The president said he was not declaring victory over inflation, but marking a pivot point for the recovery from pandemic recession.

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.

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.