While President Joe Biden focuses on the positives surrounding inflation, his GOP rivals are quick to remind him the metric remains far higher than ideal — and that voters notice every time they hit a grocery store or gas station.
Despite that fact, Biden worked hard in the midterm elections toand place it on the threat of"MAGA Republicans" taking over Congress. That strategy was largely seen as successful, though it may be more difficult to repeat when Biden himself is on the ballot.
The Fed is working to balance raising interest rates in order to tame inflation without going too far and causing a recession. If that happened, it could greatly affect the presidential race, as did recessions ahead of the 1992 and 2008 elections. Keeping the United States out of a recession may mean accepting a little more inflation for now, argues University of Massachusetts economics professor Gerald Friedman.
"The Fed should take comfort from this inflation number and risk more inflation going forward rather than pushing interest rates up again to slow the economy," he said. But despite the apparent drop, even Friedman is not convinced the figure will continue dropping in the months ahead.
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