By Kwanwoo JunSouth Korea's central bank kept its policy rate unchanged for an eighth consecutive time, as widely forecast, even as expectations for a rate cut this year grow. The Bank of Korea held its benchmark seven-day repurchase rate steady at 3.50% at the year's first policy meeting on Thursday. All 19 economists surveyed by The Wall Street Journal earlier had forecast no rate changes in the first quarter. The bank expects inflation to ease further and average 2.6% this year, above its 2.0% target. Write to Kwanwoo Jun at kwanwoo.jun@wsj.com(END) Dow Jones NewswiresJanuary 10, 2024 20:09 ET (01:09 GMT)Copyright (c) 2024 Dow Jones & Company, Inc.

Source: Wall Street Journal January 11, 2024 02:59 UTC