Knocking noise in engine on 2004 Jeep Liberty

My 2004 jeep liberty has a flashing check engine light and there is a knocking noise prevalent when pressing the gas pedal. Power is lower. I can also "feel" the knock in the gas pedal. Any ideas?

3 answers
tow it to shop to avoid additional expense.
Must be inner engine problem,got to drive it to shop to get opinion ,check the oil...
TOW........flashing check engine light means damage to catalytic converter(s) along with other internal engine parts , but from your description , it sounds like the damage is done. Good luck.