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DAX: Draghi pulled the rug out from under the bulls

It’s been a harrowing trip for global markets today, and ECB President Mario Draghi was the conductor.

First traders were impressed by the size and scope of the ECB’s aggressive actions to ease monetary policy, but the market’s collective view shifted to dismay when Draghi later indicated that further rate cuts were neither anticipated nor needed. As my colleague James Chen noted earlier today, While not as disappointing as December’s under-delivery of easing actions, the press conference essentially amounted to a forward-looking disappointment due to Draghi’s relatively strong comments regarding future rate cuts.”

ECB Recap: Better late than never for euro bears

After massively disappointing traders’ high hopes back in December, “Super” Mario Draghi and company were not going to make the same mistake again. Expectant traders and analysts were looking for the ECB to cut its deposit rate by 10bps and increase its quantitative easing program by €10B per month, but the so-called “whisper numbers” were even more aggressive than that. Regardless, the ECB busted out its big bazooka at the conclusion of today’s monetary policy meeting, enacting a series of aggressive proposals.

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