Jobs, Inflation data and highly monitored PCE, all come in hotter then expected. As highlighted in our January newsletter, the divergence between market expectations and actual data vs monetary policy response is a source for cautiousness from us. We are managing the portfolio accordingly.
As mentioned in January, waiting for our EURUSD forward contract rolling has paid off and we have managed to better execute our Fx hedging, which is now properly reflected in our monthly performance.
Looking ahead, March FED meeting is looking increasingly crucial given the data since last meeting.
