President Joe Biden's economic record has failed to impress voters, with most polls showing that they trust former President Donald Trump when it comes to handling the issue.

However, his administration may get a boost after the Federal Reserve unveiled its biggest interest rate cut in 16 years. 

First time interest rates have gone down in four years

According to the Daily Mail, that move came on Wednesday in the form of a half-percentage point reduction aimed at making borrowing less expensive.

The newspaper noted how a cut of this size has not been seen since the 2008 financial crisis and represents the first time rates have come down in four years.

Meanwhile, Fox Business pointed out that the Federal Reserve has lowered the benchmark federal funds rate to between 4.75% and 5%.

Interest rates had previously been fluctuating between 5.25% and 5.5% since July 2023, putting them at their highest mark since 2001.

Higher interest rates were regarded by economists as a necessary move due to post-pandemic inflation, which has yet to get under the target of 2%.

Federal Reserve chairman: "Our economy is strong overall"

Jerome Powell serves as Federal Reserve chairman and he said at a press conference that the central bank remains committed to "achieving our dual mandate goals of maximum employment and stable prices for the benefit of the American people."

"Our economy is strong overall and has made significant progress toward our goals over the past two years," Fox Business quoted him as adding.

"This decision reflects our growing confidence that with an appropriate recalibration of our policy stance, strength in the labor market can be maintained in a context of moderate growth and inflation moving sustainably down to 2%," he insisted.

"I would say, we don't think we're behind. We think this is timely, but I think you could take this as a sign of our commitment not to get behind," Powell continued.

Pundit says interest rate cut is a tactic to help Kamala Harris

The Federal Reserve chairman went on to predict that Americans will see "growth at a solid rate" along with declining inflation and a labor market that is "very solid."

Yet in a column published on Friday, conservative commentator Ben Shapiro suggested that Powell's rate cut is motivated by political concerns rather than an honest assessment of the economy.

"The Federal Reserve does not want Donald Trump in office," Shapiro declared. "They clearly would like to see Harris elected."