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Bank of Korea Raises Benchmark Rate to 2.75% on July 16; JP Morgan Upgrades Terminal Rate Forecast to 3.75%

2026-07-16 07:58:14

According to JP Morgan economist Park Seok-gil, the Bank of Korea raised its benchmark interest rate by 25 basis points to 2.75% today (July 16), with all seven monetary policy committee members voting in favor. JP Morgan simultaneously upgraded its terminal rate forecast to 3.75% from 3.50%, citing increased likelihood of another rate hike in August. The adjustment reflects Park's assessment that August tightening is now a higher-probability scenario than a hold, based on Governor Shin Hyun-song's forward guidance at today's press conference. JP Morgan also raised its South Korea GDP growth forecast to 3.7%, significantly above the BoK's May projection of 2.6%.

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