Central banks losing their punch

The European Central Bank (ECB) met today under increased expectation and ECB president Mario Draghi delivered a message saying "we would not hesitate to act" to prevent inflation from dropping further. Well, there was a time when Central Banks would set off global market rallies, but no more. It didn't work today and it didn't work last week at the FOMC meeting. Yes, U.S. Federal Reserve Chair Janet Yellen was probably within her mandate to not raise rates due to non-existent inflation but that is not the point. 

The point is that she continually telegraphed for the past year and accentuated during the June meeting that it would be sooner rather than later, implying a September liftoff for rates. This would finally get the markets off of unconventional monetary policy and in particular ZIRP (zero interest rate policy). Low inflation is not a new phenomenon but when it came time to act she equivocated and couldn't pull the trigger. It was the same with winding down QE - very difficult but Janet Yellen did it and the market responded positively. It is believed that this time she blew it and has impinged on her credibility as voted by the market when it summarily swooned. So what now if Central Banks can't move the markets? Always go back to the fundamentals, corporate earnings being one of the best barometers.