Biden Celebrates Fed Rate Cut, Says US Economy ‘Entered a New Phase’

The Federal Reserve sharply cut interest rates by 50 basis points on Sept. 18.

President Joe Biden speaks at the Economic Club of Washington, D.C. on Sept. 19, 2024. Win McNamee/Getty Images

WASHINGTON—President Joe Biden on Sept. 19 praised the Federal Reserve’s move to sharply lower interest rates, saying that the U.S. economy has entered “a new phase.”

Speaking at a lunch event hosted by the Economic Club of Washington, D.C., Biden said that the Fed’s “lowering interest rates isn’t a declaration of victory; it’s a declaration of progress.”