Monthly Download: February 2025

Market performance was mixed and volatile in February amid ongoing uncertainty around US policy implementation, mixed inflation readings, and weaker US consumer data. Trade war developments dominated headlines, while market attention shifted from overheating inflationary concerns to near-term economic weakness. Foreign markets were more resilient than the US as investors sharpened their focus on growth risks and rich valuations in the US. Economic concerns spilled over into the bond market, leading to a decline in yields on increased expectations of further Federal Reserve rate cuts.