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“Are we about to load up the boat on him going to minus 0.5% [on the deposit rate] and doubling QE? No we’re not,” said Charlie Diebel, head of rates at Aviva Investors.

Still, some fund managers are keeping the faith with the Frankfurt-based central bank.

“Draghi showed very much that he gets it,” said Nick Gartside, head of international fixed income at J.P. Morgan Asset Management, adding that he expects the ECB to cut its deposit rate and to expand its QE program in March.

“If we think what’s helped to solve market instability in recent years, it has been central bank action. That was the message today,” he said.

Holy shit.