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Goldgroup Mining shares (NYSEMKT: GORO) jumped more than 6% in early Thursday trading before retreating to a 0.6% gain by 11:11 a.m. The move followed a sell-off in the previous session triggered by the U.S.
Federal Reserve raising interest rates for the first time in three years. Investors are now rethinking that initial reaction as the impact of the new policy stance settles in.
The Federal Reserve increased rates by 0.25%, setting the new range at 3.75% to 4%. Chairman Kevin Warsh stated that inflation is too high and has been for too long.
This adjustment implies that mortgages will become more expensive, credit card interest rates will rise, and bond yields will go up.
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