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Korea's central bank too sanguine on outlook for growth

The Bank of Korea (BoK) kept its policy rate at 3.25% today, as expected. Our view is that Korea’s policymakers are likely to shift their focus away from tackling inflation towards supporting growth this year. The upshot is that, in contrast to the view held by most participants in the swap market, we expect Korea’s policy rate to end the year lower than where it is now.

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