Much more mportant is the corporate debt problem and the burden to be incurred by bank balance sheets. It is there that we should look for help, not the interest rate.
In August 2018 also sterilization was rather high, probably for the same reason. RR changes effectively provi de liquidity anyway.
As the policy rate becomes increas ngly less effective, if not redundant – it isn’t - the timing of the rate cut sequence is less and less correlated with economic recovery.