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taxestariffsmidterm electionsMiller-MeeksBohannan
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Related tickers and likely impact
DXY
• NeutralRelevance: low
| Market | Currencies |
|---|---|
| Close on 10/20/2026 | 101.70 |
| Change that session | -0.28% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
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Republican Rep. Mariannette Miller-Meeks and Democratic candidate Christina Bohannan clashed over taxes, energy prices and farm policy in a debate for Iowa's first congressional district. Bohannan criticized Miller-Meeks' vote for the One Big Beautiful Bill, arguing it made permanent tax cuts for the wealthy while its no-tax-on-tips and no-tax-on-overtime relief expires on December 31, 2028, and that Medicaid cuts would hurt rural healthcare. Miller-Meeks defended the bill for expanding the child tax credit and touted $209 million for Iowa hospitals from the $50 billion Rural Transformation Fund. On tariffs, she said they brought a $15 billion steel mill and 1,700 permanent jobs to Lee County, while Bohannan argued they raised costs for farmers and cost access to Chinese soybean markets. The two also split over Miller-Meeks' eight votes against a war powers resolution on Iran and over proposals to lower gas and diesel prices.
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AI-linked stocks fell again: CoreWeave dropped to its lowest level since shortly after its IPO as its bond yields reached as high as 15%, the Nasdaq Composite fell 2.6% on Thursday, and Meta tumbled 7% despite strong earnings after posting its first quarter of negative free cash flow in its history amid surging AI infrastructure spending. The 10-year yield fell 3.8% to 4.95%, its first time below 5% in a month, and is down 7% over two weeks, which may reflect a shift from stocks into bonds. Homebuilder stocks rose, with the State Street SPDR S&P Homebuilders ETF (XHB) up 3.8%, and Pool Corporation, RH, and Lennar gaining 14.4%, 9.5%, and 9%. Investors now see a 93% chance the Fed holds rates at 375-400 basis points, after weak September jobs growth and cooler-than-expected August PCE inflation. The author sees this as another sign that investors are looking for the next set of winners after AI.
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Ethereum has postponed the Glamsterdam upgrade on the Hoodi testnet, originally scheduled for Oct. 26, so developers can examine how EIP-8037 and EIP-8038 interact with deployed smart contracts. ChainSecurity warned that the two proposals could weaken safeguards against insufficient gas griefing, potentially letting contracts permanently record failed operations and blocking otherwise valid user actions. The firm said it identified 13 real-world examples of potentially affected contracts and is coordinating responsible disclosure with the projects involved, without naming them. Security researcher pcaversaccio called the risks “serious” in an Oct. 21 GitHub comment and urged a reassessment of the hard fork. The mainnet timeline, which developers had been considering for early December, is now uncertain.
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