This month’s surprisingly soft employment data has cemented the hope of an RBA rate cut next week to a coin toss, with futures markets now pricing in a 90% chance of a cut before Christmas – it’s just a matter of when. The anticipated rate cuts by the Fed following last week’s soft CPI should help Michele Bullock’s comfort level to ease rates.
- We believe the local 3s can test the 2.75%-3% area in 2026, providing an ongoing tailwind for stocks.
MM remains bullish towards the Australian 3s (yields lower), medium/long term
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