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MNI Bank of Korea Preview-Oct 2024: Door Now Ajar For Easing

Asia Bank - PreviewBank of Korea - PreviewAPACAnalysisEM Central Bank ReportsEM Central Bank PreviewSouth KoreaGlobalStoryRegion

MNI (SYDNEY) - EXECUTIVE SUMMARY:
 

  • Expectations for a rate cut have moved swiftly in recent days following various data releases, particularly in terms of the CPI, with headline now below the central bank's target.
  • The long-held concerns about the rapid rise in the housing market in Seoul have been the main driver for the BoK’s reticence to cut. The authorities recently announced curbs to mortgage limits in Seoul starting from September 1 though. 
  • Overall, our bias now shifts to a 25 bp cut at the BOK’s next meeting on October 11, but do not expect language to accompany the cut that suggests significant cuts to follow. Rather, the language is likely to suggest a cautious approach to see how the regional economy reacts to the China stimulus and the global economy to the US Federal Reserve’s recent cut in rates. 

FOR THE FULL PUBLICATION PLEASE USE THE FOLLOWING LINK: BoK Preview - OCTOBER 2024.pdf

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MNI (SYDNEY) - EXECUTIVE SUMMARY:
 

  • Expectations for a rate cut have moved swiftly in recent days following various data releases, particularly in terms of the CPI, with headline now below the central bank's target.
  • The long-held concerns about the rapid rise in the housing market in Seoul have been the main driver for the BoK’s reticence to cut. The authorities recently announced curbs to mortgage limits in Seoul starting from September 1 though. 
  • Overall, our bias now shifts to a 25 bp cut at the BOK’s next meeting on October 11, but do not expect language to accompany the cut that suggests significant cuts to follow. Rather, the language is likely to suggest a cautious approach to see how the regional economy reacts to the China stimulus and the global economy to the US Federal Reserve’s recent cut in rates. 

FOR THE FULL PUBLICATION PLEASE USE THE FOLLOWING LINK: BoK Preview - OCTOBER 2024.pdf