🗳️ The Republican Party’s chances for taking control of the U.S. Senate after November’s midterm elections are continuing to improve, with betting market PredictIt now favoring the GOP over Democrats.
The Republican Party’s chances for taking control of the U.S. Senate after November’s midterm elections are continuing to improve, with betting market PredictIt now favoring the GOP over Democrats.
Democrats had been enjoying an edge for more than two months, as shown in the chart below. Analysts had attributed the advantage in large part to Democratic-leaning voters becoming more energized after the Supreme Court’s June 24 decision overturning Roe v. Wade, the landmark abortion-rights case. While Democrats have focused on abortion rights in their midterm campaigns, Republicans have seized on raging U.S. inflation. On Thursday, the latest reading for the consumer price index showed high inflation persisting, with so-called core CPI climbing to a new cycle peak. Stocks DJIA, +2.83% dived after the reading but then turned positive.
Cowen Washington Research Group continues to see the most likely scenario being a Democratic-controlled Senate and a Republican-run House, said Chris Krueger, a Cowen analyst and managing director, in a note this week. But the Senate “comes down to a handful of coin-flip races in swing states,” he added.And see: Senate control may not be determined until December. Here’s why.
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