If you have a line of credit or carry a balance on your credit card, your payments are going up again. The Federal Reserve’s decision to again aggressively raise interest rates by 3/4 of a percentage point comes at a pivotal time for the economy, with surging inflation causing hardship for both consumers and businesses. But by increasing interest rates, the Federal Reserve runs the risk of slowing the economy too much and potentially tipping it into recession. The question no one can answer just yet is whether Wednesday’s rate hike will be enough to cool inflation.
New Jersey will participate in a new federal clean-energy program that is expected to cut electricity bills for lower-income residents. New Jersey is one of five states that will support the pilot of the program — known as the Community Solar Subscription Platform — which will connect families to solar energy in their communities. The program targets families on government-run assistance programs. The Department of Energy projects lower-income residents will save a total of $175 million on their electric bills.
