Govt. to closely monitor financial markets after US rate freeze
The finance ministry said Thursday it will closely monitor the country's financial markets to assess the impact of the latest US rate freeze, noting persistent uncertainties surrounding global trade.
In an interagency meeting on macroeconomic and financial issues chaired by Acting Finance Minister Kim Beom-suk, authorities agreed that the global financial markets remained generally stable following the US Federal Reserve's rate freeze decision, which factored in rising employment and inflationary risks.
On Wednesday, the Fed held its benchmark interest steady at the 4.25-4.5 percent range for the third consecutive time, citing increased uncertainty on the economic outlook in America.
The ministry said it plans to hold weekly macroeconomic meetings to swiftly respond to uncertainties surrounding concerns over a possible US recession, along with trade tensions involving the United States and China, and Washington's tariff policies.
The government also plans to monitor volatility in the foreign exchange market following last week's sharp appreciation of Asian currencies against the US dollar, the ministry said. (Yonhap)
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