A fresh increase in the Federal Reserve’s benchmark rate is expected to ripple through household budgets in the months ahead, raising costs on everything from adjustable-rate mortgages to auto loans and credit card balances just as the midterm campaign season heats up. Economists say the timing puts the Fed’s independence under an unusually bright political spotlight.

Higher borrowing costs typically slow consumer spending and business investment, a tradeoff the Fed accepts in service of controlling inflation. But the political costs of that tradeoff tend to fall on incumbents, who are frequently blamed for economic conditions regardless of the Fed’s formal independence from the White House and Congress.

Both parties are expected to make the cost of living a central campaign theme, with the rate hike likely to feature prominently in messaging about affordability.