Why Shares of Upstart Are Falling Today
Shares of the artificial intelligence lender Upstart (NASDAQ: UPST) traded close to 9% lower today as of 1 p.m. ET, as the broader market evaluates upcoming moves from the Federal Reserve. Upstart also received some positive sentiment from Wall Street today.
Rising bond yields and trying to figure out how quickly the Fed may shrink its massive balance sheet has investors concerned today, particularly after Fed Governor Lael Brainard's comments yesterday. Brainard, who is known for generally favoring low interest rates and loose Fed policy, said the Fed would need to raise interest rates aggressively and cut its balance sheet "at a rapid pace" to try to bring down inflation.
Minutes from the Fed's March meeting will come out at 2 p.m. ET today, potentially offering some clues regarding balance sheet reduction and future monetary policy.
Source Fool.com
