President Biden says he has "never once spoken to the chairman of the fed since I became president," despite a May 2022 meeting with Jerome Powell.

The Federal Reserve handed down a large interest rate cut this week, dialing back the central bank's fight against inflation and signaling welcome relief for borrowers. It remains to be seen, however,

The federal funds rate is the interest banks charge each other for overnight loans. Set by the Federal Reserve, it's a basis for other interest rates.