President Biden commented on the Federal Reserve’s recent interest rate cut during remarks at the Economic Club of Washington Thursday. Veuer’s Matt Hoffman has the story.
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00:00President Biden says he is not taking a victory lap over Wednesday's half-point interest rate
00:04cut by the Federal Reserve. We do have more work to do. But what I am here to speak about
00:09is how far we've come, how we got here, and most importantly, the foundation
00:14that I believe built for a more prosperous and equitable future in America.
00:19Biden spoke at the Economic Club of Washington Thursday.
00:22After repeated interest hikes to cool down inflation, inflation has come back down,
00:27and the Fed, the Fed is lowering, switched the lowering rates to keep the country growing,
00:32economy growing.
00:33Biden attracted some criticism for this claim about Fed Chairman Jerome Powell.
00:37By the way, I've never once spoken to the Chairman of the Fed since I became president.
00:44In fact, Biden and Powell met in the Oval Office in 2022.
00:47Biden was contrasting himself with former President Trump, who said in a news conference
00:51last month that the president should have more of a say in Fed decisions.
00:55I feel the president should have at least say in there. Yeah, I feel that strongly.