In March, emerging market credit thrived due to lower US rates and tighter spreads. Strong global economic activity fueled expectations of a delayed Fed easing cycle. EM central banks responded differently, with some holding rates steady and others cutting cautiously. China's National Policy Congress didn't introduce further easing, and its property market weakened. Geopolitically, Israel faced increasing isolation from international and U.S. support, while Senegal saw Faye assume the presidency after unrest. Overall, EM credit spreads stayed strong amid positive risk sentiment and robust demand in the primary market.