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Live from NPR News in Washington.

I'm Jack Spear.

President Biden is welcoming this week's decision by the Federal Reserve to start cutting interest rates.

NPR Scott Horsley reports Biden during a speech today says the move signals to the U U.S economy is entering a new phase.

President Biden told the Economic Club of Washington, the Fed's decision to begin lowering

borrowing cost is not a sign of victory over inflation, but it is a sign of progress.

The Central Bank slashed its benchmark interest rate by half a percentage point, and signaled

that more cuts are likely in the months to come.

Biden says that should help to foster economic growth while also promising some relief for family budgets.

I think it's good news for consumers and the means the cost of buying a home, a car and so much more it would be going down.

Freddie Max has the average rate on a 30-year home loan dropped this week to 6.09 percent.

That's the lowest it's been since February of last year.

Scott Horsley, NPR News, Washington.

Vice President Kamala Harris and former President Donald Trump are both continuing

with their efforts to woo voters.

Harris is participating in a live stream event tonight with Oprah Winfrey in Michigan,

while GOP presidential nominee Donald Trump is in Washington where he'll meet with

prominent Jewish donors for addressing the Israeli-American Council.

...