Biggest Rate Hike in Years Expected as Fed Tackles Inflation
The Federal Reserve is expected Wednesday to announce its
largest interest rate hike since 1994 – a bigger increase than it had previously signaled and a sign that the central bank is struggling to restrain stubbornly high inflation. The central bank is considered likely to raise its benchmark short-term rate by three-quarters of a percentage point, far larger than the typical quarter-point increase, to a range of 1.5% to 1.75%. It will also likely forecast additional large rate hikes through the end of the year. (The Associated Press)
Retail Sales in May Slip 0.3% Amid Surging Inflation
Americans cut their spending unexpectedly in May compared with a month before, underscoring how surging inflation on daily necessities like gas is causing them to be more cautious about buying discretionary items. U.S. retail sales fell 0.3% in last month, down from a revised 0.7% increase in April,
according to a government report released Wednesday. (The Associated Press)
Young Children are Finally on Deck to get COVID-19 Vaccines
After months of delays, federal officials seem poised to approve COVID-19 vaccinations for a population that has lacked any immunization options to date: children 6 months to 5 years old. A panel of vaccine experts is scheduled to review data Wednesday on
products by Pfizer and Moderna that drugmakers say are safe and lower the risk of infection, hospitalization and death in young children. (NJ Spotlight News)
International Workers are Back in Force at the Jersey Shore
Over the last two summers, Morey’s Piers and Beachfront Water Parks in Wildwood struggled to keep everything open with access to far fewer J-1 workers than in other years. Now they’re back to pre-pandemic levels of staffing, with a third of their seasonal jobs going to
international students on J-1 visas. (NJ Spotlight News)
Airline Bookings Dip as Fares Keep Rising, Research Firm Says
Airline fares have jumped 47% since January and remain higher than they were before the pandemic, which could be leading to a slowdown in the number of seats airlines are booking. Bookings for flights within the U.S. fell 2.3% in May compared with April,
research firm Adobe Digital Insights said Tuesday. The value of those sales rose 6%, however, to $8.3 billion, because of price increases. (The Associated Press)
Amtrak to Increase Speed on Acela Line in the Garden State
A 16-mile segment of track between New Brunswick and South Brunswick will accommodate speeds of up to 150 miles per hour,
Amtrak announced Tuesday. These speeds are as fast as any train in North America, and match top speeds on rails in parts of Massachusetts and Rhode Island. (ROI-NJ)
RESCHEDULED: N.J. Chamber's 'Helping Small Business Grow' Webinar Series
Rescheduled to June 21 at 9 a.m.:
How Small Businesses Can Cope with Inflation
Find out what you can do to manage the challenges of an inflationary economy with guest speaker Tom Sullivan of the U.S. Chamber of Commerce. For more information and to register for this free webinar on this new date, June 21,
click here. If you have already registered for this webinar, you have been automatically re-registered for the new date and time. (N.J. Chamber of Commerce)
