The Australia’s Scott Murdoch notes:
The interbank futures market predicts there is an 80 per cent chance of a rate cut next month, while monetary policy is tipped to be 79 basis points lower by this time next year.
The Australian’s economics editor, David Uren (who is the best RBA watcher), writes:
The bank’s newly discovered readiness to cut rates signals that weakness in the non-resource economy may be more pervasive than thought.
McCrann, who continues to descend toward farce, writes about a backroom deal that stalled his call for a cut:
Put simply, you – the independent directors – endorse management’s recommendation to leave the official interest rate unchanged this month, as against forcing a cut, and I/we will recommend a rate cut to the pre-budget May meeting.