It's not the time to be making any brave bets about the next move in the official cash rate.
Conservative strategies look likely to rule in coming months if the Reserve Bank's accompanying statement released after its first meeting for 2017 on Tuesday is any guide.
Bottom line, there's just as much chance the next move in the official cash rate could be be down as up.
That's as neutral as you can get meaning the best bet is the cash rate will probably stay at 1.5 per cent for the next few months at least.
Of course things can always change . And quickly .
But there's enough going on to suggest the Reserve Bank will be sitting pat in the early part of this year.
But that doesn't mean property investors can breathe easy. Mortgage rates could still rise before the next move by the RBA.
Already this week investors have heard the calls for the National Australia Bank to increase the rates it charges home borrowers after the bank reported a subdued set of numbers in its latest quarterly report.
To help maintain margins the bank might be forced to hike mortgage rates outside of the RBA's cycle.
On that score Bankwest on Tuesday said it would now be charging another 60 basis points for existing customers that have an investment loan.
The CBA-owned bank also said it was tightening the terms and conditions for expatriate and offshore customers.
That sort of policy will give the RBA some comfort that the rampant property market in Sydney and Melbourne won't end up threatening financial stability.
That's a positive.
There's no doubt the property market in those two capital cities is still a concern for the RBA but the bank is also putting its faith in the supply of new apartments in those two markets to keep things in check.
Although some analysts might see the bank's statement as upbeat, a 3 per cent growth rate and inflation back at 2 per cent this year is certainly glass half full talk, there's still much in the wait-and-see category for investors.
Will the Australian dollar keep rising ?
Will the United States Federal Reserve increase the magnitude and pace of its rate increases? What does that mean for the US dollar ?
Will commodity prices keep rising?
Then there's another category altogether.
What will President Donald Trump do next ?
There's little investors can do but wait for further news, economic data and tweets.
However, if there is one category to watch more than another it might be inflation.
It's hard to see inflation back within the target band this year. That could be the key to another rate cut but with household debt so high it will also depend on what happens to the property market.
Some might sense a serious turning point is approaching for currencies, stocks, bonds and commodities, but until the signs are clear they will have to contend with holding patterns in markets.
