JPM MId-year outlook: After month-end and the summer months, we expect volatility to decline and see the VIX falling by half, declining from 30 to 15. Lower volatility should drive equity inflows, while the present value of earnings is higher due to lower rates. Value experienced a record rally in May and then a slight pull back, but Value should still be able to perform positively moving forward. We still advocate for a balanced positioning between Value and Growth while Technology remains attractive.