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Palantir Technologies Inc (NYSE:PLTR) shares traded higher by 3.2% to $24.55 Wednesday afternoon after the Federal Reserve chose to maintain interest rates between 5.25% and 5.5%.
The Federal Reserve announced its plan to implement three rate cuts in 2024, aiming for a target midpoint range of 4.6% by year-end. This follows their strategy outlined in December 2023.
However, there’s disagreement among board members, with nine out of nineteen officials predicting policy rates higher than the median forecast, reflecting a notable division regarding the pace of future rate adjustments…Read More
The Federal Reserve’s decision to keep interest rates unchanged and the indication of potential rate cuts in the future suggests a conducive environment for borrowing and investment. Lower interest rates typically make it cheaper for companies like Palantir to borrow money for expansion, research or other investment activities.
This can potentially lead to increased business activities and growth prospects for Palantir, which can positively impact its stock price.
The upward revision in economic growth projections for 2024 also indicates a more optimistic outlook for the broader economy. This can translate to increased demand for Palantir’s data analytics and software services as businesses may seek to leverage such tools to capitalize on the improving economic conditions.
As a result, investors may view Palantir’s growth prospects more favorably, leading to an increase in its stock price.
According to data from Benzinga Pro, PLTR has a 52-week high of $27.50 and a 52-week low of $7.28.
Posted In: PLTR
