US President Biden said on Thursday that he expects the Federal Reserve to continue cutting interest rates and pledged that his administration will continue to work towards reducing the cost of living for Americans.

"Interest rates will go down and are expected to go down further. This is a good thing for us," he added.

Biden also stated that the inflation rate is closer to the Federal Reserve's target of 2%, and he said that the Fed's 0.5% interest rate cut on Wednesday is "good news for consumers".

"I'm not here to celebrate victory... We do have more work to do," he said.

Although traditionally the White House does not usually comment on the Federal Reserve's decisions, Biden changed this precedent as early as December last year when he said that strong employment data and cooling inflation were creating the "best time" for the Fed to stop further rate hikes.

In March of this year, Biden once again made a statement on the Federal Reserve's monetary policy. At the time, he said during a campaign event, "I bet they'll come down."

White House Chief of Staff Jeffrey Zients told the media that many economists had predicted that a recession was needed to reduce high inflation, but so far that has proven to be wrong. Biden's policies to expand domestic manufacturing, invest in clean energy and other infrastructure, and limit the cost of prescription drugs for the elderly have helped create 16 million jobs and raise wages.

Polls show that Americans are still deeply concerned about the economy and inflation.

A Reuters/Ipsos survey released this week shows that Trump has an advantage on the inflation issue, with inflation soaring to its highest level in 40 years under Biden's leadership. About 43% of the voters in the survey said that Trump is more likely to "reduce the prices of daily necessities such as groceries and gasoline", while only 36% of the voters choosing Harris.

Lael Brainard, director of the White House Economic Council, said on a conference call that the Fed's rate cut sent a "clear signal that inflation has fallen", pointing out that the current inflation rate is the same as it was a month before the start of the COVID-19 pandemic.

She mentioned that the already lowered mortgage rates will save homebuyers an average of $5,000 per year, and with further rate cuts, savings will increase. However, Brainard also added that further work is needed to reduce housing costs and support childcare needs.

Editor/Rocky