“We should be on track for a fantastic American comeback summer, full steam ahead,” Senator Mitch McConnell of Kentucky, the Republican leader, said this month on the chamber floor. “From vaccinations to job growth, the new Biden administration inherited favorable trends in every direction.”
“But in several important ways, the decisions of elected Democrats have contributed to slowing the return to normalcy,” he added.
Critics have also questioned the wisdom of the Fed’s commitment to keeping interest rates low and buying bonds even as prices begin to rise. Senator Patrick J. Toomey, Republican of Pennsylvania, said last month that while the Fed “maintains that this bout of inflation will be mild and temporary,” it “may be time for the central bank to consider the alternative.”
Mr. Biden’s aides say they continue to monitor the threat that consumer prices could spiral upward, forcing a rapid policy response that…