Today in One Sentence. Trump’s war with Iran has cost $47.1 billion so far – up $3.5 billion in roughly six weeks; the EPA proposed weakening Biden-era methane rules for oil and gas companies as part of its effort to lower energy costs for Americans; the Federal Reserve held interest rates steady at 3.75% to 4% after raising rates in September for the first time since 2023; Trump joked that his promised $5,000 checks to Americans if Republicans retain control of Congress in the midterms would buy little more than “a hamburger and maybe a small dessert” at Mar-a-Lago; Dolores Huerta, who co-founded the United Farm Workers and championed farmworkers’ rights, died at 96; early voting is currently underway and more than 39 million people have voted early; Democrats reportedly recruited a second candidate named Dan Sullivan to run against Republican Sen. Dan Sullivan in Alaska’s competitive Senate race; the South Carolina Senate race in is effectively tied (South Carolina has not elected a Democrat to the Senate this century); Vivek Ramaswamy’s personal attack ad “is having a significant effect” and could cost Republicans the Ohio governor’s race; Nate Silver predicts the midterms will “mark the end of the Trump era” if Democrats win control of Congress; and Trump said he’ll respect midterm results “if they’re honest.”.

1/ Trump’s war with Iran has cost $47.1 billion so far – up $3.5 billion in roughly six weeks. About $29 billion of that is for replacing munitions, and the estimate excludes damage to U.S. bases in the Middle East. Trump, meanwhile, warned that the war would end “Whenever I want it to end,” but requires a “total statement” that Iran would never have a nuclear weapon. Meanwhile, the U.S. told several Gulf Arab countries to prepare for a possible short, intense military campaign after the midterms. (Associated Press / Washington Post / New York Times / CNBC / Wall Street Journal / CBS News)

2/ The EPA proposed weakening Biden-era methane rules for oil and gas companies as part of its effort to lower energy costs for Americans. The proposal would ease emissions requirements for low-producing wells, end a program that lets third parties report major leaks, and allow more routine flaring of natural gas. Trump said the rules were “expensive and unnecessary” and claimed the changes would save consumers and energy producers $45 billion, and allow production of an additional 210 million barrels of oil through 2050. The low-producing wells produce about 7% to 8% of U.S. natural gas, but account for roughly half of the industry’s methane emissions, which traps about 80 times as much heat as carbon dioxide over a 20-year period. (Bloomberg / Politico / New York Times / Wall Street Journal / Grist / Associated Press / Washington Post / NBC News)

3/ The Federal Reserve held interest rates steady at 3.75% to 4% after raising rates in September for the first time since 2023. Inflation, meanwhile, rose to 3.7% in September, up from 3.4% in August and well above the Fed’s 2% inflation target. Fed Chair Kevin Warsh acknowledged that “inflation is too high,” despite strong economic growth and a strong labor market. But when asked why the Fed didn’t raise rates again, Warsh said that “Quashing inflation is not about some fixed individual date on a calendar.” He insisted that “Politics played no role in the decision,” despite Trump’s repeated demands for lower rates. (New York Times / NBC News / Bloomberg / Wall Street Journal / CNBC / CNN / ABC News / Reuters)

4/ Trump joked that his promised $5,000 checks to Americans if Republicans retain control of Congress in the midterms would buy little more than “a hamburger and maybe a small dessert” at Mar-a-Lago. “I’m not even sure you could buy that,” Trump added, saying that his club is “not a good place if you’re price-conscious.” Meanwhile, 55% of voters say prices have been rising “faster than usual.” (CNBC)

5/ Dolores Huerta, who co-founded the United Farm Workers and championed farmworkers’ rights, died at 96. Her family said she died of cancer at her home in Bakersfield, California. A former teacher, Huerta turned to organizing after seeing students come to school hungry and without shoes. In 1962, she founded the National Farm Workers Association with César Chávez, which later became the United Farm Workers. Huerta organized a nationwide boycott of California grapes, and negotiated contracts that secured health and benefit plans for farmworkers, which lead to California’s landmark 1975 law guaranteeing farmworkers the right to organize and requiring employers to bargain in good faith. She later lobbied for a 1986 immigration law that granted amnesty to millions of undocumented immigrants and encouraged women to run for office. Huerta also coined “Sí, se puede,” which Obama adopted for his presidential campaign before awarding her the Presidential Medal of Freedom in 2012. Earlier this year, Huerta said Chávez had raped her and fathered two of her children. She said she kept the abuse secret for decades because she feared that speaking out would hurt the movement she helped build. (Associated Press / New York Times)

🗳️ Dept. of Here We Go Again: Early voting is currently underway and more than 39 million people have voted early; Democrats reportedly recruited a second candidate named Dan Sullivan to run against Republican Sen. Dan Sullivan in Alaska’s competitive Senate race; the South Carolina Senate race in is effectively tied (South Carolina has not elected a Democrat to the Senate this century); Vivek Ramaswamy’s personal attack ad “is having a significant effect” and could cost Republicans the Ohio governor’s race; Nate Silver predicts the midterms will “mark the end of the Trump era” if Democrats win control of Congress; and Trump said he’ll respect the midterm results “if they’re honest.”

The 2026 midterms are in 6 days; and the 2028 presidential election is in 741 days.