Biden to Discuss Economy in Speech After Fed Rate Cut

President Joe Biden speaks to the press before participating in a briefing regarding the ongoing wildfire season response and federal efforts to reduce wildfire risk, in the Oval Office at the White House in Washington on Sept. 17, 2024. Andrew Caballero-Reynolds/AFP via Getty Images

WASHINGTON—President Joe Biden will address business executives on Thursday at a lunch hosted by the Economic Club of Washington, D.C., where he is anticipated to highlight his economic policies.

During the event, Biden is expected to tout progress made since taking office, including the United States’ response to the pandemic, and will blame the rise in inflation on Russia’s invasion of Ukraine.

“President Biden is going to speak to a new milestone, inflation and interest rates are falling at the same time, employment, wages, and GDP are rising,” White House Chief of Staff Jeff Zients told reporters during a call on Wednesday. “I want to be really clear, this is not meant to be a declaration of victory. It’s meant to be a declaration of progress, significant progress.”

The Federal Reserve slashed interest rates on Wednesday, kicking off its first easing campaign since the pandemic.

The central bank policymakers lowered the benchmark federal funds rate by 50 basis points to a range of 4.75 percent to 5 percent following its policy meeting on Sept. 18.

Fed policymakers said in their statement that they have “gained greater confidence” in bringing inflation down and hence anticipate another 50-basis-point cut in interest rates this year. Biden welcomed the announcement on social media platform X on Wednesday.

“The critics said it couldn’t happen—but our policies are lowering costs and creating jobs,” Biden said. “I'll speak tomorrow about what this means for Americans.”