The Inflation Data Was as Bad as Expected. What It Means for the Fed—and Biden.

Consumer prices roseate 0.8% successful November from a period earlier, and the year-over-year complaint surged to 6.8%, the fastest yearly gait since 1982.

The information puts ostentation astatine a level wide expected to punctual the Federal Reserve to determination much rapidly to tighten monetary policy. It could besides hamper President Joe Biden’s extremity of passing a multitrillion-dollar societal spending bundle done Congress earlier the extremity of the year, fixed cardinal lawmakers’ concerns implicit rising prices.

Economists...