Many investors are beginning to focus their investment funds on companies that follow sustainable business practices and/or are addressing global impact issues. At Argus, we are a portfolio advisor to a Unit Investment Trust that is built around ESG criteria. We also have launched a separately managed account based on ESG and Impact investing principles. Two times a year, we screen our Universe of Coverage to highlight the stocks that score highest on ESG criteria. We note that Impact Investing addresses issues such as climate change, hunger, poverty, shelter, and clean water. Clean water is not only a personal issue; many industries, including oil, gas, semiconductors, chemicals, electric utilities, food products, beverages and metals and mining, are heavily reliant on clean water. According to the 2030 Water Resources Group, by 2030 "demand for water will be 40 percent higher than it is today, and more than 50 percent higher in the most rapidly developing countries. Historic rates of supply expansion and efficiency improvement will close only a fraction of this gap. Unless local, national and global communities come together and dramatically improve the way we envision and manage water, there will be many more hungry villages and degraded environments-and economic development itself will be put at risk in many countries." The companies in our list this week are working on systems and providing products to reduce global and domestic water risks.

This edition features moat sources in medtech; American cannabis; what eliminating the 1031 would mean for REITs; and notes from newly wide-moat Nvidia and new coverage Sofi and Spirax-Sarco.

So it seems the fed funds rate won't stay at 0% for eternity. Presumably, most people in the investment business knew that the Federal Reserve would start to take its foot off the gas eventually and slow massive monetary accommodation. So we are surprised the markets did not see this coming. Is it possible to look at the monthly economic and inflation statistics, but then ignore everything and wait until the Federal Reserve serves up news on a platter prior to announcing any change in policy? In our opinion, even the short end of the yield curve missed this, as there has been very little upward pressure on short yields.

The Federal Reserve decided to maintain the federal funds rate at rock bottom 0.00-0.25% at its latest Open Market Committee meeting. The action (or non-action) had been expected, given the current high level of unemployment. But traders have been worried about rising inflation rates as the U.S. vaccine program progresses and the economy reopens. The vote to keep rates steady was unanimous -- for now. The Fed also is maintaining its $120 billion/month asset-purchasing program, in an attempt to keep long-term rates under control and markets functioning smoothly. Looking ahead, though, the central bank is in a position in which the majority of the bankers forecast the first change in the federal funds rate in 2023, with perhaps even two hikes that year. We note that inflation forecasts for the Fed have increased to a rate of 3.4% for 2021, compared to the March projection of 2.4%. But this bout of inflation is expected to be temporary, and pricing pressures are forecast by the Fed to fall next year back to 2.1%. At Argus, we expect to see inflation calm over the next year, leading to one rate hike by the Fed in 2023. We also look for the Fed's asset-purchasing program to start to taper slowly in the spring of 2022.

Recently, the market took worrisome inflation data in stride, and the S&P 500 established an all-time high. Recall that in early May, stocks were staggered by CPI data that included an annual change of 4.2% in April consumer prices. Well, in early June, consumer prices for May were reported up by 5.0% -- but a broad-based rally ran right over that number.

This edition features new coverage of DoorDash and Essential Utilities; a closer look at the S&P-IHS Markit merger; Biogen's newly approved Alzheimer's treatment; Snowflake's investor day; and a moat downgrade for Enbridge.

Stocks rose modestly on Thursday morning following new consumer price and employment data. The Labor Department said that its consumer price index rose 0.6% in May, above the consensus forecast of 0.4% growth though down from 0.8% in April. The core CPI, excluding food and energy, also rose 0.7% last month after a jump of 0.9% in April. On the employment front, first-time claims for state unemployment benefits fell to 376,000 for the week ended June 5, down from 385,000 a week earlier but slightly above the Bloomberg consensus of 370,000. The Dow, the S&P, and the Nasdaq were all up about 0.3%. Crude oil rose slightly to $70 per barrel, while gold traded near $1891 per ounce.

Stocks edged higher on Wednesday morning as the yield on the 10-year Treasury fell below 1.5%, signaling reduced inflation concerns. On the earnings front, Campbell Soup shares fell nearly 6% after the company reported below-consensus fiscal 3Q results and lowered its full-year guidance. The Dow rose 0.1%, the S&P 0.2%, and the Nasdaq 0.2%. Crude oil traded near $70 per barrel, while gold fell $2 to $1893 per ounce.

The Vickers Top Buyers & Sellers is a daily report that identifies the five companies the largest insider purchase transactions based on the dollar value of the transactions as well as the five companies the largest insider sales transactions based on the dollar value of the transactions.