{"id":47183,"date":"2026-05-12T15:10:11","date_gmt":"2026-05-12T15:10:11","guid":{"rendered":"https:\/\/www.vtmarkets.com\/uncategorized\/47183\/"},"modified":"2026-05-12T15:10:11","modified_gmt":"2026-05-12T15:10:11","slug":"%e5%b7%b4%e8%a5%bf%e9%80%9a%e8%84%b9%e9%81%9c%e9%a0%90%e6%9c%9f%e3%80%80%e6%96%99%e5%b7%b4%e8%a5%bf%e5%a4%ae%e8%a1%8c%e6%b8%9b%e6%81%af%e6%8a%bc%e6%b3%a8%e5%8d%87%e6%ba%ab%e5%85%bc%e9%9b%b7%e4%ba%9e","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/zh-ca\/live-updates\/47183\/","title":{"rendered":"\u5df4\u897f\u901a\u8139\u905c\u9810\u671f\u3000\u6599\u5df4\u897f\u592e\u884c\u6e1b\u606f\u62bc\u6ce8\u5347\u6eab\u517c\u96f7\u4e9e\u723e\u8d70\u5f31"},"content":{"rendered":"

\u5df4\u897f4\u6708IPCA\u901a\u8139\u7387\u4f4e\u65bc\u9810\u6e2c\uff0c\u5e02\u5834\u539f\u5148\u9810\u671f\u70ba0.7%\u3002<\/p>\n

\u5be6\u969b\u516c\u5e03\u7684IPCA\u901a\u8139\u7387\u70ba0.67%\uff0c\u8f03\u9810\u6e2c\u4f4e0.03\u500b\u767e\u5206\u9ede\u3002<\/p>\n

\u5c0d\u8ca8\u5e63\u653f\u7b56\u7684\u5f71\u97ff<\/h3>\n

4\u6708\u901a\u8139\u58310.67%\uff0c\u7565\u4f4e\u65bc\u9810\u671f\uff0c\u5411\u5df4\u897f\u4e2d\u592e\u9280\u884c\uff08Banco Central do Brasil\uff0cBCB\uff1b\u5373\u5df4\u897f\u592e\u884c\uff09\u767c\u51fa\u53ef\u8f49\u8da8\u6eab\u548c\u7684\u8a0a\u865f\u3002\u9019\u9805\u6578\u64da\u652f\u6301\u4e00\u500b\u770b\u6cd5\uff1a2025\u5e74\u4ee5\u4f86\u7684\u300c\u6fc0\u9032\u6536\u7dca\uff08aggressive tightening cycle\uff0c\u5373\u9023\u7e8c\u52a0\u606f\u6216\u7dad\u6301\u9ad8\u606f\u4ee5\u58d3\u6291\u9700\u6c42\uff09\u300d\u5df2\u6709\u6548\u58d3\u4f4e\u7269\u50f9\u58d3\u529b\uff0c\u5e02\u5834\u5c0d\u4eca\u5e74\u9996\u6b21\u6e1b\u606f\u7684\u9810\u671f\u6b63\u5728\u5347\u6eab\u3002<\/p>\n

\u7b56\u7565\u4e0a\u53ef\u7559\u610f\u8cb7\u5165\u8fd1\u6708DI\u5229\u7387\u671f\u8ca8\uff08DI interest rate futures\uff0c\u5373\u4ee5\u5df4\u897f\u540c\u696d\u62c6\u606f\/\u77ed\u606f\u70ba\u57fa\u790e\u7684\u5229\u7387\u671f\u8ca8\uff0c\u7528\u65bc\u62bc\u6ce8\u5229\u7387\u8d70\u5411\uff09\uff0c\u56e0\u5e02\u5834\u6216\u6703\u8fc5\u901f\u4e0a\u8abf\u4e0b\u6b21Copom\u6703\u8b70\uff08Copom meeting\uff0c\u5373\u5df4\u897f\u592e\u884c\u8ca8\u5e63\u653f\u7b56\u59d4\u54e1\u6703\u8b70\u606f\u6703\u8b70\uff09\u6e1b\u606f\u6a5f\u7387\u3002\u4e0a\u5468\u5e02\u5834\u5b9a\u50f9\u4ecd\u7d0440%\u6a5f\u6703\u6e1b\u606f\uff0c\u6d88\u606f\u6216\u63a8\u9ad8\u81f370%\u4ee5\u4e0a\uff0c\u8f032025\u5e74\u7b2c\u56db\u5b63\u504f\u300c\u9df9\u6d3e\uff08hawkish\uff0c\u5373\u50be\u5411\u52a0\u606f\u6216\u7dad\u6301\u9ad8\u606f\u4ee5\u6297\u901a\u8139\uff09\u300d\u7684\u6309\u5175\u4e0d\u52d5\u7acb\u5834\u660e\u986f\u8f49\u8b8a\u3002<\/p>\n

\u8ca8\u5e63\u653f\u7b56\u8f49\u5411\u300c\u9d3f\u6d3e\uff08dovish\uff0c\u5373\u50be\u5411\u6e1b\u606f\u6216\u653e\u5bec\u4ee5\u652f\u6301\u7d93\u6fdf\uff09\u300d\u6216\u4ee4\u5df4\u897f\u96f7\u4e9e\u723e\uff08Brazilian Real\uff0cBRL\uff1b\u5df4\u897f\u8ca8\u5e63\uff09\u53d7\u58d3\uff0c\u5c24\u5176\u5728\u7f8e\u570b\u806f\u5132\u5c40\u7dad\u6301\u5229\u7387\u4e0d\u8b8a\u4e0b\uff0c\u606f\u5dee\u56e0\u7d20\u4e0d\u5229BRL\u3002\u53ef\u900f\u904e\u8cb7\u5165\u7f8e\u5143\u514c\u96f7\u4e9e\u723e\uff08USD\/BRL\uff09\u7684\u770b\u6f32\u671f\u6b0a\uff08call options\uff0c\u5373\u5728\u5230\u671f\u524d\/\u5230\u671f\u65e5\u4ee5\u6307\u5b9a\u50f9\u683c\u8cb7\u5165\u7684\u6b0a\u5229\uff0c\u7528\u65bc\u62bc\u6ce8\u532f\u50f9\u4e0a\u5347\u6216\u4f5c\u5c0d\u6c96\uff09\uff0c\u9078\u64c7\u5169\u500b\u6708\u5230\u671f\uff0c\u76ee\u6a19\u770b\u54115.30\u3002\u4ee52026\u5e745\u6708\u70ba\u6b62\uff0c\u6d41\u5165\u5df4\u897f\u7684\u5916\u8cc7\u8b49\u5238\u6295\u8cc7\uff08foreign portfolio flows\uff0c\u5373\u6d77\u5916\u8cc7\u91d1\u8cb7\u5165\u7576\u5730\u80a1\u7968\u53ca\u50b5\u5238\u7b49\uff09\u6309\u5e74\u653e\u616215%\uff0c\u6b64\u6d88\u606f\u6216\u4ee4\u653e\u6162\u8da8\u52e2\u52a0\u5feb\u3002<\/p>\n

\u80a1\u5e02\u65b9\u9762\uff0c\u8f03\u4f4e\u5229\u7387\u9810\u671f\u76f4\u63a5\u5229\u597dIbovespa\u6307\u6578\uff08\u5df4\u897f\u4e3b\u8981\u80a1\u6307\uff09\u3002\u501f\u8cb8\u6210\u672c\u4e0b\u964d\u6709\u52a9\u4f01\u696d\u76c8\u5229\u9810\u6e2c\u6539\u5584\uff0c\u5148\u524d\u9023\u7e8c\u5169\u5b63\u504f\u505c\u6eef\u7684\u9810\u671f\u6216\u6709\u4e0a\u4fee\u7a7a\u9593\u3002\u53ef\u8003\u616e\u900f\u904eIbovespa\u671f\u8ca8\u7684\u770b\u6f32\u671f\u6b0a\u52a0\u5009\u504f\u597d\u5009\u4f4d\uff08bullish positions\uff0c\u5373\u62bc\u6ce8\u4e0a\u5347\u7684\u5009\u4f4d\uff09\uff0c\u4ee5\u6307\u6578\u7a81\u7834\u5e74\u521d\u81f3\u4eca\u9ad8\u4f4d132,000\u9ede\u70ba\u76ee\u6a19\u3002<\/p>\n

\u56de\u9867\u800c\u8a00\uff0c\u592e\u884c\u81ea2025\u5e74\u672b\u8d77\u628aSelic\u5229\u7387\uff08Selic rate\uff0c\u5373\u5df4\u897f\u57fa\u6e96\u653f\u7b56\u5229\u7387\uff09\u7dad\u6301\u572810.75%\uff0c\u5c6c\u78ba\u4fdd\u901a\u8139\u53d7\u63a7\u7684\u9700\u8981\u3002\u901a\u8139\u66fe\u57282024\u5e74\u6ce2\u52d5\u671f\u9ad8\u898b\u8fd16%\uff0c\u5176\u5f8c\u9023\u7e8c\u4e09\u500b\u5b63\u5ea6\u56de\u843d\u3002\u4eca\u6b210.67%\u7684\u6578\u64da\u78ba\u8a8d\u300c\u901a\u8139\u653e\u7de9\uff08disinflationary trend\uff0c\u5373\u901a\u8139\u5347\u5e45\u6301\u7e8c\u4e0b\u964d\uff09\u300d\u4ecd\u7136\u6210\u7acb\uff0c\u4ee4BCB\u6709\u66f4\u5927\u7a7a\u9593\u628a\u653f\u7b56\u91cd\u5fc3\u8f49\u5411\u652f\u6301\u7d93\u6fdf\u589e\u9577\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"

\u5df4\u897f\u901a\u8139\u4f4e\u65bc\u9810\u671f\u5f15\u7206\u5e02\u5834\uff01\u6295\u8cc7\u8005\u52a0\u78bc\u62bc\u6ce8\u592e\u884c\u5feb\u5c07\u6e1b\u606f\uff0c\u5229\u5dee\u512a\u52e2\u6216\u6536\u7a84\uff0c\u96f7\u4e9e\u723e\u96a8\u5373\u8d70\u5f31\uff1b\u8cc7\u91d1\u6d41\u5411\u3001\u5df4\u80a1\u50b5\u8d70\u52e2\u6210\u7126\u9ede\u3002<\/p>\n","protected":false},"author":87,"featured_media":0,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[4],"tags":[],"class_list":["post-47183","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\/zh-ca\/wp-json\/wp\/v2\/posts\/47183","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.vtmarkets.com\/zh-ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.vtmarkets.com\/zh-ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/zh-ca\/wp-json\/wp\/v2\/users\/87"}],"replies":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/zh-ca\/wp-json\/wp\/v2\/comments?post=47183"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarkets.com\/zh-ca\/wp-json\/wp\/v2\/posts\/47183\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.vtmarkets.com\/zh-ca\/wp-json\/wp\/v2\/media?parent=47183"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/zh-ca\/wp-json\/wp\/v2\/categories?post=47183"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/zh-ca\/wp-json\/wp\/v2\/tags?post=47183"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}