The S&P 500 moved up to set another new all-time high on Thursday with notable strength in the tech sector. The NASDAQ Composite led the day?s action with a gain of more than 0.5% and also set a new all-time high. The moves come in the wake of the FOMC?s taper announcement, an announcement that was both long-expected and less than what the market was expecting.

The FOMC says it will taper bond purchased into the second half of next year when it may begin hiking interest rates. The risk of the market and the FOMC is inflation. If the pace of inflation continues to rise as it has been, the first interest rate hikes could come sooner than expected and be larger than forecast. The CME?s Fedwatch Tool is projecting the first rate hike will come in June of 2022 and be at least 25 basis points.