In an attempt to put a stranglehold on skyrocketing inflation, the Federal Reserve on Wednesday raised interest rates by 0.75% — the biggest increase since 1994. Annoucing the increase, Federal Reserve Chairman Jerome Powell indicated this would not be the last rate hike and said the Fed has also cut its outlook on U.S. economic growth for this year. With Wednesday’s move, borrowing becomes more expensive. Interest rates will increase on many consumer loans — everything from mortgages to car loans to credit cards. Higher borrowing costs typically cool consumer demand, which then leads to lower prices.
Merger plans between RWJBarnabas Health and Saint Peter’s Healthcare System have come to an end. The two health systems had hoped to create an academic medical center in New Brunswick, but earlier this month the Federal Trade Commission blocked the proposed deal, saying, among other things, that it would have resulted in higher prices and lower quality of care for New Jersey residents. The health systems decided not to challenge that ruling. RWJBarnabas Health CEO Barry Ostrowsky, a member of the NJ PBS board of trustees, said the decision to terminate the merger was a difficult one.
Jersey City residents are bracing for possible tax increases, as the city council gets set to vote on a nearly $700 million municipal budget. The average homeowner could see their municipal tax increase by over $1,000.
