VIEW: TD Securities write "our forecasts have...>

RBA: VIEW: TD Securities write "our forecasts have long pencilled in a Nov cut,

on the prospect that labour market metrics were more likely to deteriorate. This

is playing out. The RBA could wait for Q3 inflation and an extra month of

employment data to cut in Nov, but why wait? Granted there could be trade talk

progress over the following month, but the RBA is playing catchup on the

domestic front, having missed its Aug SoMP Q2 0.75%/q f/c. The miss on GDP, the

dovish tilt to the Sep Minutes this week and the steady rise in spare capacity

suggest there is little need for the RBA to wait till Nov. Accordingly TD brings

forward its Nov 25bps cut to 0.75% to Oct. We leave our 0.5% cash rate call for

Q2 next year unchanged from prior forecasts."