{"id":39893,"date":"2026-03-06T11:42:30","date_gmt":"2026-03-06T11:42:30","guid":{"rendered":"https:\/\/www.vtmarkets.com\/kr\/uncategorized\/%ec%8a%ac%eb%a0%88%ec%9d%b4%ed%8e%9c-ecb-%ed%86%b5%ed%99%94%ec%a0%95%ec%b1%85-%ec%a0%81%ec%a0%88%ed%95%9c-%ec%88%98%ec%a4%80-%ec%9d%b8%ed%94%8c%eb%a0%88%ec%9d%b4%ec%85%98-%ec%86%8c\/"},"modified":"2026-03-06T11:42:30","modified_gmt":"2026-03-06T11:42:30","slug":"%ec%8a%ac%eb%a0%88%ec%9d%b4%ed%8e%9c-ecb-%ed%86%b5%ed%99%94%ec%a0%95%ec%b1%85-%ec%a0%81%ec%a0%88%ed%95%9c-%ec%88%98%ec%a4%80-%ec%9d%b8%ed%94%8c%eb%a0%88%ec%9d%b4%ec%85%98-%ec%86%8c","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/kr-asia\/live-updates\/%ec%8a%ac%eb%a0%88%ec%9d%b4%ed%8e%9c-ecb-%ed%86%b5%ed%99%94%ec%a0%95%ec%b1%85-%ec%a0%81%ec%a0%88%ed%95%9c-%ec%88%98%ec%a4%80-%ec%9d%b8%ed%94%8c%eb%a0%88%ec%9d%b4%ec%85%98-%ec%86%8c\/","title":{"rendered":"\uc2ac\ub808\uc774\ud39c \u201cECB \ud1b5\ud654\uc815\ucc45, \uc801\uc808\ud55c \uc218\uc900\u2026 \uc778\ud50c\ub808\uc774\uc158 \uc18c\ud3ed \uc0c1\ud68c\ub3c4 \uac10\ub0b4 \uac00\ub2a5\u201d – \ub85c\uc774\ud130"},"content":{"rendered":"\uc720\ub7fd\uc911\uc559\uc740\ud589(ECB) \uc815\ucc45\uc704\uc6d0\uc778 \uc62c\ub77c\ud504 \uc2ac\ub808\uc774\ud39c\uc740 \ud1b5\ud654\uc815\ucc45\uc774 \u201c\uc88b\uc740 \uc704\uce58\uc5d0 \uc788\ub2e4\u201d\uace0 \ud3c9\uac00\ud558\uba70, ECB\uac00 \ubb3c\uac00\uac00 \ubaa9\ud45c\uce58\ub97c \uc18c\ud3ed \uc6c3\ub3c4\ub294(\u2018\uc778\ud50c\ub808\uc774\uc158 \uc624\ubc84\uc288\ud2b8\u2019: \ubb3c\uac00\uc0c1\uc2b9\ub960\uc774 \ubaa9\ud45c\ub97c \uc7a0\uc2dc \ub118\uc5b4\uc11c\ub294 \ud604\uc0c1) \uc0c1\ud669\ub3c4 \ud5c8\uc6a9\ud560 \uc218 \uc788\ub2e4\uace0 \ub9d0\ud588\ub2e4. \uadf8\ub294 \uc774\ub7f0 \ud5c8\uc6a9 \ubc94\uc704\uac00 ECB\uac00 \ubb3c\uac00\uac00 \ubaa9\ud45c\uc5d0 \ubabb \ubbf8\uce58\ub294(\u2018\uc5b8\ub354\uc288\ud2b8\u2019: \ubb3c\uac00\uc0c1\uc2b9\ub960\uc774 \ubaa9\ud45c\uc5d0 \ubabb \ubbf8\uce58\ub294 \ud604\uc0c1) \uacbd\uc6b0\ub97c \uc6a9\uc778\ud574\uc628 \uac83\uacfc \ube44\uc2b7\ud55c \uc218\uc900\uc774\ub77c\uace0 \uc124\uba85\ud588\ub2e4.\n\n\uc2ac\ub808\uc774\ud39c\uc740 \uc815\ucc45 \uc804\ub9dd\uc5d0 \ub300\ud55c \uc790\uc2e0\uc758 \uacac\ud574\uac00 \ud06c\uac8c \ubc14\ub00c\uc9c0\ub294 \uc54a\uc558\ub2e4\uace0 \ud588\ub2e4. 2021~2022\ub144\uc5d0\uc11c \uad50\ud6c8\uc744 \uc5bb\uc5c8\uc9c0\ub9cc, \ub2f9\uc2dc\uc640 \uc9c0\uae08\uc744 \uadf8\ub300\ub85c \ube44\uad50\ud558\ub294 \uac83\uc740 \uc644\uc804\ud788 \ud0c0\ub2f9\ud558\uc9c0 \uc54a\ub2e4\uace0\ub3c4 \ub367\ubd99\uc600\ub2e4.\n\n

Policy Tolerance For Inflation Overshoot<\/h3>\n\uadf8\ub294 \ub124\ub35c\ub780\ub4dc \uc911\uc559\uc740\ud589\uc774 \ubbf8 \uc5f0\ubc29\uc900\ube44\uc81c\ub3c4(Fed\u00b7\ubbf8\uad6d \uc911\uc559\uc740\ud589)\uc5d0 \uae08 \ubcf4\uc720\uace0\ub97c \ub450\ub294 \ub370 \ub300\ud574 \ud3b8\uc548\ud558\ub2e4\uace0 \ub9d0\ud588\ub2e4. \ub610\ud55c Fed\uc758 \u2018\uc2a4\uc640\ud504 \ub77c\uc778(swap lines: \uc911\uc559\uc740\ud589\ub07c\ub9ac \ud544\uc694 \uc2dc \uc678\ud654\ub97c \uc11c\ub85c \ube4c\ub824\uc8fc\ub294 \uacc4\uc57d\u00b7\uc720\ub3d9\uc131 \uc9c0\uc6d0 \uc7a5\uce58)\u2019\uc5d0 \ub300\ud574 \uc2e0\ub8b0\ud55c\ub2e4\uace0 \ud588\ub2e4.\n\n\uc774 \ubc1c\uc5b8\uc5d0 \uc2dc\uc7a5\uc758 \uc989\uac01\uc801\uc778 \ubc18\uc751\uc740 \uc81c\ud55c\uc801\uc774\uc5c8\ub2e4. \ubcf4\ub3c4 \uc2dc\uc810 \uae30\uc900 EUR\/USD\ub294 1.1600 \ubd80\uadfc\uc5d0\uc11c \uac70\uc758 \ubcc0\ub3d9\uc774 \uc5c6\uc5c8\ub2e4.\n\n\ucd5c\uadfc \ubc1c\uc5b8\uc740 \ubb3c\uac00\uac00 2% \ubaa9\ud45c\ub97c \uc870\uae08 \uc6c3\ub3cc\ub354\ub77c\ub3c4 \uace7\ubc14\ub85c \ub300\uc751(\uae34\ucd95 \uc804\ud658)\ud558\uc9c0 \uc54a\uaca0\ub2e4\ub294 \ub73b\uc73c\ub85c \ud574\uc11d\ub41c\ub2e4. \ud2b9\ud788 \uc720\ub85c\uc2a4\ud0c0\ud2b8 \ucd5c\uc2e0 \uc790\ub8cc\uc5d0\uc11c 2026\ub144 2\uc6d4 \uc18c\ube44\uc790\ubb3c\uac00 \uc0c1\uc2b9\ub960(\ud5e4\ub4dc\ub77c\uc778 \uc778\ud50c\ub808\uc774\uc158: \uc2dd\ud488\u00b7\uc5d0\ub108\uc9c0 \ub4f1 \ubcc0\ub3d9\uc131\uc774 \ud070 \ud56d\ubaa9\uae4c\uc9c0 \ud3ec\ud568\ud55c \uc804\uccb4 \ubb3c\uac00)\uc774 2.3%\ub85c \uc62c\ub77c\uc130\ub2e4\ub294 \uc810\uc744 \uac10\uc548\ud558\uba74 \uc758\ubbf8\uac00 \ud06c\ub2e4. \uc774\ub294 ECB\uac00 \uc11c\ub458\ub7ec \ub9e4\ud30c\uc801(\u2018\ub9e4\ud30c\u2019: \uae08\ub9ac \uc778\uc0c1 \ub4f1 \uae34\ucd95 \uc120\ud638)\uc73c\ub85c \ubc29\ud5a5\uc744 \ubc14\uafb8\uc9c0 \uc54a\uc744 \uac00\ub2a5\uc131\uc744 \ub4b7\ubc1b\uce68\ud55c\ub2e4.\n\n\uc774 \uac19\uc740 \uc644\ud654\uc801(\u2018\ube44\ub458\uae30\ud30c\u2019\u00b7dovish: \uae08\ub9ac \uc778\ud558 \ub4f1 \uc644\ud654 \uc120\ud638) \uae30\uc870\ub294 \ucde8\uc57d\ud55c \uacbd\uae30 \ud68c\ubcf5 \uc18d\uc5d0\uc11c \ub098\uc628 \uac83\uc774\ub2e4. 2025\ub144 4\ubd84\uae30 GDP \uc131\uc7a5\ub960\uc740 0.1%\ub85c \ub9e4\uc6b0 \ub0ae\uc558\uace0, \ucd5c\uadfc \uae30\uc5c5 \uc124\ubb38\uc740 \uc81c\uc870\uc5c5 \uacbd\uae30\uac00 \uc5ec\uc804\ud788 \ubd80\uc9c4\ud568\uc744 \uc2dc\uc0ac\ud55c\ub2e4. \uc774\ub294 \uace0\uc131\uc7a5\u00b7\uace0\ubb3c\uac00\uc600\ub358 2021~2022\ub144\uacfc \ub300\ube44\ub418\uba70, \ud604\uc7ac \uad6d\uba74\uc774 \ub2e4\ub974\uace0 \uc778\ub0b4\uac00 \ud544\uc694\ud558\ub2e4\ub294 \uc8fc\uc7a5\uc5d0 \ud798\uc744 \uc2e3\ub294\ub2e4.\n\n

Trading Implications For Rates Fx And Volatility<\/h3>\n\uae08\ub9ac \ud2b8\ub808\uc774\ub354 \uad00\uc810\uc5d0\uc11c\ub294 ECB \uc608\uae08\uae08\ub9ac(Deposit Facility Rate: \uc740\ud589\uc774 \ub0a8\ub294 \uc790\uae08\uc744 ECB\uc5d0 \ud558\ub8e8 \ub9e1\uae38 \ub54c \uc801\uc6a9\ub418\ub294 \uae08\ub9ac)\uac00 \uc218\uac1c\uc6d4\uc9f8 3.5%\uc5d0 \uba38\ubb38 \ub9cc\ud07c, \uc774\ubc88 \uc0ac\uc774\ud074\uc758 \uace0\uc810\uc77c \uac00\ub2a5\uc131\uc774 \ucee4\uc84c\ub2e4\ub294 \uc2dc\uc0ac\ub85c \ud574\uc11d\ub41c\ub2e4. \ud30c\uc0dd\uc0c1\ud488 \uc2dc\uc7a5(derivative markets: \uc120\ubb3c\u00b7\uc635\uc158 \ub4f1 \uae30\ucd08\uc790\uc0b0 \uac00\uaca9\uc5d0 \uc5f0\ub3d9\ub418\ub294 \uc0c1\ud488 \uc2dc\uc7a5)\uc5d0\uc11c\ub294 2026\ub144 \ucd94\uac00 \uae08\ub9ac \uc778\uc0c1 \uac00\ub2a5\uc131\uc744 \ub354 \ub0ae\uac8c \ubc18\uc601\ud560 \uc5ec\uc9c0\uac00 \uc788\ub2e4. \uc774\uc5d0 \ub530\ub77c \ud558\ubc18\uae30 \ub2e8\uae30\uae08\ub9ac\uac00 \uc548\uc815\ub418\uac70\ub098 \ud558\ub77d\ud560 \ub54c \uc720\ub9ac\ud55c \ud3ec\uc9c0\uc158\uc758 \ub9e4\ub825\ub3c4\uac00 \ub192\uc544\uc9c8 \uc218 \uc788\ub2e4.\n\n\uc774 \uac19\uc740 \uc815\ucc45 \ucc28\ubcc4\ud654(\uc815\ucc45 \ubc29\ud5a5\uc774 \uc5c7\uac08\ub9ac\ub294 \ud604\uc0c1)\ub294 Fed\uac00 \ub35c \uc644\ud654\uc801\uc778(\ud1b5\ud654 \uc644\ud654\uc5d0 \uc18c\uadf9\uc801\uc778) \ud0dc\ub3c4\ub97c \uc720\uc9c0\ud560 \uacbd\uc6b0, \uc720\ub85c\ud654\uc5d0 \ubd80\ub2f4\uc73c\ub85c \uc791\uc6a9\ud560 \uc218 \uc788\ub2e4. \ub2e4\ub9cc EUR\/USD\uac00 1.1600 \ubd80\uadfc\uc5d0\uc11c \uc989\uac01 \ubc18\uc751\uc774 \ud06c\uc9c0 \uc54a\uc558\ub2e4\ub294 \uc810\uc740 \uc2dc\uc7a5\uc774 \uae09\uaca9\ud55c \uc6c0\uc9c1\uc784\uc744 \uc608\uc0c1\ud558\uc9c0 \uc54a\ub294\ub2e4\ub294 \ub73b\uc774\ub2e4. \u201c\uc88b\uc740 \uc704\uce58\u201d\ub77c\ub294 \ud45c\ud604\uc740 \uc548\uc815 \uad6c\uac04\uc744 \uc2dc\uc0ac\ud558\ubbc0\ub85c \ubcc0\ub3d9\uc131 \ub9e4\ub3c4 \uc804\ub7b5(\u2018\ubcc0\ub3d9\uc131 \ub9e4\ub3c4\u2019: \ud5a5\ud6c4 \uac00\uaca9 \ubcc0\ub3d9\uc774 \ud06c\uc9c0 \uc54a\ub2e4\uace0 \ubcf4\uace0 \uc635\uc158 \ud504\ub9ac\ubbf8\uc5c4\uc744 \ubc1b\ub294 \uac70\ub798) \uae30\ud68c\ub85c \uc774\uc5b4\uc9c8 \uc218 \uc788\ub2e4.\n\n\uc774\ub7f0 \ud658\uacbd\uc5d0\uc11c\ub294 \uc720\ub85c\uc874 \uc8fc\uac00\uc9c0\uc218(\uc608: Euro Stoxx 50)\uc5d0 \ub300\ud574 \uc678\uac00\uaca9(out-of-the-money: \ud604\uc7ac \uac00\uaca9\uc5d0\uc11c \uba40\ub9ac \ub5a8\uc5b4\uc838 \ub2f9\uc7a5 \ud589\uc0ac\ub420 \uac00\ub2a5\uc131\uc774 \ub0ae\uc740) \ud48b\uc635\uc158(put options: \uae30\ucd08\uc790\uc0b0 \uac00\uaca9 \ud558\ub77d\uc5d0 \ubca0\ud305\ud558\ub294 \uad8c\ub9ac)\uc744 \ub9e4\ub3c4\ud558\ub294 \uc804\ub7b5\uc774 \uc720\ud6a8\ud560 \uc218 \uc788\ub2e4. VSTOXX \ubcc0\ub3d9\uc131 \uc9c0\uc218(VSTOXX: \uc720\ub85c\uc874 \ub300\ud45c \uc9c0\uc218 \uc635\uc158\uc758 \uae30\ub300 \ubcc0\ub3d9\uc131\uc744 \ub098\ud0c0\ub0b4\ub294 \uc9c0\ud45c)\ub294 \ucd5c\uadfc 12\uac1c\uc6d4 \uc800\uc810\uc778 14 \ubd80\uadfc\uae4c\uc9c0 \ud558\ub77d\ud588\ub2e4. \ubcc0\ub3d9\uc131 \ud558\ub77d\uc73c\ub85c \uc635\uc158 \uac00\uaca9(\ud504\ub9ac\ubbf8\uc5c4: \uc635\uc158\uc758 \uac70\ub798 \uac00\uaca9)\uc740 \ub0ae\uc544\uc84c\uc9c0\ub9cc, \uc548\uc815\uc774 \uc774\uc5b4\uc9c4\ub2e4\uace0 \ubcf4\ub294 \ub9e4\ub3c4\uc790\uc5d0\uac8c\ub294 \uc5ec\uc804\ud788 \ub9e4\ub825\uc801\uc77c \uc218 \uc788\ub2e4. \uc774 \uc804\ub7b5\uc740 \uc644\ud654\uc801\uc778 \ud1b5\ud654\uc815\ucc45\uacfc \ub0ae\uc740 \uc2dc\uc7a5 \ubcc0\ub3d9\uc131\uc758 \uacb0\ud569\uc5d0\uc11c \uc218\uc775 \uae30\ud68c\ub97c \ub178\ub9b0\ub2e4.\n

\n\n

\uc9c0\uae08 \ubc14\ub85c \uac70\ub798\ub97c \uc2dc\uc791\ud558\uc138\uc694 – VT Markets \uc2e4\uacc4\uc88c\ub97c \uac1c\uc124\ud558\ub824\uba74 \uc5ec\uae30<\/a>\ub97c \ud074\ub9ad\ud558\uc138\uc694 <\/strong> <\/p>\n","protected":false},"excerpt":{"rendered":"

ECB \uc2ac\ub808\uc774\ud39c \u201c\uc815\ucc45 \uc88b\uc740 \uc704\uce58\u201d\u20262% \uc18c\ud3ed \uc0c1\ud68c \uc778\ud50c\ub808\ub3c4 \uc6a9\uc778 \uc2dc\uc0ac. \uacbd\uae30 \ubd80\uc9c4 \uc18d \uae08\ub9ac 3.5% \uace0\uc810\ub860, \uc720\ub85c \uc57d\uc138 \ubd80\ub2f4\u00b7\ubcc0\ub3d9\uc131 \ub9e4\ub3c4\/\ud48b \ub9e4\ub3c4 \uc804\ub7b5 \ubd80\uac01.<\/p>\n","protected":false},"author":87,"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-39893","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\/39893","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\/87"}],"replies":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/comments?post=39893"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/posts\/39893\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/media?parent=39893"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/categories?post=39893"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/tags?post=39893"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}