Keynote of today BoK meeting.
Given press of Nov bok meeting & BoK Lee's new yr speech,
1) Inflation remains as top priority
2) Last mile for inflation fight.
3) Financial uncertainty (PF risk + HHD )
3) Fwd guidance of whether to maintain or not even if today's meeting is unanimous( all left door open for 3.75 at Nov meeting)
Given press of Nov bok meeting & BoK Lee's new yr speech,
1) Inflation remains as top priority
2) Last mile for inflation fight.
3) Financial uncertainty (PF risk + HHD )
3) Fwd guidance of whether to maintain or not even if today's meeting is unanimous( all left door open for 3.75 at Nov meeting)
Citi: BoK now dove but still hawk on timing of rate cut. We bring fwd the timing of rate cut to AUG from OCT.
JP: BoK takes one step fwd to neutral but also refrains from rapid rate cut. 3Q is likely to be the timing for 1st rate cut.
MS: Across the board, BoK tone was down than Nov. But given BoK Lee rules out rate cut in H1, 1st rate cut is likely to happen in 3Q.
BBG economist: BoK closed the door for additional rate hike via its stmt. Hawkish color was diluted.
BNP: Hawkish tone down. May is possible for 1st rate cut.
JP: BoK takes one step fwd to neutral but also refrains from rapid rate cut. 3Q is likely to be the timing for 1st rate cut.
MS: Across the board, BoK tone was down than Nov. But given BoK Lee rules out rate cut in H1, 1st rate cut is likely to happen in 3Q.
BBG economist: BoK closed the door for additional rate hike via its stmt. Hawkish color was diluted.
BNP: Hawkish tone down. May is possible for 1st rate cut.
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