The 10-year yield skidded 6 bps to 2.820%.“The policy board is likely to cut interest rates at its first meeting in 2025 on Jan.16, four days before Trump’s inauguration to address downside risks,” said Kiwoom Securities Co.in a note.“Another cut in February cannot be ruled out as the BOK has completely shifted its focus to downside risks in the economy.” CUTS GROWTH, INFLATION FORECASTSThe BOK downgraded its forecasts for economic growth and inflation this year and next.
South Korea’s central bank lowered interest rates for a second straight meeting on Thursday in a surprise move and left the door open for another cut in the next three months to prop up Asia’s fourth-largest economy losing growth momentum amid the growing trade headwinds from US President-elect Donald Trump’s protectionism.
It was the first back-to-back rate cut since the global economic crisis dented the country in early 2009.“Three out of the six monetary policy board members, excluding me, said it is necessary to leave the door open the lowering the policy interest rate below 3% in the next three months,” BOK Governor Rhee Chang-yong told reporters after the unexpected easing.
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