Figure Technology (FIGR) Soars to All-Time High - here's why

We recently published 10 Stocks With Easy Double-Digit Gains. Figure Technology Solutions, Inc. (NASDAQ:FIGR) was one of the top performers on Monday.

Figure Technology rallied to a new all-time high on Monday as investor sentiment was fueled by expectations of more rate cuts in the next Federal Reserve meeting.

At intra-day trading, Figure Technology Solutions, Inc. (NASDAQ:FIGR) soared to its highest price of $53.53 before trimming a few cents to finish the day just up by 21.67 percent at $53.22 apiece.

Economists are expecting the US central bank to implement two more rate cuts in the next Federal Open Market Committee meetings, despite Minneapolis Fed President Neel Kashkari’s belief that the Fed should stop lowering interest rates.

Kashkari, who will rotate as a voting member of the FOMC this year, said that “we’re pretty close to neutral right now.”

“We just need to get more data to see which is the bigger force. Is it inflation or is it the labor market? And then we can move from a neutral stance, whatever direction is necessary,” he noted.

The Fed is set to announce its decision on benchmark rates on January 29, where businesses and investors will closely monitor whether policymakers will continue the three consecutive rate cuts delivered last year.

Any rate cut is set to benefit Figure Technology Solutions, Inc. (NASDAQ:FIGR), its lending counterparts, as well as the highly rate-sensitive residential market, as lower borrowing rates could spark more demand for mortgages, refinancing, and home equity loans.

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Disclosure: None. This article is originally published at Insider Monkey.