The U.S. Federal Reserve announced that it could begin to shrink its balance sheet following its next meeting in September, while also leaving short-term interest rates unchanged Wednesday.
The much-anticipated announcement directly affects the banking sector, but shares of the largest investment banks were left unaffected by the Fed's announcement in afternoon trading Wednesday.
Bank of America Corp. (BAC) - Get Report had been trending lower ahead of the announcement but did not make any significant moves lower following the Fed's decision. BAC shares were down 0.53% to $24.35 Wednesday afternoon.
JPMorgan Chase and Co. (JPM) - Get Report was also in the red Wednesday afternoon but was little changed from its position earlier in the day. JPMorgan shares were down 0.6% to $92.24 Wednesday afternoon.
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