Obama had the internet productivity boom saving his ass on inflation. The rapid rise of Amazon and e-commerce and the expansion of global trade with China served as a deflationary measure to offset the inflationary impact of his Fed's loose monetary policy (near zero interest and QE). But now that Amazon has reached that ubiquitous status, we aren't seeing the same productivity gains and thus the inflationary impacts of our government policies (plus an additional $5T in Covid spending) are coming home to roost. Add in that Biden's dovish Fed chose to wait over a year to even start responding to the inflation data (remember it was only going to be transitory), and you've got the stagflation environment we see today. So now the fed can't fix the pending economic slowdown by lowering rates which is their usual playbook as they need to raise rates and implement QT (quantative tightening) to address the inflation rate.
For the record, if I were Powell, I'd do a full point rate hike in the next meeting just to shock the system and demonstrate that the Fed really is working to address the inflation numbers fast. Its not like they don't plan to do 1% anyway. They just want to nickle and dime it over the next several sessions which is simply prolonging the economic agony.
Edit: And before the leftists showup with their whatabout Trump? I'd note that the Fed was much more hawkish under Trump. When GDP hit 3% for multiple quarters and unemployment was under 5% the Fed moved quickly (5 hikes in a single year) to squash the economic expansion in order to prevent inflation. But they chose to not act similarly with Biden in charge and thus we're in this mess.