{"id":2343494,"date":"2024-09-19T15:44:01","date_gmt":"2024-09-19T19:44:01","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-says-fed-rate-cut-is-important-but-doesnt-mean-our-work-is-done-washington-examiner\/"},"modified":"2024-09-19T15:45:16","modified_gmt":"2024-09-19T19:45:16","slug":"biden-says-fed-rate-cut-is-important-but-doesnt-mean-our-work-is-done-washington-examiner","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-says-fed-rate-cut-is-important-but-doesnt-mean-our-work-is-done-washington-examiner\/","title":{"rendered":"Biden says Fed rate cut is important but \u2018doesn\u2019t mean our work is done\u2019 &#8211; Washington Examiner"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">34<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fbiden-says-fed-rate-cut-is-important-but-doesnt-mean-our-work-is-done-washington-examiner%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2343494&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>President Joe Biden \u2062spoke at the Economic\u200d Club of Washington, D.C., regarding the Federal Reserve&#8217;s recent decision to <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/us-economy-adds-smaller-than-expected-150000-new-jobs-in-october\/\" title=\"US economy falls short with only 150k new jobs in October.\">cut interest \u200brates<\/a> by\u2064 half a\u200d percentage point,\u200c marking\u2063 the first rate reduction \u2062in over four\u200d years. He described the rate cut as an <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wells-fargo-reaches-3-7-billion-settlement-with-federal-regulators-for-mistreating-customers\/\" title=\"Wells Fargo Reaches .7 Billion Settlement With Federal Regulators for Mistreating Customers\">important initial step<\/a> but emphasized that it\u200c does not signal the completion of efforts to <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-steps-onto-2024-campaign-trail-in-trumps-shadow\/\" title=\"Biden enters 2024 campaign under Trump&#039;s shadow.\">address economic challenges<\/a>. Biden attributed high inflation\u2014peaking at 9.1% in \u20632022\u2014to factors like\u200c the COVID-19 \u200bpandemic and\u200d the Russian\u200b invasion\u200b of Ukraine. \u2063However, he faced criticism from Republicans, who argue that his extensive spending initiatives, particularly the $1.9 trillion American Rescue Plan, have significantly contributed to \u200cinflation. During \u200dhis address, Biden also highlighted the positive impacts of the spending bill, including facilitating COVID-19 vaccinations.  <\/p>\n<p class=\"readmore\">\n    <button onclick=\"showReadMore()\" id=\"readmorebtn\">Read more&#8230;<\/button>\n<\/p>\n<hr id=\"line\">\n<span id=\"more\"><\/p>\n<p><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><\/p>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-mobile-menu-button\"><i class=\"tdb-mobile-menu-icon td-icon-mobile\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-header-search-button-mob dropdown-toggle\" data-toggle=\"dropdown\"><i class=\"tdb-mobile-search-icon td-icon-search\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-mobile-menu-button\"><i class=\"tdb-mobile-menu-icon td-icon-mobile\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<div class=\"tdb-drop-down-search\" aria-labelledby=\"td-header-search-button\">\n<div class=\"tdb-drop-down-search-inner\">\n<form method=\"get\" class=\"tdb-search-form\" action=\"https:\/\/www.washingtonexaminer.com\/\"><\/form>\n<div class=\"tdb-aj-search\"><\/div>\n<\/div>\n<\/div>\n<p><a href=\"http:\/\/www.washingtonexaminer.com\/#\" role=\"button\" aria-label=\"Search\" class=\"tdb-head-search-btn dropdown-toggle\" data-toggle=\"dropdown\"><i class=\"tdb-search-icon td-icon-search\"><\/i><\/a><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<h1 class=\"tdb-title-text\">Biden says Fed rate cut is important but &lsquo;doesn&rsquo;t mean our work is done&rsquo;<\/h1>\n<div><\/div>\n<div class=\"tdb-title-line\"><\/div>\n<\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<div id=\"Brid_1762712\" class=\"tpd-featured-video bridtv\"><\/div>\n<p>President <a href=\"https:\/\/www.washingtonexaminer.com\/tag\/joe-biden\/\" target=\"_blank\" rel=\"noopener\" title=\"Joe Biden\">Joe Biden<\/a> said the <a href=\"https:\/\/www.washingtonexaminer.com\/tag\/federal-reserve\/\" target=\"_blank\" rel=\"noopener\" title=\"Federal Reserve\">Federal Reserve<\/a>&lsquo;s rate cut is &ldquo;important&rdquo; but only the first step during a speech before the <a href=\"https:\/\/washingtonexaminer.com\/tag\/economy\/\" target=\"_blank\" rel=\"noopener\" title=\"Economic\">Economic<\/a> Club of Washington, D.C.<\/p>\n<div class=\"article-paywall\">\n<p>&ldquo;It doesn&rsquo;t mean our work is done,&rdquo; Biden said. &ldquo;Far from it.&rdquo; <\/p>\n<p>The Fed <a href=\"https:\/\/www.washingtonexaminer.com\/policy\/finance-and-economy\/3158342\/fed-opts-for-bigger-interest-rate-cut-in-first-downward-revision-since-pandemic\/\" target=\"_blank\" rel=\"noopener\" title=\"cut interest rates\">cut interest rates<\/a> by half a percentage point on Wednesday, the first time it had trimmed rates in more than four years. The new rate target, 4.75% to 5.00%, is still one of the highest seen this century, a result of the Fed seeking to tamp down inflation that peaked at 9.1% in 2022.<\/p>\n<p>Biden blamed the high inflation on the pandemic and the Russian invasion of Ukraine, though Republicans say his own spending, such as the $1.9 trillion American Rescue Plan he signed into law shortly after taking office, is a bigger culprit.<\/p>\n<figure class=\"wp-block-image size-full\"><figcaption class=\"wp-element-caption\">President Joe Biden speaks about falling inflation and interest rates at the Economic Club of Washington, D.C., on Thursday, Sept. 19, 2024. (Graeme Jennings \/ Washington Examiner)<\/figcaption><\/figure>\n<p>Biden hailed the spending bill, saying it helped people get vaccinated against COVID-19 and that, otherwise, &ldquo;our economic recovery would have never taken off.&rdquo;<\/p>\n<p>Biden praised Fed Chairman Jerome Powell, saying he had never spoken to him as president, and used that as a premise upon which to disparage former President Donald Trump.<\/p>\n<p>&ldquo;Unlike my predecessor, I respect the Federal Reserve&rsquo;s independence,&rdquo; he said. &ldquo;We&rsquo;ll do enormous damage to our economy if that independence is ever lost.&rdquo;<\/p>\n<p>He otherwise stuck to well-worn themes, saying he had created hundreds of thousands of manufacturing jobs and helped pass the most <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/aoc-owed-up-to-50000-in-student-loans-while-leading-calls-for-debt-cancellation\/\" title=\"AOC had up to K in student loans while advocating for debt cancellation.\">significant climate act<\/a> in history.<\/p>\n<p>While bragging about strides made by women in the workforce, he quipped, &ldquo;There&rsquo;s not a single job that women can&rsquo;t do, including being president of the United States of America.&rdquo;<\/p>\n<p><strong><a href=\"https:\/\/www.washingtonexaminer.com\/\" target=\"_blank\" rel=\"noreferrer noopener\"><\/a><\/strong><\/p>\n<p>He also took a few shots at Trump, saying his tariff ideas would represent a &ldquo;<a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/14-lies-kamala-harris-told-during-her-dnc-speech\/\" title=\"14 Lies Kamala Harris Told During Her DNC Speech\">sales tax&#038;rdquo<\/a>; costing middle-class households $4,000 a year and speaking about the importance of democracy.<\/p>\n<p>&ldquo;We have stability because we have the rule of law,&rdquo; Biden said. &ldquo;We can never lose with democratic principles.&rdquo; <\/p>\n<\/div>\n<p> <script data-cfasync=\"false\" src=\"http:\/\/www.washingtonexaminer.com\/cdn-cgi\/scripts\/5c5dd728\/cloudflare-static\/email-decode.min.js\"><\/script><script>!function(){var g=window;g.googletag=g.googletag||{},g.googletag.cmd=g.googletag.cmd||[],g.googletag.cmd.push(function(){g.googletag.pubads().setTargeting(\"has-featured-video\",\"true\")})}();<\/script><script>var _bp=_bp||[];_bp.push({\"div\":\"Brid_1762712\",\"obj\":{\"id\":\"27789\",\"width\":\"1280\",\"height\":\"720\",\"stickyDirection\":\"below\",\"video\":\"1762712\"}});<\/script><script defer src=\"https:\/\/services.brid.tv\/player\/build\/brid.min.js\"><\/script><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<p><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>President Joe Biden emphasized the significance of the Federal Reserve&#8217;s recent interest rate cut, describing it as a crucial initial step during his address to the Economic Club of Washington, D.C. He stated, &#8220;It doesn\u2019t mean our work is done; far from it.&#8221; The Fed reduced rates by half a percentage point on Wednesday, marking its first decrease in over four years. The new target range of 4.75% to 5.00% remains among the highest this century and is part of efforts to control inflation that peaked at 9.1% in 2022. Biden attributed high inflation to factors like the pandemic and Russia&#8217;s invasion of Ukraine, while Republicans argue that his own spending initiatives\u2014such as the $1.9 trillion American Rescue Plan he enacted shortly after taking office\u2014are more responsible.<\/p>\n<p>During his speech on September 19, 2024, Biden praised Fed Chairman Jerome Powell and noted he had never spoken with him since becoming president, using this point to contrast himself with former President Donald Trump. &#8220;Unlike my predecessor,&#8221; he remarked, &#8220;I respect the Federal Reserve\u2019s independence,&#8221; warning that losing this independence could harm the economy significantly.<\/p>\n<p>Biden reiterated familiar themes about job creation in manufacturing and highlighted significant advancements in climate legislation while celebrating women&#8217;s progress in the workforce with a remark about their capability for any role\u2014including that of president. He also criticized Trump\u2019s tariff proposals as detrimental to middle-class families and underscored democracy&#8217;s importance by stating that stability comes from upholding the rule of law: &#8220;We can never lose with democratic principles.<\/p>\n","protected":false},"author":2635,"featured_media":2343495,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/www.washingtonexaminer.com\/wp-content\/uploads\/2024\/09\/Biden-speech-economics-1024x682.webp","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[3620,34402,41249,36435,32076],"class_list":["post-2343494","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","tag-biden","tag-economic-policy","tag-fed-rate-cut","tag-financial-news","tag-washington-examiner"],"fifu_image_url":"https:\/\/www.washingtonexaminer.com\/wp-content\/uploads\/2024\/09\/Biden-speech-economics-1024x682.webp","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2343494","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/2635"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2343494"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2343494\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2343495"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2343494"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2343494"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2343494"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}