In Python, you can set the precision of a floating-point number using the round() function. The round() function takes two arguments: the number you want to round, and the number of decimal places to round to.  

In this example, we're setting the value of x to a floating-point number with many decimal places. We're then using the round() function to round x to two decimal places. The resulting value is stored in the variable y, and is printed to the console.