{"id":50209,"date":"2026-06-25T06:14:58","date_gmt":"2026-06-25T06:14:58","guid":{"rendered":"https:\/\/www.vtmarkets.com\/kr-asia\/uncategorized\/%ec%8a%a4%ed%83%a0%eb%8b%a4%eb%93%9c%ec%b0%a8%ed%83%80%eb%93%9c-%eb%b8%8c%eb%9d%bc%ec%a7%88-%ec%a4%91%ec%95%99%ec%9d%80%ed%96%89-3%eb%b6%84%ea%b8%b0-%ea%b8%b0%ec%a4%80%ea%b8%88%eb%a6%ac\/"},"modified":"2026-06-25T06:14:58","modified_gmt":"2026-06-25T06:14:58","slug":"%ec%8a%a4%ed%83%a0%eb%8b%a4%eb%93%9c%ec%b0%a8%ed%83%80%eb%93%9c-%eb%b8%8c%eb%9d%bc%ec%a7%88-%ec%a4%91%ec%95%99%ec%9d%80%ed%96%89-3%eb%b6%84%ea%b8%b0-%ea%b8%b0%ec%a4%80%ea%b8%88%eb%a6%ac","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/kr-asia\/live-updates\/%ec%8a%a4%ed%83%a0%eb%8b%a4%eb%93%9c%ec%b0%a8%ed%83%80%eb%93%9c-%eb%b8%8c%eb%9d%bc%ec%a7%88-%ec%a4%91%ec%95%99%ec%9d%80%ed%96%89-3%eb%b6%84%ea%b8%b0-%ea%b8%b0%ec%a4%80%ea%b8%88%eb%a6%ac\/","title":{"rendered":"\uc2a4\ud0e0\ub2e4\ub4dc\ucc28\ud0c0\ub4dc \u201c\ube0c\ub77c\uc9c8 \uc911\uc559\uc740\ud589, 3\ubd84\uae30 \uae30\uc900\uae08\ub9ac(\uc140\ub9ad) \uc778\ud558 \uc77c\uc2dc \uc911\ub2e8\u20262026\ub144 \ub9d0 \uc644\ud654 \uc7ac\uac1c\u201d"},"content":{"rendered":"<p>\uc2a4\ud0e0\ub2e4\ub4dc\ucc28\ud0c0\ub4dc\uc758 \ub304 \ud310(Dan Pan)\uc740 \uc778\ud50c\ub808\uc774\uc158 \uc5ec\uac74\uc774 \uc5ec\uc804\ud788 \uae4c\ub2e4\ub85c\uc6b4 \ub9cc\ud07c \ube0c\ub77c\uc9c8 \uc911\uc559\uc740\ud589(BCB)\uc774 \uc644\ud654 \uc0ac\uc774\ud074\uc758 \uc18d\ub3c4\ub97c \ub2a6\ucd9c \uac83\uc73c\ub85c \uc804\ub9dd\ud588\ub2e4. \uc140\ub9ad(Selic) \uae08\ub9ac\ub294 3\ubd84\uae30\uc5d0 \ub3d9\uacb0\ud55c \ub4a4 2026\ub144 4\ubd84\uae30\ubd80\ud130 \uc778\ud558\uac00 \uc7ac\uac1c\ub420 \uac83\uc73c\ub85c \uc608\uc0c1\ub41c\ub2e4. \ud310\uc740 2026\ub144 \ub9d0 \uc815\ucc45\uae08\ub9ac\uac00 13.75%\uc5d0 \uc774\ub97c \uac83\uc73c\ub85c \ubcf4\uba70(\uae30\uc874 12.5%\uc5d0\uc11c \uc0c1\ud5a5), 2027\ub144 \ub9d0\uc740 11.75%(\uae30\uc874 10.0%)\ub85c \uc81c\uc2dc\ud588\ub2e4.<\/p>\n<p>\uc218\uc815\ub41c \uacbd\ub85c\ub294 \ub192\uc544\uc9c0\ub294 \uc778\ud50c\ub808\uc774\uc158 \uae30\ub300, \ub048\uc9c8\uae34 \uadfc\uc6d0\ubb3c\uac00, \uacac\uc870\ud55c \ub0b4\uc218 \uc218\uc694\uac00 \ub2e8\uae30 \uc778\ud558 \uc5ec\ub825\uc744 \uc81c\ud55c\ud55c\ub2e4\ub294 \ud310\ub2e8\uc744 \ubc18\uc601\ud55c\ub2e4. \ub2e4\ub9cc \uc774\ud6c4\uc5d0\ub294 \uc5d0\ub108\uc9c0 \ube44\uc6a9 \ud558\ub77d, \uc218\uc694 \ub454\ud654, \uadf8\ub9ac\uace0 2026\ub144 10\uc6d4 \uc120\uac70 \uc774\ud6c4 \uc120\uac70 \uad00\ub828 \uc2dc\uc7a5 \ubcc0\ub3d9\uc131 \ucd95\uc18c\ub85c 2026\ub144 \ub9d0~2027\ub144\uc5d0 \uac78\uce5c \uc7ac\uc644\ud654 \uc5ec\uac74\uc774 \uc870\uc131\ub420 \uac83\uc73c\ub85c \uc608\uc0c1\ub41c\ub2e4. BCB\ub294 6\uc6d4 17\uc77c 25bp \uae08\ub9ac \uc778\ud558\ub97c \ub2e8\ud589\ud55c \ubc14 \uc788\ub2e4.<\/p>\n<h3>Outlook for Brazil\u2019s Easing Cycle and Rate Path<\/h3>\n<p>\uc778\ud50c\ub808\uc774\uc158 \ud658\uacbd\uc774 \uac08\uc218\ub85d \uc5b4\ub824\uc6cc\uc9c0\uace0 \uc788\uc5b4 \ube0c\ub77c\uc9c8 \uc911\uc559\uc740\ud589\uc758 \uc644\ud654 \uc0ac\uc774\ud074\uc740 \ub354 \uc810\uc9c4\uc801\uc73c\ub85c \uc804\uac1c\ub420 \uac83\uc73c\ub85c \ubcf8\ub2e4. \uc9c0\ub09c\uc8fc 25bp\uc758 \uc18c\ud3ed \uc778\ud558 \uc774\ud6c4 \uc911\uc559\uc740\ud589 \uc131\uba85\uc740 \ub208\uc5d0 \ub744\uac8c \ub9e4\ud30c\uc801\uc774\uc5c8\uace0, \ud5a5\ud6c4 \uc870\uce58\uc5d0 \ub300\ud55c \uba85\uc2dc\uc801 \uac00\uc774\ub358\uc2a4\ub97c \uc0ad\uc81c\ud588\ub2e4. \uc774\ub294 \uc140\ub9ad \uae08\ub9ac\uac00 3\ubd84\uae30 \ub0b4\ub0b4 \ub3d9\uacb0\ub420 \uac00\ub2a5\uc131\uc774 \ub192\ub2e4\ub294 \uc2e0\ud638\ub85c \ud574\uc11d\ub41c\ub2e4.<\/p>\n<p>\uc774 \uac19\uc740 \uc804\ub9dd\uc758 \ud575\uc2ec \ub3d9\uc778\uc740 \uc778\ud50c\ub808\uc774\uc158 \uae30\ub300\uc758 \uc0c1\uc2b9\uacfc \uadfc\uc6d0\ubb3c\uac00\uc758 \uacbd\uc9c1\uc131\uc774\ub2e4. \ucd5c\uc2e0 IPCA-15 \ubb3c\uac00 \uc9c0\ud45c\ub294 \uc804\uc6d4 \ub300\ube44 0.45% \uc0c1\uc2b9\ud574 \uc5f0\uc728 \ubb3c\uac00\uac00 3% \ubaa9\ud45c\ub97c \uc5ec\uc804\ud788 \uc0c1\ud68c\ud558\ub294 \ud750\ub984\uc744 \uc774\uc5b4\uac14\ub2e4. \ub610\ud55c 5\uc6d4 \uc18c\ub9e4\ud310\ub9e4\ub294 0.9% \uc99d\uac00\ub85c \uc2dc\uc7a5 \uc608\uc0c1\uc744 \uc6c3\ub3cc\uba70 \uacbd\uae30 \ud0c4\ub825\uc131\uc774 \uc720\uc9c0\ub418\uace0 \uc788\uc74c\uc744 \ub4b7\ubc1b\uce68\ud588\ub2e4.<\/p>\n<h3>Investment Implications and Risk Considerations<\/h3>\n<p>\uc774\ub7ec\ud55c \uc804\ub9dd\uc744 \ubc14\ud0d5\uc73c\ub85c \ube0c\ub77c\uc9c8 \uae08\ub9ac \ucee4\ube0c\uc758 \ud504\ub7f0\ud2b8\uc5d4\ub4dc(\ub2e8\uae30\uad6c\uac04)\uac00 \uc0c1\ubc29\uc73c\ub85c \uc7ac\uac00\uaca9\ud654(reprice)\ub420 \uac00\ub2a5\uc131\uc5d0 \ub300\ube44\ud574 \ud3ec\uc9c0\uc154\ub2dd\ud558\uace0 \uc788\ub2e4. \ud30c\uc0dd\uc0c1\ud488 \ud2b8\ub808\uc774\ub354\ub294 3\uac1c\uc6d4\ubb3c\u00b76\uac1c\uc6d4\ubb3c \ub4f1 \ub2e8\uae30 \uae08\ub9ac\uc2a4\uc651\uc5d0\uc11c \uace0\uc815\uae08\ub9ac \uc9c0\uae09(pay fixed) \ud3ec\uc9c0\uc158\uc744 \uace0\ub824\ud560 \ub9cc\ud558\ub2e4. \ub2e8\uae30\uc801\uc73c\ub85c \ucd94\uac00 \uae08\ub9ac \uc778\ud558\uac00 \uc0ac\uc2e4\uc0c1 \ubc30\uc81c\ub41c\ub2e4\ub294 \uae30\ub300\ub97c \ubc18\uc601\ud55c \uc804\ub7b5\uc774\ub2e4.<\/p>\n<p>\u2018\uace0\uae08\ub9ac\uc758 \uc7a5\uae30\ud654\u2019 \ud658\uacbd\uc740 \uc800\uc218\uc775 \ud1b5\ud654 \ub300\ube44 \ube0c\ub77c\uc9c8 \ud5e4\uc54c\ud654\uc758 \uce90\ub9ac \ud2b8\ub808\uc774\ub4dc \ub9e4\ub825\ub3c4\ub3c4 \ub192\uc778\ub2e4. \uc5f0\ub9d0\ub85c \uac08\uc218\ub85d \uc140\ub9ad \uae08\ub9ac\uac00 13.75% \uc218\uc900\uc5d0\uc11c \uc720\uc9c0\ub420 \uac83\uc73c\ub85c \uc608\uc0c1\ub418\ub294 \ub9cc\ud07c \uae08\ub9ac\ucc28\uac00 \uc0c1\ub2f9\ud55c \uc644\ucda9 \uc5ed\ud560\uc744 \uc81c\uacf5\ud55c\ub2e4. \ub2ec\ub7ec \ub300\ube44 \ud5e4\uc54c\ud654 \ub871 \ud3ec\uc9c0\uc158\uc5d0\uc11c \uae30\ud68c\ub97c \ubcf8\ub2e4.<\/p>\n<p>\ub2e4\ub9cc 10\uc6d4 \ucd1d\uc120\uc744 \uc55e\ub450\uace0 \uc788\uc5b4 \uc5ec\uc804\ud788 \uc2e0\uc911\ud558\ub2e4. \uc120\uac70 \uad00\ub828 \uc2dc\uc7a5 \ubcc0\ub3d9\uc131\uc774 \uc644\ud654\ub418\uba74 \uc5f0\ub9d0\uaed8 \uae08\ub9ac \uc778\ud558 \uc7ac\uac1c \uc5ec\uc9c0\ub3c4 \ub2e4\uc2dc \uc5f4\ub9b4 \uac83\uc73c\ub85c \ubcf4\uc778\ub2e4. \uacfc\uac70\uc5d0\ub3c4 \uc120\uac70\ub97c \uc55e\ub454 \uae30\uac04\uc5d0\ub294 \ube0c\ub77c\uc9c8 \uc790\uc0b0 \uc804\ubc18\uc5d0 \uc591\ubc29\ud5a5 \ubcc0\ub3d9\uc131\uc774 \ud06c\uac8c \ud655\ub300\ub418\ub294 \uacbd\ud5a5\uc774 \uc788\uc5c8\ub358 \ub9cc\ud07c, \ubcf4\uc218\uc801\uc778 \ub9ac\uc2a4\ud06c \uad00\ub9ac\uac00 \ud544\uc694\ud558\ub2e4.<\/p>\n\n\n\n<p><b>\uc9c0\uae08 \ubc14\ub85c \uac70\ub798\ub97c \uc2dc\uc791\ud558\uc138\uc694 \u2014 VT Markets \uc2e4\uacc4\uc88c\ub97c \uac1c\uc124\ud558\ub824\uba74 <a href=\"https:\/\/www.vtmarkets.com\/kr-asia\/trade-now\/\">\uc5ec\uae30<\/a>\ub97c \ud074\ub9ad\ud558\uc138\uc694.<\/b>\n\n<\/p>","protected":false},"excerpt":{"rendered":"<p>\u201c\ube0c\ub77c\uc9c8 \uae08\ub9ac \uc778\ud558, \uba48\ucd94\ub098?\u201d \uc778\ud50c\ub808 \uae30\ub300\u00b7\uadfc\uc6d0\ubb3c\uac00\u00b7\ub0b4\uc218 \uacac\uc870\ub85c BCB 3\ubd84\uae30 \ub3d9\uacb0 \uc804\ub9dd. \uc778\ud558 \uc7ac\uac1c\ub294 2026\ub144 4\ubd84\uae30, \uc140\ub9ad 2026\ub144\ub9d0 13.75%\u00b72027\ub144\ub9d0 11.75% \uc0c1\ud5a5.<\/p>\n","protected":false},"author":87,"featured_media":50201,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[71],"tags":[],"class_list":["post-50209","post","type-post","status-publish","format-standard","has-post-thumbnail","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\/50209","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=50209"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/posts\/50209\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/media\/50201"}],"wp:attachment":[{"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/media?parent=50209"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/categories?post=50209"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/kr-asia\/wp-json\/wp\/v2\/tags?post=50209"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}