Expectations are high that the U.S. will speed up its rate hike this year amid projections that the U.S. interest rate will outdo South Korea’s next month. 

The Bank of Korea’s New York office said Tuesday that there are growing expectations on Wall Street that the U.S. Federal Reserve will raise the key interest rate multiple times this year.

According to a survey of 16 investment banks conducted by the office on Friday, six believe the U.S. will mark up its interest rate four times this year. That’s up two banks compared to a similar survey carried out a month ago. 

Nine banks forecast that the U.S. rate will be adjusted upward three times this year while only one projected that the rate will be raised two times. 

Currently, South Korea’s benchmark interest rate stands at one-and-a-half percent, or the same as the upper end of the Fed's policy rate. 

If South Korea’s central bank decides to keep rates steady this month, the U.S. rate is expected to be higher than Korea’s.