Despite the bank failures, the Fed delivered a 25 basis point rate hike last month, its ninth since last year. The central bank has been able to bring inflation down considerably from its peak in June last year and is determined to achieve its long-term inflation target.
The likelihood of the Fed to keep raising interest rates this year is high. This could put the economy and the stock market under pressure. Amid the looming uncertainties, it could be wise for investors to buy Automatic Data Processing, Inc. (ADP) and ABB Ltd (ABB), given their solid dividend yield.
