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Finance Minister Assesses Global Market Stable after US Rate Hike

Written: 2023-02-02 09:57:35Updated: 2023-02-02 11:11:09

Finance Minister Assesses Global Market Stable after US Rate Hike

Photo : YONHAP News

Finance minister Choo Kyung-ho has assessed the international financial market to be stable after the U.S. Federal Reserve raised its key rate by a quarter of a percentage point on Wednesday.

The minister presented the assessment in a meeting with Bank of Korea Governor Rhee Chang-yong and the chiefs of the country's financial authorities to review the U.S. central bank’s recent rate hike and check the financial market.

The Fed raised its benchmark short-term interest rate by zero-point-25 percentage points, slowing down the pace of hikes after a 50-basis-point increase in December after four straight jumps of 75 basis points.

Minister Choo said that as the Fed dialed down its rate hike, the global financial market remained stable overnight.

The minister said that the local financial market also appears to be showing signs of eased volatility thanks to the government's market stabilization efforts and expectations of a slowdown in global monetary tightening moves.

Noting, however, that uncertainties in the South Korean economy persist due to sluggish exports with inflation expected to remain high for the time being, Choo vowed to strengthen monitoring of the market and pursue an optimal combination of policies.

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