A subtropical depression formed off the coast of New England on Monday night. This system is no threat to land. It will parallel the coastline in the coming days likely staying offshore of the Canadian Maritimes.
Just in case the system strengthens, Dolly is the next name. It will be the fourth named storm in less than a month into hurricane season.
Here is the text from the National Hurricane Center as of 4am Tuesday morning:
At 4:00 CDT, the center of Subtropical Depression Four was located near latitude 39.3 North, longitude 63.4 West. The depression is moving toward the northeast near 13 mph, and this motion is expected to continue for next couple of days with some increase in forward speed. Maximum sustained winds are near 35 mph with higher gusts. Little change in strength is forecast during the next day or so, with the system likely weakening and transitioning into a post-tropical cyclone on Wednesday. The estimated minimum central pressure is 1008 mb (29.77 inches).