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Goldman Sachs note that the BoK "kept its growth forecast unchanged and raised its inflation forecast meaningfully. The MPC statement turned hawkish on the inflation outlook, expecting to stay above the BoK's target for a "considerable" period of time, yet the Governor sent mixed signals about the timing of the next hike, in our view. While he reiterated that the current 1% level of the policy rate remains accommodative, he avoided sending as hawkish a signal as in prior meetings, highlighting uncertainties around pandemic situations upon reopening. Overall, we keep our baseline scenario that the BoK will follow up with another 25bp rate hike in April, but see risks of an earlier rate hike in Q1."