{"id":40819,"date":"2026-03-12T22:43:27","date_gmt":"2026-03-12T22:43:27","guid":{"rendered":"https:\/\/www.vtmarkets.com\/kr\/uncategorized\/bny%ec%9d%98-%ec%a0%9c%ed%94%84-%ec%9c%a0%eb%8a%94-%eb%b8%8c%eb%9d%bc%ec%a7%88-%ed%97%a4%ec%95%8c%ed%99%94%ea%b0%80-%ec%9b%90%ec%9e%90%ec%9e%ac%ec%99%80-%eb%86%92%ec%9d%80-%ea%b8%88%eb%a6%ac%ec%9d%98\/"},"modified":"2026-03-12T22:43:27","modified_gmt":"2026-03-12T22:43:27","slug":"bny%ec%9d%98-%ec%a0%9c%ed%94%84-%ec%9c%a0%eb%8a%94-%eb%b8%8c%eb%9d%bc%ec%a7%88-%ed%97%a4%ec%95%8c%ed%99%94%ea%b0%80-%ec%9b%90%ec%9e%90%ec%9e%ac%ec%99%80-%eb%86%92%ec%9d%80-%ea%b8%88%eb%a6%ac%ec%9d%98","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/kr-asia\/live-updates\/bny%ec%9d%98-%ec%a0%9c%ed%94%84-%ec%9c%a0%eb%8a%94-%eb%b8%8c%eb%9d%bc%ec%a7%88-%ed%97%a4%ec%95%8c%ed%99%94%ea%b0%80-%ec%9b%90%ec%9e%90%ec%9e%ac%ec%99%80-%eb%86%92%ec%9d%80-%ea%b8%88%eb%a6%ac%ec%9d%98\/","title":{"rendered":"BNY\uc758 \uc81c\ud504 \uc720\ub294 \ube0c\ub77c\uc9c8 \ud5e4\uc54c\ud654\uac00 \uc6d0\uc790\uc7ac\uc640 \ub192\uc740 \uae08\ub9ac\uc758 \ub4b7\ubc1b\uce68\uc744 \ubc1b\uc544 \uae00\ub85c\ubc8c \ucda9\uaca9\uc5d0 \ub9de\uc11c \ub77c\ud2f4\uc544\uba54\ub9ac\uce74\ub97c \uc9c0\uc9c0\ud55c\ub2e4\uace0 \ub9d0\ud55c\ub2e4"},"content":{"rendered":"\ube0c\ub77c\uc9c8\uacfc \ube0c\ub77c\uc9c8 \ud5e4\uc54c(BRL)\uc740 \uc6d0\uc790\uc7ac(commodities)\uc640 \ub192\uc740 \uc2e4\uc9c8 \uae08\ub9ac(high real interest rates)\uc640 \uc5f0\uad00\ub418\uc5b4, \ub354 \ub113\uc740 \ub77c\ud2f4\uc544\uba54\ub9ac\uce74 \uc2dc\uc7a5 \uc131\uacfc\ub97c \uc9c0\uc9c0\ud558\uace0 \uc788\uc2b5\ub2c8\ub2e4. \ubcf4\ub3c4\uc5d0 \ub530\ub974\uba74 \ube0c\ub77c\uc9c8\uc5d0\uc11c \uc989\uc2dc \uad6c\ud560 \uc218 \uc788\ub294 \ud604\ubb3c \uc6d0\uc720(available oil)\uc5d0 \ubd99\ub294 \ud504\ub9ac\ubbf8\uc5c4(premiums, \uae30\uc900 \uac00\uaca9\uc5d0 \ucd94\uac00\ub85c \uc5b9\ub294 \uac00\uaca9)\uc774 \ud604\uc7ac \uae30\uc900 \uac00\uaca9(benchmarks, \ube44\uad50 \uae30\uc900\uc774 \ub418\ub294 \ub300\ud45c \uac00\uaca9)\ubcf4\ub2e4 \ubc30\ub7f4\ub2f9 13\ub2ec\ub7ec\uae4c\uc9c0 \uc0c1\uc2b9\ud588\uc2b5\ub2c8\ub2e4.\n\n\uc774 \uc9c0\uc5ed\uc758 \uc6d0\uc790\uc7ac \uc218\ucd9c\uad6d(commodity-exporting economies)\uc740 \uae09\uaca9\ud55c \uad50\uc5ed\uc870\uac74 \ucda9\uaca9(terms-of-trade shock, \uc218\ucd9c\ud488 \uac00\uaca9 \ub300\ube44 \uc218\uc785\ud488 \uac00\uaca9\uc774 \uac11\uc790\uae30 \ubd88\ub9ac\ud574\uc9c0\ub294 \ubcc0\ud654)\uc744 \ud53c\ud560 \uc218 \uc788\ub2e4\ub294 \ud3c9\uac00\uac00 \ub098\uc635\ub2c8\ub2e4. \ub610\ud55c \ub192\uc740 \uc2e4\uc9c8 \uae08\ub9ac(\ubb3c\uac00\uc0c1\uc2b9\ub960\uc744 \ubc18\uc601\ud55c \u2018\uc2e4\uc9c8\u2019 \uae30\uc900\uc758 \uae08\ub9ac)\ub294 \ud1b5\ud654 \uc548\uc815\uc131(currency stability, \ud658\uc728\uc774 \ud06c\uac8c \ud754\ub4e4\ub9ac\uc9c0 \uc54a\ub294 \uc0c1\ud0dc)\uc744 \uc9c0\uc9c0\ud558\ub294 \uc694\uc18c\ub85c \uc124\uba85\ub429\ub2c8\ub2e4. \uc774\ub294 \ubbf8\uad6d \ub2ec\ub7ec \uae08\ub9ac \uae30\ub300(US dollar interest-rate expectations, \ubbf8\uad6d\uc758 \ud5a5\ud6c4 \uae08\ub9ac \uc804\ub9dd)\uac00 \ubc14\ub00c\uae30 \uc2dc\uc791\ud55c \uc0c1\ud669\uc5d0\uc11c \ub098\uc628 \ud574\uc11d\uc785\ub2c8\ub2e4.\n\n<h3>\ube0c\ub77c\uc9c8\uc774 \uc9c0\uc5ed \uc131\uacfc\ub97c \uc8fc\ub3c4<\/h3>\n\uc9c0\uc5ed \ud1b5\ud654\uc640 \uc8fc\uc2dd\uc740 \uc5f0\ucd08\uc758 \ud070 \uc0c1\uc2b9 \uc774\ud6c4 \ud558\ubc29 \uc704\ud5d8(downside risk, \ucd94\uac00 \ud558\ub77d \uac00\ub2a5\uc131)\uc5d0 \uc9c1\uba74\ud574 \uc788\uc9c0\ub9cc, \uc804\uccb4 \uc9c0\ud45c\ub294 \uc5ec\uc804\ud788 \uacac\uc870\ud569\ub2c8\ub2e4. \uc774\ub294 \uc8fc\ub85c \ube0c\ub77c\uc9c8 \uc790\uc0b0\uc758 \ud68c\ubcf5\ub825(resilience, \ucda9\uaca9\uc5d0\ub3c4 \ubc84\ud2f0\ub294 \ud798) \ub355\ubd84\uc73c\ub85c, 2\uc6d4 \ub9d0 \uc774\ud6c4 \uc9c0\uc5ed \ub2e4\ub978 \ub098\ub77c\ub4e4(\ub3d9\uc885 \uad6d\uac00, peers) \ub300\ube44 \uc0c1\ub300\uc801 \uc131\uacfc(outperformance, \ub354 \uc88b\uc740 \uc131\uacfc)\uac00 \uac15\ud654\ub418\uace0 \uc788\uc2b5\ub2c8\ub2e4.\n\n\ube0c\ub77c\uc9c8 \uc911\uc559\uc740\ud589\uc758 \ud1b5\ud654\uc815\ucc45\uc704\uc6d0\ud68c(COPOM, \ube0c\ub77c\uc9c8\uc758 \uae30\uc900\uae08\ub9ac\ub97c \uacb0\uc815\ud558\ub294 \uc704\uc6d0\ud68c)\ub294 \ub2e4\uc74c \uc8fc \ud68c\uc758\uc5d0\uc11c \uae08\ub9ac\ub97c 50bp(\ubca0\uc774\uc2dc\uc2a4\ud3ec\uc778\ud2b8, 0.01%p \ub2e8\uc704) \uc778\ud558\ud574 14.50%\ub85c \ub0b4\ub9b4 \uac83\uc73c\ub85c \uc608\uc0c1\ub429\ub2c8\ub2e4. \uadf8 \uc774\ud6c4\uc5d0\ub3c4 \uc2e4\uc9c8 \uae08\ub9ac\ub294 \ub450 \uc790\ub9bf\uc218(double digits, 10% \uc774\uc0c1)\ub85c \uc720\uc9c0\ub420 \uac83\uc785\ub2c8\ub2e4.\n\n\ub610\ud55c \uc7ac\uc815 \uaddc\uc728(fiscal discipline, \uc815\ubd80\uac00 \uacfc\ub3c4\ud55c \uc9c0\ucd9c\uc744 \ud558\uc9c0 \uc54a\uace0 \uc7ac\uc815\uc744 \uad00\ub9ac\ud558\ub294 \uac83)\uc774 \uc720\uc9c0\ub418\uace0 \uacfc\ub3c4\ud55c \uacbd\uae30\ubd80\uc591(excess stimulus, \ud544\uc694 \uc774\uc0c1\uc73c\ub85c \ub3c8\uc744 \ud480\uac70\ub098 \uc9c0\ucd9c\uc744 \ub298\ub9ac\ub294 \uac83)\uc744 \ud53c\ud558\uba74 \uc7a5\uae30 \uae08\ub9ac(longer-term rates, \ub9cc\uae30\uac00 \uae34 \uae08\ub9ac)\uac00 \uac1c\uc120\ub420 \uc218 \uc788\ub2e4\uace0 \uc9c0\uc801\ud569\ub2c8\ub2e4. \ub2e4\ub978 \ub77c\ud2f4\uc544\uba54\ub9ac\uce74 \uacbd\uc81c\ub4e4\ub3c4 \ubc29\uc5b4\uc801 \ud2b9\uc9d5(defensive features, \ucda9\uaca9\uc5d0 \ub35c \ud754\ub4e4\ub9ac\ub294 \uc131\uaca9)\uc744 \uacf5\uc720\ud558\uc9c0\ub9cc, \ube0c\ub77c\uc9c8\uc774 \uc774\uc6c3 \uad6d\uac00\ub4e4\uacfc \uacc4\uc18d \ub2e4\ub978 \ud750\ub984\uc73c\ub85c \uac00\uae30(diverging, \ucc28\ubcc4\ud654\ub41c \ubc29\ud5a5\uc73c\ub85c \uc6c0\uc9c1\uc774\uae30)\ub294 \uc27d\uc9c0 \uc54a\uc744 \uc218 \uc788\ub2e4\uace0 \ub367\ubd99\uc785\ub2c8\ub2e4.\n\n2025\ub144 \ucd08\uc758 \uc2dc\uac01\uc744 \ub418\uc9da\uc5b4 \ubcf4\uba74, \ube0c\ub77c\uc9c8\uc740 \uac15\ud55c \uc6d0\uc790\uc7ac \uc218\ucd9c\uacfc \ub192\uc740 \uc2e4\uc9c8 \uae08\ub9ac\ub85c \ub77c\ud2f4\uc544\uba54\ub9ac\uce74 \uc790\uc0b0\uc758 \u2018\uae30\ub465(\uc575\ucee4, anchor: \ub2e4\ub978 \uc790\uc0b0\uc744 \uc548\uc815\uc801\uc73c\ub85c \ubc1b\uccd0\uc8fc\ub294 \uc911\uc2ec \uc5ed\ud560)\u2019\ub85c \uc5ec\uaca8\uc84c\uc2b5\ub2c8\ub2e4. \uadf8 \uac15\uc138\ub294 \ub450 \uc790\ub9bf\uc218\uc600\ub358 \uc140\ub9ad(Selic) \uae08\ub9ac(\ube0c\ub77c\uc9c8\uc758 \uae30\uc900\uae08\ub9ac)\uc5d0 \ud06c\uac8c \uae30\ubc18\ud588\uc2b5\ub2c8\ub2e4. \ub2e4\ub9cc \uc911\uc559\uc740\ud589\uc758 \uc644\ud654 \uc0ac\uc774\ud074(policy easing cycle, \uae08\ub9ac\ub97c \uc5ec\ub7ec \ucc28\ub840 \ub0b4\ub9ac\ub294 \ud750\ub984)\uc774 \uadf8 \uc0c1\ub300\uc801 \uac15\uc138\uc758 \ud575\uc2ec \uc704\ud5d8\uc694\uc778\uc73c\ub85c \uc815\ud655\ud788 \uc9c0\ubaa9\ub410\uc2b5\ub2c8\ub2e4.\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>\ud55c\ub54c \ub77c\ud2f4\uc544\uba54\ub9ac\uce74\ub97c \uc774\ub04c\ub358 \ube0c\ub77c\uc9c8: \uace0\uae08\ub9ac\u00b7\uc6d0\uc790\uc7ac\uac00 BRL\uc744 \uc9c0\ud0f1\ud588\uc9c0\ub9cc, \uae08\ub9ac \uc778\ud558\ub85c \uc218\uc775\ub960 \uc6b0\uc704\uac00 \uc57d\ud654\ub418\uba70 \ud1b5\ud654\ub294 \uc57d\uc138 \uc804\ud658, \ubcc0\ub3d9\uc131\u00b7\ud5e4\uc9c0 \uc804\ub7b5\uc774 \ubd80\uac01. &#8211; 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-40819","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\/40819","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=40819"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/posts\/40819\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/media?parent=40819"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/categories?post=40819"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/tags?post=40819"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}