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The U.S. central bank, the Federal Reserve, has decided to maintain its key interest rate at 3.50%-3.75% following a two-day meeting of the Federal Open Market Committee (FOMC).

This decision, presided over by new Fed Chair Kevin Wash, marks the fourth consecutive meeting without a rate adjustment. The current rate differential with South Korea, which stands at 2.50%, remains at 1.25% at the upper end.

However, the Fed's statement indicated a greater probability of interest rate increases later this year rather than reductions. The Wall Street Journal described this as a "surprising reversal" at Wash's first meeting, highlighting how rapidly the inflation outlook has shifted.

While the committee unanimously agreed to freeze rates at this meeting, the signal for future hikes suggests a more hawkish stance. This development is closely watched by markets, especially given the change in Fed leadership and the evolving economic landscape.