Uncertainty around Trump administration policies began to pressure U.S. stocks and the USD in February while European banks and defense stocks led the way. Meanwhile, stimulus talks and some business friendly narratives from Beijing spurred a strong rally in Chinese equities. By month end, U.S. equity markets had given back half of the strong rally in January while international stocks added to their gains thanks, in part, to a weakening USD. Interest rates moved lower across the curve leaving 10yr and 2yr UST yields at 4.24% and 3.99% respectively.