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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New Jersey
2028 New Jersey ATH has ‘great experience’ on visit to Syracuse
In November, 2028 ATH Jaisier Gray received his first Power 4 offer from Syracuse.
The offer added to a list that includes Temple and Delaware State, and the Orange have been in consistent touch since then. Gray got a closer look at Syracuse on April 9 for spring practice, and it was a chance for him to get to know the program better.
“The visit was an all around great experience,” Gray said to The Juice Online. “Not because we were in the college practice facility. But being able to interact with players and coaches and experience meetings first hand.
“Then to be able to see the competition and the love shared between the players pushing each other to be better and strive for greatness, was the best way for recruiting. This allowed for me to get a real feel to how the next level operates and being able to mentally prepare myself for when the time comes.”
Gray gets to know the SU staff better
Among the coaches he got to meet with was defensive line coach John Scott Jr.
“We spoke about how he got to evaluate my film,” Gray said. “We also talked about me coming back up to Syracuse to their big man camp so he could get the chance to teach me in person. Not only that but we also spoke about so factors that helped me gain weight since the last time I visited and what am I doing in the offseason to develop my skills as a player.”
Gray also appreciated seeing the culture of the Orange.
“I found the program really strong minded and influential,” Gray said. “The determination to make their players the best, not only athletes but people they can be. This action invites a very mentoring aura to it. They are very family oriented with a lot of coaches and players sharing great bonds, with common knowledge and experience.”
Gray respects D.A.R.T.
Among the culture at Syracuse includes head coach Fran Brown’s mantra of D.A.R.T. (detailed, accountable, relentless, tough).
“I respect it due to me being an athlete who takes my sport very serious, D.A.R.T. is the type of mindset that coaches love and players who want to be great but into,” Gray said. “Being Determined, staying Accountable, playing Relentless, and showing how you’re Tough is the way to play. This ideal eliminates the “losing mentality” and keeps you locked in and working always.”
As a result, Gray thinks highly of his SU offer.
“I felt extremely honored but worthy at the same time,” Gray said. “I knew that this accomplishment was a blessing but it was earned through hard work and dedication. Not just in the field and making plays as a young star but also studying and making sure my grade are up to par.”
His Indians team went 6-3 in the 2025 season, and he’s looking to show this fall that he’s continued his improvement.
Gray is a two-way, two-sport athlete
“My 2025 football season was a big step for me,” Gray said. “I showed a lot of growth, both physically and mentally, and I feel like my game slowed down in a good way, I was reading plays better and playing more confident. I had some strong moments, but I also saw where I need to improve, especially in consistency and finishing plays. Overall, I’d say it was a solid season, but not my peak yet. It motivated me to lock in even more, because I know I can take it to another level.”
The Newark (NJ) Weequahic athlete is a two-way player who plays both offensive and defensive line, but he is being recruited on the defensive side of the ball. He is also a two-sport athlete, excelling on the basketball court with his 6’7” 250-pound frame.
“I’m the type of player who plays fast, strong and disciplined,” Gray said. “I take pride in every play throughout the game, no matter where I’m positioned on the line. I’m a very physical and high motored kid who can play both inside and outside setting the edge.
“I try to outwork anybody and be the best at all times, but also staying humble and knowing there’s something ti learn and someone’s who’s better than me. Being naturally gifted with length I use these strengths to my advantage and focus on my technique. Overall I’m a versatile lineman who can do the dirty work, be a leader( by example or verbally), be accountable, and still impact the game positively when my number is called.”
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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)
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