Republicans Push for National Emergency to Fund TSA Workers

Key Developments in the News

The following are some of the most pressing stories making headlines today:

1. Senate Republicans Push for National Emergency Declaration to Fund TSA Agents
   
   Several Senate Republicans have urged the White House to consider declaring a national emergency to free up funds for paying Transportation Security Administration (TSA) agents if lawmakers fail to reach a deal. This move could increase pressure on Senate Democrats as both parties race to finalize a Department of Homeland Security (DHS) funding agreement before a self-imposed weekend deadline. With tens of millions of Americans preparing for spring break, Easter, and Passover, long lines at airports are expected due to security workers calling in sick. The White House is reportedly discussing various ideas to mitigate the impact of the so-called “Democrat shutdown crisis,” according to press secretary Karoline Leavitt.

2. President Trump Extends Deadline for Potential U.S. Attack on Iran’s Energy Infrastructure
   
   President Trump stated that the U.S. would not attack Iran’s energy infrastructure until April 6, extending a previous deadline to allow peace negotiations to take place. The original deadline was set for the following day. In a gesture that Trump described as a “present” to the U.S., Iran allowed several Pakistan-flagged oil tankers to pass through the Strait of Hormuz. He claimed that Iran is “begging” to make a deal to end the war. Pakistan confirmed that the U.S. and Iran were engaged in indirect talks through messages it was relaying and noted that Tehran was considering Washington’s proposals. WSJ reporters are on the ground to provide news and analysis.

3. Iran Conflict Sends Nasdaq into Correction Territory
   
   The ongoing conflict with Iran has pushed the Nasdaq composite index into correction territory, dropping more than 10% from its last high. At the same time, the Dow Jones Industrial Average is on track for its largest one-month percentage decline since 2022. Oil prices have surged past $100 per barrel again, as efforts to resolve the conflict show little progress. The costs of protecting the global economy from the worst energy shock in decades are mounting—just when governments around the world can least afford it.

4. Mortgage Rates Reach Highest Level Since September
   
   Mortgage rates have risen for the fourth consecutive week, reaching the highest level since September, according to Freddie Mac. The average rate for a 30-year fixed mortgage was 6.38% this week. This sharp reversal from late February threatens to dampen the start of the important spring home-buying season. The Iran conflict and subsequent oil-price increases have led to expectations that the Federal Reserve will keep short-term interest rates higher for longer. In other home-buying news, Fannie Mae will soon accept crypto-backed mortgages for the first time.

5. Elon Musk’s X Conducts Layoffs Ahead of SpaceX IPO
   
   Elon Musk’s X conducted a round of layoffs over the past several weeks ahead of its parent company SpaceX’s potential $1 trillion-plus initial public offering (IPO), according to people familiar with the matter. The social-media company let go of its chief marketing officer and more than 20 staffers in nontechnical roles deemed duplicative. X merged with xAI last year, and xAI and SpaceX combined in early February. Separately, a federal court dismissed a lawsuit brought by X alleging that an ad-industry coalition including CVS Health, Lego, and Colgate-Palmolive illegally boycotted the platform.

The Number

The average Wall Street bonus for 2025, according to New York State Comptroller Thomas DiNapoli’s estimates, is a record high. These payouts for securities industry employees come after a prosperous year for New York City’s investment banking firms. However, the bonuses, a key source of tax revenue, fell short of what city officials had budgeted for.

Spotlight

New government data shows that some of the biggest U.S. metro areas are shrinking. Cities like Los Angeles, Miami, and San Diego have experienced a significant drop in immigration and domestic migration. Among the areas that did grow, the majority did so more slowly than in the prior year. About 40% of metropolises had more deaths than births and rely on newcomers to sustain growth.

Quoted

Catch Up

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What Do You Think?

Take a Break

Bayswater was long considered the poor relation of its ultradesirable London neighbors Notting Hill and Marylebone, but new development is driving up home prices in the area. The neighborhood glow-up includes the mixed-use repurposing of a Bayswater landmark: London’s first department store.

Beyond the Newsroom

WSJ | Buy Side:

From top-rated kitchen appliances to smart tech gear, these are the discounts worth shopping from Amazon’s Big Spring Sale.

Today’s newsletter was curated by Zlati Meyer in collaboration with Liz Webber in New York. Follow Zlati on X at @Zlatimeyer.

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