alarm fire alert. This could decimate all the clean energy we worked to pass under Biden,” Nick Abraham, state communications director for League of Conservation Voters, wrote on Bluesky in response to my reporting.
I asked the Army Corps for clarity on how the executive order led to a pause on their permitting activity, and we’ll update this story if we hear back.
The leaders of both countries reached deals with the U.S. in exchange for a 30-day reprieve on border taxes.
U.S. President Donald Trump and Mexican President Claudia Sheinbaum announced a month-long pause on across-the-board 25% tariff on Mexican goods imported into the United States that were to take effect on Tuesday.
In a post on Truth Social, Trump said that Sheinbaum had agreed to deploy 10,000 Mexican troops to the U.S.-Mexico border, “specifically designated to stop the flow of fentanyl, and illegal migrants into our Country.” Secretary of State Marco Rubio, Secretary of the Treasury Scott Bessent, and Secretary of Commerce Howard Lutnick will lead talks in the coming month over what comes next.
“I look forward to participating in those negotiations, with President Sheinbaum, as we attempt to achieve a ‘deal’ between our two Countries,” Trump wrote.
In her own statement, Sheinbaum said the U.S. had committed to work on preventing the trafficking of firearms into Mexico.
There has still been no pause on planned tariffs on Canadian imports, which would likely affect the flow of oil, minerals, and lumber, as well as possibly break automobile supply chains in the United States. Canadian leaders announced several measures to counter the tariffs at both the federal and provincial level.
Trump and Canadian Prime Minister Justin Trudeau have spoken today, and are scheduled to do so again this afternoon. Canadian officials are not optimistic, however, that they’ll be able to get a similar deal, a Canadian official told The New York Times.
UPDATE 4:55 p.m. ET: Trudeau announced that he had reached a similar deal that would stave off the imposition of tariffs for a month. Following a “good call” with Trump, Trudeau said in a post on X that he would deploy personnel and resources to his country’s southern border. “Nearly 10,000 frontline personnel are and will be working on protecting the border,” Trudeau wrote. He also said that Canada would have a “Fentanyl Czar” and would “launch a Canada- U.S. Joint Strike Force to combat organized crime, fentanyl and money laundering.”