To the grand confusion of market participants, the European Central Bank opted to announce two new items during its latest monetary policy decision. While interest rates were left on hold, the Central Bank decided to extend the asset purchase program past the original March expiration until December of 2017. However, the December date is not firm, with the ECB hinting that the program could be extended further should conditions necessitate. Accompanying the extension was the announcement that €80 billion in monthly purchases would be tapered to €60 billion in April. Should the program fail to accomplish its objective of raising inflation, the Central Bank indicated that adjustments could be made in terms of the size of the program or its duration. The volatility that came from the decision and subsequent press conference was immense, with EURUSD falling as much as 275 pips from intraday highs before closing above 1.0600.