Cuts

With California Under Fire Over Budget Cuts, Mismanagement, How is New Jersey’s State Fire Budget?

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TRENTON, N.J. — As a recent increase in forest fires continues to intensify wildfire risks across New Jersey, the Murphy Administration’s 2025 budget presents a mixed approach to funding wildfire prevention and response efforts. While some programs have received increased financial support, others have faced significant reductions, raising questions about the state’s long-term preparedness for escalating wildfire threats. With California Governor Gavin Newsom’s recent handling of the Los Angeles wildfires and claims of mishandling resources and services, we took a quick dip into New Jersey’s forest fire financing and budget. Here’s what we found. Overall, New Jersey Governor Phil Murphy,

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Toms River Cuts Ties with EMS Company Amid Investigation

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TOMS RIVER, NJ – Toms River has cut ties with Silverton EMS, a paid squad, amid a criminal investigation into financial misconduct allegations. These allegations, involving potential criminal financial irregularities, were presented to the Ocean County Prosecutor’s Office by township officials. Mayor Dan Rodrick emphasized the necessity of this action, assuring that it will not compromise the township’s EMS services. Silverton EMS has been under scrutiny for financial issues spanning over five years and three administrative periods. The firm, which transitioned from a volunteer squad to a paid service over a decade ago, operates as a non-governmental entity and charges

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New Jersey Education Cuts Leads to Forced Closure of Elementary School

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JACKSON, NJ — The Jackson Township School District is facing the harsh reality of having to sell Sylvia Rosenauer Elementary School, a vital educational institution in an underserved community, due to significant reductions in state aid. This decision comes as a direct result of financial pressures exacerbated by ongoing state mandates and a substantial decrease in funding under Governor Phil Murphy’s administration. Governor Murphy has advocated for the consolidation of school facilities across the state as a cost-saving measure, suggesting that districts with multiple schools reduce their numbers to manage budgets more effectively. “You got three high schools, you should

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Toms River Cuts Ties With EMS Firm Under Investigation for Financial Irregularities

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TOMS RIVER, NJ – A Toms River paid EMS squad is again in the spotlight over lingering financial irregularities discussed in public and private for more than five years across three administrations. Now, the controversy has heightened after allegations of financial misconduct have been brought to the Ocean County Prosecutor’s Office by township officials. The Township of Toms River has officially halted its relationship with Silverton EMS amid a criminal investigation over allegations lodged by the Township with the Ocean County Prosecutor’s Office. According to Mayor Dan Rodrick, the action was necessary and will not impact the quality of EMS

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New Jersey School Districts Selling Off Schools, Even Trees to Make Ends Meet Under Murphy Cuts

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JACKSON, NJ – New Jersey Governor Phil Murphy touts his new S2 school funding formula as a major success that fully funds education in New Jersey. However, it’s also forcing some districts to fire teachers, cut programs, and sell schools that have served communities for generations. One school district is resorting to digging up and selling the trees off their campuses. The state is ignoring that as communities like Jackson grapple with the new one-size-fits-all funding formula, it is decimating their public school systems. In nearby Toms River, it was also announced that the district has even resorted to selling

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New Jersey School District Sues State and Governor Over Crippling State Aid Cuts

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TOMS RIVER, NJ – The Toms River Regional Schools District is taking legal action against Governor Phil Murphy and the state of New Jersey due to significant funding cuts that have drastically impacted the district’s financial health and educational services. Superintendent Michael J. Citta has outlined a harrowing scenario where the district, described as the most cost-efficient in New Jersey, faces bankruptcy due to a cumulative loss of $137 million over seven years attributed to the state’s funding formula and the S2 legislation. According to Superintendent Citta, Toms River has exhausted all financial avenues to mitigate these cuts, including maximizing

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New Jersey Governor Murphy’s School Funding Formula Blamed for Drastic Cuts, School Closure

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JACKSON, NJ – The S2 funding formula, a secretive formula known only to insiders within the administration of Governor Phil Murphy has devastated the educational system in Jackson Township, cutting state aid to the district in half. Instead, that money is going to fund school districts like Newark, where a school gym was recently rented out for a racy twerking basketball tournament called “All Dat Azz”. Meanwhile, in Jackson, students are facing a school closure, cuts to educational opportunities, and cuts to school sports. It’s no secret who many are blaming for this, but the ultimate blame lies within the

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New Jersey Newspaper Cuts Weather Team as Industry Downsizing Continues

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NEW JERSEY—As the legacy newspaper industry continues to struggle, meteorologist Joe Martucci says another round of layoffs in New Jersey has signaled the end of the Press of Atlantic City’s weather team. After over six years of delivering weather updates and engaging with the community, meteorologist Joe Martucci and his team at The Press of Atlantic City have been let go, following a team restructuring. Despite the changes, Martucci is not ready to leave meteorology or his connections with the New Jersey community. Martucci expressed his gratitude for his support, highlighting the various ways people have engaged with his work—whether

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Slower wage growth needed for euro zone rate cuts, ECB’s Knot says

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AMSTERDAM (Reuters) – The European Central Bank (ECB) will need to see proof of slowing wage growth in the euro zone before interest rates can be lowered, ECB governing council member Klaas Knot said on Sunday. “We now have a credible prospect that inflation will return to 2% in 2025. The only piece that’s missing is the conviction that wage growth will adapt to that lower inflation”, the Dutch central bank governor said in an interview with Dutch TV program Buitenhof. “As soon as that piece of the puzzle falls in place, we will be able to lower interest rates

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Money market funds keep growing despite expected Fed cuts, JPMorgan strategists say

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By Lewis Krauskopf NEW YORK (Reuters) – Assets in money market funds are rising to start the year, challenging some expectations that investors are set to pour cash on the sidelines into stocks and fixed income, JPMorgan strategists said on Thursday. So far this year, taxable U.S. money market fund (MMF) balances have increased by $75 billion, JPMorgan fixed income strategists led by Teresa Ho said in a note. By contrast, such funds have seen seasonal outflows at the start of the year in general over roughly the past decade, the strategists said. The rise in assets is “challenging the

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Tesla price cuts, delivery plan and CEO pay in focus ahead of results

Reuters0

By Akash Sriram (Reuters) – Tesla’s profitability and deliveries will be on top of investors’ minds when the world’s most valuable automaker reports results on Wednesday, days after sharp price cuts and announcement of a production pause at the Berlin factory. Falling prices of battery materials are expected to let Tesla show a slight rise in profit margin from the previous quarter. But it will be down sharply from a year ago, and pressure is rising after price cuts in Asia and Europe and rising costs from ramping up Cybertruck production. Chief Executive Elon Musk has signaled he wanted more

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ECB must not jump the gun with rate cuts, Finland’s Valimaki says

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By Anne Kauranen and Balazs Koranyi HELSINKI/FRANKFURT (Reuters) – The European Central Bank is making progress in lowering inflation to 2% but needs more evidence before rate cuts come on the agenda and policymakers should wait “a bit longer” rather than move prematurely, Finnish policymaker Tuomas Valimaki said. The ECB ended its quickest interest rate hike cycle in September and with inflation now slowing, the topic of policy easing is creeping up the agenda, though investors and policymaker differ greatly on the timing of the first move. “It’s better to wait a bit longer than doing a premature exit from

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Wells Fargo Investment Institute bets on rate cuts, lifts 2024 S&P 500 target

Reuters0

(Reuters) – Wells Fargo Investment Institute (WFII) boosted its 2024 year-end target for the S&P 500, citing an improved economic outlook and expectations of interest-rate cuts through the year. The institute expects the index to end the year in the range of 4,800 to 5,000, against the 4,600 to 4,800 range forecast earlier. It expects the U.S. Federal Reserve to start easing interest rates in a “restrained” manner by mid-2024, with three cuts through the year, bringing the Federal funds rate to between 4.50% and 4.75%, WFII said in a note on Tuesday. WFII expects the U.S. economy will grow

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U.S. natgas producers seek to balance production cuts, demand rebound

Reuters0

(Reuters) – The longer natural gas prices stay lower in 2024 and drilling and related activity pulled back, the market could overshoot to both the downside and upside next year as it seeks to find an equilibrium, EQT’s financial head Jeremy Knop said. U.S. natural gas futures ended 2023 with the biggest percentage decline since 2006 due to record production, ample inventories and a mild winter. There is the risk of over-hedging causing the company to miss out on higher prices that would come when demand picks up, Knop told the Goldman Sachs Energy, Clean Tech and Utilities conference in

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Bond investors may be betting too aggressively on 2024 rate cuts, says BlackRock

Reuters0

By Davide Barbuscia NEW YORK (Reuters) – A year-end rally in U.S. government bonds has potentially limited further gains in some Treasury maturities, said Rick Rieder, chief investment officer of global fixed income at BlackRock, the world’s largest asset manager. U.S. Treasuries have bounced back from a severe sell-off over the past two months on expectations the Federal Reserve will start cutting interest rates next year as inflation cools and the economy slows. But market bets that the Fed will trim rates by 150 basis points starting as soon as March are overdone, Rieder said in an interview. The Fed’s

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Morgan Stanley’s outgoing CEO says markets will take off after rate cuts- FT

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(Reuters) – Morgan Stanley’s outgoing CEO James Gorman said financial markets will “take off” once investors are sure the Federal Reserve has finished raising interest rates, the Financial Times reported on Friday. “The shock of the rate increase recently has put a damper on banking deals (and) capital markets deals. And that is (because) everybody doesn’t really know what their cost of financing is,” Gorman told the FT. “The minute the Federal Reserve has concretely signalled that they’ve stopped raising rates, let alone the point at which they first do a rate cut, these markets will take off,” he said.

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Analysis-Job cuts, lean bonuses loom over Europe’s bankers in 2024

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By Sinead Cruise, Iain Withers and Lawrence White LONDON (Reuters) – A mix of global economic unease and geopolitical uncertainty means optimism is in short supply among bankers from the City of London to Frankfurt’s ‘Mainhattan’ financial district. Even rainmakers renowned for seemingly conjuring deals from nowhere are struggling to see ways to work their magic and drag investment banking revenues out of the doldrums. Finance executives, consultants and headhunters interviewed by Reuters predict subdued deal flows, modest bonuses for most and heavy job cuts in 2024. “2023 will ultimately be one of the lowest corporate finance fee pools in

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Mexico central bank governor eyes rate cuts, but not before 2024

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MEXICO CITY (Reuters) – Mexico’s central bank governor said in a newspaper interview published on Monday that easing inflationary pressure meant the Bank of Mexico could start looking at gradually cutting its key interest rate, but that it was unlikely to happen this year. Governor Victoria Rodriguez told newspaper El Financiero the bank would begin lowering rates once macroeconomic conditions allowed, noting: “We do not see that for the rest of this year.” She was speaking after Banxico, as the monetary authority is known, last week held its benchmark interest rate at 11.25%, and forecast it would likely stay at

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Jackson Council President Endorses Phil Murphy’s School Budget Cuts, Says No To Referendum

Phil Stilton0

JACKSON TOWNSHIP, NJ – The Jackson Township School District needs to cut staff and reduce costs. That’s the message provided by Jackson Council President Nino Borrelli at Tuesday night’s township council meeting. Borrelli, a state worker who serves as the council liaison to the Jackson Township Board of Education, said he refuses to meet with school officials to discuss the issue. He urged residents to vote no on Tuesday to a $4 million budget referendum that aimed to restore money cut from years of budget cuts at the hands of Governor Phil Murphy’s school funding formula. Officials at the Jersey

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Bond rout won’t end Fed balance sheet cuts, but endgame bubbling into view

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By Michael S. Derby NEW YORK (Reuters) – The bond market tumult that has sent real-world borrowing costs surging is unlikely to deter the Federal Reserve from pressing onward with shedding nearly $100 billion of bonds each month from its $8 trillion balance sheet, analysts say. That’s because even as yields have surged and sparked new fears over a potential recession, the move has been relatively orderly even if it’s been outsized. Key measures of bond market volatility and liquidity are not flashing the warning signs they did just this past spring when Silicon Valley Bank failed and forced the

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Oil to drift lower as slower growth offsets OPEC+ cuts: Reuters poll

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By Rahul Paswan (Reuters) – Oil prices will stall this year as weak economic growth is expected to curb demand and offset the impact of OPEC+ production cuts on supply, a Reuters poll showed on Monday. A survey of 37 economists and analysts forecast Brent crude would average $81.95 a barrel in 2023, down from June’s $83.03 consensus and current levels of around $85. Brent was forecast to average $83.67 next year. The global benchmark has averaged around $80 so far this year. U.S. crude was seen averaging $77.20 a barrel in 2023, down from the previous month’s $78.38 forecast,

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Chile to start rate cuts, signaling more across the region

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By Fabian Cambero SANTIAGO (Reuters) – Chile is expected to cut its benchmark interest rate on Friday, the first major Latin American economy to do so since a wave of hikes to contain surging post-pandemic inflation, in a likely sign of loosening monetary policy in the region. Chile and most major Latin American economies hit decades-high inflation last year, leading to aggressive monetary policy tightening that might finally be reversing as price hikes have slowed across the region. Yearly inflation in Chile, which saw one of the region’s biggest post-COVID price spikes, has dropped to 7.6% from a peak of 14%

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How the Fed hid a rate hike in its rate “cuts” for 2024

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By Howard Schneider WASHINGTON (Reuters) – The outlook from U.S. Federal Reserve officials at their meeting this week sees interest rate cuts beginning next year, relief, it would seem, from the ratcheting up of borrowing costs that has been underway since the spring of 2022 and left consumers and businesses grousing about their mortgages and bank deals. But coupled with the anticipated path of inflation, those projections actually indicate monetary policy will grow more restrictive through 2024 on a “real” or inflation-adjusted basis. That means financial conditions may not become as freewheeling as the headline rate numbers suggest. It’s a

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‘Historically Inaccurate’: Bob Good Clashes With MSNBC Host Over Trump Tax Cuts’ Impact On National Debt

The Daily Caller0

‘Historically Inaccurate’: Bob Good Clashes With MSNBC Host Over Trump Tax Cuts’ Impact On National Debt Harold Hutchison on May 23, 2023  Republican Rep. Bob Good of Virginia clashed with MSNBC host Katy Tur Tuesday over the Trump tax cuts and the debt ceiling. “Let me ask you about taxes, raising taxes. I know you weren’t in Congress for the Trump tax cuts and that bill, but according to the CBO, that added $1.8 trillion over 11 years. That is a big addition to the national debt,” Tur said to Good. “Why would you not put taxes back on the

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Explainer-Tax cuts, balanced budget: What’s not in Republican McCarthy’s debt plan?

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WASHINGTON (Reuters) – U.S. House of Representatives Speaker Kevin McCarthy has floated a plan that would pair $4.5 trillion in spending cuts with a $1.5 trillion increase in the U.S. debt ceiling. His proposal does not include some of the more dramatic fiscal ideas floated by Republicans who control the House. Here are some possibilities that did not make the cut: WILL IT BALANCE THE BUDGET? Total U.S. debt has risen steadily over the past two decades as the government has not collected enough revenue to cover its costs. The $31.4 trillion national debt is now equal to 98% percent

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