The S&P/ASX 200 dropped 1% to 8,548 on Tuesday, hitting a fresh four-month low as market sentiment remained subdued following the release of the Reserve Bank of Australia’s latest meeting minutes. The RBA continued to adopt a cautious, data-dependent approach, with policymakers weighing the implications of a recent uptick in inflation and assessing labor-market resilience. The central bank has already delivered 75 basis points of cuts in its current easing cycle, bringing the cash rate to 3.60%, its lowest level since April 2023. Market pricing currently suggests only a slim probability of an additional rate cut in 2025, while most economists expect easing to resume around May 2026. Financials weighed on the index, with Westpac Banking Corporation shedding 2%, Commonwealth Bank of Australia falling 1.6%, and National Australia Bank down 1.3%. Elsewhere, mining majors also declined, with BHP Group down 2.1%, Rio Tinto off 1.5%, and Fortescue falling 0.8% amid lower commodity prices.