Bank of Korea officials have recently adopted a more hawkish tone, with Deputy Governor Ryoo Sang-dai stating in early May that growth is unlikely to fall much below 2.0% while inflation is tracking above the prior 2.2% forecast, prompting consideration of rate hikes after seven consecutive holds at the 2.50% base rate. Rising oil prices tied to Middle East uncertainties have lifted CPI readings, supporting trader consensus around a 54% implied probability of no change at the July meeting versus a 42% chance of an increase. Stronger semiconductor exports continue to underpin activity and temper downside growth risks, keeping the policy stance data-dependent ahead of the May 28 meeting that could clarify forward guidance. Markets price in these balanced inflation and growth dynamics without assuming aggressive tightening.