World markets appeared to be returning to their upward trend in the beginning of February after a volatile start of the year. While concerns about global growth caused by the coronavirus outbreak are real, the fundamental underpinnings of the global economy remain largely intact. One of the seven key catalysts we monitor at Commonfund on a regular basis, monetary policy, is still largely supportive, driving business sentiment higher. Central banks, led by the U.S. Fed which reversed its tightening path last year, are working towards stimulating growth, maintaining dovish policy stances in the fourth quarter and having pledged to remain accommodative in 2020. A more detailed look shows that 6 of 13, or 46 percent of developed central banks are in rate cutting mode while 30 of 45 or 67 percent of EM banks are cutting, the highest level since 2010. We expect this factor to continue to support a neutral view on risk assets barring a significant deterioration in earnings or some other unanticipated shock to the system.