Well we're down to 0.75% and they seem pretty clear that there's more to come so here we are basically. One more step and we get the 0.5% and no guarantees that's the bottom.
Looking at all of this, I'm thinking that the markets are telling us that world economy is actually somewhat weaker than seems to be widely accepted.
RBA cuts rates from 1.5% to 0.75%, so halving them, and the AUD drops only slightly.
A couple of weeks after the blowing up of oil infrastructure in Saudi Arabia and the oil price is now lower than it was before that incident.
And so on. Doesn't make any sense unless the real message from the currency and oil markets is that the economy's actually pretty weak. Eg no point worrying about falling rates in Australia if the US is going to be forced into doing the same anyway. No point worrying about oil supply if demand's going to slump. And so on.
I do have a definite "uneasy" feeling about all this. Economics and politics globally looks rather stretched to put it mildly and yet the markets remain calm. At some point that's going to change I expect with the question being "what breaks?"