Bank of Korea Holds Rate Steady at 3.50%
By Kwanwoo Jun
South Korea's central bank held its base rate steady as widely expected after data showed the economy is stronger than thought, signaling a delay in its pivot towards policy easing.
The Bank of Korea on Thursday kept its benchmark seven-day repurchase rate unchanged at a 15-year high of 3.50% for an 11th consecutive time amid solid gross domestic product growth and sticky inflation.
All 13 economists surveyed by The Wall Street Journal had expected the bank to stand pat in May. Most economists expect the rate cuts, which usually support economic growth, will start only in the final quarter of the year. That view is backed by stronger-than-expected GDP growth in the first quarter, which prompted some economists to push back rate-cut time lines.
Write to Kwanwoo Jun at kwanwoo.jun@wsj.com
(END) Dow Jones Newswires
May 22, 2024 21:07 ET (01:07 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
Is It Time to Ditch Your Money Market Fund for Longer-Term Bonds?
-
What’s Happening In the Markets This Week
-
4 Reasons Why Today’s Stock Market Is Delivering Impressive Performance
-
What Does Nvidia’s Stock Split Mean for Investors?
-
5 Undervalued Stocks to Buy as Their Stories Play Out
-
Markets Brief: Return of the Meme Stocks
-
It’s Been a Terrible Time for Bonds. Here’s Why You Should Own Them
-
Which AI Stocks Are Turning Hype Into Revenue?
-
Tesla: Shareholder Vote Reduces Key Person Risk
-
After Earnings, Is CrowdStrike Stock a Buy, a Sell, or Fairly Valued?
-
Adobe’s Strong Quarterly Results Drive Share Gains
-
What Does Broadcom’s Stock Split Mean for Investors?
-
5 Ultracheap Stocks to Buy With the Best Returns on Investment
-
Broadcom Earnings: AI Sales Growth Accelerates
-
Oracle Earnings: IaaS Signings More Than Make Up for Miss
-
This Undervalued Stock Is a Buy After Its Dividend Increase