Reserve Bank of Australia minutes:The RBA board saw a strong case for a 25bps cut in the cash rateThe board judged some further reduction in the cash rate likely needed over the coming yearThe stance of policy was still considered somewhat restrictiveThe pace of rate cuts would be determined by incoming data and the balance of global risksThe board saw arguments for both a gradual pace of easing and for a faster paceThe labour market remained a little tight, inflation was still above midpoint, and domestic demand was recoveringUncertainty about spare capacity and the neutral rate also argued for gradual easingFaster easing might be needed if the labour market is already in balance, risking inflation undershooting the midpointThe balance of risks could shift to the downside on adverse developments in the global economyThe board agreed it was not yet possible to judge between scenarios and would be guided by dataLatest staff forecasts were consistent with meeting full employment and inflation targetsThe board judged house price increases to be within the bounds of past easing cycles, with home building picking upRisks from U.S. tariff policy remained significant, though the worst outcomes seemed to have been avoidedThe board considered whether to run down government bond holdings at a faster pace but decided it was not neededBonds would continue to be run down as they mature, with a faster pace no longer under consideration---From the day of the cut:RBA cuts cash rate by 25 bps to 3.60% in August monetary policy decisionRBA governor Bullock: There was no discussion of a larger rate cutRBA governor Bullock: We are focused on inflation and employmentRBA governor Bullock: The board is always data dependent This article was written by Eamonn Sheridan at investinglive.com.