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Economics

The race for the House is close to a coin flip

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Methodology

The Economist’s model of America’s Congressional elections estimates both major parties’ chances of winning each House and Senate race, and of controlling each legislative chamber. The forecast combines national and race-level polls with fundamental data about past electoral results and the nominees in each contest, in order to estimate the probability of each possible outcome.

The model does this by first constructing 10,001 hypothetical scenarios for the national popular vote for the House of Representatives. In some simulations, Democrats will fare far better than expected across the country; in others, Republicans will. Next, it tacks on additional simulated uncertainty for how the outcomes of Senate races as a group may differ from those in the House.

Using these values, the model then estimates a different plausible range of outcomes in each race for each simulated national environment. So for example, a strong Republican Senate candidate running in a historically Democratic state might have a 30% chance of victory amid a nationwide “red wave”, but just a 5% chance if the House popular vote is tied and Senate Republicans as a whole are underperforming their colleagues in the lower chamber. Finally, the forecast picks one outcome at random from these ranges for each race in each simulation.

For specific seats, the win probabilities presented here represent the share of these simulations won by each candidate. For chamber control, they represent the share of simulations in which the given party wins a majority of seats. Our Senate forecast incorporates the daily simulations from our presidential model, in order to determine the probability that each party will control the vice-president’s tie-breaking vote in the event of a 50-50 seat split.

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Economics

What would Robert Kennedy junior mean for American health?

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AS IN MOST marriages of convenience, Donald Trump and Robert F. Kennedy junior make unusual bedfellows. One enjoys junk food, hates exercise and loves oil. The other talks of clean food, getting America moving again and wants to eliminate oils of all sorts (from seed oil to Mr Trump’s beloved “liquid gold”). One has called the covid-19 vaccine a “miracle”, the other is a long-term vaccine sceptic. Yet on November 14th Mr Trump announced that Mr Kennedy was his pick for secretary of health and human services (HHS).

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Economics

UK economy ekes out 0.1% growth, below expectations

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Bank of England in the City of London on 6th November 2024 in London, United Kingdom. The City of London is a city, ceremonial county and local government district that contains the primary central business district CBD of London. The City of London is widely referred to simply as the City is also colloquially known as the Square Mile. (photo by Mike Kemp/In Pictures via Getty Images)

Mike Kemp | In Pictures | Getty Images

The U.K. economy expanded by 0.1% in the third quarter of the year, the Office for National Statistics said Friday.

That was below the expectations of economists polled by Reuters who forecast 0.2% gross domestic product growth on the previous three months of the year.

It comes after inflation in the U.K. fell sharply to 1.7% in September, dipping below the Bank of England’s 2% target for the first time since April 2021. The fall in inflation helped pave the way for the central bank to cut rates by 25 basis points on Nov. 7, bringing its key rate to 4.75%.

The Bank of England said last week it expects the Labour Government’s tax-raising budget to boost GDP by 0.75 percentage points in a year’s time. Policymakers also noted that the government’s fiscal plan had led to an increase in their inflation forecasts.

The outcome of the recent U.S. election has fostered much uncertainty about the global economic impact of another term from President-elect Donald Trump. While Trump’s proposed tariffs are expected to be widely inflationary and hit the European economy hard, some analysts have said such measures could provide opportunities for the British economy.

Bank of England Governor Andrew Bailey gave little away last week on the bank’s views of Trump’s tariff agenda, but he did reference risks around global fragmentation.

“Let’s wait and see where things get to. I’m not going to prejudge what might happen, what might not happen,” he told reporters during a press briefing.

This is a breaking news story. Please refresh for updates.

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Economics

Senate Republicans flex their independence

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MIKE JOHNSON, the speaker of the House of Representatives, became all but guaranteed to keep his job for another two years after receiving Donald Trump’s backing on November 13th. Yet Mr Trump conspicuously withheld an endorsement in another congressional leadership contest the same day, and Senate Republicans elected John Thune as their next majority leader. The South Dakotan now has the unenviable task of managing a busy legislative schedule while also trying to reconcile the demands of his own caucus, an unruly lower chamber and an emboldened and mercurial president.

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