Amid a tight labor market and steady consumer spending, the Fed is expected to launch further rate hikes as inflation remains far from its target. Market volatility is rife, as evident from the CBOE Volatility Index’s 4.5% gains over the past month. Considering the market uncertainties, dividend-paying stocks could provide some hedge and help ensure a stable income stream.
I think quality stocks Novartis AG (NVS), Bristol-Myers Squibb Company (BMY), and Canon Inc. (CAJ) could make ideal buys for passive income in 2023.
