The S&P/ASX 200 slipped 1.3% to close at 9,077 on Tuesday, retreating from a record high reached in the previous session as investors weighed the latest remarks from RBA Governor Michele Bullock. She said the central bank’s March policy meeting would be “live” for a potential rate increase, marking a notable shift from her recent emphasis on patience. Bullock also cautioned that a potential oil price shock linked to escalating tensions involving Iran could reignite domestic inflation pressures. Market pricing now implies roughly a 28% probability of a 25bps rate hike at the upcoming meeting, with investors fully pricing in further tightening by May and assigning around a 75% chance that the cash rate will rise to 4.35% by year-end. Mining heavyweights led the declines, with BHP Group, Rio Tinto, and Fortescue sliding between 2.4% and 4.5%. In contrast, energy stocks outperformed, with Woodside Energy, Santos, Ampol, and Whitehaven Coal rising between 0.8% and 3.2%.