Inflation was near the top of many voters’ minds in the midterm congressional elections that ended Tuesday
. Their economic anxieties contributed to the loss of Democratic seats in the House of Representatives, thoughEven before Thursday’s figures, inflation by some measures had begun to ease and could continue to do so in coming months. Most gauges of workers’ wages, for example, show that the robust pay increases of the past 18 months have leveled off and have begun to fall.
FILE - A home for sale in 2020 in Orlando, Fla. Sales of previously occupied U.S. homes fell in September 2022 for the eighth month in a row But the Fed’s rate hikes have inflicted severe damage on the American housing market. The average rate on a 30-year fixed mortgage has more than doubled over the past year, topping 7% before falling slightly last week. As a result, investment in housing collapsed in the July-September quarter, falling at a 26% annual rate.
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