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MNI BoK Preview - July 2023: Holding Steady At 3.50%

BOK
  • All of the 14 economists surveyed by Bloomberg expect rates to remain on hold at 3.50% at tomorrow’s policy meeting. This is also our firm bias.
  • The on-hold outcome looks to be a fairly straight forward one at this policy meeting, given the evolution of headline inflation pressures, which continue to moderate.
  • The central bank has left the door ajar for tighter policy, with 6 out of 7 board members seeing a peak rate of 3.75% as possible at the last board meeting. This is likely to be a major focus point of tomorrow’s meeting, in terms of whether we see a tone down in the hawkishness rhetoric. We suspect some members will still advocate risks that the policy rate can tighten further.
  • See the full preview here:
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