Biden calls falling inflation, rates an “important moment”

President Biden says the Federal Reserve’s rate cut shows that the economy is strong. Without addressing the specifics of the Fed’s half-point interest rate reduction, the president said the country has “reached an important moment.” He pointed to falling inflation and interest rates, saying economic indicators remain strong. The Biden White House generally refrains from commenting on the independent actions of the Federal Reserve, but a spokesperson called the rate cut a “moment of progress.”