Kevin Warsh is the new Fed leader. The Fed controls money in the United States. On Wednesday, Warsh led his first big meeting. He decided to keep interest rates steady. This was his first big decision as leader.
Many people expected this decision. Prices are going up because of high energy costs. Some Fed leaders think rates should go up. Higher rates can help stop rising prices. But higher rates also make borrowing harder.
After the meeting, stocks fell. The Dow dropped over five hundred points. People are worried about the future. Warsh said he wants stable prices for everyone. Many will watch his next moves closely.
