Advanced Micro Devices, Inc. AMD and NVIDIA Corporation NVDA shares are trading higher by 2.59% to $77.20 and 4.55% to $137.76, respectively, going into the close of Wednesday’s trading session. Shares of semiconductor companies at large are trading higher as the market reacts to the Fed’s decision to hike rates by 75 bps. The Fed also issued outlook on inflation, unemployment and economic growth.
The Federal Reserve raised its target fed funds rate by 0.75% on Wednesday to a new range of between 3% and 3.25%, its third 0.75% rate hike in four months. The Fed said it will continue with its previously announced plan to let Treasury securities and agency debt and agency mortgage-backed securities roll off its balance sheet on a monthly basis.
“Inflation remains elevated, reflecting supply and demand imbalances related to the pandemic, higher food and energy prices, and broader price pressures,” the Fed said in a statement…Read More
See Also: Federal Reserve Issues Third Straight 0.75% Interest Rate Hike: What It Means For The Struggling Stock Market
Image and article originally from www.benzinga.com. Read the original article here.