interest rate gap with the United States, and committed to step up their vigilance against market disturbing or herd-like behaviours, according to a statement following the review. "The government and the Bank of Korea will take market stabilisation measures in a prompt manner, if necessary, according to a prearranged contingency plan," it said. The country's finance minister and central bank governor met in Incheon, South Korea, for a customary review of U.S. monetary policy meeting results, with virtual participation by other attendees. The Bank of Korea said after a separate internal meeting that Fed Chair Jerome Powell's tamping down of the possibility of a rate cut before the end of this year should also be noted.
The Fed, which raised rates by 25 basis points, moved its management of the post-pandemic economic recovery into a new phase on Wednesday with what may be the last in a historic series of interest rate hikes and heightened attention to credit and other economic risks. (Reporting by Jihoon Lee and Choonsik Yoo; Editing by Jacqueline Wong and Shri Navaratnam)
