Treasury exchange-traded funds surged on Wednesday following the Federal Reserve’s ninth straight interest rate hike, bringing the federal funds rate to between 4.75 and 5 percent. Broad bond ETFs gained about 3 percent this year prior to the rate increase and moved higher on the news. The iShares 7-10 Year Treasury Bond ETF (IEF) rose around 1.3 percent, and the iShares U.S. Treasury Bond ETF (GOVT) and the Vanguard Total Bond Market ETF (BND) both added one percent. Stock ETFs declined after initially rallying. The SPDR S&P 500 ETF Trust (SPY) fell 1.7 percent, while the Invesco QQQ Trust (QQQ) fell 1.4 percent.