After a month off, this one stung more than the ones before it did. Funny how a single skipped month resets your expectations enough that the next hike feels like a bigger jump than it actually was.
Quarter point again. Nothing dramatic on paper. But I noticed myself doing the same recalculation I'd done four times already, and being slightly more annoyed about it this time, which makes no rational sense.
Talked to a few other investors this week. Same story. Everyone thought we were near the top after the April pause. Nobody's saying that anymore.
I don't think there's a lesson here beyond: don't get attached to the idea that a pause means the cycle's over. It might just mean the RBA needed a month to check the data before doing exactly what it was already doing.