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

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

In a speech Thursday following the Federal Reserve’s interest-rate cut, President Joe Biden talked up the importance of the U.S. central bank’s independence while criticizing Republican presidential nominee Donald Trump’s stated desire to wield more influence over the Fed.