Ahead of the Nov. 3 midterm elections, President Donald Trump says the economy is strong, but voters cite inflation, with gasoline prices up due to the Iran war and high interest rates. The latest CPI before the election showed inflation at 3.7% over the past 12 months, after it had slowed until April 2025 and then climbed again following Trump's sweeping tariffs. GDP has grown a bit more than 2% annually and the unemployment rate is 4.2%, but job growth has slowed to almost 39,000 jobs a month in Trump's second term, versus over 121,000 in the prior year. The 10-year Treasury yield is above 5%, its highest level since 2002. According to Federal Reserve data, the wealth of the top 0.1% of households rose $5.5 trillion in 18 months, while the bottom 50% gained $380 billion.
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DXY
• NeutralRelevance: low
| Market | Currencies |
|---|---|
| Close on 10/21/2026 | 101.70 |
| Change that session | 0.00% |
SPY
• NeutralSPDR S&P 500 ETF
Relevance: low
| Market | US stocks |
|---|---|
| Sector | ETF |
| Close on 10/21/2026 | 773.09 |
| Change that session | +0.53% |
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Ahead of the midterm elections, President Trump says the U.S. economy is soaring, but the numbers show a mixed picture. Inflation was 3.7% over the past 12 months in the last CPI report before Election Day, having slowed until new tariffs in April 2025 and the Iran war pushed prices up again. GDP has grown a little over 2% a year, and unemployment is 4.2%, but job growth slowed to about 39,000 a month from over 121,000 before Trump returned to the White House. The 10-year Treasury yield is above 5%, its highest since 2002, raising borrowing costs, while the S&P 500 is up about 12% this year. Gains are concentrated: the top 0.1% of households added $5.5 trillion in wealth in 18 months, versus $380 billion for the bottom 50%, an average of $5,600 for the bottom half of households.
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