The minutes from the Reserve Bank of Australia's December policy meeting show that the bank is more confident about inflation consistently approaching the targeted level. However, given the recent rise in Consumer spending and the tight labor market, it is still too early to conclude that the fight against inflation has been won. According to the minutes released on Tuesday, the bank's board discussed scenarios regarding future policy easing to promote economic growth or maintaining the current interest rates at restrictive levels. The board believes that both outcomes are possible and decided to keep the interest rate unchanged at 4.35%, stating that recent data is insufficient to change the policy outlook. Traders now expect a probability of more than two-thirds that the Reserve Bank of Australia will start cutting rates in February next year, fully betting on two rate cuts before the end of July.