{"id":38413,"date":"2026-02-17T01:22:07","date_gmt":"2026-02-17T01:22:07","guid":{"rendered":"https:\/\/www.vtmarkets.com\/kr\/uncategorized\/%ec%86%8c%ec%8b%9c%ec%97%90%ed%85%8c-%ec%a0%9c%eb%84%a4%eb%9e%84%ec%9d%98-%eb%8d%b0%eb%b8%8c-%ec%95%84%ec%8b%9c%ec%8b%9c-%eb%b2%95%ec%9b%90%ec%9d%b4-%ec%bd%9c%eb%a1%ac%eb%b9%84%ec%95%84%ec%9d%98\/"},"modified":"2026-02-17T01:22:07","modified_gmt":"2026-02-17T01:22:07","slug":"%ec%86%8c%ec%8b%9c%ec%97%90%ed%85%8c-%ec%a0%9c%eb%84%a4%eb%9e%84%ec%9d%98-%eb%8d%b0%eb%b8%8c-%ec%95%84%ec%8b%9c%ec%8b%9c-%eb%b2%95%ec%9b%90%ec%9d%b4-%ec%bd%9c%eb%a1%ac%eb%b9%84%ec%95%84%ec%9d%98","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/kr-asia\/live-updates\/%ec%86%8c%ec%8b%9c%ec%97%90%ed%85%8c-%ec%a0%9c%eb%84%a4%eb%9e%84%ec%9d%98-%eb%8d%b0%eb%b8%8c-%ec%95%84%ec%8b%9c%ec%8b%9c-%eb%b2%95%ec%9b%90%ec%9d%b4-%ec%bd%9c%eb%a1%ac%eb%b9%84%ec%95%84%ec%9d%98\/","title":{"rendered":"\uc18c\uc2dc\uc5d0\ud14c \uc81c\ub124\ub784\uc758 \ub370\ube0c \uc544\uc2dc\uc2dc: \ubc95\uc6d0\uc774 \ucf5c\ub86c\ube44\uc544\uc758 \uc784\uae08 \uc778\uc0c1\uc548\uc744 \uc77c\uc2dc \uc911\ub2e8\ud574 \ud398\uc18c \uc2ec\ub9ac\uac00 \uac1c\uc120\ub410\ub2e4"},"content":{"rendered":"\ucf5c\ub86c\ube44\uc544 **\uad6d\uac00\ud3c9\uc758\ud68c**(Council of State, \ud589\uc815\ubd80 \uc870\uce58\uc758 \ud569\ubc95\uc131\uc744 \uc2ec\uc0ac\ud558\ub294 \ucd5c\uace0 \ud589\uc815\ubc95\uc6d0)\ub294 12\uc6d4\uc5d0 \ubc1c\ud45c\ub41c \uc815\ubd80\uc758 **\ucd5c\uc800\uc784\uae08 23% \uc778\uc0c1**\uc744 **\uc911\ub2e8**\ud588\uc2b5\ub2c8\ub2e4. \uc774\ubc88 \uc911\ub2e8\uc73c\ub85c, \uae30\ub85d\uc801\uc778 \uc778\uc0c1\uc548\uc740 \ub2f9\ubd84\uac04 \uc2dc\ud589\ub418\uc9c0 \uc54a\uc2b5\ub2c8\ub2e4.\n\n\uc774\ubc88 \ud310\uacb0\uc740 \ud398\ud2b8\ub85c \ud589\uc815\ubd80\uac00 **8\uc77c \uc548\uc5d0 \uc0c8 \ub300\ud1b5\ub839\ub839**(decree, \uc815\ubd80\uac00 \ubc95\uc5d0 \uadfc\uac70\ud574 \ubc14\ub85c \uc2dc\ud589\ud558\ub294 \uacf5\uc2dd \uba85\ub839)\uc744 \ub0b4\ub3c4\ub85d \uc694\uad6c\ud569\ub2c8\ub2e4. \uc0c8 \ub300\ud1b5\ub839\ub839\uc5d0\ub294 \uc911\uc559\uc740\ud589\uc778 **BanRep**(Banco de la Rep\u00fablica, \ucf5c\ub86c\ube44\uc544 \uc911\uc559\uc740\ud589)\uc758 **\ubb3c\uac00 \ubaa9\ud45c**(inflation target, \uc911\uc559\uc740\ud589\uc774 \ubaa9\ud45c\ub85c \uc0bc\ub294 \uc5f0\uac04 \ubb3c\uac00\uc0c1\uc2b9\ub960), **\uc0dd\uc0b0\uc131 \ucd94\uc138**(productivity trends, \uac19\uc740 \uc2dc\uac04\uc5d0 \ub354 \ub9ce\uc740 \uac00\uce58\ub97c \ub9cc\ub4e4 \uc218 \uc788\ub294 \ub2a5\ub825\uc758 \ubcc0\ud654), \uadf8\ub9ac\uace0 **\ubc95\uc801 \uae30\uc900**(legal criteria, \ubc95\uc774 \uc694\uad6c\ud558\ub294 \uc694\uac74)\uc5d0 \ub9de\ucd98 **\uacbd\uc81c\uc801 \uadfc\uac70**(economic justification, \uc65c \uadf8 \uc22b\uc790\uac00 \ud0c0\ub2f9\ud55c\uc9c0\uc5d0 \ub300\ud55c \uc790\ub8cc\u00b7\ub17c\ub9ac)\uac00 \ud3ec\ud568\ub3fc\uc57c \ud569\ub2c8\ub2e4.\n\n<h3>\uc2dc\uc7a5 \ubc18\uc751\uacfc \uc989\uac01\uc801 \uc601\ud5a5<\/h3>\n\uc911\ub2e8 \uacb0\uc815 \uc774\ud6c4 **\uc778\ud50c\ub808\uc774\uc158 \uae30\ub300**(inflation expectations, \uc55e\uc73c\ub85c \ubb3c\uac00\uac00 \uc5bc\ub9c8\ub098 \uc624\ub97c\uc9c0\uc5d0 \ub300\ud55c \uc2dc\uc7a5\uc758 \uc608\uc0c1)\ub294 \uc644\ud654\ub410\uace0, **\ub2e8\uae30 \uae08\ub9ac \uc218\uc775\ub960**(short-term yields, \uc9e7\uc740 \ub9cc\uae30\uc758 \ucc44\uad8c \uc774\uc790\uc728)\uc740 \ud558\ub77d\ud588\uc2b5\ub2c8\ub2e4. \ucf5c\ub86c\ube44\uc544 \ud398\uc18c(COP)\ub3c4 \uac15\uc138\ub97c \ubcf4\uc600\uc2b5\ub2c8\ub2e4.\n\n\ub2e4\ub9cc \uc774\ubc88 \uacb0\uc815\uc740 **\uc815\ucc45\u00b7\uc815\uce58\uc801 \ubd88\ud655\uc2e4\uc131**(\uc815\ubd80\uac00 \uc5b4\ub5a4 \uacb0\uc815\uc744 \uc5b8\uc81c \ub0b4\ub9b4\uc9c0 \uc608\uce21\ud558\uae30 \uc5b4\ub824\uc6b4 \uc0c1\ud0dc)\uc744 \ud0a4\uc6c1\ub2c8\ub2e4. \uc774\ud6c4 \uc870\uce58\ub294 \ub300\uccb4 \ub300\ud1b5\ub839\ub839\uc758 \ub0b4\uc6a9\uacfc \ubc1c\ud45c \uc2dc\uc810\uc5d0 \ub2ec\ub824 \uc788\uc2b5\ub2c8\ub2e4.\n\n\uc6b0\ub9ac\ub294 2025\ub144 \ub9d0 \uad6d\uac00\ud3c9\uc758\ud68c\uac00 \uc815\ubd80\uc758 \ucd5c\uc800\uc784\uae08 23% \uc778\uc0c1\uc744 \uc911\ub2e8\ud55c \uacb0\uc815\uc744 \ub2e4\uc2dc \uc0b4\ud3b4\ubcf4\uace0 \uc788\uc2b5\ub2c8\ub2e4. \uadf8 \ud310\uacb0\uc740 \ucf5c\ub86c\ube44\uc544 \ud398\uc18c\uc640 \uad6d\ucc44\uc5d0 \uc758\ubbf8\ub294 \ud06c\uc9c0\ub9cc \uc77c\uc2dc\uc801\uc778 \ud798\uc744 \uc2e4\uc5b4\uc92c\uc2b5\ub2c8\ub2e4. \ud070 **\ubb3c\uac00 \ucda9\uaca9**(inflationary shock, \ubb3c\uac00\ub97c \uac11\uc790\uae30 \ud06c\uac8c \uc62c\ub9ac\ub294 \uc694\uc778)\uc744 \ub9c9\uc558\uace0, \uc815\ubd80\uac00 \ub354 \ud604\uc2e4\uc801\uc778 \uc815\ucc45\uc744 \ub0b4\ub3c4\ub85d \uc555\ubc15\ud588\uc2b5\ub2c8\ub2e4.\n\n\ud558\uc9c0\ub9cc \ucd08\uae30 \uc548\ub3c4\uac10 \uc774\ud6c4 \uc0c1\ud669\uc740 \ubcf5\uc7a1\ud574\uc84c\uc2b5\ub2c8\ub2e4. \uc9c0\ub09c\uc8fc \ubc1c\ud45c\ub41c 1\uc6d4 \ubb3c\uac00\uc0c1\uc2b9\ub960\uc740 7.8%\ub85c, \uc2dc\uc7a5 \uc608\uc0c1\ubcf4\ub2e4 \uc57d\uac04 \ub192\uc558\uace0 \uc911\uc559\uc740\ud589 \ubaa9\ud45c\ubcf4\ub2e4\ub3c4 \ud06c\uac8c \ub192\uc558\uc2b5\ub2c8\ub2e4. \uc774\ub294 \uacb0\uad6d \ud1b5\uacfc\ub41c **12%\ub85c \ub0ae\ucd98 \uc784\uae08 \uc778\uc0c1**\ub3c4 \uc5ec\uc804\ud788 \ubb3c\uac00\ub97c \ubc00\uc5b4 \uc62c\ub9ac\uace0 \uc788\uc74c\uc744 \ubcf4\uc5ec\uc90d\ub2c8\ub2e4.\n\n<h3>\uae08\ub9ac \uc804\ub9dd\uacfc \ud3ec\uc9c0\uc154\ub2dd<\/h3>\n\uc911\uc559\uc740\ud589(BanRep)\uc774 \uc9c0\ub09c \ud68c\uc758\uc5d0\uc11c **\uae30\uc900\uae08\ub9ac**(benchmark interest rate, \uc911\uc559\uc740\ud589\uc774 \uc815\ud558\ub294 \ub300\ud45c \uae08\ub9ac) 12.50%\ub97c \uc720\uc9c0\ud55c \uac00\uc6b4\ub370, **\uae08\ub9ac \uc2a4\uc651 \uc2dc\uc7a5**(interest rate swap market, \uace0\uc815\uae08\ub9ac\uc640 \ubcc0\ub3d9\uae08\ub9ac\ub97c \ub9de\ubc14\uafb8\ub294 \uacc4\uc57d\uc774 \uac70\ub798\ub418\ub294 \uc2dc\uc7a5)\uc740 \uc6b0\ub9ac\uac00 2026\ub144 2\ubd84\uae30\uc5d0 \uc608\uc0c1\ud588\ub358 \ud070 \ud3ed\uc758 \uae08\ub9ac \uc778\ud558 \uc804\ub9dd\uc744 \ub418\ub3cc\ub9ac\uace0 \uc788\uc2b5\ub2c8\ub2e4. \uc774\ub294 \uc2dc\uc7a5 \ucc38\uac00\uc790\ub4e4\uc774 **\ub192\uc740 \uae08\ub9ac\uac00 \uc624\ub798\uac00\ub294 \ud658\uacbd**(higher-for-longer, \ubb3c\uac00\ub97c \uc7a1\uae30 \uc704\ud574 \uae08\ub9ac\ub97c \uc624\ub798 \ub192\uac8c \uc720\uc9c0\ud558\ub294 \uc0c1\ud669)\uc744 \uc608\uc0c1\ud55c\ub2e4\ub294 \ub73b\uc785\ub2c8\ub2e4. \uadf8 \uacb0\uacfc **\uc218\uc775\ub960 \uace1\uc120**(yield curve, \ub9cc\uae30\ubcc4 \ucc44\uad8c\uae08\ub9ac\ub97c \uadf8\ub9b0 \uadf8\ub798\ud504)\uc740 **\ud3c9\ud3c9\ud574\uc84c\uc2b5\ub2c8\ub2e4**(flattened, \ub2e8\uae30\u00b7\uc7a5\uae30 \uae08\ub9ac \ucc28\uc774\uac00 \uc904\uc5b4\ub4e0 \uc0c1\ud0dc).\n\n2025\ub144 12\uc6d4 \ubc95\uc6d0 \uacb0\uc815 \uc9c1\ud6c4 \ub2ec\ub7ec\ub2f9 3,950 \uc218\uc900\uae4c\uc9c0 \uac15\ud574\uc84c\ub358 \ud398\uc18c\ub294 \uc774\ud6c4 \uc77c\ubd80 \uc0c1\uc2b9\ubd84\uc744 \ubc18\ub0a9\ud574 \ud604\uc7ac 4,050 \uc548\ud30e\uc5d0\uc11c \uac70\ub798\ub418\uace0 \uc788\uc2b5\ub2c8\ub2e4. \uc815\ubd80\uac00 \ub2e4\ub978 \ud070 \uac1c\ud601\uc744 \ubc00\uc5b4\ubd99\uc774\uaca0\ub2e4\ub294 \ubc1c\uc5b8\uc744 \uc774\uc5b4\uac00\uba74\uc11c, **\ub2ec\ub7ec\/\ud398\uc18c(USD\/COP) \uc635\uc158**(\ud2b9\uc815 \ub0a0\uc9dc\uae4c\uc9c0 \ubbf8\ub9ac \uc815\ud55c \uac00\uaca9\uc73c\ub85c \ub2ec\ub7ec\ub97c \uc0ac\uace0\ud314 \uc218 \uc788\ub294 \uad8c\ub9ac)\uc758 **\ub0b4\uc7ac \ubcc0\ub3d9\uc131**(implied volatility, \uc635\uc158 \uac00\uaca9\uc5d0 \ubc18\uc601\ub41c \u2018\uc55e\uc73c\ub85c\uc758 \ubcc0\ub3d9\uc131 \uc608\uc0c1\uce58\u2019)\uc774 \uc870\uae08\uc529 \uc624\ub974\uace0 \uc788\uc2b5\ub2c8\ub2e4. \uc6b0\ub9ac\ub294 \uc815\ucc45 \ubd88\ud655\uc2e4\uc131\uc73c\ub85c \uac11\uc791\uc2a4\ub7ec\uc6b4 **\uc704\ud5d8\ud68c\ud53c \uc7a5\uc138**(risk-off, \ud22c\uc790\uc790\ub4e4\uc774 \uc704\ud5d8\uc790\uc0b0\uc744 \ud314\uace0 \uc548\uc804\uc790\uc0b0\uc73c\ub85c \uc62e\uae30\ub294 \ud750\ub984)\uc5d0 \ub300\ube44\ud558\uae30 \uc704\ud574, \ub2e8\uae30 **USD\/COP \ucf5c\uc635\uc158**(call option, \ubbf8\ub9ac \uc815\ud55c \uac00\uaca9\uc73c\ub85c \ub2ec\ub7ec\ub97c \u2018\uc0b4 \uc218 \uc788\ub294\u2019 \uad8c\ub9ac)\uc744 \ub9e4\uc218\ud574 **\ud5e4\uc9c0**(hedge, \uc190\uc2e4\uc744 \uc904\uc774\uae30 \uc704\ud55c \ubc29\uc5b4 \uac70\ub798)\ud558\ub294 \uc804\ub7b5\uc774 \uc720\ub9ac\ud558\ub2e4\uace0 \ubd05\ub2c8\ub2e4.\n\n\uc774 \uc0c1\ud669\uc740 2023\ub144\uc5d0 \uc608\uc0c1\uce58 \ubabb\ud55c \uc815\ucc45 \ubc1c\ud45c\ub85c \ud658\uc728\uc774 \uae09\ub77d\ud588\ub358 \uc2dc\uc7a5 \ubcc0\ub3d9\uc131\uc744 \ub5a0\uc62c\ub9ac\uac8c \ud569\ub2c8\ub2e4. \uadf8\ub54c\ub294 \ub0b4\uc7ac \ubcc0\ub3d9\uc131\uc774 \uc2e4\uc81c \ubcc0\ub3d9(\uc2e4\ud604 \ubcc0\ub3d9\uc131, realized moves; \uc2e4\uc81c \uac00\uaca9 \uc6c0\uc9c1\uc784)\ubcf4\ub2e4 \ub2a6\uac8c \ub530\ub77c\uac00\ub294 \uacbd\uc6b0\uac00 \ub9ce\uc544, \ubbf8\ub9ac \ub300\uc751\ud55c \ud22c\uc790\uc790\uc5d0\uac8c \uae30\ud68c\uac00 \ub410\uc2b5\ub2c8\ub2e4. \uacfc\uac70\ub97c \ubcf4\uba74, \ud604\uc7ac \uc635\uc158 \uac00\uaca9\uc740 \uc55e\uc73c\ub85c \uba87 \uc8fc \uc548\uc5d0 \uc815\uce58 \ub9ac\uc2a4\ud06c\uac00 \uae09\uc99d\ud560 \uac00\ub2a5\uc131\uc744 \uc544\uc9c1 \ucda9\ubd84\ud788 \ubc18\uc601\ud558\uc9c0 \ubabb\ud588\uc744 \uc218 \uc788\uc2b5\ub2c8\ub2e4.\n\n<b><a href=\"https:\/\/www.vtmarkets.com\/trade-now\/\">VT Markets \uc2e4\uacc4\uc88c \ub9cc\ub4e4\uae30<\/a>\u00a0\ud558\uace0\u00a0<a href=\"https:\/\/myaccount.vtmarkets.com\/login\">\uc9c0\uae08 \uac70\ub798 \uc2dc\uc791\ud558\uae30<\/a>\u00a0. <\/b>\n\n<!-- wp:paragraph-->\n<p><b>VT Markets \ub77c\uc774\ube0c \uacc4\uc815\uc744 \ub9cc\ub4e4\uace0 \uc9c0\uae08 \ubc14\ub85c <a href=\"https:\/\/www.vtmarkets.com\/kr\/trade-now\/\">\uac70\ub798<\/a>\ub97c \uc2dc\uc791\ud558\uc138\uc694.<\/b><\/p>\n<!-- \/wp:post-content -->","protected":false},"excerpt":{"rendered":"<p>\ucf5c\ub86c\ube44\uc544 \ubc95\uc6d0\uc774 \ucd5c\uc800\uc784\uae08 23% \uc778\uc0c1\uc744 \uc911\ub2e8\uc2dc\ud0a4\uba70 \ud398\uc18c\u00b7\ucc44\uad8c\uc740 \uc77c\uc2dc \uc548\ub3c4\ud588\uc9c0\ub9cc, \uc778\ud50c\ub808 7.8%\uc640 \uc815\ucc45 \ubd88\ud655\uc2e4\uc131\uc73c\ub85c \uae08\ub9ac \u2018\uace0\uacf5\ud589\uc9c4\u2019 \uc804\ub9dd\uc774 \ucee4\uc838 \ubcc0\ub3d9\uc131 \ud5e4\uc9c0\uac00 \ubd80\uc0c1. &#8211; vtmarkets.com<\/p>\n","protected":false},"author":62,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[71],"tags":[],"class_list":["post-38413","post","type-post","status-publish","format-standard","hentry","category-live-updates"],"acf":{"acf_article_selection_author":null},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/posts\/38413","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/users\/62"}],"replies":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/comments?post=38413"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/posts\/38413\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/media?parent=38413"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/categories?post=38413"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/tags?post=38413"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}