BoK likely to go for a rate cut

The BoK's two day meeting starts today. It is expected to leave rates at 1.75%, but there is a small minority (2 out of 10) expecting a 25bps rate cut. 
With growth and inflation subdued, BoK remains under pressure and the door remains likely open for further monetary easing this year. Consensus expects only 10bps of cuts this year, with rate hikes in early 2016. 
With the negative output gap continuing for longer than had been anticipated, we think those expectations seem too optimistic.