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However, the current 13-year-high inflation rate is putting pressure on industrial and manufacturing activities. Nevertheless, the Fed believes current inflation levels to be temporary and the central bank is expected to maintain its dovish monetary stance in the near term to boost industrial output further. Furthermore, with Congress currently debating multiple spending bills to accelerate the current pace of economic revival, total U.S. industrial production is expected to rise further in the coming quarters.
Therefore, we think industrial stocks ABB Ltd (ABB), Trane Technologies (TT), Otis Worldwide Corporation (OTIS), and Expeditors International of Washington, Inc. (EXPD) should deliver solid upside in the near term.
