The Aussie dollar got itself a little bit excited by the inflation release today and skipped up to 94.35 US cents, while longer dated bond yields followed suit.
Accordingly, a further interest rate cut in this cycle may appear to be a little less likely than it was.
I think it's most likely a case of "let's wait and see" on that.
Annualised wages growth is still quite anaemic at +2.6%, and the pass through effects of the lower dollar will soon fade, a twin dynamic not associated with rising inflation.
A final point of note here is that mortgage rates are actually falling independently of the Reserve Bank.
Perhaps this is the twist in the tail here: the Reserve Bank may not cut rates further, but the banks are doing so regardless as funding costs fall and competition for customers heats up.