In light of recent upbeat economic data, Fed chair Jerome Powell opened the door to larger interest rate hikes. With renewed recession fears due to expectations of a more aggressive tightening, the stock market is expected to remain volatile in the near term. Hence, investors could consider buying powerhouse stocks Johnson & Johnson (JNJ), Humana (HUM), and AutoZone (AZO), which have promising prospects.
Fed chairman Jerome Powell recently cautioned lawmakers that the central bank will likely raise interest rates higher than it previously expected in response to recent strong economic data and is prepared to return to a quicker pace of rate hikes if incoming data remains hot.
