RE:Mid terms The FED is hiking interest rates to combat inflation. Today's inflation is caused by global supply chain disruptions. The global supply chains are screwed by covid shutdowns (past and present), China, the Ukraine war and a post covid western world surge in demand. All of this is a global problem which transcends US politics. The problem will go away when Covid fades away, China returns to normal, Europe returns to normal and the post pandemic surge fades away.
Ironically, a global recession could bring everything back into balance. I'm expecting a U-shaped global recession throughout 2023.
Will either US political party be able to do anything about any of this? I doubt it!