The Bank of Korea(BOK) said the U.S. Federal Reserve’s decision to raise its benchmark short-term interest rate by half a percentage point was in line with market expectations.

The central bank made the assessment on Thursday during a virtual meeting to review market conditions.

The bank’s assessment comes after the Fed raised the key interest rate and set a new target range of zero-point-75 to one percent during a meeting of the Federal Open Market Committee on Wednesday, local time.

It marked the first time in 22 years the Federal Reserve raised the key rate by half a percentage point.

BOK Senior Deputy Governor Lee Seung-heon, who chaired Thursday’s virtual meeting, said the possibility remains of the nation’s financial market seeing more volatility amid the U.S.’ high rate of inflation and additional expected interest rate hikes.

Lee said uncertainties abroad also remain high due to the prolonged Russia-Ukraine war and a slowdown in China’s economic growth.

Lee called on the meeting’s participants to further strengthen their monitoring of developments regarding overseas risk factors and thoroughly review the possible impact such factors could have on the nation’s financial and foreign exchange markets.