A rate cut tomorrow is all but a done deal, according to market pricing.
In fact, markets are pricing a 128 per cent chance of a cut at the time of writing.
In other words, beginning to price in the risk of a greater than 25 basis points cut.
Most likely it'll be 25 basis points, according to observers, with a follow up cut quite possible over the coming months.
Australia's 3 year bond yield has fallen to the lowest level ever at 0.35 per cent.
Even the 10 year bond yield has hit a record low 0.71 per cent.
Whether this month or over the coming months, we're heading for an era of record low rates...