Biden’s admin single handedly created the current economic situation. Other countries antcipated Biden’s moves as he campaigned on them. Some countries were late to the party.
Currently the Fed is trying to put out the fire. Don’t blame the firemen for putting out the fire the economically ignorant Biden advisers started.
The current economic situation has been exacerbated by the Biden administration, but the whole problem began in 2020.
The whole world, or nearly all its productive parts, adopted more or less extreme lockdown measures and financial imprudence.
The fallout from that prompted, in many countries, even more financial imprudence. And more and more stupid measures to “correct” the previous errors, all of which will lead to even more reactive errors. Its a death spiral.