Finally, after many weeks of speculation, the Fed raised interest rates on Wednesday March 15 and also announced plans for further rate hikes, maybe as soon as June. In other news about the near future, you may find yourself driving around in a fancy new Canada Goose jacket in a rented Cadillac car from GM after the news this week. This comes after the Canadian winter clothes company went public on Thursday, to a receptive IPO market, and also after GM a new Netflix-like subscription model for renting Cadillacs.
Top 5 Stories From Last Week:
Canada Goose goes Flying: On Thursday March 16, the luxury winter jacket company Canada Goose went public, with stock prices jumping over 25% immediately after the launch. By the end of trading on Thursday, Canada Goose was valued at almost $2 billion with shares selling for over $16 per share at the end of the day. The retail price for one of their signature parkas costs around $900 – imagine how many shares you could now buy for that price!
At last! After many months of waiting, the Fed raised interest rates on Wednesday, as was expected. For those of you in the dark, the target base interest rate is the rate at which all other interest rates are based from, so an increase pushes up the interest you can gain on your savings. But before you go jumping for joy, it’s worth noting that the Fed was a little more cautious around future interest rate hikes, which caused some concern in the markets.
Trading Cars: In an interesting move from General Motors, the car company has unveiled a new subscription plan for Cadillacs called “Book by Cadillac”. It’s basically a Netflix for cars but will cost you a little more than your trusty tv subscription – prices for the on-demand service are $1,500 a month. However, the interesting new program, a one-of-a-kind in the car industry, allows users to trade different high-end Cadillac car models up to 18 times a year, and lets you to order a car on your phone to be delivered for you next day. Why decided on just one car when you can drive them all?
Not Ready for Hands Off: As much as we’d love for self-driving cars to be unveiled tomorrow, unfortunately it’s not quite time to take hands off the wheel just yet. This week Uber released a report detailing that pretty much every mile, humans had to momentarily take the wheel of the self-driving cars. Back to the testing labs with this one for now – the world would rather be safe than sorry.
Lab Chicken: Would you eat chicken grown in a lab? Perhaps we all will be soon! A food-tech startup based in the Bay Area, California announced this week that it had produced the world’s first chicken strips in a lab. The process uses animal cells and doesn’t require any live chickens at any stage.
The Week’s Market Trends:
|Dow Jones Industrial Average||20,915||0.1%||5.8%|
|10-yr Treasury Yield||2.50%||-0.08%||0.05%|
|Biggest S&P 500 Winner|
|Biggest S&P 500 Loser|
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