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The Federal Reserve has decided to hike U.S. rates to their highest level in a decade.
The move is the Fed's first major decision under its new chairman Jerome Powell.
For more on the hike and the impact it could have, we're joined in the studio by Lee
Seung-jae.
Good morning.
Good morning.
Give us the details on his interest rate hike that leaves us in pre-financial crisis territory
again...
Right, in the U.S. central bank's first major decision under its new Chairman Jerome Powell
on Wednesday as you mentioned,.... the Federal Reserve hiked its key interest rate from one-point-five
percent to one-point-seven-five percent,... the highest level since 2008.
It was the sixth rate increase since the Federal Open Market Committee began raising rates
off near zero in December 2015.
The move was widely expected as the U.S. economy continues to strengthen and Wall Street remains
near record highs.
But interestingly enough, the Dow did close on the red at the end of Wednesday,... down
44-point-nine-six points... or point-18-percent.
And U.S. Fed Chairman Jerome Powell had this to say with the recent announcements.
" The job market remains strong, the economy continues to expand, and the inflation appears
to be moving toward the FOMC's 2 percent longer-run goal."
In addition,... three rate hikes are anticipated for this year,... but the Fed will pick up
the pace even further in 2019.
The Federal Reserve also significantly boosted its forecast for U.S. growth for 2018 and
2019.
It says the U.S. economy is on pace to expand two-point-seven percent this year,... and
two-point-four percent the following year.
The growth, according to Fed officials, will help lower the unemployment rate in the U.S.
The jobless rate is expected to fall from four-point-one percent to three-point-eight
percent this year,... and to three-point-six percent in 2019,... which would be the lowest
level since 1969.
That's good news for Americans.
It seems the U.S. economy is finally on the right track after a number of underperforming
years.
Now... how does the Fed's latest hike going to impact the South Korean economy?
It's not really good for us here especially homeowners...
The Fed's move also means U.S. rates will be higher than South Korea's for the first
time in more than ten years.
The Bank of Korea currently has the nation's benchmark interest rate at one-point-five
percent.
Speaking on Wednesday at his confirmation hearing for a second term as BOK governor,...
Lee Ju-yeol said the country could face serious problems if the gap between the two widens
too much.
Lee added that, if Korea raises rates to stay on par with the U.S., it could cause major
issues in a country where households are saddled with a record one-point-three trillion U.S.
dollars of household debt as of last year.
But earlier this morning,... he was more optimistic saying that the latest interest rate hike
in the United States will have little impact on the South Korean market.
With the Federal Reserve gearing up for three more rate hikes before the year is out, global
market analysts are closely monitoring their impact on the fragile global economy recovery.
Thank you very much for that report.
My pleasure.
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