The consumer price index (CPI) rose 8.3% year-over-year and 0.1% over the prior month in August. The higher-than-expected inflation numbers will likely push the Fed to continue with its aggressive interest rate hikes.
Investors fear that the aggressive interest rate hikes will push the economy into a recession. The pharmaceutical industry has been known to do well amid the recession due to the highly inelastic demand for pharma products. People cannot cut back on medical expenditures, irrespective of the economic cycles.
