ETF Trends publisher Tom Lydon appeared on Yahoo Finance on Wednesday to discuss the winners and losers after the Federal Reserve hiked its benchmark short-term interest rate a quarter percentage point.

Speaking to Yahoo Finance’s Stephanie Sy, Lydon said regional banks were among today’s big winners.

“Regional banks can hike their rates,” Lydon said. “They mostly have small companies as clients, so they’ve been very profitable as rates continue to hike up.”

As for the losers? “Homebuilders,” Lydon said. “We’ve seen homebuilders really kind of ratchet back a bit after they were on a tear for a while. Mortgage applications have declined in a big way.”

He added another loser was treasuries. “Those that invest in treasuries and many people have bond funds or bond related ETFs where they have long-dated treasuries out 20 and 30 years, they’ve basically given up that 3 plus percent yield already,” he said.

Lydon also spoke about Trump “headline risk” and why investors should be looking at Small-Caps.

Watch the full segment on Yahoo Finance here: