Beginning in Australia, the RBA March Minutes revealed important developments in the considerations for, and operational framework around, monetary policy. On the former, it appears the RBA Board did not discuss the case for a rate hike in March, focusing solely on the case to remain on hold. That is a departure from this cycle’s common practice of considering multiple policy options at each meeting. The change in rhetoric was relatively marginal, however. The Board continues to recognise that, amid the currently restrictive policy environment, inflation is decelerating as demand and supply come into balance; that said, the Board needs more confidence in inflation’s sustainable return to target before debating the timing and scale of policy easing. We remain of the view that the Board will have this confidence by September, allowing the RBA to embark on a measured rate cutting cycle, 25bps per quarter to 3.10% in Q3 2025.