Second cut this month, 25 basis points down to 3.85%. One cut in December could plausibly have been a one-off, a single adjustment before another long hold. Two in three months starts to look like an actual easing cycle rather than a false start.
Buyers seem to have noticed the same pattern. Auction activity's picked up noticeably since the turn of the year, more competitive bidding, less of the wait-and-see hesitation that defined most of last year.
I'm still not chasing this. Two cuts is not the same as knowing where the cycle ends. But I've stopped treating every decision as though rates might spike again without warning, which was genuinely the posture I held through most of last year.