High inflation and the Fed's decision to raise interest rates are souring investor sentiment. In addition, a weaker-than-expected job report and persistent supply chain issues could keep the stock market under pressure for some time. Amid such conditions, shares of consumer defensive companies, which enjoy relatively inelastic demand for their products, could offer steady returns.
Furthermore, top executives in big U.S. banks are optimistic about the nation's economic outlook, and according to them, consumer spending patterns are also in good shape.
