With a hold from the RBA today priced in almost unanimously, the rate decision itself carries little market moving potential, and the real signal will come from the Statement, the accompanying Statement on Monetary Policy, and the Governor's press conference. A dissent from any of the seven non-RBA Board members in favour of tightening would be read as hawkish and could quickly reprice the timing of the next move, particularly given a meaningful minority of economists still expect further hikes rather than the cuts some major banks are pencilling in for mid 2027. Forecast revisions are likely to cut both ways, with an upgraded unemployment outlook offset by only modest inflation improvement given the minimum wage adjustment, meaning the net tone of the Statement may matter more than any single data point. A repeat of the Bank's standing warning that it remains ready to tighten further would reinforce current pricing, while any softening of that language would likely be read as a dovish shift.Earlier:RBA preview: Analysts see cash rate on hold at 4.35% TuesdayRBA preview - Westpac says soft Q2 CPI gives RBA room to hold at 4.35%Preview: RBA meet Tuesday. CBA expects RBA to hold rates through the rest of 2026MUFG opens long AUDJPY at 111.20, targets 114.50 as yen intervention debate buildsPreview: RBA to stay in pause and observe mode, TD Securities says ahead of today's decision---The RBA hold is not in doubt today, but the forecast revisions and Board commentary will tell markets far more about where rates go next.Summary:The RBA is widely expected to leave rates on hold at today's meeting, with the decision due alongside updated forecasts in the August Statement on Monetary Policy.Since May, oil prices have eased slightly, unemployment has run higher than forecast at 4.4% in two of three months in the June quarter versus a 4.2% expectation, and Q2 trimmed mean inflation came in a little softer at 0.8% quarter on quarter.Housing turnover and prices have weakened more than expected, partly due to May budget tax changes, while construction has strengthened on the back of AI data centre investment.Key focus areas include whether any non-RBA Board members dissent in favour of a hike, how the unemployment and inflation forecasts are revised, and the tone of the Governor's decision statement and press conference.Major bank economists broadly believe rates have now peaked, with possible cuts from around mid 2027, though a sizeable group of economists still expects further tightening given persistent wage and services inflation pressure.A rate cut is not expected to be seriously considered at this meeting, with housing weakness more likely viewed as helping return inflation to target than as grounds for easing.The Reserve Bank of Australia is widely expected to leave interest rates unchanged when it hands down its decision today, a call so broadly anticipated by markets and economists that the hold itself is unlikely to move markets on its own. Attention instead is centred on the updated economic forecasts and communication that will accompany the decision.Alongside the rate call, the RBA will release fresh forecasts for growth, unemployment and inflation in its quarterly Statement on Monetary Policy. Since the Bank's previous forecasts in May, conditions have shifted in several directions. Oil prices and Middle East tensions have eased somewhat, a modest positive for the inflation outlook. Unemployment has come in higher than the RBA expected, printing at 4.4% in two of the three months of the June quarter against a prior forecast of 4.2%. Trimmed mean inflation for the quarter came in a touch softer than anticipated at 0.8%, welcome news though still a pace that would sit above target if sustained. Housing turnover and prices have also softened more than expected, partly reflecting tax changes in the May budget, while construction has found unexpected strength on the back of heavy AI data centre spending.Three things will be closely watched in today's communication. The first is whether any of the seven non-RBA Board members dissent in favour of a further rate increase, which would signal at least some members see policy as not yet sufficiently restrictive or see the timeline for returning inflation to target as having already run too long. The second is the scale of the forecast revisions, with an upward revision to unemployment expected alongside only modest improvement to the inflation outlook, since the recent 4.8% increase in the minimum award wage is expected to limit how much that forecast can improve. The third is the tone of the Governor's decision statement and subsequent press conference, where the Bank is expected to repeat its standing message that it remains prepared to raise rates further if needed to return inflation to target within a reasonable timeframe.That combination of signals has left economists split. Economists at each of the four major banks now believe the cash rate has peaked, with modest cuts possible from around the middle of 2027. A separate, sizeable group of economists continues to argue further tightening will be required, pointing to persistently low unemployment, a 4.8% minimum wage increase, broader wage growth running at 3.5% to 3.75%, and sticky services inflation as reasons the current forecast path may prove too optimistic.A rate cut is not expected to feature meaningfully in today's discussion, with housing market softness likely to be viewed by the Board as assisting the return of inflation to target rather than as a reason to ease policy. The case for holding rests on the Board having more time to assess the effects of its earlier tightening before needing to act again, a view aligned with both market pricing and the majority of economist forecasts, while the case for a further hike centres on inflation still running 0.75 to 1 percentage point above target after an already extended period above goal.Reserve Bank of Australia Governor Bullock This article was written by Eamonn Sheridan at investinglive.com.