United States President Joe Biden said on Thursday that the Federal Reserve's decision to cut rates is not a "declaration of victory" on inflation but a sign of "progress."
Biden said the 50-basis-points cut is "good news" for the economy. He stressed that inflation has come down from a huge 9.1% amid the COVID-19 pandemic to close to 2% but warned that the work on inflation is "far from done."
The US president stressed that interest rates are now expected to go down further, which is a "good place" for the country to be, pointing out that the Fed cut rates to keep the economy growing.
