Economy

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.
Biden Celebrates Fed Rate Cut, Says US Economy ‘Entered a New Phase’
President Joe Biden speaks at the Economic Club of Washington, D.C. on Sept. 19, 2024. Win McNamee/Getty Images
Emel Akan
Emel Akan
Reporter
&
Jacob Burg
|Updated:

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.”

Emel Akan is a senior White House correspondent for The Epoch Times, where she covers the policies of the Trump administration. Previously, she reported on the Biden administration and the first term of President Trump. Before her journalism career, she worked in investment banking at JPMorgan. She holds an MBA from Georgetown University.
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