Well, the Earth did not stand still and markets were relatively rational as President Draghi unveiled a “genuine” QE program. It was a variation of yesterday’s leaks except the final amount was larger than what was rumored. The ECB will be financing the purchases of a mix of asset-backed securities and sovereign bonds to the tune of 60 BILLION EUROS every month from March at least until September 2016. The QE program is open-ended in that the ECB will reserve the right to continue purchasing more assets with printed euros if the inflation target is failing to rise to the 2 percent target level. The European equity markets were unchanged and the BUNDS and French oats fell until President Draghi assured the markets that the ECB would even purchase credit instruments with a NEGATIVE YIELD.