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 will tout progress in bringing down inflation and boosting employment on Thursday after the Federal Reserve's interest rate cut, while vowing to keep working to lower costs for American families,