** South Korean shares fell on Thursday to be on track to snap a five-day rally, after the U.S. Federal Reserve signalled it might raise interest rates at a much faster pace than expected.** The won lost more than 1per cent, while the benchmark bond yield rose.
** U.S. central bank officials moved their first projected rate increases from 2024 into 2023 and opened talks about when to pull back on the Fed's US$120 billion in monthly bond purchase. ** Meanwhile, South Korean central bank said on Thursday it has agreed to renew an existing currency swap agreement with the U.S. Federal Reserve for another three months to at least Dec. 31, 2021.
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