There's arguably no one more attuned to what's going on with the U.S. economy than the Federal Reserve. And based on the minutes from a recent meeting, the Fed thinks that a recession in the U.S. is now likely to begin later this year.

What should investors do with a recession potentially on the way? Here's one idea: Buy these five Warren Buffett stocks.

1. The Coca-Cola Company

Buffett's Berkshire Hathaway (BRK.A 1.13%) (BRK.B 1.03%) has held onto shares of The Coca-Cola Company (KO 1.36%) longer than any other stock. Coca-Cola ranks as the fourth-largest holding in Berkshire's portfolio. 

Consumer defensive stocks typically hold up better than most during a recession. Coca-Cola is one of the strongest stocks in the sector. That's even more apparent after the company's recent better-than-expected first-quarter results. It's also a Dividend King with 61 consecutive years of dividend increases.

2. Johnson & Johnson

Like Coca-Cola, Johnson & Johnson (JNJ 1.19%) has grown its dividend for 61 years in a row. It's also one of Buffett's longest-held positions, with Berkshire's initiating a stake in the healthcare giant 17 years ago. 

J&J certainly deserves a spot among the top blue-chip stocks to own during an economic downturn. Patients will need the medications marketed by the company whether there's a recession or not. Investors can also look forward to J&J's spin-off of its consumer health unit later this year, a move that should boost the company's growth.

3. Kroger

Grocery stores are another example in the consumer defensive sector that tend to fare relatively well during a recession. Buffett has one of the biggest grocery stocks on the market in his Berkshire Hathaway portfolio with Kroger (KR 2.84%).

Kroger sells the kinds of products that consumers need even when the economy is struggling. The company's private brands should especially benefit as customers seek to cut costs.

4. McKesson

There are certainly reasons why investors might have a bearish take on McKesson (MCK 0.98%). For example, the healthcare services company hasn't generated impressive revenue growth in recent quarters. It also has very thin profit margins.

However, Buffett obviously likes McKesson. Berkshire owns 2.1% of the company with its stake topping $1 billion. McKesson is also the kind of stock that should be attractive to investors if a recession comes. The company distributes medical supplies and pharmaceuticals that enjoy sustained demand in both good and bad times. 

5. Procter & Gamble

Procter & Gamble (PG 1.44%) doesn't rank among Buffett's biggest positions. Berkshire's stake in the consumer staples company is below $50 million. However, Buffett first invested in P&G 18 years ago, making it Berkshire's fifth longest-held stock.

When the economy worsens, investors often turn to safe-haven stocks such as P&G. One main reason why is what we've seen with the other Buffett stocks on our list: The company's financial position isn't threatened by an economic downturn because demand for its products remains steady.

It also helps that Procter & Gamble, like Coca-Cola and Johnson & Johnson, is a Dividend King. However, P&G has an even stronger case for dividend royalty than those two companies do with its 66 consecutive years of dividend increases.