Investors are uneasy over the impact of interest rate hikes in the United States and other Western economies to cool surging inflation. Wednesday's Fed release showed board members support 0.5-percentage-point hikes at their next two meetings. That will weigh on economic activity but already was factored into stock prices.
The Kospi in Seoul declined 0.3% to 2,610.30. The Bank of Korea, as expected, raised its benchmark interest rate by 25 basis points to 1.75%. The minutes from the Fed meeting this month show most board members agreed that half-point increases to the Fed's benchmark short-term rate “would likely be appropriate.” That would be double the usual margin of increases.
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