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Colorado - Thu. 09/17/26 |
A Free Business Publication from Alpine Bank
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FED RAISES INTEREST RATE QUARTER-POINT, 1ST INCREASE IN 3 YEARS
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The Federal Reserve raised interest rates Wednesday for the first time in three years, with the members voting unanimously to increase the benchmark federal-funds rate range by a quarter point to between 3.75 percent and 4 percent. The majority of officials indicated one more hike this year in the interest-rate projections after their meeting. Historically, the Fed tends to raise rates more than once after it has embarked on a hiking cycle. Fed Chairman Kevin Warsh said three things changed in between this meeting and the last. He said data in recent weeks have shown a strong economy, particularly in the labor market. Meanwhile, inflation remained elevated over the summer compared to the Fed’s target for a 2 percent year-over-year rise in prices.
Lastly, he said geopolitics also contributed to the altered outlook, though he didn’t directly reference the U.S.-Iran war in the Middle East. “All three of those things lend themselves to a firm unanimous decision today,” he said. Although Wall Street expected the increase, the 30-stock Dow Jones Industrial Average traded down 407 points, or 0.8 percent with financial-related shares leading the way lower. The S&P 500 was down 0.4 percent, while the Nasdaq Composite bucked the trend a bit, trading around the flatline.
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BLM TAKES IN $4.8 MILLION ON LATEST OIL-GAS LEASE SALE
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The U.S. Bureau of Land Management completed its third quarterly oil and gas lease sale on Thursday, Sept. 10, 2026, and collected $4.88 million for leasing 14,212 acres in Arapahoe, Jackson, Moffat, Rio Blanco, Routt and Wild counties. There were 29 parcels leased to eight different entities. The BLM has ramped up the number of lands eligible for leasing this year in Colorado, with 403 offered in 2026, including 114 that are being proposed for the fourth quarter sale in December. That compares with 290 leased in the last seven years. Colorado’s three completed oil and gas lease sales in 2026 have generated around $48.2 million, the proceeds of which are distributed between the federal and state governments, with the state getting the majority 51 percent split. The leases are awarded for a term of 10 years or longer if the wells continue to produce oil and gas.
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CHILDREN’S HOSPITAL AGAIN RECEIVES TOP RANKINGS FROM U.S. NEWS & WORLD REPORT
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Children’s Hospitals Colorado, with its four hospitals in the state: with headquarters in Aurora, and hospitals in Colorado Springs, Broomfield and Highlands Ranch, has again been recognized as among the best pediatric hospitals in the nation by U.S. News & World Report. For the third year in a row, Children’s Colorado landed on the U.S. News honor roll, recognizing the 10 best children’s hospitals in the nation. The winners were not ranked but instead listed alphabetically, as in previous years.
While the news magazine does not provide an overall ranking, it does rank hospitals in specialties, by region and by state. Children’s Colorado’s cardiology and heart surgery department ranked second nationally, finishing behind Texas Children’s Hospital. It ranked fifth nationally for diabetes and endocrinology, sixth in pulmonology and lung surgery, eighth in gastroenterology and GI surgery and eighth in neonatology. Children’s Colorado ranked first in the state and in the Rocky Mountain region.
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LITTLETON PROVIDES 30-YEAR TAX INCENTIVE TO BRING FLAGSHIP SCHEELS STORE
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On Tuesday night, the Littleton City Council authorized a 30-year sales tax incentive to bring major sporting goods retailer Scheels to Mineral Place, a mixed-use redevelopment project at the site of the former Lumen Technologies campus. At over 300,000 square feet, the two-level store would be the largest Scheels location in Colorado and one of the largest stores the North Dakota-based retailer has anywhere, said Trevor Klein, the director of operations for Scheels. The Littleton location is anticipated to generate over $135 million in annual store revenue, resulting in over $2 million in annual sales tax for the city. It would also result in an estimated $200 million in capital expenditures, more than $2.7 million in projected development fees and over $3.9 million in one-time projected use tax revenue.
The in-store services will include a baseball and softball fitting studio, an archery service shop, a full-service bike shop, a ski and snowboard service shop, a fly fishing and mountain waters shop and golf custom fittings. The store will include a 60-foot-tall Ferris wheel, rollerball bowling lanes and an interactive arcade, a 16,000-gallon saltwater aquarium with tropical fish, plus a toy shop and a candy shop. For Littleton, those incentives include refunding a majority of the collected sales taxes from the site for 30 years. As part of the deal that was approved, Scheels would receive a sales tax refund of 54.67 percent over that time. Another 5.33 percent refund would be provided to the developer of Mineral Place, Englewood-based Republic Investment Group, until RIG receives $25 million.
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ASPEN CHAMBER ADVISES CITY COUNCIL ON IMPACTS OF SUMMER AIRPORT CLOSING
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In a work session Monday, representatives of the Aspen Chamber Resort Association gave an update to the Aspen City Council on the impacts of the shutdown of the Aspen Pitkin County Airport next summer. The ACRA presentation reviewed results of their 2025 visitor surveys which indicated that two-thirds of this year’s visitors said the airport closure would have no impact on their visitation to Aspen next summer. Moreover, in a condition seemingly contrary to expectation, 18 percent said they were more likely to visit Aspen at that time, because it would be less crowded.
The key will be access and Aspen One and Snowmass Tourism are updating websites for ground transportation. Fly Aspen Snowmass Consultant Bill Tomcich told council historical data indicated that 50 percent of summertime visitors use the Aspen airport and 45 percent use Denver International Airport. The Eagle County Regional Airport (EGE) has already more than doubled its summer flights and an announcement with regard to proposed shuttles from Eagle is coming within weeks.
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X GAMES WILL RETURN TO ASPEN IN 2027 FOR 26TH – WITH BIG CHANGES
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Jeff Hermanek, senior director of live events for X Games, and representatives of the Aspen Skiing Co. appeared before the Pitkin County commissioners Tuesday to present the permit application for the 2027 edition of the event. This will be the 26th season for the X Games in Aspen, which will be held Jan. 29-31, 2027. The X Games will operate under a completely new format, with four teams competing instead of individual competition. Teams will include five women and five men each. On Wednesday, athletes will be drafted to four teams (representing Golden State, New York, Park City and Whistler) to build the rosters for the first winter league season, and the winter season will begin in Aspen, with skiing and snowboarding competition.
The league will have two additional stops in Calgary and Ruka, Finland, where the finals will be held. While the competitions during the day will be free, all evening events will require a ticket. Hermanek confirmed the evening events will include big air and halfpipe competitions, as well as concerts on Friday and Saturday nights. After returning after a five-year hiatus in the January 2026 X Games, snowmobiling will not be part of the new format 2027 X Games in Aspen.
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TAXES ARE AN ISSUE FOR AMERICANS LIVING ABROAD
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An official of the Taxpayer Advocate Service, an independent organization within the Internal Revenue Service, in the latest report to Congress, stated that the challenges facing taxpayers living abroad are among “the most serious problems” confronting American taxpayers. In a statement on the issue, Erin Collins, head of the advocate service said, “As U.S. citizens, taxpayers abroad remain subject to U.S. tax laws, even though they must also comply with the tax requirements of the country in which they live and work. Failing to comply with U.S. tax and foreign information reporting requirements can result in large penalties.”
Americans living abroad cannot be double taxed and some Americans abroad are eligible for the foreign earned income exclusion. For the 2026 tax year, eligible taxpayers may be able to exclude up to $132,900 of foreign earned income from U.S. federal income taxes. However, the exclusion isn’t automatic. Taxpayers must meet specific requirements and generally must file a U.S. tax return to claim it. To qualify, the IRS says you must be a “bona fide resident” of a foreign country or countries for an uninterrupted period that includes an entire tax year or be “physically present” for at least 330 full days during a 12-month period.
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A DISTINCTIVE, TASTY BITE IN SOUTH DAKOTA FROM CRIMEA
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In Freeman, South Dakota and the surrounding area in the southeastern corner of the state, the staple menu item is chislic, basically roasted lamb on a stick. As distinctive a meal as it is, its history is an interesting tale dating back hundreds of years to the Black Sea and passing from tribal origins through Russian and German variations. The original “shashlyk” was typically mutton, marinated in onions or vinegar and grilled on skewers. By the late 18th Century, shashlyk had become fashionable in parts of the Russian Empire and was enthusiastically taken up by German settlers who had been encouraged to settle in Russia under Catherine the Great, many of whom later established communities around the Black Sea.
By the late 1870s, many Europeans began emigrating to the United States to take advantage of the "cheap land on the American Frontier" following the Homestead Act of 1862. Included in those immigrants were 115,000 Russo-Germans ("Germans from Russia"). One of those, Johann Hoellwrath, settled in Freeman, S.D. and is acknowledged as the one introducing shashlyk. The problem was his accent was so heavy, the name was recognized to be "chislic." It required some adaptation as there were sheep, but very little metal for skewers, no vinegar, onions were just being introduced and very little hardwood. So, Hoellwarth's version included using lard, willow sticks as skewers and wild grasses for fire fuel. Thus, the South Dakota version, even today, is a bite-sized snack and eaten with crackers.
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EUROPE’S FORTUNE 500 COMPANIES 2026
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Now in its fourth year, the Fortune 500 Europe ranks the continent’s largest companies by revenue. Volkswagen retains the No.1 position for the third-year running, while HSBC is the most profitable company on the list, recording $22 billion in profits for 2025. Combined, the businesses on the list generated $15.5 trillion in revenue, equivalent to half of Europe's GDP:
- For the first time in the four years of the Fortune 500 Europe, Germany did not have the most companies on the list. U.K. had 76; Germany had 73
- The U.K., France, Germany, and Switzerland are home to more than half of all companies on the list, and accounted for more than 50 percent of all profits
Top 10 companies:
- Volkswagen
- Shell
- Glencore
- BP
- TotalEnergies
- Stellantis
- BMW Group
- Mercedes-Benz Group
- Banco Santander
- BNP Paribas
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MARKET UPDATE - 09/16/2026 Close
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(Courtesy of Alpine Bank Wealth Management*)
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Canadian dollar (per U.S. dollar)
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Mexican peso (per U.S. dollar)
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30-year fixed mortgage rate (Freddie Mac 09/10/2026)
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*Not FDIC insured. May lose value. Not guaranteed by the bank.
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Alpine Bank is an independent, employee-owned organization with headquarters in Glenwood Springs and banking offices across Colorado's Western Slope, mountains and Front Range. Alpine Bank serves customers with retail, business, wealth management*, mortgage and electronic banking services. Learn more at alpinebank.com.
*Alpine Bank Wealth Management services are not FDIC insured, may lose value and are not guaranteed by the bank.
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