It will be no news to MB readers of course but rate cuts are suddenly back on. Although none of the happy economists that seems to hog the Australian media discussion is yet to admit it, global and local data and commodity prices are becoming more unfriendly to their optimistic projections.
For those of the bull trap persuasion it is far too early to crow but I will note that interest rate markets do appear to have topped and are forming a new trend down (or up you’re a bond guy):
Markets are now pricing one rate cut in the year ahead, with more to come…
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