Inflation Stays High Despite Fed Rate Hikes, Hurting Biden Approval and Threatening 2024 Prospects

Prices rose 3.7% in September over last year, showing inflation remains stubbornly high despite Fed rate hikes. Housing and gas costs are straining budgets.

Core inflation was unchanged in September, so policymakers lack full confidence their actions are working. Consumers feel economic burden despite robust job market.

Markets dropped as data shows rocky road to lower inflation. Policymakers have limited tools to address rising costs for gas, food, and rent.

Causes of inflation like supply chain snags and energy prices have improved some, but further cooling needed before Fed will ease up.

Persistent inflation could hurt Biden in 2024 election despite strong hiring and growth. Voters give poor ratings on economy, gas and food prices.