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00:02PepsiCo shares fell on Wednesday after the Federal Reserve held the federal funds rate
00:06steady at its first meeting under chair Kevin Warsh, according to Benzinga.
00:10The Fed now projects a rate hike before year-end, reversing prior expectations of a cut.
00:15The hawkish shift pressured consumer staple stocks, as higher rates reduce the present
00:20value of future earnings and make fixed-income alternatives more competitive for income-seeking
00:25investors. Higher borrowing costs eat into PepsiCo's profits, which is why even this
00:30normally stable stock is falling today. PepsiCo is a global snacks and beverages giant
00:35whose brands include Pepsi, Gatorade, and Doritos, with snack foods driving roughly 58% of revenue
00:41and beverages, making up the remainder. Shares were down 3.05% at $141.66 at the time of publication
00:50on Wednesday, according to Benzinga ProData. For all things money, visit Benzinga.com.
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