Biden says Fed made ‘declaration of progress’ with interest rate cut

Associated Press

WASHINGTON (AP) — President Joe Biden is celebrating the Federal Reserve’s decision to lower interest rates by saying it shows that inflation has eased. He told the Economic Club of Washington, D.C., on Thursday that he wasn’t declaring victory, but the country had entered a new phase of its recovery from the pandemic. Biden also criticized Donald Trump, his Republican predecessor who is running for another term this year. He said Trump would increase costs on Americans with tariffs that he described as a “new sales tax.”