How should investors respond as the US Federal Reserve and other central banks rush to stabilise markets convulsed by the coronavirus outbreak?
The hiatus in US central bank policy has soothed investor concerns and helped to lift sentiment, which is just as well given experts doubt the effectiveness of more cuts anyway.
The meteoric growth of money-market funds in China has slowed and last week's rate cut could dampen that further. Nevertheless observers expect MMFs to remain dominant.
Liquidity tightening by the central bank has caused negative NAVs for bond funds across the yield curve. Heavy redemptions could cause problems, but hope remains.