South Korea's IRS Rates Fall Across the Board on July 10, 1-Year Rate Down 2.25 Basis Points to 3.4075%

According to Yonhap Infomax, South Korea's interest rate swap (IRS) rates declined across the board on July 10. The 1-year IRS rate fell 2.25 basis points to 3.4075%, while 3-year, 5-year, and 10-year rates dropped 0.75, 1.00, and 1.00 basis points, respectively. A bond trader attributed the decline to elevated CD rates at 2.91%, which limit further rate hikes, and increased short-term swap supply. Rising money market fund inflows have also strengthened short-term bonds ahead of the Monetary Policy Committee meeting.
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