BusinessJune 18, 2026

Warsh’s First Steps: What the New Fed Chair Said and What It Means

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② Start Lesson

Key Vocabulary

chairman/ˈtʃɛərmən/

the person in charge of a meeting or organization

"The chairman spoke at the press conference."

press conference/ˈprɛs ˌkɒnfərəns/

a meeting where leaders answer questions from journalists

"He answered questions at the press conference."

interest rate/ˈɪn.trəst reɪt/

the cost of borrowing money, shown as a percentage

"The bank changed its interest rate."

Listening

Warsh’s First Steps: What the New Fed Chair Said and What It Means

Kevin Warsh is the new chairman of the Federal Reserve, the United States central bank. He was sworn in on May 22, 2026 and he led his first meeting in mid‑June.

On June 17, 2026 he held his first press conference after the FOMC meeting. The Fed kept its key interest rate at 3.50%–3.75%. Warsh said the Fed will work to bring inflation down to 2% and he may change how the Fed communicates with markets and the public. Many investors watched his words and markets moved after the meeting. This was a high profile event in U.S. finance.

99 words

Quiz

1. When did he hold his first press conference?

2. What is the Federal Reserve?

3. What was the Fed's key interest rate after the meeting?

Reading Practice

Read the article from the Listening section aloud. Your AI teacher will give you pronunciation feedback.

Discussion

Do you follow news about interest rates? How does it affect your life?

Have you ever changed your spending because of bank interest rates? What happened?

What do you think when a new leader promises change?