Month in Review - February 2023

Stocks and bonds both fell in February as inflationary data surprised the market by coming in higher than expected, resulting in the market pricing in higher interest rates in conjunction with persistent inflation.

The S&P 500 finished flat at 0.2% in CAD (CAD fell 2.6% over the month), while the TSX Composite Index fell 2.5%. The Canadian Universe Bond Index fell 2.0% for the month, as bonds reverted to last years trend, where they were highly correlated with stocks.

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