- Did discuss 25 bps or 50 bps cut.
- There’s more uncertainty than usual.
- We would expect consumption to pick up amid rate cuts and falling inflation.
- So far so good on inflation and jobs balance.
- Market path for rates reflect risk of really bad global outcome.
- Do not know if there will be long series of cuts.
- Cannot say where the cash rate will end up, does not endorse market pricing.
- We are data driven.
- There was an argument for 50 bps, but it was not the strongest argument in the room.
- We were blown out of the water by the scope of US tariffs.
The comment on the 50 bps is of course what pushed the AUD much lower.
This article was written by Giuseppe Dellamotta at www.forexlive.com.