Business & Finance · Published October 29, 2026 at 12:35 PM CDT · Updated October 29, 2026 at 8:26 PM CDT
US Economy Grows 3.4% in Third Quarter; Fed Holds Rates Steady
What's new
New reports add that the Federal Reserve kept interest rates unchanged despite elevated inflation, a development reported only by left-leaning outlets, while other sides' new coverage focused on the GDP data and related inflation gauges.
This story is developing. The page was updated October 29, 2026 at 8:26 PM CDT as new reports came in.
What everyone agrees on
- The U.S. economy grew at an annualized rate of 3.4% in the third quarter.
- The growth rate exceeded economists' expectations.
- Growth was driven by strong consumer spending and business investment, including investment tied to artificial intelligence.
Each fact above was reported by outlets on the left, center and right.
How each side framed it
Left-leaning outlets · 11
Left-leaning outlets emphasized that the growth came alongside rising or persistent inflation, noted the timing just before the midterm elections, and reported that the Federal Reserve voted to keep interest rates unchanged despite inflation and pressure from President Trump for cuts.
Center-leaning outlets · 4
Center-leaning outlets focused on the GDP figure beating forecasts and tied the growth to the artificial intelligence investment boom, with one outlet pairing the economic data with separate corporate earnings news.
Right-leaning outlets · 4
Right-leaning outlets focused on the GDP growth exceeding Wall Street expectations and highlighted consumer spending and business investment, with one outlet also noting that an inflation gauge trended higher in September.
Still disputed
- Only left-leaning outlets reported that the Federal Reserve voted to keep interest rates unchanged.
- Left-leaning outlets explicitly tied the economic data's timing to the upcoming midterm elections; center and right outlets did not frame it that way.
- Specific inflation figures, such as a 3.7% rate, were reported by some left and center outlets but not consistently mentioned by right-leaning outlets.
Read the original reporting
- Left ABC News US economy grew at 3.4% annualized rate in 3rd quarter, government data shows Free to read
- Left CBS News Fed holds interest rates steady even as inflation remains high Free to read
- Left CNBC Third-quarter U.S. GDP increases a better-than-expected 3.4% as September inflation accelerates Free to read
- Left CNN Last snapshot of the US economy before midterms shows stronger growth but higher inflation A few free articles a month
- Left HuffPost Federal Reserve Keeps Rates Unchanged Despite Elevated Inflation Free to read
- Left NBC News Federal Reserve keeps interest rates unchanged in final vote before midterms Free to read
- Left NPR With days to go before the midterms, data shows the U.S. economy is doing well Free to read
- Left PBS NewsHour U.S. economy grows at brisk 3.4% pace in third quarter on strong consumer spending and AI investment Free to read
- Left The Guardian (US) US economy grows faster than expected but inflation rises to 3.7% Free to read
- Left The New York Times U.S. Expels Cuban Diplomat After Fiery Showdown at United Nations A few free articles a month
- Left The Washington Post U.S. economy grew at a fast clip this summer, thanks to business, consumer spending Paywall
- Center Financial Times US economy beats forecasts to grow at 3.4% rate in third quarter Paywall
- Center NewsNation US economy grows at brisk 3.4% pace on strong consumer spending, AI investment Free to read
- Center The Hill US GDP grew by 3.4 percent in third quarter amid AI investment boom Free to read
- Center The Wall Street Journal Alphabet Stumbles, U.S. Economy Surges Paywall
- Right Breitbart U.S GDP Growth Accelerated to 3.4% in Third Quarter Free to read
- Right Fox Business Fed’s preferred inflation gauge rose in September as third-quarter GDP beats expectations Free to read
- Right Just the News GDP increases by 3.4% in third quarter, exceeding Wall Street expectations Free to read
- Right Newsmax Q3 GDP Rises to 3.4% on Robust Consumer, AI Spending Free to read
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This page was written by AI from each outlet's headline and short description, following our published rules. Always check the original reporting.