Fed chair Kevin Warsh said politics played no role in pause of interest rate hikes, despite inflation remaining above 3%

The US Federal Reserve left interest rates unchanged on Wednesday during its last board meeting before the midterm elections, keeping rates at one of the highest pre-election levels seen in over 20 years.

Two out of 12 board members voted against the pause, preferring to raise rates by a quarter point this meeting, the Fed board said in a statement.

It is essential not just to fund the public goods the nation needs, it is indispensable to restore a sense of fairness

Money doesn’t buy happiness, we’re told. Even some economists agree. The Nobel prize-winning economists Daniel Kahneman and Angus Deaton once proposed that rising income increased people’s emotional wellbeing only up to a ceiling of about $115,000 in today’s money.

They probably hadn’t met many billionaires. The ultra-rich may not pursue happiness in the joyful sense of the word. But they will try every trick in the book to hang on to their stash and woe betide the tax authority that tries to lay a finger on their treasure.

As the US midterm elections approach, we take a look at data to see a true picture of the US economy under Trump

With the midterm elections fast approaching, many Americans have the economy on their minds.

US voters are exhausted by years of higher prices. Donald Trump won the presidency in 2024 on promises to lower inflation and undo the damage he said the Biden administration had inflicted on the economy.

VW investment, creating 4,500 jobs in Georgia, comes amid Trump’s damaging tariffs, intense Chinese competition and costly shift towards EVs

Audi has said it will spend $4bn (£3bn) to build its first factory in the US, as its parent company, Volkswagen, struggles with the impact of steep tariffs imposed by Donald Trump.

The German brand’s chief executive, Gernot Döllner, joined Trump on stage at a campaign rally on Saturday night to announce the factory in Macon, Georgia, in an unusual move by a big European brand just days before the US midterm elections.

Polls show US voters are deeply upset by high gas prices and are likely to punish Republicans in the midterms as a result

• How will Trump’s mass deportation agenda shape the US midterm elections? Our reporters answer your questions

With fewer than two weeks until the midterms, US voters are unlikely to see relief on one of this election cycle’s main issues: gas prices.

Airing up her car’s tires at a Speedway in Perrysburg, Ohio, Toledo resident Sharie Smith, 41, says soaring costs are having a direct impact on her life.

Voters disapprove of Trump’s handling of economy and cost of living, says poll in new low recorded by NY Times/Siena

Donald Trump’s approval rating sank to 36% just two weeks before the midterm elections, the lowest recorded in a poll by the New York Times/Siena College, with most respondents expressing frustration over his handling of the US economy, cost of living and Iran war.

In an October survey of approximately 3,494 likely voters, 59% said they disapproved of Trump’s handling of his job, and 52% said they planned to vote for the Democratic candidate in the upcoming election.

Much of Donald Trump’s unpopularity in polls stems from dissatisfaction over the economy and war on Iran

• US politics live – latest updates

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Poll finds 66% of Americans think Trump is using position for monetary gain as his approval rating hits a new low

Most Americans think Donald Trump is using the presidency to enrich himself, according to a new poll, as the US president’s approval rating falls to a new low ahead of November’s midterm elections.

A new Washington Post-ABC poll put Trump’s approval rating at 33% as he continues to crisscross the country as part of his campaign blitz for embattled Republicans.

Overall, economic sentiment for Trump is poor, but small businesses seem fairly confident, according to several surveys

There are 34m small businesses in the United States. They employ approximately half of the country’s workers and generate about half of the country’s GDP. They’re an important voting block. So how are they feeling about the economy as we head into November’s midterm elections? Overall, economic sentiment for Donald Trump is poor but small business – admittedly a diverse demographic that’s hard to poll – seems fairly confident. A number of recently published surveys and reports can help understand their mood.

Confidence is generally stable.

We’d like to hear about whether you feel like the US is in a recession and what you think signals such a downturn

Nearly two-thirds of Americans think the US is experiencing a recession, according to a new Harris Poll conducted for the Guardian. By the typical definition of a recession – when a country’s economic growth is in the negative for two consecutive quarters – the US is not experiencing one. Still, Americans are facing higher prices and a stagnant job market, which for many feels like a downturn.

We want to hear from Americans: do you feel like the US is experiencing a recession? What is your so-called personal “recession indicator”, or a signal in your everyday life that points to an incoming economic slump? It could be seen in your job or at your local grocery store, something you notice at your children’s school or out in your community. Tell us about it below.

Voters’ opposition to the state of Trump’s economy is well established – despite his desperate attempts to deflect

• Tell us: what is your personal ‘recession indicator’?

It’s indisputable that the political polarization of our time has reduced (and confused) the influence of economic conditions on US elections.

In September of 2024, in the waning weeks of the Joe Biden presidency, 65% of Republicans believed the US economy was getting worse. About six months later, as Donald Trump launched a trade war on the rest of the world with his “liberation day” tariffs, the share of Republican pessimists had dropped to 33%.

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The US government could spend hundreds of thousands of dollars on a media campaign in South Africa to figure out why more white Afrikaners are not applying to become refugees to the US, as Donald Trump had hoped.

State department officials, according to an August proposal seen by the Guardian, outlined a roughly $335,000 research and advertising effort after applications to the refugee program “trended lower than expected” since Afrikaners were allowed to apply directly online in November 2025. The document, written by the US mission in South Africa with a department research unit for the embassy in Pretoria, admits officials know little about why.

The vast majority of Americans say they are struggling to pay for gas and groceries, and are cutting back on luxuries. But what or who is actually behind these price rises? We asked you to tell us what's gotten too expensive in your own life. Now, Kai Wright and Carter Sherman enlist Guardian columnist and former labor secretary Robert Reich to explain why you’re feeling the pinch. From breaking down the market factors behind the cost of a $16 cheesesteak, to explaining why AI is playing into the price of a Nintendo Switch 2, Reich reveals who you should point the finger at in this economy. Additional music by Epidemic Sound

• Robert Reich has written this week’s edition of How We Win, a pop-up opinion newsletter with bold ideas for defeating Trumpism. Sign up here

• Send us your questions on how the US economy is shaping the US election

Nearly 61% believe country is in recession and 65% of independents say economy is worse, according to new Harris poll

• Tell us: what is your personal ‘recession indicator’?

With the midterm elections less than three weeks away, key voting groups including independents, rural voters and even some Republicans are increasingly disenchanted with Donald Trump’s economy, according to an exclusive Harris poll for the Guardian.

The majority of those surveyed were pessimistic about the economy, with three-quarters of Americans saying they are concerned about a recession while 61% wrongly believe that the US is already experiencing one. By its typical definition, the US is not currently experiencing a recession.

Chip makers and tech investors such as Samsung and SoftBank plunge as potential interest rate hikes spook markets

• Business news – live updates

• Larry Elliott: the global economy is muddling through. But a storm is coming

An accelerating sell-off of AI-linked shares has hit global markets, as fears over rising inflation and future interest rate hikes spooked traders already wary of the heavily indebted sector.

South Korea’s benchmark Kospi 200 index, which is heavily skewed towards the companies that make memory chips, fell more than 8% overnight to a six-month closing low, triggering circuit breakers that brought trading to a halt at various points.