February 2025 Market Quick Hit

• US stock markets posted a negative return in February with small and mid-caps underperforming large caps.

• International stocks rose during the month driven by optimism on trade negotiations and tariff exemptions.

• Consumer spending unexpectedly fell in January contributing to economic uncertainty, pressuring GDP growth expectations.

• Bonds showed resilience as a “flight to quality” trade boosted returns over 2% for the month.

• Yield on the 10-year treasury has dropped 0.34% thus far in 2025, leading to a slight steepening of the yield curve.

• Oil prices faced downward pressure in February due to rising trade tensions and geopolitical uncertainties surrounding the ongoing conflict between Ukraine and Russia.

Positioning & Outlook

• Economic growth is expected to slow in the US with GDP easing to 2.0%, down from 3% in 2024.

• Ongoing trade tensions persist with on again, off again tariff threats from the US creating uncertainty in market expectations.

• Government spending cuts may put additional downward pressure on GDP growth and increasing pressure on unemployment, however, could serve to moderate inflation.

• We believe incorporating alternative assets specific to investment objectives can further improve return, income and risk metrics within a portfolio.

• Given the geopolitical tensions surrounding both Ukraine and trade policy, along with conflicting inflation data, we see prudence in keeping a cautionary approach within portfolios, focusing strategies to mitigate risk while still offering attractive income and growth potential.

Advisory services are provided by Bison Wealth, LLC (“Bison”) an investment adviser registered with the SEC. Registration does not imply a certain level of skill or training. The information contained herein is for informational purposes only, is believed to be reliable, has not been independently verified and is based on the opinions of Bison and subject to change at any time without notice. Nothing herein should be deemed an offer or solicitation to buy or sell a security or to provide investment advice. All investments contain risks to include the total loss of invested amounts. Past performance is not indicative of future results. Diversification does not protect against losses.

Index Disclosure
An index typically measures the performance of a basket of securities intended to replicate a certain area of the market, asset class or geopolitical region among others. Indices do not represent investments in actual accounts. Investors cannot invest directly in an index. The asset classes noted here reflect the following indices: “U.S. Large Cap” represented by the S&P 500 Index. “U.S. Small Cap” represented by the S&P 600 Index. “International” represented by the MSCI Europe, Australasia, Far East (EAFE) Net Return Index. “Emerging” represented by the MSCI Emerging Markets Net Return Index. “U.S. Aggregate” represented by the Bloomberg U.S. Aggregate Bond Index. “Treasuries” represented by the Bloomberg U.S. Treasury Bond Index. “Short Term Bond” represented by the Bloomberg 1-5 year gov/credit Index. “U.S. High Yield” represented by the Bloomberg U.S. Corporate High Yield Index. “Real Estate” represented by the Dow Jones REIT Index. “Gold” represented by the LBMA Gold Price Index. “Bitcoin” represented by the Bitcoin Galaxy Index.