Biden spoke a day after the Federal Reserve cut interest rates a half-point, an important marker that suggested a shift from fighting inflation to helping economic stability. And the president seized upon the cut — bigger than many economists predicted — as a sign the economy was moving in the right direction.

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

The president’s speech on Thursday won’t be a “victory lap,” officials said, but it will celebrate falling inflation and borrowing costs along with solid growth.