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.

U.S. President Joe Biden said on Thursday he expects the Federal Reserve to continue cutting interest rates and vowed that his administration would keep working to lower costs for Americans. Biden use