Exchange traded funds that track assets typically associated with high interest rate risk are pushing higher after the Federal Reserve tightened its monetary policy, suggesting that Wednesday’s expected rate decision was already fully priced into the market.

The Federal Reserve raised its benchmark lending rate a quarter point and projected two more rate increases this year due to an improving labor market and rising inflationary pressures.

“In view of realized and expected labor market conditions and inflation, the committee decided to raise the target range for the federal funds rate,” the Federal Open Market Committee said in its statement Wednesday. “Near-term risks to the economic outlook appear roughly balanced.”

Nevertheless, gold miners were among the best performers, spiking after the announcement. On Wednesday, the SPDR Gold Shares (NYSEArca: GLD), iShares Gold Trust (NYSEArca: IAU) and ETFS Physical Swiss Gold Shares (NYSEArca: SGOL) rose 0.7% as Comex gold futures gained 0.9% to $1,213.5 per ounce.

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