Business Report: Interest rates rise, high demand for property-tax relief program | Video

Interest rates are moving higher again, resulting in increased borrowing costs for consumers. Interest rates on credit card debt, home equity and car loans will rise now that the Federal Reserve is hiking rates by another 0.

75%. Chairman Jerome Powell says the Fed will continue to raise rates to tamp down inflation, which is at a 40-year high.

A new forecast from the Fed points to anemic economic growth and an unemployment rate rising to 4.4% by next year.

There’s quite a bit of interest in New Jersey’s new Anchor property-tax relief program. Residents who are looking for information say they aren’t able to get through on the phone.

The state’s Treasury Department said the information hotline is experiencing “incredibly […].

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