March was strong month for risk assets as equities rallied, particularly emerging markets. Commodities were also up, with almost all currencies increasing against the US dollar. High yield credit bounced back on retail inflows, but investments banks are pulling back from underwriting new issuance after taking losses. China has a plan to reduce NPLs at banks by securitisation and debt for equity swaps, but no real plan to recapitalize the banks in order to make that happen. Negative interest rates are causing unintended consequences but central bankers don’t have much else they can do other than helicopter money.