Third consecutive hold, still at 3.60%. Three months of stability now, which after the whiplash of the last three years feels almost unfamiliar. Feels like the cutting cycle has found its resting point, at least for the remainder of this year.
I've settled into treating 3.60% as the working assumption for anything I underwrite right now, the same way I treated 4.35% as the working assumption through most of last year. Whether that assumption holds into next year is genuinely unclear to me, and I've learned not to pretend otherwise.
What is clear is that the market's had a full year to adjust to this level, and price growth hasn't shown much sign of slowing because of it.