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.”
GET THE MORNING HEADLINES DELIVERED TO YOUR INBOX
New Jersey
Rising health insurance costs strain local government budgets in New Jersey
As the University moves to cut employee benefits amid rising healthcare costs, officials in the Municipality of Princeton and across Mercer County are confronting similar budget pressures. Mercer County has already taken steps to reign in spending on the state health plan.
The State Health Benefits Program (SHBP) for local governments, which is used by around 55 percent of New Jersey’s eligible employers, saw a 36.5 percent increase in cost last year, with further double-digit increases expected this year, pushing some entities to take their employees off the state health plan.
Mercer County, which contains Princeton, began pulling its employees out of the SHBP last year. In his budget address on March 26, Mercer County Executive Dan Benson said that the county worked with its unions to find a different, cheaper option with the same benefits. He added that the county will work with “other county agencies,” including the Mercer County Improvement Authority, to move more employees off the SHBP.
“Thanks to that partnership, we were able to reduce the expected increase in health care costs for active employees from approximately 31 percent over prior year cost to approximately 17.5 percent annualized,” Benson stated in the address. However, he noted that healthcare costs are rising significantly across the board, resulting in a $12.3 million cost increase overall.
In a statement to The Daily Princetonian, Theodore Siggelakis, director of communications and intergovernmental affairs of Mercer County, wrote that year-over-year SHBP cost increases have made the program unsustainable for both the county and the employees. “By transitioning to a new plan, we were able to reduce projected [healthcare cost] increases by 13 percent,” Siggelakis wrote.
The Municipality of Princeton is still on the SHBP, despite learning last year about the expected increase in the state plan premium. According to councilmember Brian McDonald ’83, an alternative private plan the municipality considered would have increased premiums by more than 20 percent, still significantly less than the recent 36 percentage point cost increase in the SHBP. However, discussions with the municipality’s police, fire department, and public works unions did not conclude in time to switch plans last year, according to McDonald.
“We are currently beginning the process of looking for an alternate health insurance plan for 2027, and if we can find one, we will begin conversations with the unions much earlier this year,” McDonald wrote to the ‘Prince.’
“In the case of health insurance, 36 percent this year. That alone, as you will see, is about $1.9 million higher than it was last year,” McDonald said at the March 23 Princeton Council meeting. “If we just pass that expense on to taxpayers, it would require a one-year increase of 6 percent. So we’ve had to work extremely hard and again make very challenging choices.”
At the March 23 meeting, the municipality’s Chief Financial Officer Sandra Webb shared that the current proposed budget would increase the municipal tax rate by 2.87 percent.
Although the municipality of Princeton remained on the SHBP this year, McDonald wrote that the “recent level of health insurance increases is totally unsustainable” in the long term. He added that if increases cannot be curbed, “there really are only two options: pass the increases at all levels of government on to taxpayers, who already pay some of the highest property taxes in the country, or reduce services and, potentially, staff levels.”
Princeton Public Library is also still on the state plan. The library is also facing challenges with its budget — in January, it shortened its hours by one hour each day due to increased operational costs. Currently, the library is seeking greater funding from Princeton municipality in the municipal budget and is in negotiations with the Princeton Council.
“As a public institution, Princeton Public Library has limited options for trimming our health insurance costs,” Jennifer Podolsky, executive director of the library, wrote to the ‘Prince.’ “We did eliminate the most expensive employee plans as a cost-saving measure last fall, and … trust me, we have explored every other coverage option available to us. The SHBP is still the most cost-effective.”
Princeton Public Schools (PPS) is not enrolled in the School Employees’ Health Benefits Program (SEHBP) — the SHBP plan for public schools — because of a cheaper cost offered by their private insurance plans. In a statement to the ‘Prince,’ PPS Superintendent Michael LaSusa wrote that the rising costs of health benefits are “largely passed on to the taxpayers through the local tax levy increase,” which is the focus of their current budget discussions.
At the district’s March 17 Board of Education meeting, LaSusa explained that the total premium increase for the SEHBP was 31.9 percent, including a prescription cost increase of 58.6 percent. Since PPS is privately insured, their projected total premium increase, including prescription costs, was 15.2 percent.
According to a March press release from the New Jersey Department of the Treasury, some entities with “lower-cost employees” who use fewer health services are switching to cheaper plans, leaving “higher-cost” employees to make use of the plan but with less premium revenues to cover the cost.
This exodus of lower-cost entities from SHBP has further increased burdens for employers still on the program. In a May 2025 report about the SHBP, the Treasury noted that, although the program was initially designed to offer “affordable, high-quality coverage to public employees,” the program is no longer financially viable partly due to declining enrollment.
This and various other factors, according to the report, “have created a self-reinforcing loop of premium increases and employer exits — what actuaries commonly refer to as a ‘death spiral.’”
It remains unclear how extensively University employees will be impacted by benefit cuts. In a memo about general benefits cuts in February, Executive Vice President Katie Callow-Wright and Provost Jennifer Rexford ’91 wrote that the University would be cutting employee benefits and limiting pay raises, citing “dramatically rising costs of medical and prescription benefits.”
They added that “forthcoming changes to the University’s benefits offerings” have been previewed, and that these changes were “made necessary by dramatically rising costs of medical and prescription benefits here and nationwide.”
Elizabeth Hu is a senior News writer, assistant head Copy editor, associate Data editor, staff Podcast producer, and contributing Features writer from Houston. She can be reached at exh[at]dailyprincetonian.com.
Oliver Wu contributed reporting.
Please send any corrections to corrections[at]dailyprincetonian.com.
New Jersey
New Jersey boardwalk crowned best boardwalk in USA TODAY 10BEST list
Spring fever heats up Seaside Heights beach and boardwalk in April
Warm weather draws crowds to the Seaside Heights boardwalk and beach on April 15, 2026.
Ready to take a stroll on the best boardwalks along the coast?
According to USA TODAY 10BEST Readers, the Garden State has three. Vistors planning to travel to Shore will bask in the golden days of summer at 3 of best boardwalks New Jersey has to offer where good food and fun meet.
The USA TODAY 10BEST Readers’ Choice Awards is an annual survey designed by panel of industry experts to nominate their favorite attractions across a wide range of categories in which 10Best editors nominate contenders to the public for a winning vote.
Three New Jersey beaches were voted on the list by readers. And here’s what editor’s said about Wildwood, Atlantic City and Point Pleasant Beach:
No. 1 Wildwood
Originally a 150-yard boardwalk at its inception in the 1890s, the boardwalk in Wildwood, New Jersey, now stretches for 38 blocks and is packed with shops, restaurants, bars, water parks, and an amusement pier featuring over 100 attractions.
This is the second year in row that Wildwood has topped the list.
No. 5 Atlantic City
The Atlantic City Boardwalk ranks among the most famous in the nation. Built in 1870, the boardwalk is lined with everything from high-end retailers to classic candy shops, casinos, and beach bars, all with ocean views.
No. 10 Point Pleasant Beach
Point Pleasant packs an incredible amount of fun into its mile-long boardwalk. Jenkinson’s Aquarium and Boardwalk Amusements are the crown jewels of this Jersey Shore venue, though there are classic arcade games, local eateries, an antique emporium, and plenty of gift shops too. The nightlife scene transforms the area into a colorful evening playground where visitors can enjoy live music, comedy shows, and fun bars and restaurants.
USAT 10BEST Readers’ Choice Public Spaces: Best Boardwalk
- Wildwoods Boardwalk (Wildwood, New Jersey)
- Kemah Boardwalk (Kemah, Texas)
- Ocean City Boardwalk (Ocean City, New Jersey)
- Carolina Beach Boardwalk (Carolina Beach, North Carolina)
- Atlantic City Boardwalk (Atlantic City, New Jersey)
- Venice Beach Boardwalk (Venice, California)
- Ocean Beach Park Boardwalk (New London, Connecticut)
- Santa Cruz Beach Boardwalk (Santa Cruz, California)
- Virginia Beach Boardwalk (Virginia Beach, Virginia)
- Boardwalk at Point Pleasant Beach (Point Pleasant Beach, New Jersey)
New Jersey
Dan Levy’s new Netflix comedy ‘Big Mistakes’ was filmed at these New Jersey locations
Filming Big Mistakes in New Jersey was no mistake at all.
The Netflix comedy series, which debuted earlier this month, has already hit the streaming service’s Global Top 10 English TV List, making it one of the most-watched shows out right now.
As per Netflix, the comedy series co-created, executive produced, written and starring Emmy winner Dan Levy, follows Nicky (Levy) and Morgan (Taylor Ortega), two deeply incapable siblings who are in over their heads when a misguided theft for their dying grandmother accidentally pulls them into the world of organized crime. Blackmailed into increasingly dangerous assignments, they clumsily fail upwards, sinking deeper into chaos they’re ill-equipped to handle. The dark comedy, which has only eight episodes, has a 79% on Rotten Tomatoes so far.
RECOMMENDED: Where was ‘Beef’ season 2 filmed? Behind the locations of the dark Netflix comedy
Set in the fictional New Jersey suburb of Glenview, the series was fittingly filmed primarily in numerous towns and cities in New Jersey, including Caldwell, Cranford, Franklin Lakes, Irvington, Jersey City, Union, Warren and Weehawken for a total of 40 filming locations. (The cartel storyline in Episode 7 was shot in San Juan, Puerto Rico, where its coastline and architecture doubled as Miami’s waterfront, luxury estates and yacht life.)
“I’ve really enjoyed shooting in New Jersey,” location manager Mia Thompson said. “We have quite a number of recurring locations that have all just been wonderful—not only the home owners, but the business owners, the towns, the local police, the local fire departments, the town clerks. It’s been a really great experience.”
More than 300 cast and crew and 500 vendors took part in the production. Ortega, who plays Morgan, is actually a New Jersey native and was surprised to film in her backyard.
“It was surreal getting to film in my home state,” she said. “I grew up in New Jersey and was obsessed with film and television and never thought I’d be returning home for such a major project and moment in my life.”
The show filmed the scenes at Morelli’s Hardware, run by Nicky and Morgan’s mom (Laurie Metcalf), at Edison Millwork & Hardware, a more than 50-year-old, family-owned hardware store in Edison.
“It’s one of the few mom and pop hardware stores that are left anywhere, really, so it was really great to find this location that fits very perfectly with our story,” Thompson said.
The show was also filmed at Wyoming Presbyterian Church in Millburn—the backdrop for Nicky’s day job as a pastor and his living space.
“We’ve utilized every inch of space of that church inside and out,” said Thompson. “They’ve enjoyed the experience just as much as we have.”
Other spots they filmed at include Deerfield School, Essex County Airport, Fosterfields Living Historical Farm, Hatfield Swamp, Springfield Municipal Building and the Crystal Inn in Eatontown.
“One thing about New Jersey is that it’s so diverse. The various neighborhoods offer different kinds of looks and aesthetics,” said Thompson. “You have everything that you could ask for.”
See Jersey in all eight episodes, streaming now on Netflix.
-
Crypto4 minutes agoCurrent price of Ethereum for April 22, 2026 | Fortune
-
Finance10 minutes agoGerman finance minister wants to scrap spousal tax splitting
-
Fitness16 minutes agoPut the fun back in your fitness routine with this 10-minute follow-along workout from The Curvy Girl Trainer Lacee Green
-
Movie Reviews28 minutes agoMiyamoto says he was surprised Mario Galaxy Movie reviews were even harsher than the first | VGC
-
World40 minutes agoNaomi Watts to Star as Ballerina Margot Fonteyn in Romantic Drama ‘Margot & Rudi,’ With WestEnd Films Selling in Cannes
-
News46 minutes agoCalifornia Candidates to Appear in First Major Debate After Swalwell
-
Politics52 minutes agoVideo: Virginia Voters Approve New Map Favoring Democrats
-
Business58 minutes agoOil Prices Rise as Investors Weigh Cease-Fire Extension