As expected, the Federal Reserve has raised interest rates a quarter of a percent — the first raise since 2006.
The increase will probably raise short-term borrowing rates slightly for credit cards and home equity loans, but rates for auto loans, mortgages and college tuition should not go up anytime soon.
“Interest rates are so low today, gasoline prices are so low today that this could possibly just nudge things up just a tiny bit, but I don’t think that’s going to cause any severe hardship for New Jersey families,” said James Hughes, the dean of the Edward J. Bloustein School of Planning and Public Policy at Rutgers University.