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What happened in February 

US markets spent February reassessing the optimism priced in during January. Investors confronted credible but slowing disinflation, a Federal Reserve (Fed) unwilling to validate near-term easing expectations, and growing scrutiny over the sustainability of earnings growth and AI-related returns. Softer inflation data helped reduce tail risks but failed to restore conviction, while hawkish Fed messaging, private-credit liquidity risk, and sharp sector rotation reinforced the view that policy, growth and valuation outcomes are less certain than markets assumed.