February capped the best two-month start for the S&P 500 in 32 years, +11.1%. Key drivers were anecdotal progress on U.S.-Sino trade negotiations, renewed dovishness from the Fed, and a decent wrap on Q4 earnings. Stock and bond markets alike delivered positive returns with the only exception being long duration and non-U.S. bonds due to interest rates and the U.S. dollar moving higher.