WASHINGTON (AP) — President Joe Biden said Thursday the Federal Reserve’s decision to lower interest rates was “an important signal” that inflation has eased as he poked at Donald Trump’s economic policies as a failure in the past and sure to “fail again” if revived.

“Lowering interest rates isn’t a declaration of victory," Biden told the Economic Club of Washington, D.C. "It’s a declaration of progress, to signal we’ve entered a new phase of our economy and our recovery.”

The Democratic president emphasized that there was more work left to do, but he used his speech to burnish his economic legacy even as he criticized Trump, his Republican predecessor who is running for another term.

“Trickle down down economics failed," Biden said. "He's promising again trickle down economics. It will fail again.”

Biden said Trump wants to extend tax cuts that disproportionately benefit the wealthy, costing an estimated $5 trillion, and implement tariffs that could raise prices by nearly $4,000 per family, something that Biden described as a “new sales tax.”

A spokesman for Trump's campaign did not immediately respond to a request for comment. But Trump has routinely hammered Biden and Vice President Kamala Harris, the Democratic candidate this year, over higher costs.

“People can’t go out and buy cereal or bacon or eggs or anything else," he said during last week's debate. “The people of our country are absolutely dying with what they've done. They've destroyed the economy.”

Biden dismissed Trump's claims that he supports workers, saying “give me a break.” His administration created more manufacturing jobs and spurred more factory construction, and it reduced the trade deficit with China.

Trump's economic record was undermined by the coronavirus outbreak, and Biden blamed him for botching the country's response.

“His failure in handling the pandemic led to hundreds of thousands of Americans dying,” he said.

Biden struggled to demonstrate economic progress because of inflation, which spread around the globe as the pandemic receded and supply chain problems multiplied.

He expressed hope that the rate cut will make it more affordable for Americans to buy houses and cars.

“I believe it's important for the country to recognize this progress,” he said. “Because if we don't, the progress we made will remain locked in the fear of a negative mindset that dominated our economic outlook since the pandemic began.”

He said businesses should see “the immense opportunities in front of us right now" by investing and expanding.

Biden defended the independence of the Federal Reserve, which could be threatened by Trump if he is elected to another term. Trump publicly pressured the central bank to lower rates during his presidency, a break with past customs.

“It would do enormous damage to our economy if that independence is ever lost," Biden said.

During his speech, Biden inaccurately said he had never met with Jerome Powell, chair of the Federal Reserve, while he's been president.

Jared Bernstein, who chairs the White House Council of Economic Advisers, said at a subsequent briefing that Biden intended to say that he had never discussed interest rates with Powell.

“That’s what he meant," Bernstein said.