Another rate hike of 25 basis points by the Bank of Korea, which now expects inflation to hit a 15-year high.
It's not as big as the rate hikes we're seeing from the Federal Reserve, which is battling even higher inflation.
But both central banks are trying to strike a delicate balance and not hurt economic growth.
So what comes next in terms of interest rates and inflation?
For a closer look, we're joined tonight by Dr. Yang Jun-sok, Professor of Economics at The Catholic University of Korea.
He joins us via Skype.
1) Is a quarter-percentage rate hike going to have an impact on inflation? How about the economy?
2) The BOK is now projecting inflation of 4.5 percent this year, an increase from the forecast three months ago of 3.1 percent. Consumers now expect inflation of 3.3 percent. How should we look at those two figures consumers' expected inflation versus the BOK projection? Is there a chance that inflation comes down this year if supply chains come back online or is this going to last longer?
3) Mortgage rates in the United States are making headlines a 30-year fixed rate loan now above 5 percent. Banks here are still advertising rates lower than that. To what extent are Korean households vulnerable to higher rates?
4) To what extent is the Bank of Korea under pressure because of the Federal Reserve? Is it raising rates faster than it wants to? With higher rates are we going to see investment coming back into Korea?
5) The U.S. stock market responded positively overnight to the Fed minutes showing most members favor a more aggressive tightening. That seems like the opposite of the reaction the markets have had these past several months. What do you make of that?