Action Thursday (March 12) from the European Central Bank to counter the economic impact of the coronavirus.
But not, quite, the action markets expected:
ECB PRESIDENT CHRISTINE LAGARDE, SAYING (ENGLISH):
"The governing council decided to keep the key ECB interest rates unchanged."
New bank president Christine Lagarde did pledge a range of other measures.
That includes more ultra-cheap loans for businesses, and laxer rules on cash and capital for banks.
But markets had expected a further cut in rates below the current record low of minus point-5%.
When that didn't come, the market reaction was swift.
Already battered European shares took another dive lower.
Germany's Dax index was down as much as 10% following the news.
Banks were among the decliners, with Barclays off as much as 15%.
The ECB's decision to stand pat suggests policymakers don't think another cut will do much.
Lagarde says the onus is on governments to act:
ECB PRESIDENT CHRISTINE LAGARDE, SAYING (ENGLISH):
"In particular an ambitious and coordinated fiscal policy response - ambitious and coordinated fiscal policy response - is required to support businesses and workers at risk."
That comment may be aimed at Germany, Europe's biggest economy.
Policymakers there are split on whether to step in with a big stimulus package.
The pressure on Berlin to act is mounting by the day.