{"id":40743,"date":"2026-03-12T12:44:39","date_gmt":"2026-03-12T12:44:39","guid":{"rendered":"https:\/\/www.vtmarkets.com\/kr\/uncategorized\/%eb%b8%8c%ec%a0%9c%ec%8a%a4%ed%82%a4%eb%8a%94-ecb%ea%b0%80-3%ec%9b%94%ec%97%90-%ea%b8%88%eb%a6%ac%eb%a5%bc-%eb%8f%99%ea%b2%b0%ed%95%a0-%ea%b2%83%ec%9c%bc%eb%a1%9c-%ec%98%88%ec%83%81%ed%95%98%ec%a7%80\/"},"modified":"2026-03-12T12:44:39","modified_gmt":"2026-03-12T12:44:39","slug":"%eb%b8%8c%ec%a0%9c%ec%8a%a4%ed%82%a4%eb%8a%94-ecb%ea%b0%80-3%ec%9b%94%ec%97%90-%ea%b8%88%eb%a6%ac%eb%a5%bc-%eb%8f%99%ea%b2%b0%ed%95%a0-%ea%b2%83%ec%9c%bc%eb%a1%9c-%ec%98%88%ec%83%81%ed%95%98%ec%a7%80","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/kr-asia\/live-updates\/%eb%b8%8c%ec%a0%9c%ec%8a%a4%ed%82%a4%eb%8a%94-ecb%ea%b0%80-3%ec%9b%94%ec%97%90-%ea%b8%88%eb%a6%ac%eb%a5%bc-%eb%8f%99%ea%b2%b0%ed%95%a0-%ea%b2%83%ec%9c%bc%eb%a1%9c-%ec%98%88%ec%83%81%ed%95%98%ec%a7%80\/","title":{"rendered":"\ube0c\uc81c\uc2a4\ud0a4\ub294 ECB\uac00 3\uc6d4\uc5d0 \uae08\ub9ac\ub97c \ub3d9\uacb0\ud560 \uac83\uc73c\ub85c \uc608\uc0c1\ud558\uc9c0\ub9cc, \uc911\ub3d9 \uc804\uc7c1\uc73c\ub85c \uc720\uac00 \uc0c1\uc2b9 \uc6b0\ub824\uac00 \ucee4\uc9c0\uba74\uc11c \ub9e4\ud30c\uc801 \uae30\uc870\ub97c \ubcf4\uc77c \uac83\uc73c\ub85c \uc804\ub9dd\ud55c\ub2e4."},"content":{"rendered":"ING\ub294 3\uc6d4 19\uc77c \uc720\ub7fd\uc911\uc559\uc740\ud589(ECB, \uc720\ub85c\uc874\uc758 \uc911\uc559\uc740\ud589) \ud68c\uc758\uc5d0\uc11c **\uae08\ub9ac\ub97c \uadf8\ub300\ub85c \uc720\uc9c0**\ud560 \uac83\uc73c\ub85c \ubcf4\uba74\uc11c, **\uc778\ud50c\ub808\uc774\uc158(\ubb3c\uac00 \uc0c1\uc2b9) \uc704\ud5d8**\uc5d0 \ub300\ud574 \ub354 \uac15\ud55c \ud45c\ud604\uc744 \uc0ac\uc6a9\ud560 \uac83\uc73c\ub85c \uc608\uc0c1\ud55c\ub2e4. ING\ub294 \uc774\ub7f0 \ubcc0\ud654\uac00 **\uc911\ub3d9 \ubd84\uc7c1**\uacfc **\uc720\uac00 \uc0c1\uc2b9**\uacfc \uad00\ub828\uc774 \uc788\ub2e4\uace0 \ubcf8\ub2e4. \uc774\ub294 2022\ub144\uc758 **\uc5d0\ub108\uc9c0 \ucda9\uaca9(\uc5d0\ub108\uc9c0 \uac00\uaca9 \uae09\ub4f1\uc73c\ub85c \uacbd\uc81c \uc804\ubc18 \ubb3c\uac00\uac00 \ub6f0\ub294 \ud604\uc0c1)**\uc744 \ub5a0\uc62c\ub9ac\uac8c \ud55c\ub2e4. \n\n\uc55e\uc73c\ub85c\uc758 \ucd08\uc810\uc740 **\uae08\ub9ac \uc778\ud558(\uc774\uc790\uc728\uc744 \ub0b4\ub9ac\ub294 \uac83)** \uc774\uc57c\uae30\uc5d0 \ub35c \uba38\ubb3c\uace0, **\uc778\ud50c\ub808\uc774\uc158 \uc704\ud5d8**\uacfc **\uc778\ud50c\ub808\uc774\uc158 \uae30\ub300(\uc0ac\ub78c\ub4e4\uacfc \uc2dc\uc7a5\uc774 \uc55e\uc73c\ub85c \ubb3c\uac00\uac00 \uc624\ub97c \uac83\uc774\ub77c\uace0 \ubbff\ub294 \uc815\ub3c4)**\ub85c \uc62e\uaca8\uac08 \uac83\uc73c\ub85c \ubcf4\uc778\ub2e4. ING\ub294 \uc774\uc81c \ubb3c\uac00\uac00 \uc804\ub9dd\uce58\ubcf4\ub2e4 \ub354 \ud06c\uac8c \ub5a8\uc5b4\uc9c8 \uac00\ub2a5\uc131\uc774 \uc774\ubc88 \ud68c\uc758\uc758 \ubc29\ud5a5\uc744 \uc88c\uc6b0\ud560 \uac00\ub2a5\uc131\uc740 \uc904\uc5c8\ub2e4\uace0 \ubcf8\ub2e4. \n\n

Oil Prices And Inflation Risks<\/h3> \nING\ub294 \uc720\uac00\uac00 \uc774\ubbf8 \uc624\ub974\uace0 \uc788\uc5c8\uace0, \ucd5c\uadfc\uc758 \uc2dc\uc7a5 \uc6c0\uc9c1\uc784 \ub54c\ubb38\uc5d0 ECB\uac00 \ub9c9 \ubc1c\ud45c\ud55c **\ucd5c\uc2e0 \uc804\ub9dd(\uacbd\uc81c\u00b7\ubb3c\uac00\uc5d0 \ub300\ud55c \uc608\uce21)**\uc774 \uacf5\uac1c \uc9c1\ud6c4\uc5d0 \ube60\ub974\uac8c \ub0a1\uc544 \ubcf4\uc77c \uc218 \uc788\ub2e4\uace0 \uc9c0\uc801\ud55c\ub2e4. ECB\ub294 \uc5ec\ub7ec **\uc720\uac00 \uc2dc\ub098\ub9ac\uc624(\uc720\uac00\uac00 \uc5ec\ub7ec \uacbd\ub85c\ub85c \uc6c0\uc9c1\uc77c \uc218 \uc788\ub2e4\ub294 \uac00\uc815\ubcc4 \uacbd\uc6b0)**\ub97c \ub193\uace0 \ud310\ub2e8\ud560 \uac00\ub2a5\uc131\uc774 \ud06c\ub2e4\uace0 \ub9d0\ud55c\ub2e4. \n\nING\ub294 \ud604\uc7ac **\uc784\uae08\u2011\ubb3c\uac00 \uc545\uc21c\ud658(\uc784\uae08\uc774 \uc624\ub974\uba74 \uae30\uc5c5\uc774 \uac00\uaca9\uc744 \uc62c\ub9ac\uace0, \ubb3c\uac00\uac00 \uc624\ub974\uba74 \ub2e4\uc2dc \uc784\uae08\uc774 \uc624\ub974\ub294 \ubc18\ubcf5)** \uc704\ud5d8\uc774 \ud06c\uc9c0 \uc54a\uc544 \ubcf4\uc778\ub2e4\uace0 \ub9d0\ud55c\ub2e4. \ub2e4\ub9cc **\ud638\ub974\ubb34\uc988 \ud574\ud611(\uc911\ub3d9\uc758 \ud575\uc2ec \ud574\uc0c1 \uc6b4\uc1a1\ub85c)**\uc758 \uad50\ub780\uc774 \uc624\ub798\uac00\uba74 \uc720\uac00\uac00 \ubc30\ub7f4\ub2f9 100\ub2ec\ub7ec\ub97c \uba87 \ub2ec \ub3d9\uc548 \ub118\uae38 \uc218 \uc788\uace0, \uadf8 \uacb0\uacfc **\uc6b4\uc1a1\ube44**, **\uc2dd\ud488 \uac00\uaca9**, **\uacf5\uae09\ub9dd(\uc81c\ud488 \uc0dd\uc0b0\uacfc \ubc30\uc1a1\uc5d0 \ud544\uc694\ud55c \uacf5\uae09\u00b7\uc6b4\uc1a1 \uccb4\uacc4)**\uc5d0 \uc5f0\uc1c4 \uc601\ud5a5\uc774 \uc0dd\uae38 \uc218 \uc788\ub2e4\uace0 \ub367\ubd99\uc778\ub2e4. \n\n\uadf8 \uacbd\uc6b0 ING\ub294 ECB\uac00 **\uae08\ub9ac \uc778\uc0c1(\uc774\uc790\uc728\uc744 \uc62c\ub9ac\ub294 \uac83)**\uc744 \uace0\ub824\ud560 \uc218 \uc788\uc73c\uba70, \ud55c\ub450 \ubc88\uc77c \uc218\ub3c4 \uc788\ub2e4\uace0 \ub9d0\ud55c\ub2e4. \ub610\ud55c ECB\ub294 **\ucee4\ubba4\ub2c8\ucf00\uc774\uc158(\ubc1c\uc5b8\uacfc \uba54\uc2dc\uc9c0 \uad00\ub9ac)**\uc73c\ub85c \uc2dc\uc7a5\uc758 \uae30\ub300\ub97c **\uace0\uc815(anchored: \uae30\ub300\uac00 \uacfc\ub3c4\ud558\uac8c \uc704\ub85c \ud280\uc9c0 \uc54a\ub3c4\ub85d \ubd99\uc7a1\uc544 \ub450\ub294 \uac83)**\ud558\ub824 \ud560 \uac83\uc774\uba70, \ud06c\ub9ac\uc2a4\ud2f4 \ub77c\uac00\ub974\ub4dc \ucd1d\uc7ac\uac00 \u201cgood place(\uc88b\uc740 \uc704\uce58)\u201d\ub77c\ub294 \ud45c\ud604\uc744 \ub2e4\uc2dc \uc4f0\uc9c0\ub294 \uc54a\uc744 \uac83\uc73c\ub85c \uc608\uc0c1\ud55c\ub2e4. \n\n\uc6b0\ub9ac\ub294 2025\ub144 3\uc6d4, \uc911\ub3d9 \ubd84\uc7c1\uc73c\ub85c \uc720\ub7fd\uc911\uc559\uc740\ud589\uc774 \uac11\uc790\uae30 **\ub9e4\ud30c\uc801(hawkish: \ubb3c\uac00\ub97c \uc7a1\uae30 \uc704\ud574 \uae08\ub9ac \uc778\uc0c1 \uac19\uc740 \uac15\ud55c \uc815\ucc45\uc744 \uc120\ud638\ud558\ub294)** \ud0dc\ub3c4\ub85c \ubc14\ub00c\ub294 \uac83\uc744 \ub611\uac19\uc774 \ubd24\ub2e4. **\uc720\uac00 \ucda9\uaca9(\uc720\uac00 \uae09\ub4f1)** \uc704\ud5d8\uc774 \uae08\ub9ac \uc778\ud558 \ub17c\uc758\ub97c \uc0ac\uc2e4\uc0c1 \ubd88\uac00\ub2a5\ud558\uac8c \ub9cc\ub4e4\uace0, \ucd08\uc810\uc744 \ub2e4\uc2dc \ubb3c\uac00\ub85c \ub3cc\ub824\ub193\uc558\ub2e4. \uadf8 \uacbd\ud5d8\uc740 \uc9c0\uae08 \uc804\uac1c\ub418\ub294 \uc0c1\ud669\uc744 \uc774\ud574\ud558\ub294 \ub370 \uc911\uc694\ud55c \uae38\uc7a1\uc774\uac00 \ub41c\ub2e4. \n\n

Implications For Rate Volatility<\/h3> \n\ube44\uc2b7\ud55c \ud750\ub984\uc774 \uc774\uc81c **\ub0a8\uc911\uad6d\ud574 \uae34\uc7a5**\uc73c\ub85c \uc8fc\uc694 **\ud574\uc0c1 \uc6b4\uc1a1\ub85c(\ubc30\uac00 \ub2e4\ub2c8\ub294 \ud575\uc2ec \ud56d\ub85c)**\uac00 \ud754\ub4e4\ub9ac\uba74\uc11c \ub098\ud0c0\ub098\uace0 \uc788\uace0, \uc774\uac83\uc774 \uc720\uac00\ub97c \ub354 \ubc00\uc5b4 \uc62c\ub9ac\uace0 \uc788\ub2e4. **\ube0c\ub80c\ud2b8\uc720(\uad6d\uc81c \uc720\uac00\uc758 \ub300\ud45c \uae30\uc900)**\ub294 \uc9c0\ub09c \ud55c \ub2ec \ub3d9\uc548 12% \ub118\uac8c \uc62c\ub77c \ud604\uc7ac \ubc30\ub7f4\ub2f9 87\ub2ec\ub7ec\uc5d0 \uac70\ub798\ub418\uace0 \uc788\uc73c\uba70, \uc2ec\ub9ac\uc801\uc73c\ub85c \uc911\uc694\ud55c 90\ub2ec\ub7ec \uc218\uc900\uc744 \ub118\uae38 \uc218 \uc788\ub2e4\ub294 \uc6b0\ub824\uac00 \ub098\uc628\ub2e4. \uc774\ub294 \ubd88\uacfc \uba87 \uc8fc \uc804 \uc2dc\uc7a5\uc774 \uc608\uc0c1\ud588\ub358 \uac83\ubcf4\ub2e4 \ud6e8\uc52c \ube60\ub974\uac8c \uc9c4\ud589\ub418\uace0 \uc788\ub2e4. \n\n\uc774 \uc5d0\ub108\uc9c0 \uac00\uaca9 \uc555\ub825\uc740 \ubbf8\ubb18\ud55c \uc2dc\uc810\uc5d0 \ub098\ud0c0\ub09c\ub2e4. 2\uc6d4 \uc720\ub85c\uc874 \ubb3c\uac00 \ub370\uc774\ud130\ub294 \uc804\ub144 \ub300\ube44 2.6%\ub85c **\uc798 \ub0b4\ub824\uac00\uc9c0 \uc54a\ub294(sticky: \uc27d\uac8c \ub5a8\uc5b4\uc9c0\uc9c0 \uc54a\ub294)** \ubaa8\uc2b5\uc744 \ubcf4\uc600\uace0, \uc774\ub294 ECB \ubaa9\ud45c\uc778 2%\ub97c \ud06c\uac8c \uc6c3\ub3c8\ub2e4. \uc6b0\ub9ac\ub294 2022\ub144 \uc5d0\ub108\uc9c0 \uc704\uae30\uac00 **\uc784\uae08\u2011\ubb3c\uac00 \uc545\uc21c\ud658**\uc73c\ub85c \uc774\uc5b4\uc84c\ub358 \uc77c\uc744 \uae30\uc5b5\ud55c\ub2e4. ECB\ub294 \uc774\ub7f0 \uc0c1\ud669\uc774 \ub2e4\uc2dc \ubc18\ubcf5\ub418\ub294 \uac83\uc744 \ud53c\ud558\ub824 \ud55c\ub2e4. \ub530\ub77c\uc11c \ucd94\uac00 \uae08\ub9ac \uc778\ud558 \ub17c\uc758\ub294 \uace7\ubc14\ub85c \ub4a4\ub85c \ubc00\ub9b4 \uac00\ub2a5\uc131\uc774 \ud06c\ub2e4. \n\n**\ud30c\uc0dd\uc0c1\ud488(derivative: \uc8fc\uc2dd\u00b7\uae08\ub9ac\u00b7\ud658\uc728 \uac19\uc740 \uae30\ucd08 \uc790\uc0b0 \uac00\uaca9\uc5d0 \ub530\ub77c \uac00\uce58\uac00 \ubcc0\ud558\ub294 \uacc4\uc57d)** \uac70\ub798\uc790\uc5d0\uac8c\ub294, **\uc720\ub85c(EUR) \uae08\ub9ac \uc120\ubb3c(\ubbf8\ub798\uc758 \uae08\ub9ac \uc218\uc900\uc5d0 \ubca0\ud305\ud558\ub294 \ud45c\uc900\ud654 \uacc4\uc57d)**\uc5d0 \ubc18\uc601\ub41c **\ub0b4\uc7ac \ubcc0\ub3d9\uc131(implied volatility: \uc635\uc158 \uac00\uaca9\uc5d0 \uc2dc\uc7a5\uc774 \ubc18\uc601\ud55c \ud5a5\ud6c4 \uac00\uaca9 \ud754\ub4e4\ub9bc\uc758 \uc608\uc0c1\uce58)**\uc774 \ub0ae\uac8c \ud3c9\uac00\ub3fc \uc788\uc744 \uc218 \uc788\ub2e4. \uc2dc\uc7a5\uc740 \uc5ec\uc804\ud788 \uc62c\ud574 \uae08\ub9ac \uc778\ud558\uac00 \uafb8\uc900\ud788 \uc774\uc5b4\uc9c4\ub2e4\uace0 \ubcf4\uace0 \uc788\uc744 \uc218 \uc788\uace0, \uadf8\ub798\uc11c \uac11\uc791\uc2a4\ub7ec\uc6b4 \ubc29\ud5a5 \uc804\ud658\uc774\ub098 \uc77c\uc2dc \uc911\ub2e8\uc5d0\uc11c \uc774\uc775\uc774 \ub0a0 \uc218 \uc788\ub294 **\uc635\uc158(option: \ud2b9\uc815 \uac00\uaca9\uc5d0 \uc0ac\uace0\ud314 \uad8c\ub9ac)**\uc744 \uc0b4 \uae30\ud68c\uac00 \uc0dd\uae38 \uc218 \uc788\ub2e4. \ub2e4\uac00\uc624\ub294 ECB \uae30\uc790\ud68c\uacac\uc740 \uac00\uaca9\uc774 \ub2e4\uc2dc \ub9e4\uaca8\uc9c8 \uc218 \uc788\ub294 \uc911\uc694\ud55c \uacc4\uae30\uac00 \ub41c\ub2e4. \n\n\ucd08\uc810\uc740 **\ub2e8\uae30 \uae08\ub9ac \uc635\uc158(\uae30\uac04\uc774 \uc9e7\uc740 \uae08\ub9ac\uc5d0 \ub300\ud55c \uc635\uc158)**, \uc608\ub97c \ub4e4\uc5b4 **\uc720\ub9ac\ubcf4(Euribor: \uc720\ub85c\uc874 \uc740\ud589 \uac04 \ub2e8\uae30 \uae08\ub9ac\uc758 \ub300\ud45c \uae30\uc900) \uc120\ubb3c**\uc5d0 \ub300\ud55c \uc635\uc158\uc774 \ub420 \uc218 \uc788\ub2e4. \uc6b0\ub9ac\ub294 \ubcc0\ub3d9\uc131\uc774 \uc624\ub974\uace0, \ucd5c\uadfc\uc758 \ub2e8\uae30 \uae08\ub9ac \uae30\ub300 \ud558\ub77d(\uc55e\uc73c\ub85c \uae08\ub9ac\uac00 \ub354 \ub0b4\ub824\uac08 \uac70\ub77c\ub294 \uae30\ub300)\uc774 \uba48\ucd94\ub294 \uc0c1\ud669\uc5d0\uc11c \uc720\ub9ac\ud55c \ud3ec\uc9c0\uc158\uc744 \uace0\ub824\ud560 \ub9cc\ud558\ub2e4\uace0 \ubcf8\ub2e4. \uc774\ub7f0 \uc804\ub7b5\uc740 \uc911\uc559\uc740\ud589\uc774 \ubb3c\uac00 \uae30\ub300\ub97c \ubd99\uc7a1\uae30 \uc704\ud574 \uc791\ub144\ucc98\ub7fc **\ub9e4\ud30c\uc801 \ud45c\ud604**\uc744 \uc368\uc57c \ud558\ub294 \uc704\ud5d8\uc5d0 \ub300\ube44\ud558\ub294 **\ud5e4\uc9c0(hedge: \uc190\uc2e4 \uc704\ud5d8\uc744 \uc904\uc774\uae30 \uc704\ud55c \ubc29\uc5b4)**\uac00 \ub41c\ub2e4.\n\n\n

VT Markets \ub77c\uc774\ube0c \uacc4\uc815\uc744 \ub9cc\ub4e4\uace0 \uc9c0\uae08 \ubc14\ub85c \uac70\ub798<\/a>\ub97c \uc2dc\uc791\ud558\uc138\uc694.<\/b><\/p>\n","protected":false},"excerpt":{"rendered":"

ECB 3\uc6d4 19\uc77c \ub3d9\uacb0 \uc720\ub825, \uadf8\ub7ec\ub098 \u2018\ub9e4\ud30c\u2019 \uacbd\uace0 \uac15\ud654? \uc911\ub3d9\u00b7\ub0a8\uc911\uad6d\ud574 \uae34\uc7a5\uc73c\ub85c \uc720\uac00 \uae09\ub4f1, \uc778\ud50c\ub808 \uae30\ub300 \uc7ac\uace0. \uae08\ub9ac\uc778\ud558 \ud6c4\ud1f4, \ubcc0\ub3d9\uc131 \ud655\ub300\uc5d0 \uc635\uc158 \uae30\ud68c. – vtmarkets.com<\/p>\n","protected":false},"author":103,"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-40743","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\/40743","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\/103"}],"replies":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/comments?post=40743"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/posts\/40743\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/media?parent=40743"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/categories?post=40743"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/tags?post=40743"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}