US midterm elections occur every two years under fixed constitutional and statutory timelines, with the 2026 cycle set for early November regardless of partisan control of Congress or the White House. This legal structure, combined with decades of uninterrupted precedent through wars, recessions, and public health crises, underpins the 96% trader consensus reflected in current pricing. No active legislation, court rulings, or institutional actions have altered the schedule in the past 30 days. Low-probability disruptions could still emerge from an extreme national emergency, such as a major security crisis or systemic voting infrastructure failure that forces limited postponements in affected areas, though historical patterns show elections proceeding even amid significant challenges.