In a speech Thursday following the Federal Reserve’s interest-rate cut, President Joe Biden talked up the importance of the U.S. central bank’s independence while criticizing Republican presidential nominee Donald Trump’s stated desire to wield more influence over the Fed.

In remarks on Thursday at the Economic Club of Washington, D.C., President Biden will celebrate the progress of the American economy, but stop short of declaring victory.

President Biden on Thursday touted what he called a “declaration of progress” after the Federal Reserve cut interest rates, arguing his economic agenda had put the country on strong footing and warning of the risks that could come with a return to former President Trump’s policies.