The rally in financial assets continued in the month of February with the S&P 500 index gaining 2.97 percent as the Federal Reserve backed off from their quantitative tightening policy (reducing the size of their balance sheet). However, while the gains since late December are welcome, the reality is that from February 28, 2018 to February 28, 2019 the S&P 500 index is up 2.6 percent, not much more than the yield on the one-year Treasury Bill.

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