As predicted, the Federal Reserve held rates steady at the last meeting before the midterm elections, likely in part because of the election (see WPI 19 October and 22 September). The decision comes at the tail end of a midterm election cycle that has been marked by the two parties campaigning over affordability, inflation, and the cost of living. A rate increase would have come as a surprise to the markets and certainly to the President, who has been pushing for lower interest rates. Nonetheless, the committee did set the table for a likely hike in December. In the post-meeting press conference, Chairman Kevin Warsh mentioned the war with Iran and its effect on oil prices, sending gasoline and diesel prices upward. He said the Fed is worki...