The president said he was not declaring victory over inflation, but marking a pivot point for the recovery from pandemic recession.

President Joe Biden said the Federal Reserve‘s rate cut is “important” but only the first step during a speech before the Economic Club of Washington, D.C. “It doesn’t mean our work is done,” Biden said.

President Biden said on Thursday that the Federal Reserve's interest rate cut signals the nation had entered a "new phase" during a speech that touted his economic record. Why it matters: Biden, who rarely speaks publicly about Fed policy decisions,