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The Latest Rate Hike Will Only Accelerate SoFi Technologies' Growth

TheMotleyFool

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The Latest Rate Hike Will Only Accelerate SoFi Technologies' Growth: https://g.foolcdn.com/editorial/images/741637/ionic-columns-of-a-bank-building.jpg

Shares of SoFi Technologies (NASDAQ: SOFI) are already up 112% year to date going into this weekend, and investors are anxiously awaiting the release of the banking and fintech leader's second-quarter results on Monday morning.

Regardless of how the market responds to that report in the near term, I believe SoFi is poised to continue benefiting from another catalyst made clear this week: The Fed's latest rate hike.

More specifically, on Wednesday, U.S. Federal Reserve officials approved their latest widely anticipated rate hike -- this time another quarter-percentage point hike that brings borrowing costs to their highest levels since 2001.

Source Fool.com

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