We wrote a note this morning saying rates are a 50% chance of rising by 25 bpts compared to market expectations of an 80% chance. What we've seen today is the RBA sending a message that it's raising rates in a sensible way. Inflation is not the only problem, there is also a growing sense that financial stability is important. Trimmed mean inflation is under 5% and if it continues to fall in coming months, we think it will be a 25 bpts journey back to 3% before a hold and pause early next year.