Tomorrow, Economic and Financial Authorities' Heads Emergency Economic Meeting... Discussion on FOMC Results

by Moon Hyewon

Published 02 Nov.2022 17:44(KST)

On the 23rd of last month, Lee Bok-hyun, Governor of the Financial Supervisory Service, Lee Chang-yong, Governor of the Bank of Korea, Deputy Prime Minister for Economy Choo Kyung-ho, Financial Services Commission Chairman Kim Ju-hyun, and Chief Presidential Secretary for Economic Affairs Choi Sang-mok posed before the start of the 'Emergency Macroeconomic and Financial Meeting' held at the Bankers' Hall in Jung-gu, Seoul. Photo by Yoon Dong-joo doso7@

[Asia Economy Reporter Moon Hyewon] Heads of economic and financial authorities will hold a meeting on the 3rd to discuss the impact of the U.S. Federal Open Market Committee (FOMC) meeting results on the domestic financial market.

The Ministry of Economy and Finance announced on the 2nd that it will hold an emergency economic and financial meeting on the morning of the 3rd, attended by Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho, Bank of Korea Governor Lee Chang-yong, Financial Services Commission Chairman Kim Joo-hyun, Presidential Office Economic Secretary Choi Sang-mok, and Financial Supervisory Service Governor Lee Bok-hyun.

The meeting will evaluate the results of the U.S. FOMC meeting and analyze its potential impact on the financial market.

The financial market expects the U.S. Federal Reserve to raise interest rates by 0.75 percentage points at this FOMC meeting and to provide hints regarding the size of the rate hike in December.

The heads of economic and financial authorities will also discuss trends in the domestic corporate bond market and short-term money market.

Following the emergency meeting held on the 23rd of last month due to the Legoland incident that caused a liquidity crunch in the money market, and the announcement of a liquidity supply program exceeding 50 trillion won, they are expected to reassess the market situation once again.