The U.S. Federal Reserve on Wednesday hiked the key interest rate by another quarter percentage point to five percent, the highest in 16 years.That brought gap between the U.S. federal funds rate and Korea's base rate to a historic 1.5 percentage points, sparking fears of a capital flight from Korea."Inflation remains too high and the labor market continues to be very tight," Fed Chairman Jerome Powell said. "My colleagues and I understand the hardship that high inflation is causing, and we remain strongly committed to bringing inflation back down to our two percent goal.

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