Time now for an in-depth look at the market news this afternoon.
And for that, I'm joined on the line by Dr. Kim Sei-wan, professor of economics at Ewha Womans University.
Professor Kim, thanks for coming on today.
Today, as expected, the Bank of Korea decided unanimously as it turns out to keep its key interest rate where it is at a historic low of half a percent, which is where it's been since last July. Tell us about that, and how long you think that will remain the case.
The BOK is also keeping its GDP growth outlook for this year at 3 percent, but it's raising its outlook for inflation to 1.3 percent. So what do you make of those projections, professor?
Stocks on Wall Street had a nice bounce back overnight the first major movement we've seen in that direction in a few sessions. Fed chair Powell easing some concerns about inflation with his testimony. What's the story there on Wall Street?
Korean stocks recovering all of yesterday's losses and then some. The KOSPI surging back almost to 31-hundred points with a gain of 3.5 percent. Similar moves in the other indices. Tell us about the local markets.
And finally, the Korean government is looking to approve spending around 20 trillion won about 17-and-a-half billion dollars on the upcoming fourth round of relief funds for small business and the self-employed. As with previous spending in the pandemic, some are raising concerns about the massive increase in spending over the last year or more. What's your view, professor?