The Fed and White House combine for a day that cuts to the heart of Biden’s political problem

Two Washington power centers will on Wednesday lay bare the politically poisonous dynamics of the top economic issue threatening President Joe Biden’s congressional majorities with the midterm elections less than a week away.

The Fed is likely to trigger another historic interest rate hike and, about a half-mile away at the White House, Biden will host an event to highlight the administration’s extensive efforts to expand the workforce in critical fields like broadband and construction. One policy decision is expected to ripple through markets, media and politics alike, turning a spotlight directly onto an issue that...