Vengeance
Romans 12:19
Yes. In truth it has little real effect other than make liquidity a bit cheaper. But it is a surprise and lets the market know that the central banks will act.
That latter is what I believe is having the major effect today- the markets are relieved to see, at last, some coordinated resolve- weeks and weeks of kicking the can in the face of bad news after bad news has been extremely confidence eroding. Whether a return of confidence is warranted long term remains to be seen.