US consumer sentiment near record low ahead of midterm elections

In October, consumer sentiment in the U.S. plummeted to a concerning 48.0, driven by rising prices and economic worries amid the ongoing Middle East conflict. Survey results suggest that independents show the steepest drop in confidence, approaching historical lows. Additionally, inflation expectations have risen, marking a continuation of trends from earlier this year. Federal Reserve officials are attentively observing these shifts as they plan future interest rate adjustments.