The Ministry of Economy and Finance, the Bank of Korea, the Financial Services Commission, and the Financial Supervisory Service held a joint Macroeconomic and Finance Meeting on the morning of the 30th at the Export-Import Bank to review domestic and overseas financial and foreign exchange market conditions following the U.S. Federal Open Market Committee (FOMC)'s interest rate cut decision announced early today (Korea time).
The U.S. Federal Reserve cut the policy rate for a second consecutive time at the Federal Open Market Committee (FOMC). Jerome Powell, chair of the Federal Reserve (Fed), said, "Further lowering the benchmark rate at the December meeting is not a foregone conclusion."
As Powell took a cautious stance compared with market expectations, U.S. Government Bonds yields rose and the dollar strengthened.
Participants in the meeting said, "The domestic stock and bond markets have generally shown a stable trend recently," adding, "The foreign exchange market remains highly volatile, but uncertainty has eased with the conclusion of the U.S.-Korea tariff negotiations, and some stabilization is being seen."
However, they agreed that "external uncertainties persist, including U.S.-China trade tensions and a prolonged U.S. federal government shutdown," and noted that "it is necessary to keep a close watch on market volatility."
Attending the meeting were First Vice Minister Lee Hyeong-il of the Ministry of Economy and Finance (MOEF), Deputy Governor Park Jong-woo of the Bank of Korea, Standing Commissioner Ahn Chang-guk of the Financial Services Commission (FSC), and First Senior Deputy Governor Lee Se-hoon of the Financial Supervisory Service (FSS).