This is the view of a gathering group of forecasters who say weak inflation, China's currency devaluation, low energy costs and wild market swings could force a rethink by the US and Australian central banks.

However, they continue to caution that Monday's local equities sell-off would not in itself be sufficient to warrant a cut from the current 2 per cent, where the cash rate has been since May, to 1.75 per cent.

Australian stocks recovered lost ground on Tuesday, then held steady on Wednesday.

"We don't think that the recent fall in Australian equity prices dramatically alters the outlook for the economy, not least because the 4.1 per cent decline in the S&P/ASX 200 on Monday was followed by a 2.7 per cent rebound on Tuesday," Capital Economics chief economist for Australia Paul Dales said on Wednesday.

Fed move is key 

"But further sharp falls in global and Australian equity markets could give the RBA pause for thought, especially if they translated into a sharp fall in domestic business confidence and much weaker business investment," he said.

Interest-rate swap markets, meanwhile, have the chances of an RBA cut to the cash rate by the December board meeting at 100 per cent.

Much will depend on the Fed's next move, says senior market analyst at ThinkForex Matt Simpson.

"The renewed concerns over China removes a Fed September rate in my view, and we may not even see one at all in 2015," he said.

"This immediately puts pressure on the RBA to cut rates to fend off a weaker yuan, slower Chinese growth and a weaker greenback.

"Besides, the much-hyped rate rise is likely already priced into the greenback, so I expect to see the US dollar weaken in September regardless of whether they raise interest rates or not," he said. 

'Less conviction'

Nomura's rate strategist for Australia Andrew Ticehurst says the Aussie's decline in recent months has been as much about the country's falling terms of trade as the stronger greenback.

He says this had left the RBA free to focus on other aspects of the Australian economy in its policy deliberations.

These included the job market, house price inflation in Melbourne and Sydney and the efficacy of macroprudential controls on buy-to-let and buy-to-sell property investors.

For now, Mr Ticehurst is sticking by his long-held forecast of a third cut by the RBA in November, although he does so with "less conviction" than earlier in the year.

On the Fed's next move, he agrees that if the current market unease were to persist, the US central bank might back away from a rate rise this year.

Nomura recently downgraded the chances of a September rate increase by the Fed, while reiterating an earlier forecast of a December liftoff.

"Historically, the Fed's been quite concerned by increases in market volatility and declines in stock markets," he said.

"The recent market volatility we've seen would weigh on their thoughts."