Value stocks outperforming growth equities after Fed decision

Value stocks were beating growth equities on Wednesday, continuing their outperformance during the trading session after the Federal Reserve announced its decision to raise its benchmark interest rate as widely expected. Shares of the iShares Russell 1000 Value ETF
IWD,
+0.15%
 were up 0.4% in late afternoon trading, while the iShares Russell 1000 Growth ETF
IWF,
-0.35%
was down about 0.1%, according to FactSet data, at last check. The Fed announced on Wednesday that it hiked its benchmark rate by a quarter percentage point to a targeted range of 5.25% to 5.5% as part of its effort to bring down elevated inflation. Fed Chair Powell said during his press conference Wednesday that the central bank’s policy rate is at a “restrictive” level.