The Federal Reserve's interest rate hikes again proved insufficient to tame inflation.

This was apparent with the latest Consumer Price Index data for August released last week. Inflation rose 8.3% year over year, which was higher than economists were expecting. If last week taught us anything, it's that this elevated inflation is a dragon that will be difficult to slay.

For investors seeking to shore up their portfolios in this tough market, off-price retailers could be a great defensive pick. TJX Companies (NYSE: TJX) is a leading off-price retailer, but should investors buy the stock? Let's take a peek behind the curtain at TJX Companies' fundamentals and valuation to decide.

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Source Fool.com