During remarks at the Economic Club of Washington, President Joe Biden claimed he has never spoken to Federal Reserve Chairman Jerome Powell since taking office, a statement contradicted by past meetings. Biden celebrated the Fed's recent decision to cut interest rates by 50 basis points, the largest reduction since 2008, which he argued would stimulate the economy and lower borrowing costs for consumers. Critics, including former President Donald Trump, accused the Fed of election interference, suggesting the timing of the rate cut is politically motivated to benefit Vice President Kamala Harris ahead of the election. White House officials later clarified that Biden meant he had not discussed interest rates directly with Powell. The administration maintains that respecting the Fed's independence is crucial for economic stability.