President Biden Highlights Fed’s Role in Economic Recovery: Interest Rates to Lower Further

On September 20, COINOTAG News reported that US President Biden emphasized the continued effort to combat inflation. He noted that reducing borrowing costs is pivotal for spurring economic growth. Additionally, President Biden highlighted expectations for further declines in interest rates, signaling an evolving phase in the economy’s recovery. The President reaffirmed his respect for the Federal Reserve’s independence and mentioned that he has not engaged in discussions regarding interest rates with Fed Chairman Powell since taking office. This statement underscores the administration’s stance on maintaining a separation between governmental influence and monetary policy to foster economic stability.