Sluggish third-quarter economy revealed as GDP falls to 1.5%

The US economy slowed as GDP fell to 1.5% from 2.1%, with imports weighing on growth. Inflation remains stubbornly high at 3.7%, staying above the central bank's 2% target. Consequently, three regional Fed presidents are pushing for hikes. This economic situation coincides with American frustration regarding the high cost of living as the midterm elections approach, occurring in less than 100 days. The overall economic performance for the quarter is characterized as sluggish.