Wall Street just handed Joe Biden some devastating news that left him panicking

Joe Biden is on his way to being one of the worst Presidents in history.

He still has a lot of damage left that he can inflict.

And Wall Street just handed Joe Biden some devastating news that left him panicking.

Donald Trump rebuilt the economy after the devastation caused by Barack Obama.

In January of 2021, Donald Trump turned an economy well on its way to recovery from the pandemic over to Joe Biden.

However, in less than one year, Joe Biden’s incompetence and failed policies ruined it.

The damage Biden caused is jaw-dropping: inflation is running rampant, a supply chain crisis is dragging on, and gas prices are skyrocketing.

While the economy is in shambles, the situation could get much worse.

A recent survey by CNBC of Fed forecasters has grim news for Biden.

They increased their odds of a recession and predicted inflation would go higher.

These financial experts have the current odds of a recession at 33% this year, which is a 10-point jump from their February prediction.

For Europe, they saw a 50% chance of a recession.

They predict that the Consumer Price Index (CPI) will jump to 8.5% for March.

The CPI is the Federal Reserve’s preferred gauge of inflation.

In February, the CPI set a 40-year high by hitting 7.9%.

A nearly one-point increase in the CPI would be a devastating increase in inflation not seen since the Jimmy Carter era.

The Federal Reserve has promised to raise interest rates to fight inflation.

But with the economy growing sluggish, they may be forced to back off, as raising rates could send the economy into a deep recession and send the stock market crashing.

The Fed is caught between a rock and a hard place.

“We might be on the cusp of the Fed raising rates at the same time there is a minus sign in front of GDP. What an awful position to be in,” remarked Peter Boockvar of Bleakly Advisory Group.

This is catastrophic news for Joe Biden.

A recession would guarantee Democrats lose control of Congress with landslide losses.

Biden or any Democrat would be in major trouble for the 2024 election.

This becomes the latest sign the economy is heading into a recession.

The Atlanta Federal Reserve’s modeling puts first quarter GDP at 0.5%.

That comes after their February model put growth at 0%.

Consumer sentiment sunk to its lowest levels since the wake of the financial crisis.

Key warning lights are flashing that the Biden economy is in big trouble.

It remains to be seen whether there’s a recession.

But more economic pain is certainly on the way thanks to Joe Biden.

Renewed Right will keep you up-to-date on any new developments in this ongoing story.