Biden Faces Setback as Inflation Spike Clouds Re-election Prospects
- Unexpected rise in inflation is a setback for Biden's re-election hopes
- Cooling inflation was meant to lift Biden's approval ratings, hurt by high prices
- Falling rates could spur Fed to cut interest rates, helping mortgages and loans
- Analysts see higher rates staying longer now, no cuts pre-election to aid Biden
- Biden blames corporations, not spending, leaning into theme of corporate greed
