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) 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) 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. 

The Goldman Sachs Group Inc. (GS) shares were in the green all day and remained steady Wednesday afternoon. The stock was up -.63% to $222.98. 

Citigroup Inc. (C) was also in positive territory all day, remaining unchanged following the Fed's decision. The stock was up 0.47% to $68.36 in afternoon trading. 

More of What's Trending on TheStreet:

More from Stocks

Federal Reserve to Raise Rates -- What to Listen for From Jay Powell

Federal Reserve to Raise Rates -- What to Listen for From Jay Powell

Be Real Slow to Jump on Oracle's Bandwagon

Be Real Slow to Jump on Oracle's Bandwagon

Tentative Stock Buyers Need More Convincing That This Bounce Will Hold

Tentative Stock Buyers Need More Convincing That This Bounce Will Hold

Tilray Shares Surge on Novartis Distribution Deal

Tilray Shares Surge on Novartis Distribution Deal

Dow Rises as Wall Street Attempts Rebound From Sharp Selloffs

Dow Rises as Wall Street Attempts Rebound From Sharp Selloffs