We Are Live

“The Federal Open Market Committee will evaluate whether employment and inflation are continuing to evolve in line with our expectations, in which case a further adjustment of the Federal funds rate would likely be appropriate.”

Federal Reserve Chair Janet Yellen did not mince her words in her Friday speech in Chicago, using language similar to that used before the previous rate hike in December 2015, validating market pricing which estimated the chance of a rate hike in March at 90% just before the meeting. The only thing which could stand in the way of another 25 basis point increase is a dismal non-farm payroll report due this Friday, although the odds of that seem quite low given the recent trend in hiring.

Thou Shall Invest in Startups

The school president of St. Francis Catholic school in San Francisco (where else?) must be, quite literally, counting his blessings. An investment of $15,000 in Snap in 2012 recommended by student parent and venture capitalist Barry Eggers has turned into a $24 million paycheck after the tech company’s successful IPO and first few days of trading.

The school sold some 70% of its shares into the stock’s post-IPO surge, and its remaining holdings are valued at around $16 million. The school has said the cash boost will go towards financial aid, professional development, teacher training and funding of school programs.

PSA Group to Buy Opel

The maker of Peugeot and Citroen is expected to announce the purchase of the Opel and Vauxhall units from its American counterpart General Motors. Sources familiar with the matter said the PSA board approved the deal and a formal statement should hit the newswires on Monday.