Cascade Investment, the holding company created by Bill Gates, transferred stock in two of Mexico’s largest companies to Melinda French Gates, bringing the total amount she’s received in the past few days to more than $2 billion. Cascade moved stock worth more than $500 million in Coca-Cola Femsa and Grupo Televisa to her control, according to regulatory filings dated May 3, the same day the Gateses announced they were ending their 27-year marriage. Cascade shifted about $1.8 billion of shares in Canadian National Railway Co. and AutoNation Inc. this week to French Gates, Bloomberg reported.
Their separation is expected to involve a wealth transfer on a scale that’s only been seen in a few other divorces, though few details have yet emerged. It could also have ramifications for one of the most important philanthropic organizations on the planet. The Bill & Melinda Gates Foundation has given away more than $50 billion to support health care, education, gender equality and efforts to combat climate change.
US spending may spur modest rate hike: Yellen
Treasury Secretary Janet Yellen said interest rates may have to rise modestly to prevent the U.S. economy from overheating due to higher levels of government spending.
“It may be that interest rates will have to rise somewhat to make sure our economy doesn’t overheat,” Yellen said in an interview with the Atlantic recorded Monday that was broadcast on the web on Tuesday. “It could cause some very modest increases in interest rates.” Stocks extended their losses on Tuesday and the dollar briefly touched session highs after Yellen’s remarks.
Yellen’s comments come amid a debate on whether President Joe Biden’s raft of proposed and enacted government spending could spur a surge in price pressures. Administration officials have consistently argued that there’s little concern about a damaging inflation acceleration, given the tools policy makers have to head off such an outcome.