Last week, the Bank of Canada increased interest rates by 100 basis points.

The U.S., June CPI came in at a record 9.1% YoY.

These numbers continue to imply that central banks need to be aggressive with their future rate hikes, which could arguably put the economy in a recession.

We continue to focus on defensive sector stocks, namely healthcare.

This week’s stock pick is CVS health

It trades on NYSE: CVS, the current price is US$96.18.

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*Past performance is not indicative of future results.