Mario Draghi, was that Doing Whatever it Takes?

Mario Draghi and the European Central Bank rocked markets to the core overnight, with cuts and stimulus that nowhere near met market expectations. By reducing its deposit rate by only 0.1% to -0.3% (the market wanted -0.4% to -0.5%) and signalling that it would extend its QE stimulus program into March 2017 (the market didn’t even expect a hard date cap) at a current rate of €60 billion a month (again, €75 billion + spoken about), saying expectations were missed is certainly an understatement!