#USMidtermsVoteToday

It’s Election Day in the U.S. today. Markets are waiting for a message from Washington. 🇺🇸

In the November 3, 2026 midterm elections, Americans are voting for all 435 seats in the House of Representatives and 35 seats in the Senate. Gubernatorial elections are also being held in 36 states.

Republicans currently hold majorities in both chambers of Congress. Democrats need to gain a net four seats to take control of both chambers. That makes the results in closely contested states especially decisive.

Why are markets focused on this election?

• Economy and budget: The direction of decisions on tax policy, public spending, and the budget deficit could change.

• Trade and tariffs: The balance of power in Congress could affect the administration’s ability to implement its trade policies.

• Bonds and the dollar: Political uncertainty could affect U.S. bond yields and the dollar through fiscal discipline and borrowing expectations.

• Technology and crypto: Changes in regulation, public policy, and risk appetite could keep tech stocks and the crypto market in focus.

When will the results be known?

Polling stations in the U.S. close at different times depending on the state. Although the first results will start coming in today, close races could take hours or even days to call. The first reported votes should not be treated as the final picture.

The key indicator I’ll be watching is not just how many seats each party wins, but how much the resulting makeup of Congress will make economic decisions easier or more difficult.

Because political outcomes can change, but what markets really price in is the impact of those outcomes on interest rates, liquidity, growth, and investment expectations.

Do you think the impact of the U.S. midterm elections will be felt more clearly first in the dollar and bond markets, or in riskier assets such as Nasdaq and Bitcoin?