Biden Has Weighed in on the Fed’s Interest Rate Cut

Veuer

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.

Transcript

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.

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