Summary: Westpac-Melbourne Institute consumer sentiment index down in April; pessimism showing few signs of lifting; ACGB yields move lower; rate-cut expectations firm; absence of sentiment recovery reflects nature, duration of Australia’s inflation challenge; three of five sub-indices lower; fewer respondents expecting higher jobless rate. After a lengthy divergence between measures of consumer sentiment and business confidence in Australia which began in 2014, confidence readings of the two sectors converged again...