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President Joe Biden is speaking at the Economic Club of Washington, D.C., on Thursday, where he is expected to celebrate falling inflation and interest rates .

The president’s remarks come the day after the Federal Reserve announced its decision to cut interest rates by a surprisingly aggressive 50 basis points .

“The declines in inflation and interest rates are welcome, but no one’s declaring victory,” National Economic Council Director Lael Brainard told reporters ahead of Biden’s remarks.