{"id":44713,"date":"2026-04-15T13:50:35","date_gmt":"2026-04-15T13:50:35","guid":{"rendered":"https:\/\/www.vtmarkets.com\/kr\/uncategorized\/td%ec%a6%9d%ea%b6%8c-%eb%af%b8-%ea%b5%ad%ec%b1%84%ea%b8%88%eb%a6%ac-%ec%a6%9d%ec%8b%9c-%eb%9e%a0%eb%a6%ac%ec%97%90-%ea%b8%89%eb%93%b1ppi-%eb%91%94%ed%99%94%ec%97%90-sp500-%ec%83%81\/"},"modified":"2026-04-15T13:50:35","modified_gmt":"2026-04-15T13:50:35","slug":"td%ec%a6%9d%ea%b6%8c-%eb%af%b8-%ea%b5%ad%ec%b1%84%ea%b8%88%eb%a6%ac-%ec%a6%9d%ec%8b%9c-%eb%9e%a0%eb%a6%ac%ec%97%90-%ea%b8%89%eb%93%b1ppi-%eb%91%94%ed%99%94%ec%97%90-sp500-%ec%83%81","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/kr-asia\/live-updates\/td%ec%a6%9d%ea%b6%8c-%eb%af%b8-%ea%b5%ad%ec%b1%84%ea%b8%88%eb%a6%ac-%ec%a6%9d%ec%8b%9c-%eb%9e%a0%eb%a6%ac%ec%97%90-%ea%b8%89%eb%93%b1ppi-%eb%91%94%ed%99%94%ec%97%90-sp500-%ec%83%81\/","title":{"rendered":"TD\uc99d\uad8c \u201c\ubbf8 \uad6d\ucc44\uae08\ub9ac, \uc99d\uc2dc \ub7a0\ub9ac\uc5d0 \uae09\ub4f1\u2026PPI \ub454\ud654\uc5d0 S&P500 \uc0c1\uc2b9\u2026\uadfc\uc6d0 PCE \uc804\uc6d4\ube44 0.26% \uc804\ub9dd\u201d"},"content":{"rendered":"

\ubbf8 \uad6d\ucc44\uae08\ub9ac\ub294 \ud654\uc694\uc77c \uc8fc\uc2dd\uc774 \uc0c1\uc2b9\ud558\ub294 \uac00\uc6b4\ub370 \uae09\ub4f1\ud588\uace0, S&P 500\uc740 \uc0ac\uc0c1 \ucd5c\uace0\uce58 \ubc14\ub85c \uc544\ub798\uc5d0 \uba38\ubb3c\ub800\ub2e4. \ubbf8\uad6d \uc0dd\uc0b0\uc790\ubb3c\uac00(PPI\u00b7\uae30\uc5c5\uc774 \ud310\ub9e4 \ub2e8\uacc4\uc5d0\uc11c \ubc1b\ub294 \uac00\uaca9\uc744 \uce21\uc815\ud558\ub294 \uc9c0\ud45c) \uc0c1\uc2b9\ub960\uc740 \uc804\uccb4(\ud5e4\ub4dc\ub77c\uc778) \uae30\uc900\uc73c\ub85c \uc2dc\uc7a5 \uc608\uc0c1\ubcf4\ub2e4 \ub0ae\uc558\uc73c\uba70, 3\uc6d4 \uadfc\uc6d0 PCE(\uac1c\uc778\uc18c\ube44\uc9c0\ucd9c) \ubb3c\uac00(\ubcc0\ub3d9\uc131\uc774 \ud070 \uc2dd\ud488\u00b7\uc5d0\ub108\uc9c0\ub97c \uc81c\uc678\ud574 \uae30\uc870 \ubb3c\uac00\ub97c \ubcf4\uc5ec\uc8fc\ub294 \uc9c0\ud45c)\ub294 \uc804\uc6d4 \ub300\ube44 0.26%\ub85c \ucd94\uc815\ub41c\ub2e4.<\/p>\n

\uc8fc\uc694 \uc9c0\ud45c \ubc1c\ud45c\uac00 \ub9ce\uc9c0 \uc54a\uc740 \ub9cc\ud07c \uc2dc\uc7a5\uc758 \ucd08\uc810\uc740 \ub2f9\uad6d\uc790 \ubc1c\uc5b8\uacfc \uc5f0\uc900(Fed\u00b7\ubbf8\uad6d \uc911\uc559\uc740\ud589)\uc758 \uc608\uc815\ub41c \ucee4\ubba4\ub2c8\ucf00\uc774\uc158\uc5d0 \ub9de\ucdb0\uc838 \uc788\ub2e4. \uc5f0\uc900\uc758 \ubc14(\ubbf8\uc178 \ubc14)\u00b7\ubcf4\uba3c(\ubbf8\uc178 \ubcf4\uba3c) \uc774\uc0ac\uac00 \ubc1c\uc5b8\ud560 \uc608\uc815\uc774\uba70, \uc5f0\uc900 \uc9c0\uc5ed \uacbd\uae30 \ubcf4\uace0\uc11c\uc778 \u2018\ubca0\uc774\uc9c0\ubd81(Beige Book\u00b712\uac1c \uc5f0\ubc29\uc900\ube44\uc740\ud589\uc774 \ubaa8\uc740 \ud604\uc7a5 \uacbd\uae30\ub3d9\ud5a5 \ubcf4\uace0\uc11c)\u2019\ub3c4 \uacf5\uac1c\ub41c\ub2e4.<\/p>\n

Key Policy And Geopolitical Watchpoints<\/h3>\n

\uc0c1\uc6d0 \uc740\ud589\uc704\uc6d0\ud68c\ub294 \ucf00\ube48 \uc6cc\uc2dc \uc9c0\uba85\uc790 \uc778\uc900 \uccad\ubb38\ud68c\uac00 4\uc6d4 21\uc77c \uc624\uc804 10\uc2dc(\ubbf8 \ub3d9\ubd80\uc2dc\uac04)\uc5d0 \uc5f4\ub9b4 \uac83\uc774\ub77c\uace0 \ubc1d\ud614\ub2e4. \uc2dc\uc7a5\uc740 \ud734\uc804\uc774 \uc774\uc5b4\uc9c0\ub294 \uac00\uc6b4\ub370 \uc911\ub3d9 \uc815\uc138 \ubcc0\ud654\ub3c4 \uc8fc\uc2dc\ud558\uace0 \uc788\ub2e4.<\/p>\n

\uc218\uc694\uc77c\uc5d0\ub294 TIC(\uc7ac\ubb34\ubd80 \uad6d\uc81c\uc790\ubcf8 \ud750\ub984\u00b7\uc678\uad6d\uc778\uc758 \ubbf8 \uad6d\ucc44 \ub4f1 \ubbf8\uad6d \uc790\uc0b0 \ubcf4\uc720\u00b7\ub9e4\ub9e4 \ud750\ub984\uc744 \ubcf4\uc5ec\uc8fc\ub294 \ud1b5\uacc4) \uc790\uae08 \ud750\ub984\uc774 \uacf5\uac1c\ub420 \uc608\uc815\uc774\uba70, 2\uc6d4 \uc678\uad6d\uc778\uc758 \ubbf8 \uad6d\ucc44 \ubcf4\uc720 \ub3d9\ud5a5\uc5d0 \ub300\ud55c \ub2e8\uc11c\ub97c \uc81c\uacf5\ud560 \uc218 \uc788\uc5b4 \uad00\uc2ec\uc744 \ub04c \uc804\ub9dd\uc774\ub2e4.<\/p>\n

S&P 500\uc774 \uc0ac\uc0c1 \ucd5c\uace0\uce58(\uc57d 6,200) \ubd80\uadfc\uc73c\ub85c \uc811\uadfc\ud55c \ub9cc\ud07c, \uc0c1\uc2b9 \ud750\ub984\uc758 \uc218\ud61c\ub97c \ub178\ub9ac\ub294 \uc804\ub7b5\uc744 \uace0\ub824\ud560 \ub9cc\ud558\ub2e4. \uc2dc\uc7a5\uc740 \ud5a5\ud6c4 \ubc1c\ud45c\ub420 \uadfc\uc6d0 PCE \ubb3c\uac00\uac00 \ub454\ud654 \ud750\ub984\uc744 \ud655\uc778\ud574\uc904 \uac83\uc73c\ub85c \ubcf4\uace0 \uc788\uc73c\uba70, \uc608\uc0c1\uce58\ub294 0.26% \uc218\uc900\uc5d0 \uba38\ubb3c\ub7ec \uc788\ub2e4. \uc774\uc5d0 \ub530\ub77c \uc8fc\uc694 \uc8fc\uac00\uc9c0\uc218\ub97c \ub300\uc0c1\uc73c\ub85c \ud55c \ub2e8\uae30 \ucf5c\uc635\uc158(\uc815\ud574\uc9c4 \uac00\uaca9\uc5d0 \uc0b4 \uc218 \uc788\ub294 \uad8c\ub9ac) \ub9e4\uc218\ub294 \uc704\ud5d8\uc790\uc0b0 \uc120\ud638(\ub9ac\uc2a4\ud06c\uc628) \ud750\ub984\uc5d0 \ucc38\uc5ec\ud558\ub294 \ud569\ub9ac\uc801 \uc218\ub2e8\uc774 \ub420 \uc218 \uc788\ub2e4.<\/p>\n

\ub2e4\ub9cc \ubca0\uc774\uc9c0\ubd81\uacfc \ubc14\u00b7\ubcf4\uba3c \ubc1c\uc5b8\uc744 \uc55e\ub450\uace0 \uacbd\uacc4\uc2ec\uc740 \uc720\uc9c0\ud574\uc57c \ud55c\ub2e4. \ub9e4\ud30c\uc801(\uae08\ub9ac \uc778\uc0c1\uc5d0 \uc801\uadf9\uc801\uc778) \uae5c\uc9dd \ubc1c\uc5b8, \ud2b9\ud788 \uc778\ud50c\ub808\uc774\uc158(\ubb3c\uac00\uc0c1\uc2b9) \uacbd\uacc4 \uc131\ud5a5\uc774 \uac15\ud55c \ubcf4\uba3c\uc5d0\uac8c\uc11c \uc774\ub7f0 \uc2e0\ud638\uac00 \ub098\uc624\uba74 \ucd5c\uadfc \uae08\ub9ac \uae09\ub4f1\uacfc \uc8fc\uac00 \uc0c1\uc2b9 \ud750\ub984\uc774 \ube60\ub974\uac8c \ub418\ub3cc\ub824\uc9c8 \uc218 \uc788\ub2e4. \ub530\ub77c\uc11c \ubbf8 \uad6d\ucc44\uc120\ubb3c\ucc98\ub7fc \uae08\ub9ac\uc5d0 \ubbfc\uac10\ud55c \uc0c1\ud488\uc5d0 \ub300\ud574 \uc77c\ubd80 \ud48b\uc635\uc158(\uc815\ud574\uc9c4 \uac00\uaca9\uc5d0 \ud314 \uc218 \uc788\ub294 \uad8c\ub9ac)\uc744 \ubcf4\uc720\ud558\ub294 \uac83\uc740 \uc5f0\uc900 \uae30\uc870 \ubcc0\ud654\uc5d0 \ub300\ube44\ud55c \uc2e0\uc911\ud55c \ubc29\uc5b4\ucc45\uc774 \ub420 \uc218 \uc788\ub2e4.<\/p>\n

Volatility And Hedging Considerations<\/h3>\n

\uc911\ub3d9 \ubd84\uc7c1\uc5d0 \ub300\ud55c \uc9c0\uc18d\uc801 \uad00\uc2ec\uc740 \uc608\uace0 \uc5c6\uc774 \ubcc0\ub3d9\uc131\uc744 \ud0a4\uc6b8 \uc218 \uc788\ub294 \uc774\ubca4\ud2b8 \uc704\ud5d8\uc744 \ub192\uc778\ub2e4. VIX(CBOE \ubcc0\ub3d9\uc131\uc9c0\uc218\u00b7S&P 500 \uc635\uc158 \uac00\uaca9\uc73c\ub85c \uacc4\uc0b0\ud55c \u2018\uacf5\ud3ec\uc9c0\uc218\u2019)\uac00 14 \uc544\ub798\ub85c \ub0b4\ub824\uc624\uba74\uc11c VIX \ucf5c\uc635\uc158\uc740 \uae09\uaca9\ud55c \uc2dc\uc7a5 \ucda9\uaca9\uc5d0 \ub300\ube44\ud55c \ube44\uad50\uc801 \uc800\ub834\ud55c \ubcf4\ud5d8 \uc5ed\ud560\uc744 \ud560 \uc218 \uc788\ub2e4. \uc2e4\uc81c\ub85c \ucd5c\uadfc 1\uc8fc\uc77c \ub3d9\uc548 \ube0c\ub80c\ud2b8\uc720 \uc120\ubb3c\uc774 \ud734\uc804 \uad00\ub828 \ub274\uc2a4\uc5d0 \ub530\ub77c 4% \ucd9c\ub801\uc774\uba70, \uc9c0\uc815\ud559 \ub274\uc2a4\uc5d0 \ub300\ud55c \uc2dc\uc7a5 \ubbfc\uac10\ub3c4\ub97c \ub4dc\ub7ec\ub0c8\ub2e4.<\/p>\n

\uc774\ub294 2025\ub144 3\ubd84\uae30\uc5d0 \uc788\uc5c8\ub358 \u2018\uae09\ubcc0\u2019 \uc7a5\uc138\ub97c \ub5a0\uc62c\ub9ac\uac8c \ud55c\ub2e4. \ub2f9\uc2dc\uc5d0\ub3c4 \ubb3c\uac00 \uc9c0\ud45c\uac00 \uc644\ub9cc\ud558\uac8c \ub098\uc624\uc790 \uc2dc\uc7a5\uc774 \uc548\ub3c4\ud588\uc9c0\ub9cc, \uc5f0\uc900\uc758 \ub9e4\ud30c\uc801 \ud3ec\uc6cc\ub4dc \uac00\uc774\ub358\uc2a4(\ud5a5\ud6c4 \ud1b5\ud654\uc815\ucc45 \ubc29\ud5a5\uc5d0 \ub300\ud55c \uc0ac\uc804 \uc2e0\ud638)\uac00 \uc774\ub97c \uace7\ubc14\ub85c \ub36e\uc5c8\uace0, \uadf8 \uacb0\uacfc \uc2dc\uc7a5\uc740 \uae09\ub77d\ud588\ub2e4. \uc2ec\ub9ac\ub294 \uc21c\uc2dd\uac04\uc5d0 \ubc14\ub014 \uc218 \uc788\ub2e4\ub294 \uc810\uc744 \uc0c1\uae30\uc2dc\ud0a8 \uc0ac\ub840\ub2e4. \ud3c9\uc628\ud55c \uad6d\uba74\uc5d0\uc11c\ub294 \uc218\uc775\uc744 \ub178\ub9ac\ub418 \ucda9\uaca9\uc5d0\ub294 \ubc29\uc5b4\ud560 \uc218 \uc788\ub294 \uade0\ud615 \uc7a1\ud78c \ud30c\uc0dd\uc0c1\ud488(\uc635\uc158\u00b7\uc120\ubb3c \ub4f1 \uae30\ucd08\uc790\uc0b0\uc744 \ubc14\ud0d5\uc73c\ub85c \ud55c \uacc4\uc57d) \uad6c\uc131\uc774 \ubc14\ub78c\uc9c1\ud558\ub2e4.<\/p>\n","protected":false},"excerpt":{"rendered":"

\ubbf8 \uad6d\ucc44\uae08\ub9ac \uae09\ub4f1 \uc18d S&P500, \uc2e0\uace0\uc810 \ud131\ubc11\u2026PPI \ub454\ud654\u00b7\uadfc\uc6d0 PCE 0.26% \uae30\ub300\uc5d0 \ub9ac\uc2a4\ud06c\uc628. \ub2e4\ub9cc \ubca0\uc774\uc9c0\ubd81\u00b7\ubc14\u00b7\ubcf4\uba3c \ubc1c\uc5b8, \uc911\ub3d9 \ubcc0\uc218\ub85c \ubcc0\ub3d9\uc131 \ud655\ub300 \uac00\ub2a5\u2014\ucf5c\ub85c \uc218\uc775, \ud48b\u00b7VIX\ucf5c\ub85c \ubc29\uc5b4.<\/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-44713","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\/44713","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=44713"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/posts\/44713\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/media?parent=44713"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/categories?post=44713"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/tags?post=44713"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}