Biden praises Federal Reserve’s first rate cut in four years

US President Joe Biden has expressed strong approval of the Federal Reserve’s decision to reduce interest rates for the first time in four years, with a 0.5% cut. Biden characterized the move as a significant development, highlighting the ongoing decrease in both inflation and interest rates while noting the robust state of the economy.

We just reached an important moment: Inflation and interest rates are falling while the economy remains strong.

The critics said it couldn’t happen – but our policies are lowering costs and creating jobs.

I’ll speak tomorrow about what this means for Americans.

— President Biden (@POTUS) September 18, 2024

In a statement shared on the social media platform X, Biden emphasized, “Inflation and interest rates are falling, and the economy remains on solid ground. Despite skepticism about our approach, we are successfully lowering costs and creating jobs.”

In response to the Federal Reserve’s decision, Biden underscored the positive impact of the rate cut on American households and businesses. He noted that lower interest rates are expected to ease financial pressures on consumers and stimulate economic growth.

The President also reiterated his administration’s commitment to fostering economic stability and job creation, asserting that the rate cut aligns with their broader strategy of reducing costs and supporting the workforce. This move, Biden argued, demonstrates the effectiveness of their economic policies and provides a hopeful outlook for continued progress.