bronx

The Federal Reserve decided to pause its rate-hiking campaign to see how the economy responds. 

Brooklyn

BK | Weather

BKFORECAST

Before 10 tomorrow night. And for anyone thinking of heading to midtown and taking that in, in person, you best be bundled up. Yeah, it is going to be brick. So hopefully you guys can bundle up, try to stay warm and you know, this is what you need to wear, stepping out the door tomorrow morning, you know, temperatures are gonna be in the upper twenties to start 40 degrees by the afternoon. But you're still gonna need the heavy coat, the air muffs hat, the Uggs, the tins, you need it all because of those winds. It's still going to be whipping out of the west near 1525 MPH. So this is where the morning is starting and this is where we're going throughout the day. So as you're standing on the platform, just make sure that you bundle up and try to stay warm again. The gloves will do you some good tomorrow evening is where temperatures begin to, you know, still remain very cold, but the winds won't be too much of an issue. Lighter winds out of the west 5 to 15 MPH. Thursday, the pick of the week lots of sunshine to enjoy so chilly with temperatures in the upper forties, but at least for seeing the forties, that's going to be a welcome sight by our Thursday with lighter winds. Now, looking ahead to our Friday, that's where we start to see the chance for some wet weather pushing through Friday afternoon, lingering into evening, catching a break on our Saturday, but can't rule out stray showers still trying to fine tune the timing of this storm. But a bigger storm system, it is gonna give us more steadier rainfall throughout the day on our Sunday and even leading into Monday. And it is gonna take us into an unsettled weather pattern through early next week, which is gonna be the first full week of December temperatures in the fifties. But then we got some wet weather to deal with.

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Weather

New Jersey

NJ Weather Stories

Weather stories

NJ | Weather

NJFORECAST

Do. And that's going to be an issue when we were waking up tomorrow morning where we are going to be looking at a wind chill that is going to be hovering between, let's say 12 to about 18 above. That's what you need to be dressed for prepared for at the bus stop in the train station, getting you wherever you're going, the winds are slowly beginning to settle down, but occasionally we see a gust of 2025 miles an hour, the wind direction is still west north westerly. So that's bringing in that cold air. Tonight is going to be the coldest of the air that we've seen so far looking for widespread temperatures in the lower twenties. There might be an isolated town in the ice box up towards Sussex County that potentially gets down to about 17 or 18. And if that happens, then, you know, with the wind, it feels even colder. But I think a good starting point for tomorrow morning will be the low twenties, the winds feeling like 1213, 1418 degrees. And again, like I mentioned, that's what you should be prepared for. We're sitting at 32 dropping down into the mid twenties. Our skies are clear. There's just a few clouds around, but overall the atmosphere is beginning to dry out and cool off. We still have that lake enhanced snow machine still going out towards Western New York. Uh The, the video and the pictures that I saw from Orchard Park earlier today, you know, 68, 12 inches of snow accumulating out there. They're used to it. It's the lake and hand snow. We saw some flurries here in New Jersey. Nothing accumulated. Really. Things are quiet but there's a clear to a partly cloudy sky overhead. The cold air continues to plunge southward making it all the way to the Gulf of Mexico. So when the winds eventually change direction become south westerly, we're still dragging cold air and moving it up the east coast. So it takes a while before the temperatures begin to modify back to where they should be. And that happens by the weekend. So it's clear and cold for tonight for tomorrow. We're looking for daytime, high temperatures to barely get to 40 some recovery here for Thursday and Friday. But we see an increase in cloud coverage. And right now I'm thinking late Friday afternoon, we start to see the rain start, becomes a little bit more organized Friday evening into early Saturday morning before quieting down for the second half of the weekend. More details on that coming right up. Cabin chaos. How one man tried to get off a plane and three things to know.

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Westchester

WC | Weather

HVFORECAST

And speaking of the weather getting colder. One of those days, Addison, where I think, you know, the moms out there say put your coat on so you don't catch the cold. Right? Moms always know. Right. They always know when the kids are always like, I'll be fine. Beauty, overpaid beauty. Where's that scarf? Where's that glove? I gave you. It's fine. I forgot it. Whoops. Well, with these temperatures, Addison, I think they'll have to listen to their moms. Yeah, definitely. So, especially for those morning hours. If you feel like these kids may be wanting to like toss up a year or two in the afternoon. I was just feeling better. The sun is shining but still that temperature trend is running cooler than average. You don't wanna get sick out there. So don't forget the jacket scarf and hat before you step out the door. Midweek, we continue to stay cold but thankfully less wind coming around. So it does make you feel a little bit better over time. But then we head into Friday and going towards the weekend watching those rain chances on the rise. Cameras still shaking a little bit right here. Looking across, of course, towards the Como Bridge where during this hour we're sitting at 30 degrees. Feels like 21. The winds have backed down from about 20 plus prior to around 10. But nonetheless, it's that feel like temperature. We're all across the board. We're feeling subfreezing to feel about 19 degrees in New Bern and 25 degrees in the Kingston area. So, moving forward throughout the overnight hour time frame, you'll watch these temperatures cool down to the upper twenties. All the while those skies are clearing out winds continue to back down over time. But we're watching this cold Canadian air surge on down from the north, pushing on in past the cold from the pass by earlier on today, that did allow some light snow showers to come. I'm on in from the Great Lakes and thankfully though didn't really make it past the Catskills, but we did see a few areas like Westchester County seeing a few flurries flying around. So towards tomorrow morning, we got 60 degrees for a feel like temperature in Newburgh, 20 in New City, you'll watch those numbers move up in the afternoon hours, but you'll notice everyone's still feeling very frigid. No one's making out of the mid to upper twenties for feel like temperatures from Thursday morning, we can see those temperatures getting a little bit better and then by the afternoon hours still building on a slow surplus of warmth trying to come up there wet now going in past Thursday into Friday, we have an air flow pressure pushing in towards the region. It's gonna be giving us rain shower changes. There is some pink out there in the cats heels, but I think it's few and far between. We see any actual mix coming on in just rain coming on down as those temperatures continue to move up above average high. So we're noticing that our temperatures are feeling a little bit better out there heading in towards the weekend and then you move on in past Sunday to Monday. We do see those numbers unfortunately cooling down as we head into the first night of Hanukkah next Thursday.

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Hudson Valley

HV | Weather

Long Island

LI | Weather

LIFORECAST

The worst of it, the coldest and then temperatures will start to get a little bit warmer and the breeze will die down. So we have this bitter blast in place, bitter blast in place for one more day. In the morning. We're at 27 at the bus stop. It's going to feel more like 15. So you just bundle up, at least it's dry. The sunshine helps in the afternoon. We make it to 40 for most of the day. It will feel like the twenties with the strong winds, we still have winds gusting close to 30 in some spots. Right now, you the strongest winds are tonight and then by tomorrow morning they get a little bit better. The wind will be shifting more to the west, southwest. Eventually that will allow our temperatures to get a little bit warmer. 6 a.m. 29 in Glencoe feeling like 2129 in Southampton feeling like 20. And you see the afternoon, we barely get to 40 in most spots. And throughout the day, wind chills are in the twenties. So it's another cold one just like today, we have a little bit more in the way of sunshine. And then Thursday we start to warm up clear skies overnight. No more flurries around more of a southwest wind. Thursday is my pick of the week for lots of sunshine. It will be a beautiful seasonable day. On Friday, clouds are going to move in and we have rain for the evening. So Friday afternoon, Friday night, it's raining a break on Saturday. We're in the fifties for the weekend and showers will return through early next week. It's unsettled. We'll get back to a breeze and some chilly weather for the middle of.

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Bronx

BX | Weather

BXFORECAST

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Connecticut

CT | Weather

CTFORECAST

Powers. I did not agree to this bitter blast. I don't think many of us did actually. I mean, this is the coldest air that we've seen. You know, we've had a couple of cold nights already, but this is, it, temperatures are dropping into the twenties and we still have some wind chills. So that's the issue. A few more cold mornings ahead. But notice the difference for Thursday, we're near freezing and Friday finally above freezing for that morning commute. So tomorrow is going to be the hardest day to get through. Make sure you are nice and warm, make sure the kids are nice and warm at the bus stop in the morning. Temperatures near 27 but it's about 10 degrees colder with the winds. That's how it's going to feel and it's cold all day long. It's brisk and chilly throughout the afternoon. Temperatures don't even break 48 degrees. Now, with those winds sticking around, we're going to have a trash cans knocked over again and you know what mine was knocked down this morning. So there's a good possibility of tomorrow's your trash pickup day. They could be knocked over. Nothing stronger than that, luckily the winds will continue to simmer down. But heading into the morning, they pick back up again and into the afternoon. The only difference tomorrow is that they start to turn westerly and this is a sign that warmer air will be coming our way, especially by Thursday, they go southwest. So we still have a breeze but it's all hinging on the direction that the wind is coming from. And right now those winds are coming down out of the north and that is the cold air direction. We have some festive flakes, flurries and snow showers today. And there's a small risk we could see a little bit more for tomorrow. But really, I think most of that came through with that front passing by the coldest air is here now and then it's on the move. By the time we get to Thursday, milder air returns, temperatures get back on track and it's actually going to be normal if not above normal as we close out the week. Now, tomorrow there will be some sun and some clouds on the way, but that sun is going to do very little to warm us up. So make sure you are prepared. I have much more on what to wear. And those morning temperatures coming up shortly, I also have that 10 day and that's a look at your forecast.

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0626BeWellMartyMoneyInterestRates_2023-06-26-09-35-36

Money with Marty: The Fed hit pause on raising interest rates. What does that mean for your wallet?

Time now for your money with Marty. After raising interest rates 10 times in a row, the Federal Reserve decided to pause its rate hiking campaign to see how the economy responds. So the big question is, how will we all be affected? So here with the answer is Marty can CPA and economic development. And so I know you weren't surprised, this is exactly what you kind of thought, Jerome Powell and the fed was going to do. Yeah, look, the time is right to just to see how the, uh uh what their policies are impacting. Although we know that the data uh is really inconclusive at this point, there are a lot of anomalies coming out in the data. You know, the fact is that we're creating jobs, but the jobs that we're creating are really replacing the ones who have been retired. You know, we, we have the highest increase in unemployment from 3.4 to 3.7 as a percent since before, the pandemic was over 10% increase in unemployment. But on the other side, employers have increased the amount of posted jobs from 9.6 million to over 10 million about 10.1 million when they dropped 2 million over the earlier part of the year. So those inconsistencies are really causing concern with the FED. And I think it's more not so much of, let's see how the impact of our policies are, but let's try to get a trend that we can deal with. Right. And so far the trends are really inconclusive. I mean, we have CPR consumer Price index and the producer price index, which is really the wholesale prices, they're both at the same level about 5% and they keep on fluctuating up and down. So there's no steady firm data out there to say where we are, we still the FED still wants to get down to 2% benchmark for inflation. We have businesses, the net income has been dropping for the past two quarters and it's expected to go negative in, in the the second quarter of this year. Gross domestic product is dropping. So something is happening that their policies are impacting. However, the the the underpinnings when you peel away the onion skins to find out what's really going on in the economy. I think the FED is, is having has to get more data in order to make a correct uh uh a correct decision because when you take a look at that core inflation, so you take out the food, you take out the energy, it's not really cooling off quite enough. So he really, you know, General Powell really left the door open for the possibility of another rate hike at the July meeting. Oh, I definitely believe there's gonna be rate hikes and I definitely believe my thinking is that it probably go up in July. Uh, we are not, we're gonna be in this inflationary economy going into the presidential election year. The bad news for the candidates is we could, we could tip into recession and that's what he doesn't want. Right. Once, once the jobs posting come back down and businesses stop hiring, then we can go into a recession. And that's something that Powell really, really wants to avoid. Absolutely. And we know this affects everybody at home when it comes to their mortgages, when it comes to their credit cards, when it comes to their car loans. Yes. Right now, you know, home sales are, are, are decreasing and the prices are coming down however, because of the lack of inventory because people can't afford to sell a house and then buy another one because, because right now there's a lot of people sitting with 3% mortgage loans and now they'd have to be paying close to seven if they go somewhere else. So the inventory is low. Housing prices are still high, you know, and, and that's going to impact, you know, with the mortgage is food. Same thing. Get transportation. Uh, uh, the only good news is that the, uh, gasoline costs are low and the transportation costs are low to keeping food prices from skyrocketing. But let's talk about consumer spending. It doesn't, you know, it seems like people are still out there and spending money. Well, they are and that's why, I mean, we keep on talking about the, the, the 17 trillion in consumer debt in the last quarter. We keep on talking about that. Yeah, people are still spending and it's not because they have money because you've got a four percent raise, the average raises. But inflation is 5%. So, in effect, the real income that you get is zero. But people are now spending and they're using their debt. And that's the only thing that's really, uh, the economy because retail and consumerism is 70% of the economy and, and unless that gets curtailed and ratcheted back and that's what the fed wants to do, we're still gonna have this over heated economy with too many dollars chasing too few goods. But when it comes to making a budget, anybody that has those student loans, they're not going to be able to be spending money the way they were because they're going to have to start to pay those back. They're going to unpause that. Yeah, there's 43 Americans who have 43 million, 43 million Americans who have, who have student loans, uh, 20 Americans, 23 20 million Americans. I'm sorry, could be impacted by, by the pause in student loan payments, you know, and and the uh the forgiveness that the president wants to bring in. But the big news is is that 43 million people are gonna have to adjust their family budgets uh to, to accommodate repaying those student loans. And that starts in September. Right. Marty, thank you as always for always having such great information for us. 43 people, 43 people. Right.

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