President Joe Biden stated that inflation rates and interest rates in the United States have begun to decline.
In a post on X (formerly Twitter) on Thursday, he mentioned inheriting “the worst economic crisis the United States has seen since the Great Depression” four years ago.
Biden added, “Now inflation and interest rates are starting to fall.”
He emphasized, “There is still more work to be done. I will soon discuss our efforts to lower costs and grow our economy.”
These remarks follow the Federal Reserve’s decision to cut interest rates by 50 basis points, signaling the start of monetary easing and indicating success in controlling rising inflation.
In response, Republican presidential candidate Donald Trump accused the Federal Reserve on Wednesday of being “politicized,” after the central bank made a significant interest rate cut just weeks before the upcoming presidential election on November 5.
The former Republican president told reporters during a campaign event that “such a large cut indicates either the economy is in terrible shape or they are playing political games.”
The Federal Reserve’s cut marks its first reduction since 2020, bringing the interest rate range to between 4.75% and 5%.
