The Bank of Korea(BOK) held a meeting on Thursday to assess the possible repercussions of the U.S. Federal Reserve's latest rate hike on the domestic and foreign financial markets.

Senior Deputy Governor of the BOK Lee Seung-heon, who chaired the meeting, assessed that the Fed's rate hike of three-quarters of a percentage point generally matched market expectations and had a limited impact on the international financial market.

After the Fed's announcement of the so-called “giant step” on Wednesday, Federal Reserve Chairman Jerome Powell said that there is a need to slow growth to contain soaring inflation.

Lee said Powell's remarks indicated his will to maintain the tightening monetary policy.

The deputy governor also quoted Powell as saying that another "unusually large" increase in interest rates may be appropriate at the Federal Reserve's September meeting, but the decision will be determined by the incoming economic data between now and then.

Citing the remarks, Lee assessed that volatility in the global financial market will likely expand with lingering uncertainties about the pace of the Fed's rate hikes.

As the U.S. policy interest rate exceeds South Korea's with the latest hike, the central bank said it would closely monitor the situation and take market stabilization steps when needed.