Second consecutive hike this month, taking the cash rate to 4.10%. My theory from a few weeks ago, that this was a one-off correction rather than a genuine reversal, is looking shakier with each new decision.
Two hikes doesn't confirm a full new cycle any more than two cuts confirmed one back at the start of last year, and I said as much at the time. But it's enough to make me stop leaning on the correction theory as though it were settled.
What I'm actually doing differently this month: rechecking every property against a rate a full point above where we currently sit, not just the current number. If this genuinely runs further, I want to already know which assets can absorb it before I'm forced to find out under pressure.