Anchor: The U.S. Federal Reserve kept its benchmark interest rate steady at a range of two-point-25 to two-point-five percent and suggested it wouldn't hike rates this year. Following the overnight decision, the chief of South Korea's central bank reaffirmed that now is not the time to cut the country's policy rate despite the Fed's move.
Lee Bo-kyung has this story.

Report: The Federal Open Market Committee(FOMC), the policy-making body of the Federal Reserve, voted unanimously to freeze the key rate during their second meeting of the year on Wednesday.

Following the announcement, the Fed said it does not expect to raise the key rate again this year and that there would be a single rate hike next year. It marks an about-face from December, when the Fed expected two rate hikes this year, amid a drop in spending and broader global uncertainty. 

Fed Chairman Jerome Powell said in a news conference that "growth is slowing somewhat more than expected." 

[Sound bite: US Federal Reserve Chairman Jerome Powell]
"We continue to expect that the American economy will grow at a solid pace in 2019, although likely slower than the very strong pace of 2018." 

The Fed also trimmed its projection of U.S. economic growth this year from two-point-three percent to two-point-one percent. The growth forecast for next year was just one-point-nine percent, down from two percent. 

Despite the Fed's cautious stance, South Korea's central bank chief reiterated now is not the time to cut the policy rate, which has stayed at one-point-75 percent since a quarter of a percentage point rise last November. 

Bank of Korea Governor Lee Ju-yeol said the Fed's eased stance will bring stability to the global financial market and offer more room for authorities in Seoul to manage policies.

However, Lee said that it is still too early for adjustments and that he will take into account the situation overseas, especially the economic cycles of the Chinese and European economies, before making a policy change.
Lee Bo-kyung, KBS World Radio News.