As we wait for the latest inflation figures to come out at 11:30, it is worth noting that a fair bit has changed since the last quarterly figures came out on 29 January.

Back then we were yet to see the RBA cut rates as they were still enjoying their 2 month Christmas holiday. After the December quarter figures showed CPI at 2.4% (ahh Peter Dutton, you won’t forget that number), investors were predicting a rate cut in the February meeting (they got that right) and then another two cuts by the end of the year.

Well since then, not only have we seen more monthly inflation figures and wages data, we have also seen the idiocy of Donald Trump in full force.

Now the market is estimating at least four cuts before the end of the year, and a very real chance of five.

We of course still have to wait till 20 May to find out what the RBA will do.