WASHINGTON — If his recent speeches are any indication, U.S. President Joe Biden will likely celebrate his handling of the economy in his State of the Union address to Congress on Tuesday, decades-low unemployment, slowing inflation rates and robust GDP growth.But the full picture is far more complicated.The U.S. economy is in an overall delicate state. Several key indicators like unemployment, at a nearly 54-year low, and GDP show signs of robust growth, but inflation is still at a four-decade-high and the Federal Reserve raised rates eight times over the last year in pursuit of an elusive soft landing to avert a recession.The Fed has hiked the benchmark rate from effectively zero when Biden delivered his State of the Union a year ago to 4.5% to 4.75%, the highest since October 2007. Fed Chairman Jerome Powell has given little indication he’s done, with the goal of pushing inflation to the target range of 2%.At the same time, Friday’s jobs report showed the …
