The president said he was not declaring victory over inflation, but marking a pivot point for the recovery from pandemic recession.The New York Times reports that President Biden addressed the Federal Reserve’s decision to begin cutting interest rates during a speech at the Economic Club of Washington. He clarified that this was not a declaration of victory over inflation, but rather a pivot point for the recovery from the pandemic recession. The president acknowledged the frustration of voters over the recent surge in prices, but also highlighted the progress made in the economy and his administration’s efforts to stimulate growth and invest in domestic manufacturing. Vice President Kamala Harris, who is also running for president, responded to the rate cut with cautious optimism, stating that there is still more work to be done to bring down prices. President Biden emphasized that the Fed’s decision is a signal of progress and a new phase in the economy and recovery, rather than a complete victory. 

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