Summary: Leading index growth rate falls in May; lowest reading since pandemic; reading implies annual GDP growth of around 1.75%; ACGB yields fall; rate-rise expectations firm slightly for third quarter, ease for subsequent quarters; Westpac lowers growth forecasts, GDP growth of 0.6%, 1.0% in 2023, 2024. Westpac and the Melbourne Institute describe their Leading Index as a composite measure which attempts to estimate the likely pace of Australian economic growth...