The 8.6% year-over-year inflation rate posted last month was a 40-year high. This will likely require the Federal Reserve to hike interest rates several more times this year and into next year.

In this environment, investors would be well suited to consider companies that are loaded with cash and have no long-term debt. With a nearly $2.6 billion cash and investments balance and no long-term debt, interest rate hikes won't hurt the asset manager T. Rowe Price Group (NASDAQ: TROW). Here's why the stock looks like it could be a buy for long-term investors.

Fears of a looming recession have pushed the S&P 500 index 21% lower so far this year. The market downturn has caused T. Rowe Price's assets under management (AUM) to fall 11.9% year over year to $1.4 trillion as of May.

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Source Fool.com