feb 23 reuters  a look at the day ahead in asian markets from jamie mcgeever an interest rate decision from south korea takes center stage in asia on thursday in the midst of a widespread selloff in risk assets on growing fears that the fed will keep us interest rates higher for longer to quell inflation asian stocks are on course for their fourth down week in a row the msci world index and the sp 500 are eyeing their biggest weekly fall this year and us breakeven inflation rates are sailing up to 250 and beyond one quirk of rising global inflation fears however was a 3 slide in oil on wednesday as traders bet that high consumer prices will sap growth and demand a lower oil price of course is disinflationary and base effects right now also mean that brent crude is 17 cheaper today than it was a year ago light at the end of the inflation tunnel minutes from the feds jan 31 to feb 1 policy meeting showed that most ratesetters voted to slow the pace of tightening but in an interview with cnbc on wednesday st louis fed chief james bullard reiterated his view that rates must be raised to 525 to 550 to get inflation down this year central banks in asia and elsewhere are getting caught in the feds  and the dollars  slipstream the bank of korea is expected to leave interest rates on hold at 350 on thursday and leave it there for the rest of the year according to a reuters poll economists surveyed reckon the boks longest tightening cycle on record is over despite still high inflation however korean policymakers may be forced to talk tough and say they stand ready to raise rates again anything other than that could lead the won to slip further from its twomonth low against the dollar which would only intensify domestic inflationary pressures and perhaps force the central bank to act again later in the year consumer price inflation in january was 520 well over double the central banks 200 target and unlikely to return there for at least another year economists reckon meanwhile inflation figures from hong kong and singapore will also be released on thursday as well as thai trade and taiwanese industrial production data here are three key developments that could provide more direction to markets on thursday