Inflation continues to loosen its grip on American consumers, with price hikes slowing by the most in three and a half years and all but cementing a quarter-point rate cut from the Federal Reserve when it meets next week.

With inflation cooling and worries about the job market spreading, the central bank is expected to announce a long-awaited rate cut next week.

The Bank of Korea (BOK) said Tuesday it expects consumer inflation to remain stable for the time being, reinforcing views that the central bank may consider a policy pivot.