So, the market is daily repricing the probability of the July rate out of existence:
We’re down to a one in four shot. This will be old news to regular readers.
More interesting are the probabilities attached to future RBA meets:
That’s a 94% chance of 25bps in August and again in September and high probability attached to 2.50 rates by March next year
More aggressive than I think given a steady state economy but in the ball park.