User Agreement

Quiet, steady progress for global bonds and equities

• Global equities were marginally positive during February, with the exception of emerging markets
• The overall US employment picture improved, but automatic federal budget cuts moved ahead following a lack of consensus among policymakers
• European manufacturing continued to slow, despite continued support from European Central Bank (ECB) Growth also slowed in China, though the recovery continued. In Japan, a weaker yen and improvements in confidence drove returns higher
• Bond markets were up in February. Economic data was broadly supportive, but emerging market (EM) sovereigns suffered. Core government bond yields eased, and corporate bond spreads recovered