Congress Can Act on Affordability After Midterms
Economist Ray Perryman says lawmakers have openings to address costs affecting affordability once the midterm elections are over.
Updated on Nov. 9, 2026 in Inflation
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Economist Ray Perryman said Congress can act on affordability after the midterm elections held in November 2026, with newly elected members taking office in January 2027. Oil prices fell about $8 per barrel following the election.
Why it matters
Rising costs have made affordability a central concern for voters, and the timing of congressional action could shape how quickly relief reaches households. Inflation is being driven by factors including the situation in Iran, tariff costs, and labor shortages.
Oil prices declined by about $8 per barrel after the November 2026 midterm elections. The report does not quantify how much of that decline will reach consumer prices or how long it will persist.
The players
Ray Perryman
Ray Perryman is a Texas-based economist who provides economic analysis and forecasts on policy and market conditions.
The details
Perryman said Congress can change tariff policy and challenge actions related to the war, and could take immediate action to lower diesel costs. Voters want action from both parties on issues affecting their daily lives, and the president holds veto power that Congress could potentially override.
Timeline
November 2026: Midterm elections held.
January 2027: Newly elected members take office.
After the first of the year: Expected economic impact from the election begins to be seen.
Market Dynamics
Congress retains authority over tariff policy, which the report identifies as one lever for addressing inflation after the midterms. The Federal Reserve could continue raising interest rates, meaning fiscal and monetary tools may move in different directions.
Households may feel changes in grocery and fuel costs if lower oil prices and congressional action on tariffs or diesel costs take effect. The report indicates a quicker end to the war could bring prices down, but timing remains uncertain.
The takeaway
Affordability policy is likely to move through Congress in early 2027, and households should watch tariff, diesel, and interest rate decisions that shape everyday costs. Price relief depends on both legislative choices and the course of the conflict in the Middle East.
What happens next
Newly elected members take office in January 2027, and the economic impact of the election is expected to become visible after the first of the year.
Further reading
For broader context on price pressures, explore the latest Inflation coverage.
Source note: This article includes information reported by Kltv.
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