Australian cash rate futures indicate ~12% odds of the RBA cutting rates by 25 bps at its monetary policy meeting tomorrow
Essentially, that's as good as markets saying that no rate cut will be on the cards tomorrow. The ~12% odds are way down from ~50% seen after the RBA meeting in August so that pretty much tells the story of expectations going into tomorrow's decision.
The RBA has been pretty clear with their messaging since the August meeting, which came with some subtle changes to the statement, and so any rate cut tomorrow will definitely be one that catches markets off guard.
I don't believe the RBA will pull off a surprise like what we saw with the RBNZ so expect the messaging from Lowe & co. to be somewhat similar to what we heard last month.
