President Biden and his financial group had excessive hopes about how two years of fast inflation would play out within the months resulting in the November presidential election. Worth development would proceed to chill. The Federal Reserve would reduce rates of interest. Mortgage charges and different borrowing prices would fall. Shopper moods would enhance, and so would Mr. Biden’s re-election prospects.

What’s taking place as an alternative is extra problematic. The inflation battle has stalled. Shopper costs are rising extra slowly than they did a 12 months in the past, however nonetheless hovering at an annual development fee that’s increased than the Fed’s 2 p.c goal. Traders are recalibrating their expectations for when — or even when — rates of interest would possibly begin to come down this 12 months.

Mr. Biden is recalibrating as effectively, as each a Fed forecaster and a politician.

On Wednesday, after the newest inflation information confirmed an surprising acceleration in worth positive aspects, Mr. Biden once more tried to guarantee voters that he’s targeted on bringing down the price of groceries, housing and different staples of on a regular basis life, saying in an announcement that “preventing inflation stays my prime financial precedence.”

Then he waded into the thorny territory of commenting on how the Fed, which is unbiased of the White Home, would possibly set interest-rate coverage in an election 12 months.

“I do stand by my prediction that earlier than the 12 months is on the market will likely be a fee reduce,” the president mentioned when requested in regards to the Shopper Worth Index report. “This will delay it a month or so. I’m undecided of that. I don’t, we don’t know what the Fed goes to do for sure.”

A beat later, he added a veiled shot at his Republican opponent, former President Donald J. Trump.

“We’re higher located than we had been once we took workplace the place we — inflation was skyrocketing,” Mr. Biden mentioned. “And we’ve a plan to take care of it, whereas the opposition — my opposition talks about two issues. They simply need to reduce taxes for the rich and lift taxes on different individuals.”

It’s a small pivot for Mr. Biden however an essential one, as he seeks to dig out of a deep gap with voters on the inflation subject.

The Shopper Worth Index hit a four-decade excessive of about 9 p.c early in Mr. Biden’s time period however has fallen over the previous two years to about 3.5 p.c in March. Voters proceed to rank inflation on the prime of their listing of issues dealing with the nation, they usually proceed to fee Mr. Trump extra extremely on financial points than Mr. Biden.

Mr. Trump oversaw comparatively low worth development as president and left workplace with an inflation fee beneath 2 p.c, a hangover from the pandemic recession, when client spending was sluggish to rebound after the nationwide economic system skilled an unprecedented shutdown.

Worth development was accelerating by the point Mr. Biden took workplace, and it surged in his first few months on the job. That inflation was spurred partly by financial stimulus laws signed by Mr. Trump in 2020 and one other spherical signed by Mr. Biden within the spring of 2021, together with direct checks to households.

The nuances of how inflationary pressures grew haven’t mattered to Mr. Trump and his allies, who’ve hit Mr. Biden relentlessly on costs.

“Nobody can afford the price of Biden’s failed financial insurance policies,” the Republican Nationwide Committee mentioned in a launch on Wednesday, “however aid is on the best way when voters elect President Trump on November 5.”

Mr. Biden has not too long ago amplified a message that’s meant to reply to dissatisfaction over inflation. He has proposed sweeping efforts to construct inexpensive housing and new tax credit to assist sure People afford to purchase houses. His administration has taken steps billed as selling competitors, and reducing costs, throughout a number of sectors, together with a Federal Commerce Fee try to dam a merger of two massive grocery chains, which officers mentioned would push up costs for consumers.

The president has additionally referred to as out snack-food makers and different firms for so-called shrinkflation — decreasing the dimensions of a product like chips or ice cream, whereas elevating costs or holding them fixed. And he has appeared in a collection of occasions meant to focus on different proposals to decrease prices of some companies, like youngster care and residential well being take care of older or disabled People.

Now, he’s including a political distinction as he tries to forged Mr. Trump and Republicans as uninterested within the precise coverage work of preventing inflation and as limitations to his personal proposals.

The complete train has been validated by surveys of voters and the way they reply to financial messaging. Democratic strategists have urged Mr. Biden accountable company greed for persistent inflation and to hit Mr. Trump for chopping taxes for prime earners whereas in workplace. Each messages persistently check effectively with voters, together with independents and different teams that loom as essential swing blocs in November.

Democrats have additionally begun to assault Mr. Trump for proposing to impose new tariffs on imports from China and different international locations. Analysis has proven that the China tariffs, whereas meant to punish Beijing, finally drove up prices for American customers.

However there may be additionally a kind of coverage helplessness underlying the shift. Not like Mr. Trump, who as president badgered the “boneheads” on the Fed to decrease charges, Mr. Biden has stopped in need of telling the unbiased central financial institution what to do. He has little hope of passing any inflation-fighting laws in Congress this 12 months. His aides concede that the chief actions he can take to cut back prices are most likely marginal, at greatest, within the context of economywide worth will increase.

Additionally they stay pissed off on the diploma to which voters proceed to focus extra on inflation than on job development, which has surged underneath Mr. Biden.

“Heading into the election season with mortgage and different rates of interest at or close to their current excessive ranges is definitely a disconcerting prospect for the Biden administration,” mentioned Eswar Prasad, an economist at Cornell College. “The administration is de facto bothered by the shortage of credit score for all that’s going proper within the economic system and the blame they’re getting for all that’s being perceived as going mistaken.”

That’s one cause Mr. Biden is attempting to redirect the inflation dialog within the marketing campaign, from present situations to what may make the economic system higher or worse sooner or later.

“They don’t have any plan,” he mentioned on Wednesday, referring to Mr. Trump and Republicans. “Our plan is one I believe continues to be sustainable.”