Markets were mixed in February as U.S. Equities softened with Internation and Emerging Markets led global performance. Leadership broadened as investors rotated away from mega-cap growth stocks toward more defensive areas of the market, including value and small cap. Sector performance also shifted, with Utilities, Energy, and other defensive cyclical sectors outperforming Technology and consumer-oriented sectors.
Economic data continued to suggest gradual disinflation and a resilient labor market. The Federal Reserve Board of Governors reiterated a data-dependent policy stance, while bond markets strengthened as Treasury yields stabilized.
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