The Nasdaq Composite rose to an all-time high Friday, surpassing its 2021 record while the S&P 500 closed above 5100 for the first time. The month also closed a strong February, with the S&P 500 marking its strongest beginning two months of the year since 2019. The week’s gains were also broad-based, with an equal-weighted version of the S&P 500 Index modestly outperforming its capitalization version. Thursday’s release of the PCE price index was a disappointment as core prices rose by 3.9%, above expectations of around 3.7%. The 12 Fed policymakers scheduled to deliver speeches over the week all seemed to echo the recent narrative that they were in no rush to cut interest rates. But on Friday, a disappointing ISM Manufacturing index (back to 47.8) and Fed Governor Waller indication that the Fed might be willing to implement a new “Operation Twist” pushed bond yields lower and gold prices higher. Meanwhile, credit spreads widened throughout the week as the sector struggled with heavy supply. Outside the US, the STOXX Europe 600 Index ended little changed but remained near record highs as Eurozone inflation declined less than expected and economic sentiment worsened. Japanese stocks had another strong week, with the Nikkei 225 gaining around 2.1%. Stocks in China rose on hopes that Beijing may boost monetary easing measures to stimulate growth. Cryptos had a giant week with huge inflows to BTC ETFs, pushing bitcoin above $60k. Ethereum also spiked, all the way above $3500 this week.