KBRA revises New Jersey’s credit outlook to positive, citing pension funding and budget discipline
New Jersey has secured another affirmation of its financial health, as the Kroll Bond Rating Agency announced a key upgrade to the state’s fiscal outlook. On Monday, KBRA revised the outlook on New Jersey’s General Obligation Bonds and related State Appropriation Bonds to Positive, moving up from its previous "Stable" designation. KBRA’s decision is in response to the state's work on tackling its unfunded public pension liability and establishing a durable budget surplus. The agency affirmed the state’s long-term General Obligation bond rating at A+. (BINJE)
Fed minutes: Most officials supported further rate cuts
Federal Reserve officials in September were strongly inclined to lower interest rates, with the only dispute seeming to be over how many cuts were coming, meeting minutes released Wednesday showed. The meeting summary indicated near unanimity among participants at the Federal Open Market Committee that the central bank’s key overnight borrowing rate should be cut due to weakness in the labor market. A slim majority, 10-9, expected two more cuts before the end of the year. (CNBC)
IRS will furlough nearly half of its workforce as the government shutdown enters a second week
The IRS will furlough nearly half of its workforce on Wednesday as part of the ongoing government shutdown, according to an updated contingency plan posted to its website. Most IRS operations are closed, the agency said in a separate letter to its workers. The news comes after President Trump and Congress failed to strike an agreement to fund federal operations, and the government shutdown has entered its second week, with no discernible endgame in sight. (The Associated Press)
Newark Liberty’s AirTrain to be replaced, finally
After years of delays and debate, construction is under way on a $3.5 million replacement of the AirTrain at Newark Liberty International Airport. Port Authority of New York and New Jersey said the new 2.5-mile AirTrain system – to shuttle passengers between terminals, parking lots, rental-car centers and NJ Transit’s Northeast Corridor line – will be faster, larger and far more efficient than the current system. Service expected to launch in 2030. (NJ Spotlight News)
NJ Chamber of Commerce Business Roundtable Series
Join us Oct. 21 for a discussion on the the state of transportation
Panelists from the private sector and state government will share updates on approved and proposed projects, as well as funding. The conversation will address challenges and opportunities that businesses face as they navigate the future of moving people and goods. Join us Oct, 21 at 8 a.m. in East Windsor. (N.J. Chamber of Commerce)
NJ Chamber of Commerce Legislator & Business Awards
Join us Oct. 22 as NJ Chamber honors 8 legislators, business leaders
The N.J. Chamber will recognize eight champions of business at its Legislative & Business Awards Reception on Oct. 22, from 5 to 8 p.m., at EisnerAmper headquarters in Iselin. Five legislators will receive the Chamber’s Legislator of the Year awards, while three business and community leaders will be honored for their commitment to supporting N.J.’s business community The evening will include ample networking with the honorees and guests. More info here. (N.J. Chamber of Commerce)
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