Biden Says Now Is Time For Businesses To Feel Greater Confidence To Invest

President Biden, speaking at the Economic Club of Washington, D.C. on the Fed decision to lower interest rates, said: "Yesterday was an important day for the country," adding later that, "it is a good place for us to be."

• Biden: "It's good news in my view for the overall economy, because lower borrowing costs will support economic growth. And it's an important signal from the Federal Reserve to the nation that, after repeated interest hikes to cool down inflation, inflation has come back down..."
• Biden says that although inflation has come down from a peak of 9.1% to close to 2%, "that doesn't mean our work is done."
• Biden says he "isn't here to take a victory lap" but says the Fed decision is a "declaration of progress" and a "signal that we've entered a new phase of our economy and our recovery."
• Biden says it is "important to recognise the progress" because "if we don't, the progress we made will remain locked in the fear and negative mindset that dominated our economic outlook since the pandemic began."
• Biden: "This is a moment for business to feel greater confidence to invest and expand," and for individuals to be more confident about buying a home, a car, starting a family, or starting a new business.
• Addressing former President Donald Trump's recent comments about presidents having more influence over Fed policy and accusations that this week's Fed decision was politically motivated, Biden says: "It would do enormous damage to the economy if the Fed lost its independent," adding that he "never once" spoke to Fed Chair Jerome Powell since taking office.