amazoncom inc amzn shares are trading higher by 248 to 11727 during wednesdays trading session shares of software and technology companies are trading higher as stocks rebound following recent weakness stocks at large are rebounding following last weeks fed decision to hike rates by 75 bps and marked strength in the us dollar the fed also issued outlook on inflation unemployment and economic growth the federal reserve raised its target fed funds rate by 075 last wednesday to a new range of between 3 and 325 its third 075 rate hike in four months the fed said it will continue with its previously announced plan to let treasury securities and agency debt and agency mortgagebacked securities roll off its balance sheet on a monthly basis “inflation remains elevated reflecting supply and demand imbalances related to the pandemic higher food and energy prices and broader price pressures” the fed said in a statementread more see also federal reserve issues third straight 075 interest rate hike what it means for the struggling stock market