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Another Hawkish Hold

BOK

BOK headlines leaning on the hawkish side, but arguably won't be a surprise to the market. The central bank notes there may be some delay in returning inflation to target. They are watching geopolitical risks, which adds to growth uncertainly and upside risks to inflation outlook. We may still reach low 3% region by the end of this yr. The decline in core CPI may also be slower than expected. Leaves restrictive policy stance in place for a considerable time. Nothing yet on what might prompt a fresh hike.

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