President Biden is slated to deliver remarks Thursday afternoon at the Economic Club of Washington, D.C., one day after the administration <a href="https://thehill.com/business/4886438-federal-reserve-interest-rate-cut/" target="_blank" rel="noreferrer noopener">announced it was slashing</a> interest rates.

White House chief of staff&nbsp;Jeff Zients previewed that Biden’s speech is “not meant to be a declaration of victory, it’s meant to be a declaration of progress — significant progress.”

The Federal Reserve <a href="https://thehill.com/business/4884366-federal-reserve-rate-cut-political-impact/" data-type="link" data-id="https://thehill.com/business/4884366-federal-reserve-rate-cut-political-impact/" target="_blank" rel="noreferrer noopener">cut interest rates</a> by a half-point Wednesday, the first reduction following&nbsp;a more than two-year fight&nbsp;against post-COVID-19 driven inflation. The new federal funds rate is 4.75 percent to 5 percent.

The event is scheduled to begin at 12:55 p.m. EDT.

President Biden is slated to deliver remarks Thursday afternoon at the Economic Club of Washington, D.C., one day after the administration announced it was slashing interest rates. White House chie…{ai:summary}<p>President Biden will speak at the Economic Club of Washington, D.C., following the Federal Reserve's decision to cut interest rates by half a point, marking a significant shift after over two years of combating inflation. </p><p>His remarks will emphasize progress rather than a declaration of victory. #economy</p>

Watch live: Biden gives remarks at Economic Club

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