‘Declaration of Progress’: Biden Hails Fed Rate Cuts

No one should confuse 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. But what I am here to speak about is how far we come, how we got here, and most importantly, the foundation that I believe built for a more prosperous and equitable future in America. So let’s be clear: The Fed lowering interest rates isn’t a declaration of victory. It’s a declaration of progress. It’s a signal we’ve entered a new phase of our economy and our recovery. I believe it’d important for the country to recognize this progress because if we don’t, the progress we’ve made will remain locked in the fear of the negative mind-set that dominated our economic outlook since the pandemic began.