Treasury futures are trading up Thursday afternoon following the Federal Reserve’s decision to raise the target interest rate to the 375-400 range.

Stocks are higher across the board around midday as lower oil prices and Treasury yields give the bulls an assist.

Investors will continue to digest the implications of the Fed's first rate hike in more than three years today, while geopolitical tensions, yields, and oil prices remain in focus.

The Fed rate decision is today at 2 p.m. ET, and futures trading puts hike odds above 90%. It would be the first since 2023. Yields hit 19-year highs Tuesday and oil rose again.

Tomorrow is expected to bring the first Federal Reserve rate hike since 2023. Oil spiked and tech stocks stumbled Monday amid AI slowdown fears. The 10-year yield topped 5%.

Last Friday's 0.3% monthly core CPI growth for August raised chances of a Fed rate hike Wednesday. Data is thin, so oil and a possible test of 5% for the 10-year note could be key.

Stocks remained range-bound, but underlying market volatility, sector rotation, rising oil prices, Treasury yields, and positioning ahead of next week's FOMC meeting kept the outlook cautious as equities tested key support levels.

Not sure which to choose? Here are some things to consider about individual bonds versus bond funds.

Although investing in in-state municipal bonds may have tax advantages, there can be good reasons to buy out-of-state munis.