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13 stories · Edition of 2026-10-16 · Curated by AI at Invalid Date

BUSINESS

AI-linked stocks tumble as US inflation data fuels rate hike concerns

6d ago · Source: guardian

A sharp sell-off of technology stocks tied to artificial intelligence intensified on Thursday, driven by fresh data showing US inflation accelerating faster than anticipated. The move sparked renewed anxiety over potential interest rate hikes and the sustainability of the AI investment boom.

South Korea’s Kospi 200 index, which tracks memory chip manufacturers, dropped more than 8% during overnight trading, closing at its lowest level in six months. Circuit breakers activated multiple times, halting trading at several points. Shares in SK Hynix and Samsung Electronics declined 11% and 9.5% respectively. Japan’s Nikkei 225 fell 4.9% on Thursday, pressured by steep declines in Kioxia, a memory chip producer, and SoftBank, a major investor in OpenAI. The drop followed a 1.9% slide in the Nasdaq Composite and a 1.1% drop in the S&P 500 on Wednesday, marking their worst performance since July.

Wall Street markets opened lower on Thursday, with the Nasdaq falling an additional 1.4% in early trading. Dell Technologies and Coherent Inc., both suppliers to AI data centers, were among the early decliners. The pressure intensified after the US Bureau of Labor Statistics reported that consumer prices rose 3.7% year-over-year in September, the fastest increase since May. Producer prices also climbed 6.3% annually, the sharpest rise since December 2022.

Analysts noted that the inflation data was broad-based, affecting multiple categories beyond energy. Jim Reid, head of global thematic research at Deutsche Bank, described the market reaction as "incredibly tumultuous" over the past 24 hours, citing concerns about the AI trade amid persistent price pressures.

The International Monetary Fund had previously warned that a sharp correction in AI-related equities could threaten global financial stability. While markets in the UK and eurozone may be less directly exposed, investors with US holdings face significant risks. In China, the CSI 300 index fell 2.4%, reaching its lowest level since August 2025. Taiwan’s TSMC, the world’s largest contract chipmaker, declined 2% despite reporting its sixth consecutive quarter of profitability.

European markets also showed weakness, with Germany’s DAX down 0.36% and Italy’s FTSE MIB slipping 1.3% in afternoon trading.

The developments underscore growing unease among investors about the intersection of artificial intelligence, monetary policy, and macroeconomic indicators.

BUSINESS

Silicon Valley landfill operators mandated to deploy monitoring technology for odor control

6d ago · Source: bbc

Local authorities in Milpitas, California, have directed the operators of the Newby Island landfill to implement systematic monitoring of odor-causing chemicals and landfill gases. The order requires the use of drones and fixed sensors to continuously measure airborne compounds linked to persistent smells, which have affected residents for decades.

Chia-Ling Kong, a software engineer living approximately one mile from the site, described experiencing strong odors for over ten years, with two to three hours of unpleasant air quality daily despite gradual improvements. The community is advocating for data-driven solutions to identify odor sources in real time.

Odor complaints are rising globally, often tied to landfills, wastewater treatment plants, or industrial facilities. In the United States, federal regulations do not classify odors as pollutants, leaving oversight to state and municipal agencies. This regulatory gap complicates resolution efforts as urban expansion brings residential areas closer to industrial operations.

Odor mitigation technologies generally fall into three categories: absorption, chemical conversion, or thermal destruction. While properly applied systems can eliminate over 90% of targeted compounds, costs remain a barrier, leading some operators to rely on inexpensive masking agents like industrial-scale deodorizers, which experts question for long-term efficacy.

In Des Moines, Iowa, a $240,000 annual investment now funds a network of air quality monitors combined with weather tracking to trace odor plumes to specific facilities. This system has reduced disputes over responsibility by linking emissions to wind patterns and chemical signatures. One implicated meat processor has spent $2 million on a regenerative thermal oxidizer to destroy odor-causing compounds, though it disputes being the primary source of complaints.

Traditional odor assessment relies on human panels, described by Kunak Technologies as 'olfactometry,' which experts note lacks consistency due to subjective perception. Electronic nose systems, such as those deployed in Des Moines, aim to provide objective, real-time data on airborne compounds. Researchers emphasize that odor sensitivity varies by compound and individual perception, with no universal threshold for discomfort.

The shift toward technological monitoring reflects growing pressure on municipalities to address environmental nuisances in densifying urban areas, though outcomes depend on implementation quality and regulatory frameworks.

BUSINESS

Wall Street banks report mixed quarterly results amid slowing dealmaking

6d ago · Source: reuters

Wall Street’s largest banks disclosed uneven quarterly performance this week, revealing how even the most established institutions can feel pressure when capital markets lose momentum.

Third‑quarter earnings showed a dip in dealmaking activity that rippled through investment‑banking divisions. Rising bond yields, fluctuating artificial‑intelligence‑related trades and heightened geopolitical concerns have unsettled investors and corporate boards, slowing the anticipated rebound in mergers and acquisitions and initial public offerings.

JPMorgan Chase reported its first profit miss since the fourth quarter of 2023, according to data from LSEG, while Bank of America fell short of market expectations. The remaining four of the six largest U.S. banks posted results that exceeded forecasts, yet their stock prices either slipped or showed little movement as investors weighed the modest nature of the beats.

Trading desks diverged in performance. Equity divisions benefited from heightened market activity, whereas fixed‑income units underperformed. Analysts noted that market volatility typically lifts trading revenue as clients adjust portfolios and hedge risks.

Net interest income, the spread between loan earnings and deposit costs, rose for many banks, bolstered by the Federal Reserve’s September rate increase. Executives highlighted continued consumer spending and borrowing, easing fears that persistent inflation and higher rates would strain household finances. Loan demand remained steady, providing a bright spot amid the broader slowdown.

The mixed results contrast with earlier optimism that the year would bring a bumper cycle for dealmaking. Since the summer, momentum has stalled, with companies postponing high‑profile IPOs and hesitating on large transactions amid volatility and uncertainty.

Reuters coverage of the six largest U.S. banks includes: JPMorgan’s rare profit miss, Goldman Sachs’ profit beat driven by equities strength, Wells Fargo’s mixed performance, Citigroup’s earnings topping estimates on investment‑banking and wealth services, Morgan Stanley’s profit beat linked to strong stock‑trading desks, and Bank of America’s miss tied to capital‑market weakness and a $1.2 billion charge.

BUSINESS

KFC switches beverage supplier from PepsiCo to Coca-Cola

6d ago · Source: reuters

Fast-food chain KFC announced on Thursday that it has selected Coca-Cola as its new beverage partner for U.S. restaurants, ending a four-decade relationship with PepsiCo. The change applies to all 3,718 KFC locations in the United States.

PepsiCo’s snack business has faced pressure from higher costs and shifting consumer preferences toward healthier options, contributing to slower growth and margin recovery for the company. PepsiCo CEO Ramon Laguarta noted earlier this month that these challenges have made revenue and profit gains more difficult to achieve.

The partnership between PepsiCo and KFC originated when PepsiCo acquired the chicken chain to expand into food and snacks. Although PepsiCo later spun off KFC in 1997, it continued to serve as the brand’s beverage supplier. A PepsiCo spokesperson confirmed that existing agreements with Taco Bell and KFC International locations remain in place, including a 10-year deal for those international operations.

PepsiCo also maintains beverage partnerships with Subway and Jersey Mike’s Subs, and operates soda fountains at Pizza Hut locations, which transitioned from Coca-Cola to PepsiCo in 2011 after leaving the Yum Brands portfolio. In 2012, PepsiCo lost a similar partnership with Dunkin’ Donuts to Coca-Cola following a five-year collaboration.

Coca-Cola currently serves as a beverage partner for McDonald’s and Wendy’s. The company stated that Coca-Cola products will become available at KFC U.S. restaurants by spring 2027. Financial terms of the agreement were not disclosed.

Jay Woods, chief market strategist at Freedom Capital Markets, commented that the shift represents a notable change in the beverage landscape, particularly given the size of both brands. His firm holds shares in Coca-Cola. Analysts have suggested the move could impact PepsiCo’s market positioning, especially amid broader challenges in its North American operations. The company is also under review by activist investor Elliott Investment Management, which acquired a stake in PepsiCo last year and has urged strategic adjustments.

The transition reflects a broader realignment in the fast-food beverage sector, where brand affiliations continue to evolve in response to market dynamics and consumer demand.

TOP STORY

3M to contest Australia's $1.4 billion lawsuit over PFAS contamination

A court in Australia heard on Friday that 3M intends to argue that the country's $1.4 billion lawsuit alleging PFAS contamination from its firefighting foam is legally unsound.

6d ago · Source: reuters · 2 min read

A court in Australia heard on Friday that 3M intends to argue that the country's $1.4 billion lawsuit alleging PFAS contamination from its firefighting foam is legally unsound. The case, filed by the Australian government, represents the largest environmental claim ever brought by the nation and seeks more than A$2 billion in damages for remediation costs at 28 military bases where the foam was used between 1966 and 2003.

3M's barrister, Philip Solomon, told the court that the alleged public nuisance does not meet the legal standard under Australian law. He said the claim fails to show that 3M had the authority to stop the discharge or that it caused specific harm in a way that would qualify as a public nuisance. The company also plans to argue that parts of the lawsuit, including allegations of misleading consumer statements about the foam's safety, are time-barred because the conduct dates back decades.

Australia contends that 3M knew or should have known the foam could cause environmental damage and harm to human health, yet failed to warn authorities. The government says the contamination has interfered with the use and enjoyment of land and water around the bases, creating a situation it describes as a public nuisance. In response, 3M maintains that the legal theory advanced by the government does not align with established precedent.

PFAS, or per- and polyfluoroalkyl substances, are synthetic chemicals used in products that resist heat, stains, and water. They have been linked in scientific studies to health concerns such as liver damage, lower birth weight, and testicular cancer. 3M has faced thousands of lawsuits globally over PFAS contamination, including in the United States.

The Australian defence department has spent more than A$1.3 billion addressing the fallout, including A$408 million in settlements to affected communities. More than 200,000 metric tons of contaminated soil have been treated or removed, and over 13 billion litres of water have undergone remediation. The case is scheduled to return to court in December for further proceedings.

BUSINESS

Congressional proposal targets Wall Street ties to Jeffrey Epstein

6d ago · Source: guardian

A bipartisan group of lawmakers introduced legislation on Thursday that would require federal regulators to examine financial institutions and executives with documented connections to Jeffrey Epstein. The proposal, called the Epstein Wall Street Records Act, would direct the Federal Reserve and the Securities and Exchange Commission to investigate firms and individuals linked to the late financier, assess potential violations of banking or funding laws, and impose penalties or bans where warranted. The bill also mandates public disclosure of any records involving Epstein and his associates, and requires referrals of suspected criminal conduct to the Department of Justice.

Senator Elizabeth Warren, who is leading the effort alongside Representative Robert Garcia and House Republican Thomas Massie, said the measure responds to what she described as a lack of self‑accountability among major banks and regulatory inaction during the previous administration. The legislation follows a months‑long inquiry into Epstein’s financial network, which collapsed after his 2019 arrest on federal charges of child sex trafficking.

The push comes after Warren criticized Barclays for its handling of former chief executive Jes Staley, who maintained a personal relationship with Epstein that extended beyond professional interaction. A UK Financial Conduct Authority review, sparked by more than 1,200 emails between Staley and Epstein, concluded that the two had a close, non‑exclusively professional connection. Staley resigned from Barclays in November 2021 after UK regulators began probing those ties; he was later barred from the UK financial sector in 2023 and lost a court appeal that revealed intimate details of their friendship.

Staley admitted to a consensual sexual encounter with a member of Epstein’s staff in New York and referenced a 2010 exchange in which he wrote, “That was fun. Say hi to Snow White,” to the financier. He has denied knowledge of the exchange during a UK court hearing and has maintained he never acted dishonestly.

In July, Warren and a coalition of House Democrats sent a letter to Barclays Chairman Nigel Higgins asking how the bank vetted Staley and whether it examined potential deficiencies in its executive hiring process given his extensive ties to Epstein. Barclays responded with a statement from its head of US government relations, Lance Williams, which Warren characterized as insufficient. The bank’s reply emphasized that Staley had concealed aspects of his relationship with Epstein and that previously undisclosed information emerged only after his resignation.

Barclays declined to comment further, and Staley’s legal representatives were contacted for comment. The proposed legislation now moves to the House and Senate for consideration.

BUSINESS

World Bank aims to quintuple critical minerals financing within five years

6d ago · Source: reuters

World Bank President Ajay Banga announced a target to increase the bank’s critical minerals financing by fivefold over the next five years. The announcement came during a plenary session at the International Monetary Fund and World Bank annual meetings in Bangkok. Banga outlined a plan to expand partnerships with 20 countries focused on developing critical minerals projects, emphasizing efforts to build local industries and retain more jobs and economic value domestically. The initiative is anchored in a new Metals and Minerals implementation plan that projects $19 billion in financing for critical minerals activities during the fiscal period ending in 2030, up from $3.6 billion in the prior five-year cycle. The United States, the World Bank’s largest shareholder, has urged the institution to expand its role in supporting mining and processing capacity through risk mitigation and infrastructure investment, including in deep-sea mining. While Banga did not reference deep-sea mining directly, the bank’s metals strategy adopts a precautionary stance toward the sector, requiring all engagement to align with existing bank policies. In discussing broader financial growth, Banga noted a more than threefold increase in mobilized private capital for the fiscal year ending June 30, reaching $112 billion, which contributed to a total financing volume of $230 billion for the World Bank Group in that period.

BUSINESS

London job seekers pay thousands for promised healthcare placements that never materialise

6d ago · Source: bbc

A London-based company has been accused of collecting thousands of pounds from individuals seeking healthcare jobs in the UK, only to deliver training that did not lead to employment or sponsorship. Apurv Patel, who arrived in the UK on a Skilled Worker visa in 2023, said he paid Synetal Solutions £3,600 in February and March for training and a promised sponsored position in the healthcare sector. Eight months later, he has received no job offers, interviews, or meaningful support, leaving him frustrated and financially strained. Patel described the training as low quality and ultimately worthless, noting that trainers lacked basic knowledge of healthcare work. He is not alone; the BBC has spoken to multiple individuals who claim they were verbally assured of guaranteed sponsored roles after paying fees ranging from £1,800 to £5,500. Some were shown logos of well-known healthcare providers, including Bupa, as examples of potential employers; Bupa has stated it has no connection to the company. The company’s website previously advertised a “guaranteed job placement” and promoted healthcare as a reliable path to visa-sponsored work, but those claims were removed after the BBC inquiry. The Care Quality Commission clarified that no single qualification automatically qualifies someone to work as a care worker, and employers are responsible for ensuring competence. Immigration lawyer Teni Shahiean of OTS Solicitors called the promises “particularly concerning,” especially for those facing visa expiration, as job offers do not guarantee immigration eligibility. Daniel Blake of London Citizens Advice described the business model as exploitative, targeting vulnerable migrants with unrealistic assurances. He urged anyone asked to pay large sums upfront to seek independent advice and report suspected misconduct to Trading Standards or the police. A government spokesperson affirmed commitment to protecting consumers from scams and announced reforms to strengthen oversight of company registrations. Synetal Solutions maintains it provides training and employment assistance, stating that recruitment and visa decisions depend on employers and the Home Office, and claims to have records of candidates who secured jobs through its services.

BUSINESS

Nonprofit groups seek inquiry into White House press secretary's legal qualifications

6d ago · Source: washingtonpost

Two advocacy organizations have formally requested investigations into the legal credentials of White House press secretary Katie Zacharia. Democracy Defenders Fund, led by former Obama administration ethics attorney Norm Eisen, submitted a complaint to California Attorney General Rob Bonta and the State Bar of California on Wednesday. The group Campaign for Accountability filed a parallel complaint with the California bar on the same day.

The letters allege that Zacharia presented herself as a licensed attorney while serving as general counsel for Fix California, a nonprofit founded by former Trump administration official Richard Grenell between 2024 and 2025. Both groups cited reporting by outlets including The Washington Post and the newsletter Popular Information that documented Zacharia’s repeated assertions on television that she holds a law license.

"Falsely representing oneself as a lawyer constitutes a criminal offense, subject to fines or up to one year in jail," the Democracy Defenders letter states. The complaint is signed by a bipartisan coalition of four former government ethics lawyers, including Eisen and Richard W. Painter, who served as chief ethics counsel under President George W. Bush.

Campaign for Accountability’s filing focuses on Zacharia’s media appearances on networks such as CNN and Fox News Channel, where she identified herself as a lawyer or attorney. Executive director Michelle Kuppersmith stated, "It’s not complicated; under the law, a person who says she’s a lawyer actually has to be a lawyer. She can’t just play one on TV." The group emphasized that credibility is essential for a White House spokesperson.

Eisen noted that false claims of legal expertise are particularly concerning when advanced by the administration’s chief spokesperson. "If we can’t trust her on this, what can we trust her on?" he asked.

The White House has not yet responded to requests for comment regarding the Democracy Defenders complaint. Communications Director Steven Cheung previously dismissed Campaign for Accountability’s filing as originating from a "radical leftist-organization" on social media platform X.

Fix California did not provide comment when approached. A spokesperson for the State Bar of California declined to address the matter.

Zacharia earned a law degree from Pepperdine University but has not publicly confirmed passage of any state bar exam. When questioned by reporters about her bar exam history, she responded, "When I moved to China." Legal experts clarified that foreign nationals cannot sit for bar examinations in China. Former colleagues noted that while she worked at a law firm in China, she would not have been permitted to practice law there.

The Wall Street Journal reported that Zacharia attempted the California bar exam after graduating in 2011 but did not pass. When asked about her fitness for the press secretary role, Eisen offered a direct assessment: "No," he said.

The complaints underscore ongoing scrutiny of Zacharia’s professional background as she assumes a high‑visibility position within the administration.

BUSINESS

White House press secretary Katie Zacharia acknowledges she did not pass California bar exam

6d ago · Source: washingtonpost

Katie Zacharia, who began serving as White House press secretary on May 13, confirmed on Thursday that she did not pass the California bar exam, according to a report by The Washington Post.

Zacharia said the outcome was “somewhat inconsequential” because she planned to move to China in 2011 to join her husband, and that she had already registered for the exam before deciding to relocate. “I didn’t want to withdraw from that,” she told Real America’s Voice, a right-wing media outlet. “We knew we would be moving out to China. And I was obviously incredibly distracted and overwhelmed and excited for finally being married to someone who I’d been long-distance from for at least a year.”

The newsletter Popular Information reported that Zacharia repeatedly identified herself as a lawyer and attorney in television appearances and listed a general counsel position on her résumé, but no evidence was found that she passed a state bar exam. A Washington Post review found no records of a California bar license, and several legal experts told the newspaper that she could not legally call herself an attorney without being licensed.

Zacharia added confusion earlier in the week when she responded to questions about where she took the bar exam by saying, “When I moved to China.” Legal experts noted that only Chinese nationals can sit for the country’s bar exam, and that work she performed at a Chinese law firm must have been limited and supervised because she was not a citizen.

The White House previously told The Post and other outlets that Zacharia practiced with “all the appropriate credentials.” On Wednesday, two nonprofit organizations filed formal complaints with the State Bar of California, requesting an investigation into whether she engaged in the “unlawful practice of law” by offering legal analysis in media appearances and serving as general counsel for Fix California, a nonprofit founded by former Trump administration official Richard Grenell. One group also asked California Attorney General Rob Bonta (D) to pursue a separate inquiry.

The Wall Street Journal first reported on Wednesday that Zacharia took the bar exam but did not pass. In her interview with Real America’s Voice, she described the scrutiny as “misinformation” and “miscommunication.” She said she consulted legal professionals who assured her she could refer to herself as a “lawyer” without issue, though not as an “attorney at law” or “Katie Zacharia, Esquire.” These individuals also advised her that she could provide “legal analysis, not legal advice,” though she did not address her role as general counsel in California, which remains under review by the state bar.

BUSINESS

Anthropic investors reassess IPO valuation amid slowing revenue growth

6d ago · Source: reuters

Some investors involved in Anthropic's upcoming initial public offering are reconsidering the company's valuation after reviewing its latest financial disclosures, according to four individuals familiar with the discussions. The shift follows concerns about the rising costs of financing artificial intelligence development.

At an investor day held on Wednesday in San Francisco, certain participants floated a valuation near $1.5 trillion for the company's November share sale, the people said. This would represent a notable decline from the approximately $2 trillion valuation previously anticipated by some investors.

Anthropic disclosed that revenue for the third quarter rose 45% from the prior quarter to $16.8 billion, and that it posted an adjusted profit for the period. While these figures addressed some worries about the expense of building AI systems, certain investors expressed disappointment with the quarter‑over‑quarter growth slowdown. Revenue had more than doubled from the first to the second quarter, climbing to $11.6 billion, they noted.

Attendees, largely the firm's most prominent backers, met with CEO Dario Amodei and finance chief Krishna Rao during the session. The Information had earlier reported that investors were weighing a reduced valuation.

Anthropic, founded in 2021 by former OpenAI executives including Amodei and his sister Daniela Amodei — now the company's president — has become a leading developer of generative AI, known for its Claude family of models. Its growth has been supported by partnerships with Alphabet's Google and Amazon, which are both investors and suppliers of computing resources.

In its IPO prospectus, seen exclusively by Reuters in September, Anthropic outlined a vision in which AI would transform the global economy more profoundly than earlier technological revolutions. The filing also revealed a $42 billion loss for 2025 and projected continued heavy spending on AI infrastructure, including a commitment of at least $518 billion over the next decade for cloud services, computing and related infrastructure.

The cooler investor response to Anthropic's IPO comes amid a broader tech selloff that has impacted AI‑focused companies, chipmakers and cloud providers that rent computing power for AI workloads. Shares of Nvidia and CoreWeave fell sharply on Thursday, reflecting heightened concern about an AI buildout increasingly financed through debt.

A less enthusiastic share sale for Anthropic could further amplify investor caution regarding the sector's financing outlook, especially as other high‑profile offerings, such as those of data‑center operator SB Energy and nuclear technology firm Holtec Nuclear, have been delayed or withdrawn recently.

BUSINESS

Primark expands into home deliveries amid shifting retail landscape

6d ago · Source: bbc

Primark has taken steps toward offering home delivery services, a move analysts say reflects growing pressure from digital-first competitors like Shein. The retailer, historically resistant to online sales, has opened a distribution center in Sheffield to support shipping directly to customers. This development follows years of consumer demand for more convenient shopping options, particularly among plus-size shoppers who cite limited in-store representation and inconsistent sizing as key drawbacks to physical retail.

Jess Bacon, a culture journalist and author based in Peterborough, shops exclusively online for clothing. She notes that returning items purchased digitally is often simpler than navigating in-store returns, which can involve long queues and physical strain. For Bacon, who wears plus sizes, the lack of inclusive sizing in many brick-and-mortar stores has been a persistent frustration. "The average size woman in the UK is a size 14 or 16. I think a lot of people just don't feel seen or represented," she said.

Primark has historically offered extended sizing, with many stores stocking up to size 22. However, the chain did not provide online shopping during the pandemic, even as other retailers adapted. In 2022, it introduced click-and-collect, requiring customers to visit a physical location to retrieve purchases. The new delivery service marks a significant shift, though the company has not announced a timeline for broader rollout.

The move comes as high street foot traffic declines in many UK towns. Julia Mitchell, a content creator from Chichester, echoes this trend, stating she avoids clothing stores altogether due to sensory overload and a preference for online bargains. "I basically never go into them. It's not really something I enjoy," she said, adding that price comparison is easier online.

Sandra Davies, a 61-year-old resident of Sheffield who has experienced health complications including strokes, relies entirely on home delivery. She described the physical toll of in-store shopping, including collapsing after standing in long queues. For her, the convenience of delivery is not just a preference but a necessity. Returns remain a concern, however, as delayed or complicated processes can deter repeat business.

Retail analyst Julie Palmer notes that a seamless returns policy is critical for online success. "Shoppers want them to be free, simple and quick," she said, emphasizing that delays or fees often drive customers to competitors. While Primark currently offers in-store returns, the lack of streamlined digital return options could pose a challenge as consumer expectations evolve.

The shift underscores broader changes in retail dynamics, where convenience, inclusivity, and logistical efficiency increasingly shape customer loyalty. As online shopping accounted for 27.3% of UK retail sales in August 2023 — up from 18.1% in 2019 — traditional retailers face mounting pressure to adapt or risk further erosion of market share.

BUSINESS

Economic pessimism rises among key voter groups ahead of midterms

6d ago · Source: guardian

A recent Harris poll conducted for the Guardian shows growing economic pessimism among core voter groups less than three weeks before the midterm elections. The survey of 3,998 U.S. adults, carried out from 24 September to 3 October 2026, found that three‑quarters of respondents expressed concern about a recession, and 61% incorrectly believed the country was already in one, even though official metrics do not confirm a downturn.

Pessimism was most pronounced among independents, with 65% saying the economy was worsening—up from 48% in September 2024. Even within the Republican base, confidence has slipped; only 28% now say the economy is improving, down from 39% shortly after the 2025 inauguration and from 49% before the United States launched strikes against Iran in early 2026.

High prices emerged as the top voter concern. Two‑thirds of those polled identified gas and grocery costs as the most important issues heading into November, followed by broader living expenses, healthcare costs and foreign affairs. Recent inflation data released in September showed a 3.7% annual increase, the highest pre‑midterm reading since 1990, excluding the pandemic period. Energy prices have been especially elevated since the Iran conflict, with the national average gas price roughly $1.20 higher per gallon than a year earlier; California drivers, for example, are paying about $6.20 per gallon, according to AAA.

The poll also examined perceptions of responsibility for rising fuel costs. Forty‑six percent of rural respondents blamed the U.S. government, while only 28% of Republicans shared that view. Republicans were more likely to attribute price increases to oil companies, Iranian policies and broader market fluctuations.

When asked which party could address affordability, Democrats were more likely than Republicans to claim their own party had a solution (71% vs. 59%). However, a sizable share of independents—50%—believed neither party offered a viable answer, compared with 17% of Democrats and 26% of Republicans who held that view.

Rural Americans, a key constituency for former President Donald Trump, were especially likely to feel that neither party could resolve their concerns, with 41% saying they were living in "survival mode" where an unexpected expense could cause financial strain. This sentiment was less common among suburban (35%) and urban (27%) respondents.

The findings underscore the economic anxiety that is shaping voter priorities as the midterm election season reaches its final stretch.