Biden's Economy: Strong Growth Tempered by Inflation and Rate Hikes

• Biden has benefited from strong economic growth and job creation recently, but high inflation and interest rates are hurting public approval and election prospects

• Inflation is the main reason for economic dissatisfaction - prices are up 18% since Biden took office, severely impacting households

• Interest rates have also risen sharply, making major purchases like houses, cars, and appliances much more expensive

• Higher borrowing costs explain low consumer sentiment readings that can't be justified by jobs and inflation data alone

• Biden's economic approval depends on quickly reducing inflation and interest rates, but the Fed is expected to move slowly on rate cuts for now