Biden said the decision by the Fed to cut rates after years of post-pandemic inflation led them to raise them from the near-zero levels they were at during the worst days of Covid represented a “good day for the country” and “good news for consumers” because borrowing costs will come down.

"This is a moment, in my view, for business to feel greater confidence to invest higher and to expand. It's a moment for individuals to feel greater confidence buying a home, a new car, starting a family,

Officials in some countries started cutting rates last year, but others, including those in Europe and the United States, have taken a more cautious approach.