July – September 2022: Fed hikes interest rates aggressively – resulting in an initial recovery in the S&P 500 followed by another sharp decline. The slight rise in PG stock over the last twelve months or so has been driven by pricing gains for P&G and a steady decline in the inflation rate in response to the Fed’s aggressive rate hike plan – although investors still have concerns about a potential recession. PG stock is already trading close to its pre-inflation shock high of $164 and still has some room for growth.