The chief investment strategist at a $42 billion firm shares 9 stocks that can weather a recession while boosting income

In the latest move in the ongoing and high-stakes fight against inflation, the Federal Reserve raised interest rates by another 75 basis points at Wednesday’s FOMC meeting. While some investors have responded to Fed Chair Powell’s hawkish sentiments with pessimism, others have welcomed the rate hikes as a necessary — and long-overdue — remedy for inflation raging at decades-high levels.

“It’s going to be a tough, tough battle to get inflation down below 3%,” said Brian McMahon, chief investment strategist at Thornburg Investment Management, which manages $42 billion in assets. “The Fed did too little, too long.”