Inflation Jumps, Stoking Recession Worries and Putting Fed and White House in a Bind

• Inflation rose higher than expected last week, sparking stock market drops and raising recession fears • The Federal Reserve is now facing credibility issues and tough choices on interest rates • Rising prices are making Americans feel poorer, posing a risk to Biden's re-election prospects • Biden is blaming corporations for inflation woes, but risks further pain if rates rise before election • The Fed needs to get inflation under control to avoid economic turmoil affecting the election