Also: Izzo leaves PSE&G
Q. The Federal Reserve slammed on the brakes with a half-point increase in interest rates, the largest bump in a generation, and a promise of more to come. How is this strategy going to affect the mid-terms? How about the state budget?The Fed waited too long, and the last round of stimulus under Biden was unnecessary, doubly exacerbating our problem.
Q. Finally, an intriguing idea on climate from Ralph Izzo, the CEO of PSEG. He says the United States should turbocharge its production and export of natural gas as a cheaper substitute for coal, warning that we will lose the climate flight if the nearly 500 new coal plants under development globally are actually built. Izzo’s strategy would mean more fracking, more pipelines, and more investments in fossil fuels.
A note to readers: Mike and Julie are both deeply engaged in politics and commercial advocacy in New Jersey, so both have connections to many players we discuss in this column. Given that, we will not normally disclose each specific connection, trusting that readers understand they are not impartial observers. DuHaime, the founder of Mad Global Strategy, was chief political advisor to former Gov. Chris Christie, and has worked for Rudy Giuliani, John McCain, and President George W. Bush.
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