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Elon Musk on MacKenzie Scott giving away $26 billion of her fortune: 'Sadly,' it makes the world a worse place

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MacKenzie Scott alone accounted for one-third of America's $19.2 billion in megagifts last year

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Philanthropy leader at Warren Buffett and Bill Gates’ Giving Pledge says children of billionaires are pushing them to give their wealth away faster
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Goldman Sachs Predicts That the Fed Will Hike Interest Rates Four Times in 2018

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November 20, 2017, 1:24 AM ET
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(NEW YORK) – Goldman Sachs said it expects a tight U.S. labor market and more normal inflation picture will lead the Federal Reserve to hike interest rates four times next year.

“The U.S. economy heads into 2018 with strong growth momentum and an unemployment rate already below levels that Fed officials view as sustainable,” Goldman‘s economists wrote in note dated Friday.

Four hikes are more than Wall Street has been expecting for 2018. In a Reuters poll, Wall Street’s top banks saw the Fed raising borrowing costs three times in 2018.

For more on the Federal Reserve, see Fortune’s video:

The U.S. central bank has raised rates twice this year and currently forecasts another hike in its benchmark lending rate from its current target range of 1.00 percent to 1.25 percent by the end of 2017.

The economy’s momentum will be helped by reconstruction following recent U.S. hurricanes and also by tax cuts being proposed, the Goldman economists wrote, noting that they have raised their Gross Domestic Product growth forecast for 2018 to 2.5 percent and lowered their unemployment rate forecast to 3.7 percent by end-2018 and to 3.5 percent by end-2019.

The U.S. unemployment rate fell to near a 17-year low of 4.1 percent in October, from 4.2 percent in the prior month.

“The strength is becoming ‘too much of a good thing’ and containing further overheating will become a more urgent priority in 2018 and beyond,” the Goldman note said.

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