Looking to put the brakes on inflation the Federal Reserve has announced a quarter-point hike in its key rate, with several additional increases to follow.
According to Rutgers University economist James Hughes, this begins a process that could have a profound impact on Garden State residents in the months to follow.
He said the quarter-point hike is a very modest increase but the Fed has indicated six more increases will be coming before the end of the year.
“They’ve confirmed that they are on a trajectory of rising interest rates and that inflation is a much bigger problem than they anticipated four or five months ago,” he said.