The Federal Reserve went ahead with another quarter of a percentage point rate hike this week despite the economy witnessing the biggest banking crisis since 2008. The risk of a recession is rising as the Fed looks to increase interest rates further, and banks' lending standards are expected to be tightened.
Amid the uncertainty, investing in fundamentally large-cap solid pharma stocks Johnson & Johnson (JNJ), Merck & Co., Inc. (MRK), and Bristol-Myers Squibb Company (BMY) could help protect one’s portfolio as these stocks are well positioned to deliver stable returns regardless of economic conditions partly thanks to the inelastic demand for their products.
