The Federal Reserve announced Wednesday that it would keep its rate target at 5.25% to 5.50%, a move that further jeopardizes President Joe Biden’s chances at reelection.

Officials also revealed that they now only expect one rate cut for 2024. Considering the stubborn inflation the economy has experienced over the first half of this year, this news aligns with restrictive monetary policy and represents the Fed’s desire to rein in such rising prices.

Tangential to these decisions are Biden and his lackluster 2024 campaign. His approval rating dipped Monday to an all-time low of just 37.4%, according to FiveThirtyEight.

There are many reasons the public may be frustrated with Biden, but these historically high interest rates are central to many voters’ complaints.

Despite the term being too broad to refer to anything specific, “the economy” is one of if not the most important issue for voters in the 2024 presidential election. That’s nothing new, as personal finances have been and always will be paramount to political elections. Democrat, Republican, independent, it doesn’t matter — everyone is affected by high prices and uncomfortably high interest rates.

The Biden administration has never seemed to understand that.

It spent trillions on the Inflation Reduction Act, the American Rescue Plan, the Bipartisan Infrastructure Law, the war in Ukraine, and student debt relief, and then turned around and acted surprised when inflation spiked. What did it think was going to happen?

Some spending was necessary to steer the economy out of the pandemic, sure, but it overdid it to such an extent that it dug its own grave.

The Federal Reserve’s decision not to raise interest rates in 2021 is also a factor, but it’s Biden’s lack of foresight that is now coming back to haunt him.

So with the Fed now going on its seventh month in a row of keeping these high rates where they are, it should be no surprise that his approval rating is reaching new lows.

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A common theme with Biden is that he refuses to accept responsibility for his actions and has zero sense of accountability — the drawn-out border crisis comes to mind.

Instead of projecting his failures onto the public by patronizing them with statistics about unemployment and job growth, he could have just gotten it right in the first place.