In remarks on Thursday at the Economic Club of Washington, D.C., President Biden will celebrate the progress of the American economy, but stop short of declaring victory, senior advisors told
on a call previewing the remarks.

Biden stated in a post on X that he will address the implications of the first significant interest rate reduction since 2020 and the declining inflation rate "for Americans."

"President Biden will highlight a significant milestone – the simultaneous decline in both inflation and interest rates, while employment, wages, and GDP are on the rise," White House Chief of Staff Jeff Zients informed reporters. "I want to be absolutely clear; this is not meant to be a victory declaration but rather an acknowledgement of substantial progress. The President believes it's crucial to recognize this moment for the nation by outlining how far we've come, while also emphasizing the work that remains ahead."

Zients further explained that Biden will outline the three key pillars of his economic strategy: the unprecedented response to the COVID-19 pandemic, the administration's efforts to address global inflation, and initiatives aimed at building an economy that benefits all Americans.

However, Zients emphasized that Biden and Vice President Kamala Harris are still focused on the remaining challenges, particularly the high cost of childcare and housing, which they consider key areas for further action.

"The president acknowledges that this isn't a time for celebrating accomplishments, which is why he will dedicate his daily message to the tasks ahead. The president and vice president will both emphasize the need to continue working on strengthening the economy, creating more jobs, and, importantly, reducing costs. The President will outline how we can build upon the progress made over the past three and a half years and highlight what's at stake," Zients stated.

National Economic Adviser Lael Brainard also discussed the Federal Reserve's Wednesday announcement of an interest rate cut, highlighting recent data as a positive indicator. However, she acknowledged that costs remain high for American families.

"The president will acknowledge this hard-earned progress but stress the importance of continued collaboration to address persistent affordability challenges for middle-class families," Brainard stated. "America needs more housing. It's imperative to move forward with ambitious plans to bring down housing costs by constructing millions of new affordable homes and providing incentives for states and localities to remove outdated barriers to construction. It's essential to continue empowering more workers to participate in the workforce and to make it easier and more affordable to raise a family."

When a White House official on the call was questioned about potential concerns regarding rising unemployment following today's interest rate cut, the official dismissed the concern, citing the Fed's data which indicates a "robust labor market." The official added that unemployment has "remained the lowest on average compared to any administration in the past 50 years."

A reporter also inquired whether rising tensions in the Middle East could impede efforts to combat rising inflation. The different White House official stated that it is one of the "geopolitical risks that we consistently monitor."

"But our assessment, you know, right now is that the economy is in a good position, and that the various risks, while we continue to monitor them, don't pose a serious threat to the economic outlook," the White House official added.