▲ Bank of Korea (BOK) Gov. Rhee Chang-yong bangs the gavel to open a Monetary Policy Committee meeting at the central bank in Seoul on July 13, 2023. The central bank held its key interest rate steady at 3.5 percent for the fourth straight time in the face of murky growth outlook and moderating inflation. (Pool photo) (Yonhap)

FOMC-rate hike

U.S. Fed raises key rate by 25 basis points after rate freeze month before

WASHINGTON, July 26 (Yonhap) -- The U.S. Federal Reserve on Wednesday raised its benchmark lending rate by a quarter percentage point, sending it to the highest level since 2001.

The rise increases the key rate to a range between 5.25 percent and 5.5 percent, while further widening the gap between the key rates of South Korea and the United States.

South Korea's central bank kept its benchmark rate frozen at 3.5 percent earlier this month.

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