Biden struggled to demonstrate economic progress because of inflation, which spread around the globe as the pandemic receded and supply chain problems multiplied. He expressed hope that the rate cut will make it more affordable for Americans to buy houses and cars.

President Biden said on Thursday that the Federal Reserve's interest rate cut signals the nation had entered a "new phase" during a speech that touted his economic record. Why it matters: Biden, who rarely speaks publicly about Fed policy decisions,

Having all but tamed inflation, the Federal Reserve is poised to do something Wednesday it hasn’t done in more than four years: Cut its benchmark interest rate, a step that should lead to lower borrowing costs for consumers and businesses.