In a recent speech at the Economic Club of Washington, D.C., President Biden hailed the Federal Reserve's decision to cut interest rates, describing it as a 'declaration of progress' in combating inflation and signaling the strength of the U.S. economy. Biden claimed that the rate cut is a vindication of his economic policies, despite recent inflation surges. However, he mistakenly asserted that he has never spoken to Federal Reserve Chairman Jerome Powell during his presidency, a statement that has drawn scrutiny. While Biden celebrated the rate reduction as 'good news,' he emphasized that more work remains to ensure a robust economic recovery.