Welcome Back,
Here’s a quick batch of stories you need to know: hospice industry faces federal scrutiny, mortgage rates climb for the fifth week in a row, and more.
Plus, check out a short Easter reflection on community, resilience, and what comes next.
Today’s estimated reading time is 2 minutes and 39 seconds.
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Before We Dip In (TL;DR)
In today’s issue:
Medicare fraud crackdown hits CA hospices. 🚨
Mortgage rates rise for fifth straight week. 📈
SpaceX IPO could break valuation records. 🚀
LAW & POLICY
🚨FBI Raids California Hospices Over Medicare Fraud
The FBI is conducting a series of raids at hospice facilities across California as part of a Medicare fraud crackdown. The first raid targeted a facility in San Dimas that reportedly had a 97% five-year survival rate, an unusual figure for hospice care.
The action has also intensified a political dispute between some Republican figures and California Gov. Gavin Newsom over whether the state has done enough to address fraud. California officials say they have tightened oversight in recent years, including suspending new hospice licenses.
The developments: Dr. Oz appeared at the San Dimas raid, drawing attention to the fact that federal, not state, officials led the operation. Hospice fraud has drawn increased scrutiny in California and nationwide, with additional raids expected.
ECONOMY
📈Borrowing Costs Climb as Mortgage Rates Increase
Freddie Mac said the average 30-year mortgage rate rose to 6.46%, marking the fifth straight weekly increase. The move adds pressure for homebuyers as borrowing costs continue climbing.
Even small rate increases can significantly raise monthly mortgage payments. The housing market remains imbalanced, with about 600,000 more homes for sale than buyers, while prices stay firm.
The context: Rising fuel and transportation costs tied to the conflict with Iran have added to inflation concerns, which typically push interest rates higher. Freddie Mac said rates are up nearly 0.5 points from recent lows, and markets remained volatile following President Trump’s latest primetime address.
BUSINESS
🚀 Record-breaking IPO possible for SpaceX
SpaceX has reportedly made a confidential IPO filing, a common step that lets companies begin the regulatory process before publicly releasing full details. If it moves forward at the reported valuation, Elon Musk’s company could stage the largest IPO ever.
The stakes are unusually high because SpaceX is now tied to xAI, pushing its reported valuation to about $1.25 trillion. This could surpass all previous U.S. IPOs, though it’s unclear how investors will value a company combining profitable space operations with speculative AI.
The split: SpaceX’s rocket and satellite operations generate established revenue, while xAI is tied largely to future potential. The combined company is expected to raise about $75 billion in the offering. If listed, Musk would oversee two separate trillion-dollar companies, including SpaceX and Tesla.
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