For Immediate Release
Chicago, IL – January 12, 2023 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: Campbell Soup CPB, Conagra Brands CAG, J & J Snack Foods JJSF, Global Water Resources GWRS and Atmos Energy ATO.
Here are highlights from Wednesday’s Analyst Blog:
5 Defensive Stocks to Buy as Fed Members Remain Hawkish
Contraction in service sector activity last month along with the not-so-encouraging employment report gave hope to market pundits that inflationary pressure may be ebbing and the Federal Reserve may not aggressively increase rates this year to slow down economic growth.
The services PMI of the In
For Immediate Release
Chicago, IL – January 12, 2023 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: Campbell Soup CPB, Conagra Brands CAG, J & J Snack Foods JJSF, Global Water Resources GWRS and Atmos Energy ATO.
Here are highlights from Wednesday’s Analyst Blog:
5 Defensive Stocks to Buy as Fed Members Remain Hawkish
Contraction in service sector activity last month along with the not-so-encouraging employment report gave hope to market pundits that inflationary pressure may be ebbing and the Federal Reserve may not aggressively increase rates this year to slow down economic growth.
The services PMI of the Institute of Supply Management slumped to 49.6 last month from 56.5 in November and much worse than analysts’ expectation of a reading of 55. Furthermore, on a seasonally adjusted basis, average hourly earnings increased by 4.6% in December, less than the prior month’s 4.8%. Similarly, 223,000 jobs were added in the United States during the final month of 2022, less than the 256,000 additions in November.
However, recently, two prominent Fed officials’ hawkish comments curbed investors’ hopes for less aggressive monetary policy in the near future. U.S. central bank’s San Francisco president Mary Daly said that she expects the Fed to hike interest rates above 5% to slow down inflation.
She categorically said that last year the Fed unleashed a barrage of rate hikes, but this year the central bank will raise its benchmark interest rate “just enough” to curb inflationary pressure. Atlanta Fed President Raphael Bostic also said that he expects the central bank to hike interest rates above 5% by the second quarter, and then hold onto that level for “a long time.”