Higher-than-expected inflation in the United States is putting pressure on the Bank of Korea (BOK) to take another “big step” by raising the key interest rate by a half percentage point in the next meeting of its monetary policy board scheduled for Oct. 12. The BOK took an unprecedented “big step” in June but is still applying incremental rate increases, as addressed by its governor Rhee Chang-yong, who recently described the increases as an anti-inflationary measure as well as a long-term response toward hawkish U.S. monetary policy.
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BOK under growing pressure to take another ‘big step’ hike over US inflation