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, good afternoon. Good to have you back on.
The big news overnight was the Federal Open Markets Committee. Rates not changing yet, but the so-called dot plot now signaling two rate hikes in 2023. Jerome Powell also says that they're talking about talking about tapering. Tell us what came out of the Fed on Wednesday.
All this has introduced a dose of volatility to the markets. We can see that in today's exchange rate in Korea. Most Asian markets are down. But what effect do you see this having on the Korean financial markets, and globally? And for that matter, how can Korea respond?
On Wall Street overnight, not a huge reaction to the talk about talking about tapering. But there was a decline of about half a percent on the S&P and a little more on the Nasdaq. What was the story on Wall Street?
Today in Korea, it was an interesting session in that the KOSPI was down by around half a percent. But the KOSDAQ was up about the same amount. A lot of selling on the KOSPI by foreigners and institutions. Tell us about the local market.
Korea's had quite an impressive recovery in exports since the start of the pandemic. but there are reports out there by economists saying that growth might not be so strong in the second half of this year. What's the concern there, and what might be done to keep the momentum going?