The expectation is for the central bank to stay pat
The cash rate futures point to a ~94% odds of the central bank keeping interest rates steady today and that pretty much tells you that it is almost a slam dunk decision.
Given their language in the last meeting, it would be surprising if they announce a rate cut today. But on the balance of risks, such a move would arguably have the most effect in allowing the RBA to "get ahead of the curve".
I reckon the recent developments between US and China will give them some cause for concern, though Lowe & co. should play by the book today as per market expectations.
The key line to watch out for will be the forward guidance. The crucial passage in that regard will be the "if needed" wording:
The Board will continue to monitor developments in the labour market closely and adjust monetary policy if needed to support sustainable growth in the economy and the achievement of the inflation target over time.
As such, expect the language and communication to be somewhat similar to what we saw in July and that should mean a rather non-event. That said, we should all still be ready for any potential surprises - including a potential "insurance cut".
Here are some other previews as compiled by Eamonn for your perusal:
