In a speech Thursday, President Joe Biden plans to celebrate the Federal Reserve’s interest-rate cut while stressing his administration’s inflation-fighting efforts aren’t over.

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

The White House chief of staff recalled how Biden came into office with what he described as “a once-in-a-generation pandemic and an unprecedented shutdown in the economy” for which the outgoing administration had left “no plan or path forward.”