In 2019, the US Federal Reserve quickly ended its tightening cycle, cut interest rates three times and reversed its balance-sheet normalization plan. China’s credit crunch also shifted to a modest expansion. The European Central Bank restarted asset purchases and emerging market central banks entered into a rate cut cycle. Driven by abundant liquidity from global policymakers, a stark contrast to the environment in 2018, asset prices rallied across the board with handsome returns from stocks, bonds, commodities, precious metals and real estate in 2019.