First hold since the cutting cycle began, steady at 3.60%. After three consecutive cuts since December, this is the first month the RBA has chosen to pause rather than move again.
Same question I found myself asking back during the hiking cycle, just inverted now. Is this a genuine plateau, the level the RBA's comfortable settling at, or a breather before another cut once more data comes in.
I don't have a confident prediction either way. What I do know is the market's had three months of rapid price growth on the back of those cuts, and a pause gives some room for that pace to settle before the next move, whichever direction it ends up being.