The Fed is likely to keep hiking rates well into 2023. Amid the possibility of persistent monetary tightening, economists have projected…
a 70% chance of U.S. recession in 2023.
Bill Adams, the chief economist at Comerica Bank, said, “The US economy is facing big headwinds from surging interest rates, high inflation, the end of fiscal stimulus, and weak export markets abroad.”
However, market strategist Ed Yardeni believes the U.S. economy and its tight labor market are resilient enough to overcome a recession. With high employment, Yardeni opines that consumer spending will remain strong and recession might be avoided.
Moreover, the long-term market outlook is optimistic. According to a Bankrate survey, the S&P 500 is estimated to rise to 4,243 over the next year.
Given the backdrop, Comcast Corporation (CMCSA), Elevance Health Inc. (ELV), and Waste Management, Inc. (WM) could be no-brainer stocks to buy for the long term. Moreover, these stocks have a significant…
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