- 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.
