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Rates Unchanged, Inflation Expectations Marked Higher

BOK

The BoK leaves it policy rate unchanged at 1.25%, in line with unanimous expectations. The Bank left its '22 & '23 GDP growth projections as they were, while it marked its CPI forecasts higher (to 3.1% Y/Y in '22 vs. +2.0% prev. & +2.0% Y/Y in '23 vs. +1.7% prev.). Focus will now move to the forward guidance deployed by Governor Lee. A reminder that this is Lee's final monetary policy meeting atop the Bank, which may water down any inference from his guidance (he may even choose to deploy non-committal guidance given his imminent departure). Participants will also be on the lookout for any hawkish dissenting votes.

MNI London Bureau | +44 0203-865-3809 | anthony.barton@marketnews.com

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