The Cost of Living Crisis Isn’t Going Away

Despite several newly elected Democrats saying they will not vote for him and calls for a discussion about the party’s future goals, Chuck Schumer is expected to win reelection as Senate Democratic leader and become majority leader again. No challenger has emerged. The report says Schumer retains broad support because many senators view him as the architect of Democrats’ large Senate victory, reversing the pressure for his resignation that he faced from progressives and advocates last spring.

Democrats could ultimately hold 54, 55, or 56 Senate seats. In Alaska, Democrat Mary Peltola is separated from Republican Dan Sullivan by fewer than 1,000 votes, with about three-quarters counted; because nobody has more than 50%, ranked-choice redistribution cannot begin until the November 18 absentee-ballot deadline, potentially delaying the result for weeks. In Mississippi, Democrat Scott Colombe leads Republican Cindy Hyde-Smith by just over 1,100 votes with 96% counted. Counties must certify by November 13, and Colombe says his campaign has an “army of lawyers” ready to litigate if needed.

Meta President Dina Powell-McCormick said she spends about 80% of her time securing computing power and expects data-center construction to become harder as voters and officials challenge new facilities. She said communities want jobs and investment but require local support and workable development models. The governors-elect of Ohio and Texas have called for conditional freezes on new data-center construction, even as Meta is building major facilities in both states and another in Louisiana.

Wall Street Journal reporter Bertrand Benoit said President Trump will likely have more room on foreign policy and tariff-driven trade policy than on domestic matters because Congress can block nominees, restrict spending, and challenge war powers. He stressed that Trump is unpredictable and that Congress may not be able to rely on the White House to follow legislative demands. On Iran, Trump could escalate or seek a face-saving exit; the absence of another election removes some political risk, but ending the conflict remains complicated.

Benoit said a new conflict with Cuba would seem unlikely while Trump is struggling to exit the Iran war, although the rapid, low-cost Venezuela operation could make a quick Cuba campaign attractive. He expects possible U.S.-Israel distance, noting Trump’s announced plan to end military aid next year and elected candidates who campaigned on withdrawing it. Ukraine may receive more weapons through congressional funding, but Trump could pursue a rapid peace settlement favorable to Russia, especially after talks with China and Russia.

Reporter Chelsea Delaney said markets expect additional rate increases from the Bank of England, Federal Reserve, and European Central Bank. Energy prices linked to the Iran war have not fully passed through to electricity bills, and El Niño could raise food prices next year, so inflation may not yet have peaked. Higher borrowing costs are also freezing housing: Zillow’s CEO called the market one of the toughest in a generation, with buyers and sellers sidelined or frightened by mortgage-rate increases. Zillow’s revenue rose 7% year over year, but its stock fell 16% after earnings.

Nintendo reported an 11% increase in first-half net profit, helped by an 88% jump in intellectual-property income after the success of the Super Mario Galaxy movie. The company is expanding into films, theme parks, and broader entertainment. Sony raised its annual earnings forecast after this summer’s Spider-Man film generated more than $900 million worldwide; its entertainment push includes billions of dollars in acquisitions and joint ventures, including work with TSMC.