Biden will make ‘a declaration of victory’ on the economy, White House says - Interest rates going down ‘will provide relief by making things more affordable’

President Joe Biden is celebrating the Federal Reserve’s decision to lower interest rates by saying it shows that inflation has eased.

President Joe Biden, in a speech emphasizing the progress made on the economy during his administration, said that he's never called Federal Reserve Chairman Jerome Powell during his time as president.

In a speech Thursday following the Federal Reserve’s interest-rate cut, President Joe Biden talked up the importance of the U.S. central bank’s independence while criticizing Republican presidential nominee Donald Trump’s stated desire to wield more influence over the Fed.

U.S. President Joe Biden began touting the progress in bringing down inflation and boosting employment on Thursday, a day after the Federal Reserve's interest rate cut, while vowing to keep working to lower costs for American families.

The president’s speech on Thursday won’t be a “victory lap,” officials said, but it will celebrate falling inflation and borrowing costs along with solid growth.

White House Chief of Staff Jeff Zients told reporters on a briefing call late Wednesday that Biden would be using the address to “speak to a new milestone” being reached, with interest rates and inflation dropping while wages and America’s GDP are simultaneously going up.