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Why Upstart Stock Popped Wednesday Morning

Why Upstart Stock Popped Wednesday Morning

The major market indexes were trading slightly higher and while this trend no doubt helped push the fintech stock higher, it was most likely the prospect of an upcoming rate hike that provided additional tailwinds. The Federal Reserve Bank is concluding the two-day meeting of the Federal Open Market Committee, which decides on the direction and magnitude of interest rate changes. Fed Chair Jerome Powell will be helming a press conference at the conclusion of the committee's deliberations and has widely telegraphed a 0.75% rate hike, which will take the benchmark lending rate to a range of 3% to 3.25%.