Did the Fed Just Call Time on the Value Rotation?

One of the clear themes in markets so far this year has been the outperformance of value relative to growth. Year to date, the value factor has outperformed the growth factor by over 10% in terms of the Russell 1000 Growth/Value Index.

Of course this sort of move has been a long time coming as growth has outperformed value for over a decade. The question now is, especially as investors seem to be reallocating to value stocks is, was January really an inflection point in the growth and value factors in the equity market?