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Short-End Under Pressure After CPI

KOREA RATES

Futures are mixed, 10-Year future 10 ticks higher at 127.77 tracking a move in US tsys overnight, while the 3-Year has come under pressure after an overshoot in August CPI inflation which has led to increased speculation of a steeper rate hike path for the BoK. CPI rose faster than expected, the Y/Y August print coming in at 2.6%, in line with the July figure but faster than the 2.4% expected. The core Y/Y print came in at 1.8% against 1.6% expected and 1.7% last time out. The annual reading puts inflation over the BoK's 2% target for the fifth straight month, the BoK expected 2.1% inflation for 2021.

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