Equity markets in February gave back some of the strong gains from January as investors digested new economic datasets pointing to a resilient labor market and rising price levels in the U.S. With few signs emerging supportive of a disinflation outlook, the higher rates for a longer narrative appeared to gain traction with investors thereby pressuring equities. Against this backdrop, the VIX Index or “fear gauge” ticked slightly higher from the sub20 level at the start of the month to end February at about 21. For the full month, all three major equity indexes decreased with the Dow Jones Industrial Average down 4.2%, the S&P 500® index down 2.6%, and the smaller cap weighted Russell 2000® declining 1.8%.