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BoK 2023 Growth & Inflation Forecasts Nudged Lower, Muted Market Reaction

BOK

The BoK left rates on hold at 3.50%, in line with market expectations. Forecast for 2023 and 2024 were revised, but only a touch. Growth for 2023 nudged down to 1.6% form 1.7% in Nov last year, while inflation to 3.5% from 3.6% prior. For 2024 is seen slightly firmer at 2.4% (2.3% prior), inflation at 2.6% (2.5% prior).

  • The market reaction hasn't been large, USD/KRW is a touch higher in spot terms, last in 1305/06 range, only slightly up on yesterday's closing levels. There hasn't been much USD follow through strength though.
  • KTB futures are higher as well (3yr got to +16 ticks post the announcement), while the Kospi is in positive territory (+0.25/0.30%), but this is more reflective of higher US Nasdaq futures, buoyed by better earnings results.
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