Watch live: Biden gives remarks at Economic Club

President Biden is slated to deliver remarks Thursday afternoon at the Economic Club of Washington, D.C., one day after the administration announced it was slashing interest rates.

White House chief of staff Jeff Zients previewed that Biden’s speech is “not meant to be a declaration of victory, it’s meant to be a declaration of progress — significant progress.”

The Federal Reserve cut interest rates by a half-point Wednesday, the first reduction following a more than two-year fight against post-COVID-19 driven inflation. The new federal funds rate is 4.75 percent to 5 percent.

The event is scheduled to begin at 12:55 p.m. EDT.

Watch the live video above.