The Federal Reserve has hiked interest rates once more, by three-quarters of a point, as it intensifies its fight against inflation. That means rates for many loans will likely rise even higher. But the Fed indicated it could be less aggressive on raising interest rates in the months ahead. In New Jersey, we’ve seen higher rates slow the housing market.
Private companies added 239,000 jobs across the country last month, according to the latest report from New Jersey-based ADP. That number was stronger than expected and comes just days ahead of the government’s monthly jobs report, which is projected to show similar gains.
Three companies have reached a deal to settle thousands of opioid-related lawsuits filed against them. CVS Health, Walgreens Boots Alliance and Walmart will pay $13.8 billion in the proposed settlement, according to Reuters. The money will be used to help communities fight opioid addiction. This would be the first nationwide deal with retail pharmacy companies and follows nationwide opioid settlements with drugmakers and distributors totaling more than $33 billion.
Public Service Enterprise Group is considering whether to review its options on retaining a 25% stake in the Ocean Wind I offshore wind farm. The decision is being driven by higher costs of the turbine components and other inflationary pressures. For a full report on this story, check out my colleague Tom Johnson’s story.
