The Bank of Korea’s October 22 policy decision carries a 94.5% market-implied probability of no change after consecutive 25-basis-point hikes in July and August lifted the benchmark rate to 3.00%. Traders are pricing in a deliberate pause to evaluate the combined effects of those moves on inflation, domestic demand, and financial stability, supported by September consumer prices easing to 2.9% year-over-year and still-elevated but stable bond yields. Solid export momentum, led by semiconductors, continues to underpin growth forecasts, while core inflation near 3% keeps the 2% target in focus without immediate acceleration. An unexpected October CPI print significantly above 3% or renewed Middle East-driven oil price spikes could reopen the door to a hike, though current data and central-bank communications point to a measured approach.