If you've been following Australian markets, you probably felt the mood shift in late October. After three rate cuts earlier this year that dropped the cash rate from 4.35% to 3.60%, traders were cautiously optimistic about more relief coming. Then the Q3 inflation numbers dropped, and the story changed completely. This week, the Reserve Bank of Australia held its cash rate steady at 3.60%, exactly as expected. But it wasn't the decision itself that mattered, it was the reason behind it. Inflation, which had been steadily falling and finally reached the RBA's 2-3% target band, suddenly reversed course. The central bank is now hitting pause on rate cuts and for AUD traders, this could mean navigating a more uncertain path forward. Here's what happened, why it matters, and what to watch in the weeks ahead.