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MNI BoK Preview - April 2024: On Hold Amid Sticky Headline Inflation

BOK
  • The firm sell-side consensus and our own bias rests firmly with an on-hold outcome at tomorrow's BoK policy meeting. Sticky headline inflation pressures, along with still elevated consumer inflation expectations, suggest there is no need to rush into an easing bias.
  • Offshore developments have also been on the hawkish side, as Fed cuts get pushed back further into 2024, while fresh highs in USD/KRW back to late 2022 may also factor into BoK thinking.
  • All in all we expect the BoK to push back against any near term easing expectations. The central bank has stated as much in recent commentary. We also expect Governor Rhee to keep easing expectations for the second half of the year as quite vague and not commit to any predetermined path.
  • Full preview here.
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