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Tuesday 11 February 2025 15:20:08 GMT
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President Biden on Thursday called the Federal Reserve’s rate cut decision an “important signal” that the economy had finally turned the corner on inflation.   “At its peak, as you all know, inflation was 9.1% in the United States. Today it’s much closer to 2%,” the president said in a speech at the Economic Club of Washington, DC.   “It doesn’t mean our work is done. Far from it,” he added. “No one should be confused why I’m here. I’m not here to take a victory lap. I’m not here to say, ‘A job well done.’ I’m not here to say, ‘We don’t have a hell of a lot more work to do.’ We do have more work to do.”   The president spoke about how far the economy has come since he took office in the depths of the pandemic in January 2021, recalling persistent issues with supply chains and the rising costs of food and goods as well as baby formula shortages.   He also rattled off his legislative accomplishments, including the American Rescue Plan, Inflation Reduction Act, Chips and Science Act and the Bipartisan Infrastructure Law.   President Biden said those policies helped to get the Fed to the place where it could finally ease up its downward pressure on the economy, implementing its first rate cut in four years.   “The Fed lowering interest rates is not a declaration of victory; it’s a declaration of progress,” he said.   Former President Trump and other Republicans have said Wednesday’s large 50-basis-point cut was a sign that the economy was actually in poor shape.   The labor market has softened recently and unemployment, while still low by historical standards, has inched up since the start of the year, now clocking in at 4.2%.   Major stock indexes closed at all-time highs on Thursday, with the S&P 500 rising 1.7% and the Dow Jones Industrial Average jumping 1.3%. #joebiden #useconomy #interestrates #cspan
President Biden on Thursday called the Federal Reserve’s rate cut decision an “important signal” that the economy had finally turned the corner on inflation. “At its peak, as you all know, inflation was 9.1% in the United States. Today it’s much closer to 2%,” the president said in a speech at the Economic Club of Washington, DC. “It doesn’t mean our work is done. Far from it,” he added. “No one should be confused why I’m here. I’m not here to take a victory lap. I’m not here to say, ‘A job well done.’ I’m not here to say, ‘We don’t have a hell of a lot more work to do.’ We do have more work to do.” The president spoke about how far the economy has come since he took office in the depths of the pandemic in January 2021, recalling persistent issues with supply chains and the rising costs of food and goods as well as baby formula shortages. He also rattled off his legislative accomplishments, including the American Rescue Plan, Inflation Reduction Act, Chips and Science Act and the Bipartisan Infrastructure Law. President Biden said those policies helped to get the Fed to the place where it could finally ease up its downward pressure on the economy, implementing its first rate cut in four years. “The Fed lowering interest rates is not a declaration of victory; it’s a declaration of progress,” he said. Former President Trump and other Republicans have said Wednesday’s large 50-basis-point cut was a sign that the economy was actually in poor shape. The labor market has softened recently and unemployment, while still low by historical standards, has inched up since the start of the year, now clocking in at 4.2%. Major stock indexes closed at all-time highs on Thursday, with the S&P 500 rising 1.7% and the Dow Jones Industrial Average jumping 1.3%. #joebiden #useconomy #interestrates #cspan

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