Rapidly rising inflation in 2022 knocked stocks into a bear market. While growth strategies suffered the most, value strategies also declined. Even bond prices were lower that year. Stocks have recovered and a new bull market has started, but gains have been largely driven by only a handful of high-tech companies. Inflation remains an issue and the Federal Reserve has yet to lower rates. Is a recession in the offing? With all the uncertainty, what's a potential equity strategy for investors amid all the uncertainty? Argus believes that Min Vol is an all-weather strategy that is timely in any investing climate. Academic literature and, more to the point, returns history, indicate that Min Vol can deliver market-matching returns on an absolute basis and superior returns on a risk-adjusted basis over various time periods.

Rapidly rising inflation in 2022 knocked stocks into a bear market. While growth strategies suffered the most, value strategies also declined. Even bond prices were lower that year. Stocks have recovered and a new bull market has started, but gains have been largely driven by only a handful of high-tech companies. Inflation remains an issue and the Federal Reserve has yet to lower rates. Is a recession in the offing? With all the uncertainty, what's a potential equity strategy for investors amid all the uncertainty? Argus believes that Min Vol is an all-weather strategy that is timely in any investing climate. Academic literature and, more to the point, returns history, indicate that Min Vol can deliver market-matching returns on an absolute basis and superior returns on a risk-adjusted basis over various time periods.

Our expectation for housing inflation to ease is probably little comfort for residents of the Northeast and West who need to earn more than $125,000 and $165,000, respectively, to afford median-priced homes (according to the National Association of Realtors Housing Affordability Indexes). But inventory is rising and demand is cooling. That suggests "easing home price appreciation in upcoming months," according to NAR economist Lawrence Yun, who commented after the release of Pending Home Sales for May, which declined 6.6% year-over-year. The Fed provided a similar expectation for housing services inflation in its July Monetary Policy Report, which could enable the rate cuts the housing market needs. "Market rents have decelerated," and returned to a pace near pre-pandemic levels, the Fed said. "PCE housing services should gradually decline, though much uncertainty remains." Based on the July 10 GDPNow estimate from the Atlanta Fed, residential fixed investment is expected to decline by an annualized 3.0% in 2Q after 16% growth in 1Q. Tomorrow, we expect the Commerce Department to report June Housing Starts of 1.25 million at a seasonally adjusted annual rate, down from 1.42 million a year earlier. Next Tuesday, we expect the National Association of Realtors to report June Existing Home Sales of 4.0 million (SAAR), down from 4.11 million in June 2023. Next Wednesday, we expect the Commerce Department to report June New Home Sales of 600,000 (SAAR), down from 666,000 a year earlier. The S&P/Case-Shiller National Home Price Index jumped 6.3% in April. We expect growth to soften to 5% for May. The Zillow Home Value index rose by 4.3% in May. High mortgage rates are a challenge, but we remain bullish on the sector because demographics point to strong demand amid a decades-long shortage of affordable homes.

Home Depot is the world's largest home improvement specialty retailer, operating more than 2,300 warehouse-format stores offering more than 30,000 products in store and 1 million products online in the US, Canada, and Mexico. Its stores offer numerous building materials, home improvement products, lawn and garden products, and decor products and provide various services, including home improvement installation services and tool and equipment rentals. The acquisition of Interline Brands in 2015 allowed Home Depot to enter the MRO business, which has been expanded through the tie-up with HD Supply (2020). The additions of the Company Store brought textiles to the lineup, and Redi Carpet added multifamily flooring, while the recent tie-up with SRS helps grow professional demand.