Jin Seungho KIC President: "This is a Market Even Wall Street Experts Can't Read"

Jin Seung-ho, President of Korea Investment Corporation (KIC), said on the 26th (local time) about the market situation, "Since interest rates have risen significantly, I think we need to be very cautious."

On the same day, Jin held a meeting with correspondents at a restaurant in Manhattan, New York City, USA, stating, "We don't know where the shock will come from, so we will closely monitor and decide on investment strategies and targets."

Jin, who visited the US to review investment strategies with CEOs of major Wall Street financial institutions and attend the Milken Global Conference, mentioned that he met with Ed Hyman, Chairman of Evercore ISI, in the morning and said, "Hyman, who has been in this business for a long time, also said it is a very difficult phase and hard to judge."

He will visit New York and Los Angeles (LA) in the US and meet key institutional figures including former Fed Vice Chairman Richard Clarida, Jane Fraser, CEO of Citigroup, and Stephen Schwarzman, Chairman of Blackstone.

Through this US visit schedule, Jin plans to meet with CEOs of major financial institutions on Wall Street and 'investment gurus' to assess the current market situation and share insights on long-term investment strategies.

In particular, he plans to examine the real economy impact of the recent global banking crisis and review macroeconomic and major fiscal and monetary policy outlooks following the rapid interest rate hikes since last year.

He anticipates further interest rate hikes by the US Federal Reserve (Fed) and said, "The March Silicon Valley Bank (SVB) incident was well managed because the Treasury and the Fed acted actively, but it is natural to think that there might be other so-called 'weak links'."

Regarding the renewed banking crisis centered on First Republic Bank, he said, "No one knows for sure whether it will continue or end as a problem of First Republic alone," adding, "It will depend on how each economic agent behaves."

On future market outlooks, he noted that experts' views vary widely, with the expected range for the New York Stock Exchange S&P 500 index stretching from 3200 to 4800, saying, "That much shows how difficult it is to read the market."

This content was produced with the assistance of AI translation services.