How much did you make every year as of Jan. 2020? Has your pay kept up with soaring inflation?

Inflation jumped 7.5% over the last year, per a Labor Department report last week. (For context, the Federal Reserve aims for about 2% annually.) Wages are surging as well, driven by a booming economy and intense competition for workers. But the 4.5% pay increase for U.S. workers in 2021 isn’t keeping up with rising costs everywhere from the grocery store to the gas tank.

Now the Fed is facing growing pressure to do something ASAP to counter soaring prices. But if they act too aggressively, it could slow down the economy or even tip it into recession – potentially dooming Democrats’ already slim chances of holding on to Congress.