Earlier this week I posted a three rate cut scenario projected by Australia’s largest bank:

Via TD, analysts there anticipate that the Reserve Bank of Australia (RBA) will implement a follow-up interest rate cut in May:

• citing encouraging signs of moderation in rental inflation, which could ease overall inflationary pressures and provide the RBA with greater flexibility to lower rates.

Following the expected May cut, they foresee another reduction in August:

• as part of ongoing RBA efforts to support economic growth and ensure inflation remains within the target range

TD note that global trade and tariff developments have become the dominant market drivers.

And that heightened uncertainty surrounding trade negotiations has led to increased demand for safe-haven assets, pushing bond yields lower and reinforcing expectations of further monetary policy easing.