Here are the three big surprises on yet another notable day for central banks and markets, and what they may imply for the future: • The European Central Bank went beyond expectations by deploying a full range of policy instruments, including a more negative deposit rate and increased asset purchases. • After the initial favorable response to the larger-than-expected policy stimulus, asset prices started to sell off, with notable moves in oil and stocks. • To make things even more uncomfortable for the ECB, the depreciation of the ... READ MORE
