The highlight was the RBA's rate decision where the central bank held the Cash Rate steady at 4.35% as widely expected. The Cash Rate assumption for 2027 has also been revised lower to indicate potentially just one more rate hike ahead if needed. RBA Governor Bullock reiterated their hawkish stance and stressed that the Board had not discussed a rate cut at this meeting, only a rate hike or a hold. She also added that a rate hike is still in front of their mind suggesting that the bar for an additional rate hike remains relatively low. The New York Times yesterday reported that Iran talks with Oman on shipping routes in the Hormuz strait were separate from discussions to fully reopen the waterway.