Does the Biden economy have bad election timing or an unfair fed?

The Science of Politics

Joe Biden is facing re-election shepherding an unsteady economy through high interest rates. Is this Democrats' bad economic luck repeating itself? Joe Stone finds that Democratic presidents have regularly expanded economies at the beginning of their terms but Republicans benefit from expanded economies leading up to the election. And partisan misalignment with the Federal Reserve also dampens economic performance. William Clark finds that the Fed raises interest rates as elections approach under Democratic presidents and lowers them for Republican presidents. And the Fed is more responsive to inflation under Democratic presidents. They both say the historical patterns may help explain why Biden finds himself in a more difficult position.