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

President Joe Biden, in a speech emphasizing the progress made on the economy during his administration, said that he's never called Federal Reserve Chairman Jerome Powell during his time as president.

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.