President Joe Biden is celebrating the Federal Reserve’s decision to lower interest rates by saying it shows that inflation has eased.

President Joe Biden said the Federal Reserve‘s rate cut is “important” but only the first step during a speech before the Economic Club of Washington, D.C. “It doesn’t mean our work is done,” Biden said.

U.S. President Joe Biden said on Thursday he expects the Federal Reserve to continue cutting interest rates and vowed that his administration would keep working to lower costs for Americans.Biden used an Economic Club of Washington event with 500 guests to promote his administration's policies to bring down inflation after the COVID-19 pandemic and Russia's invasion of Ukraine,