---
title: The US Midterms on Tuesday Could Move Oil, the Dollar and Your Mortgage Rate
description: The US votes on 3rd November. How the result could move oil prices, the pound, gilt yields and UK mortgage rates in the week of a Bank of England decision.
author: Dr Marina Nani (Editor-in-Chief)
date: 2026-10-28T23:17:36.030Z
updated: 2026-10-28T23:17:36.044Z
canonical: https://www.sovereignmagazine.com/article/us-midterms-2026-oil-dollar-mortgage-rates
image: https://cdn.nanimediahouse.com/pexels-19574309.webp
categories: Markets, Politics
content_type: Analysis
region: United States, United Kingdom
publication: Sovereign Magazine
access: members
about:
  - type: Organization
    name: US Congress
---

Americans vote on Tuesday 3rd November in midterm elections for all 435 seats in the House of Representatives and 35 of the 100 seats in the Senate. The result will settle whether President Donald Trump's Republicans keep control of both houses of Congress, or whether Democrats gain the committee chairs and oversight powers that come with a majority, including scrutiny of the Federal Reserve. For you, the vote matters for three prices set far from Washington: the price of oil, the value of the pound against the dollar and the cost of borrowing in Britain.

## The Federal Reserve has put rates on hold until the votes are counted

On Wednesday 28th October, the Fed held its benchmark rate at 3.75% to 4%, after raising it by a quarter point in September. The vote was 10 to 2, with Governor Lisa Cook and Cleveland Fed President Beth Hammack voting for another rise. The Fed's statement said inflation remains elevated and upgraded its description of the US economy from solid to strong. Investors expect further rises from December and into 2027, and the Fed has left any change until after polling day.

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