New Jersey
Fed keeps interest rates same, as expected, with changes likely months away – New Jersey Monitor
The Fed held key interest rates steady again Wednesday, as expected, and signaled that a decision that could affect everything from credit card rates to the housing market to new business creation could still be months away.
It was the fourth consecutive time the central bank has left the rate unchanged since its September 2023 announcement. In March 2022, the Fed began aggressively raising rates to stop ballooning inflation.
Following the announcement, Federal Reserve Chair Jerome Powell said that confidence is growing that inflation is coming down to meet the Fed’s target of 2%, it needs to see more data to decide to cut rates, particularly in the 12-month core inflation data.
But Powell said its confidence likely won’t be strong enough to cut rates by March as many economists believed would happen, meaning it could be May before a decision is made to cut rates.
“I think to get to that place where we feel comfortable starting the process we need some confirmation that inflation is in fact coming down, sustainably to 2%,” Powell said.
Powell added that serious changes to the labor market would affect the Fed’s decisions about when to cut rates.
“If we saw an unexpected weakening certainly in the labor market, that would weigh on cutting sooner,” he said. “And if we saw inflation being stickier or higher, or those sorts of things, we’d argue for moving later.”
The decision to hold rates steady was in line with economists’ expectations for the meeting. The issue of when to stop increasing rates and when to begin cutting rates, to avoid harming the economy and cause high unemployment, has been a matter of intense debate among economists and policymakers during this latest cycle of rate hikes. Over the past six months, core inflation or the Personal Consumption Expenditures price index is 1.9%, leading some economists to argue that it’s time to begin cutting rates.
Mike Konczal, director of macroeconomic analysis at the Roosevelt Institute, a progressive think tank, said it would make sense for the Fed to begin cutting rates soon.
“[A cut] is appropriate given how much inflation has fallen, both faster and in a more broad way than the Federal Reserve thought even six or nine months ago,” Konczal said. “The Fed is targeting a level of inflation that is just not the reality right now in the economy.”
The Federal Reserve has a pivotal decision to make in the coming months — when to start cutting interest rates after an aggressive campaign of rate hikes to combat inflation. Some economists worry that if the Fed doesn’t cut rates soon enough, now that the rise in core inflation over the past six months is in line with the Fed’s 2% inflation target, it could damage the labor market and send ripples through the economy.
There is some risk to waiting too long to cut rates, Konczal said. Although the economy is adding jobs and decent wage growth continues, he’s looking for signs of cracks underneath the surface of an otherwise stable labor market. He said that the rate for people leaving their jobs and being hired for new ones has slowed.
If the Fed waits too long to change course, he said there could be some danger of the unemployment rate ticking up too fast.
“Once those things start to fall, they fall very quickly,” he said.
Several Democratic senators have urged the Fed to begin cutting rates, arguing that it could hurt the economy not to do so as soon as possible, a reminder that the economy will be a big issue in the fall elections. Sen. Sherrod Brown (D-OH) , chair of the Senate Committee on Banking, Housing, and Urban Affairs advocated for Powell to lower rates in a letter addressed to the chairman this week.
Brown wrote his own letter, which highlighted the struggles of Ohioans he said are not able to rent or buy homes, a problem he said has been exacerbated by higher interest rates.
“I hear from so many Ohioans that they feel trapped – those who rent feel like they’ll never be able to afford to buy and those who already own their homes feel like they will never be able to afford a larger one if they decide to grow their family,” Brown wrote.
Sometime after the Fed cuts rates, Americans can expect to see relief in the housing market, where homeowners have struggled with low housing supply and high prices, and high demand for rentals that has also pushed up rental prices.
“The first place where we see the reaction in the economy is the housing market and is in those mortgage applications, like some refinancing, for example,” Lara Rhame, chief U.S. economist and managing director of FS Investments. “The other places we see it are things like auto sales, which are very interest-rate sensitive. It’s worth noting that credit card interest payments have really increased, but that doesn’t move until the Fed actually cuts rates. That’s a shorter term interest rate, but when the Fed cuts, that will start to come down a little bit.”
William Hauk, associate professor of economics at the University of South Carolina, said it could take a while for the average person to feel a shift in the economy as a result of Fed policy changes.
“How quickly this translates into changes for the rest of the economy is a matter of some debate. Making it easier for people and firms to borrow and/or refinance loans does typically have a positive impact on economic demand,” he said. “And people spending money is good for keeping the economy out of recession. However, this effect typically hits the broader economy with a lag, perhaps as long as 12 to 18 months.”
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Every year comes with its own personality, but New Jersey doesn’t wait around to see what the rest of the country decides is “in.” We move fast here. We adapt. We complain loudly — and then we make it part of our routine. Somewhere between a jughandle turn and a diner refill, 2026 developed a very Jersey personality. You may not have noticed it happening, but you’re already living it.
Here are 10 things that feel unmistakably so 2026, Garden State edition.
The way New Jersey talks now (and what it really means)
Calling every inconvenience “a situation.”
Traffic? Situation. School drop-off? Situation. The coffee machine acting up? Full-blown situation.
Quietly flexing about not pumping gas.
We don’t brag. We just casually mention it… often.
Errands, routines and the New Jersey sense of time
Planning an entire weekend around one errand.
Costco, Home Depot, or MVC — choose wisely and clear your schedule.
Checking Dan Zarrow’s forecast on the NJ101.5 app religiously.
Because if you’re going to trust the weather, it might as well be someone who knows New Jersey.
Having a “favorite small town” you don’t live in.
You’ve “been a few times.” You “get the vibe.”
ASSOCIATED PRESS
Roads, tolls and the daily traffic psychology of NJ
Treating tolls like a personal betrayal.
Every increase feels targeted, and we all do the same mental math at the booth anyway.
Explaining traffic circles and roundabouts like a survival skill.
Somehow we all know exactly what to do — except when we don’t.
Money stress, comfort food and Garden State coping mechanisms
Treating diners as emotional support buildings.
Coffee refills fix things. It’s science.
Complaining about taxes while never actually leaving.
Because deep down, we know better.
Comparing energy bills like it’s a competitive sport.
Nobody likes the numbers, but everyone wants to know if theirs is worse.
The truth is, 2026 in New Jersey isn’t about trends you see online. It’s about habits, shortcuts, shared frustrations, and small victories we all pretend are normal. And if you read this nodding along, congratulations — you’re not behind the times. You’re just right on schedule… in New Jersey.
Best New Jersey Diners For Breakfast and Lunch
Thank you to our New Jersey listeners for these recommendations.
Gallery Credit: Bill Spadea
New Jersey
Though down from previous month, New Jersey online casinos post November revenue record in 2025
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While online casinos in New Jersey fell short of another revenue record, November was still the state’s second-best month ever with over $253 million.
They’ve been around for over 12 years, yet online casinos in New Jersey continue to find ways to set revenue records. After posting the industry’s largest single-month total in October, NJ online casinos last month combined for $253 million to set a November record and ranks as the second-biggest single-month total in Garden State history.
NJ online casinos set single-year record with one month left
Since launching in 2013, NJ online casinos have continually set high-water marks – even now, a dozen years later.
With $253 million in November revenue, as reported by the New Jersey Division of Gaming Enforcement, casino apps in the Garden State now sit at just over $2.64 billion for the year, leading to $455 million in state tax revenue. With one month left in 2025, the industry has already set a single-year record, which previously stood at around $2.4 billion.
To further put into perspective the growth of online gambling in New Jersey, the industry is over 22% ahead of the 11-month pace it set in 2024. Consider the first 14 months of online casinos in NJ, during which time operators combined for a mere $131.2 million in revenue.
While it’s unlikely that NJ online casinos will reach the $3 billion mark by the end of the year, iGaming has proven it can continue to grow after more than 10 years of existence.
FanDuel Casino, DraftKings Casino continue to set pace
While the monthly total is one for the books, the standard brands set themselves apart from the rest of the market.
For example, FanDuel Casino – which new users can sign up with and claim the FanDuel casino bonus – reported $60.2 million. That was well ahead of the second-place DraftKings Casino bonus, which helped drive $49.6 million in November.
Along with the BetMGM Casino app ($30.6 million), Borgata Casino ($20.6 million) and Caesars Palace Online Casino ($19.3 million), the top five revenue-earners in November accounted for more than 71% of the total online casino total in November.
New Jersey
Ice, freezing rain alerts expand to 10 N.J. counties. Wind advisory issued for 50 mph gusts Monday.
Winter weather advisories have been expanded to 10 New Jersey counties with freezing rain that could cause a dangerous layer of ice tonight.
The National Weather Service has also issued a wind advisory for 16 counties Monday with up to 50 mph gusts possible.
The more immediate concern is freezing rain already hitting the state Sunday evening.
Winter weather advisories for Bergen, Essex, Hudson Passaic and Union counties expire between 10 p.m. and midnight.
Winter weather advisories for Hunterdon, Morris, Somerset, Sussex and Warren counties take effect at 6 p.m. and run through 2 a.m.
As temperatures remain near or below freezing across northern New Jersey this evening, precipitation will fall as freezing rain, particularly in Warren and Morris counties where a glaze to one-tenth of an inch of ice accumulation is possible.
The National Weather Service warns that even areas outside the advisory that remain near freezing at the onset of precipitation could experience localized icing, especially on shaded surfaces that have remained below freezing for more than 36 hours.
Temperatures will rise above freezing areawide during the pre-dawn hours Monday as a warm front lifts through the region, changing any remaining freezing rain to plain rain.
A brief break in the rain is likely prior to daybreak Monday.
The warm front will be quickly followed by a strong cold front Monday afternoon, bringing another period of rain that may be moderate in intensity at times.
High temperatures Monday will reach the upper 40s along the coast before the cold front passes, bringing high winds to the area.
The wind advisory for 16 counties runs from 10 a.m. Monday to 1 p.m. Tuesday. Just Bergen, Essex, Hudson, Passaic and Union counties are not under wind advisories.
“Strong westerly winds develop Monday with wind gusts up to 50 mph and a wind advisory has been issued,” the weather service said Sunday evening. “Some tree damage and power outages possible.”
Tuesday will be markedly colder with high temperatures struggling to rise above freezing even at the Jersey Shore.
Wind chills in the teens and low 20s are expected during the day.
Skies will be partly cloudy with continued gusty winds of 20 to 30 mph.
Wednesday brings slightly milder conditions with highs in the mid 30s to near 40 degrees, though it remains well below normal for late December.
The extended forecast shows below-normal temperatures continuing through the end of the week and into the New Year.
Thursday may bring a chance of snow showers as a weak cold front passes through, though accumulations are expected to be light.
Friday looks dry with highs in the low to mid 30s.
Another weather system may impact the area late next weekend, potentially bringing a mix of rain and snow, though forecast confidence remains low for that timeframe.
Current weather radar
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