{"id":10418,"date":"2025-11-26T09:38:55","date_gmt":"2025-11-26T12:38:55","guid":{"rendered":"https:\/\/hanin.org.ar\/?p=10418"},"modified":"2025-11-26T09:38:56","modified_gmt":"2025-11-26T12:38:56","slug":"%ec%98%a4%eb%8a%98%ec%9d%98-%ea%b2%bd%ec%a0%9c11%ec%9b%94-25%ec%9d%bc-2","status":"publish","type":"post","link":"https:\/\/hanin.org.ar\/?p=10418","title":{"rendered":"\uc624\ub298\uc758 \uacbd\uc81c(11\uc6d4 25\uc77c)"},"content":{"rendered":"\n
\"\"<\/figure>\n\n\n\n

\uc624\ub298\uc758 \uacbd\uc81c<\/p>\n\n\n\n

    \n
  1. \ub2ec\ub7ec: \ub9e4\uc218 \uc5f4\ud48d\uc5d0\uc11c \ub9e4\ub3c4 \uc6b0\uc704\ub85c
    10\uc6d4\uc740 \uc120\uac70 \uc804 \ubd88\ud655\uc2e4\uc131 \uc18d\uc5d0\uc11c \uc57d 200\ub9cc \uba85\uc774 \ub2ec\ub7ec\ub97c \uc0ac\ub4e4\uc774\uba70 \uae30\ub85d\uc801\uc778 \ub2ec\ub7ec\ud654 \uc804\ud658\uc744 \ubcf4\uc778 \ub2ec\uc774\uc5c8\uc9c0\ub9cc, 11\uc6d4\uc5d0\ub294 \uc608\uc0c1\uce58 \ubabb\ud55c \ubc18\uc804\uc774 \ub098\ud0c0\ub0ac\ub2e4.
    \uc740\ud589\ub4e4\uc740 \uc774\ubc88 \ub2ec\uc774 \uc77c\ubc18\uc778\uc758 \ub2ec\ub7ec \ub9e4\ub3c4\ub7c9\uc774 \ub9e4\uc218\ub7c9\uc744 \ucd08\uacfc\ud560 \uc218 \uc788\ub2e4\uace0 \ucd94\uc815\ud558\uace0 \uc788\ub2e4.
    \uc5ec\ub7ec \uae30\uad00\ub4e4\uc758 \uacc4\uc0b0\uc5d0 \ub530\ub974\uba74, \ub2ec\ub7ec \ub9e4\ub3c4 \uaddc\ubaa8\ub294 \uc57d 14\uc5b5 \ub2ec\ub7ec\uc5d0 \ub2ec\ud560 \uc218 \uc788\uc73c\uba70, \uc774\ub294 \uc120\uac70 \uc9c1\uc804 \uac15\ud55c \u201c\ub2ec\ub7ec\ud654 \uc774\ub3d9\u201d \uc774\ud6c4 \ud398\uc18c \uc218\uc694\uac00 \ub2e4\uc2dc \ub192\uc544\uc84c\uae30 \ub54c\ubb38\uc774\ub2e4.
    \uc99d\uad8c\uc0ac\ub4e4 \ub610\ud55c \ube44\uc2b7\ud55c \uacbd\ud5a5\uc744 \uac10\uc9c0\ud588\ub2e4. MEP(\uc2dc\uc7a5 \uac04 \ub2ec\ub7ec) \ub97c \ud1b5\ud574 \ub2ec\ub7ec\ub97c \ucc98\ubd84\ud558\ub294 \uace0\uac1d \uc218\uac00 \uc99d\uac00\ud558\uace0 \uc788\uc73c\uba70, \uadf8 \uc774\uc720\ub294 \uc77c\uc0c1\uc801\uc778 \uc9c0\ucd9c\uc744 \ucda9\ub2f9\ud558\uae30 \uc704\ud574\uc11c\ub2e4.
    \uc774\ub7f0 \uc0c1\ud669\uc740 \uc800\ucd95\uc790\ub4e4\uc5d0\uac8c \ubd88\ub9ac\ud558\ub2e4. \uc740\ud589\uc758 \ub9e4\uc218\u00b7\ub9e4\ub3c4 \ud658\uc728 \ucc28\uc774\uac00 \uc57d 50\ud398\uc18c \uc815\ub3c4 \ub098\uace0, \uc5ec\uae30\uc5d0 10\uc6d4 \ub9d0 \uc774\ud6c4 \uacf5\uc2dd \ud658\uc728\uc758 \ud558\ub77d\uc138\uac00 \ub354\ud574\uc84c\ub2e4.
    10\uc6d4 21\uc77c \uae30\uc900\uc73c\ub85c \uad6d\ub9bd\uc740\ud589(Banco Naci\u00f3n)\uc758 \ub2ec\ub7ec \ub9e4\ub3c4 \ud658\uc728\uc740 1,515\ud398\uc18c\uc600\ub2e4.
    \uc2dc\uc7a5 \uc548\uc815 \uc694\uc778\uacfc \ud658\uc728 \ubcc0\ud654\ub294 10\uc6d4 26\uc77c \uc120\uac70 \uc774\ud6c4 \uae30\ub300\uac10\uc758 \ubcc0\ud654\ub294 \ubcf4\ub2e4 \uc548\uc815\ub41c \ud658\uc728 \ud658\uacbd\uc744 \uc870\uc131\ud588\ub2e4.
    \uc5ec\uae30\uc5d0 \uc601\ud5a5\uc744 \ubbf8\uce5c \uc694\uc778\uc73c\ub85c\ub294
    \ubbf8\uad6d \uc7ac\ubb34\ubd80\uc758 \uac1c\uc785 \uc2e0\ud638, \uae30\uc5c5 \ubc0f \uc9c0\ubc29\uc815\ubd80\uc758 \uad6d\uc81c \ucc44\uad8c\uc2dc\uc7a5 \ubcf5\uadc0, \uc0c8\ub85c\uc6b4 \uc0c1\ud669\uc5d0 \ubd80\ud569\ud558\ub294 \ud1b5\ud654\uc815\ucc45\uc758 \ubcc0\ud654, \uc544\ub974\ud5e8\ud2f0\ub098\uc5d0 \uc911\uc694\ud55c \uc5ec\ub7ec \uc678\uad6d \ud1b5\ud654\uc758 \uc6c0\uc9c1\uc784 \ub4f1\uc774 \uc788\ub2e4.
    \ub3c4\ub9e4\uc2dc\uc7a5 \ub2ec\ub7ec\ub294 1,425\ud398\uc18c,
    \uae08\uc735\uc2dc\uc7a5\uc5d0\uc11c\ub294 MEP \ud658\uc728\uc740 1,460.35\ud398\uc18c,
    CCL \ud658\uc728\uc740 1,502.40\ud398\uc18c\uc5d0 \ub9c8\uac10\ub418\uc5c8\ub2e4.
    \uc774\ub85c \uc778\ud574 \uaca9\ucc28\ub294 \uac01\uac01 2.48%\uc640 5.43% \uc218\uc900\uc73c\ub85c \uc881\ud600\uc84c\ub2e4.<\/li>\n\n\n\n
  2. \uc544\ub974\ud5e8\ud2f0\ub098 \uc8fc\uc2dd\u00b7\ucc44\uad8c\uc758 \uc6d4\uac00 \ud68c\ubcf5\uc138
    \uc8fc\uad8c\uc77c(D\u00eda de la Soberan\u00eda) \ub85c \uad6d\ub0b4 \uc2dc\uc7a5\uc740 \ud734\uc7a5\ud588\uc9c0\ub9cc, \ubbf8\uad6d\uc5d0\uc11c \uac70\ub798\ub418\ub294 \uc544\ub974\ud5e8\ud2f0\ub098 \uc790\uc0b0\ub4e4\uc740 \ub69c\ub837\ud55c \ubc18\ub4f1\uc138\ub97c \ubcf4\uc774\uba70 \uc804\uc77c \uac70\ub798\ub97c \ub9c8\ucce4\ub2e4.
    \uc8fc\uac00\ub294 \ud558\ub8e8 \ucd08\ubc18 \ud558\ub77d\uc138\ub85c \ucd9c\ubc1c\ud588\uc9c0\ub9cc,
    \uc7a5 \ub9c8\uac10 \uc2dc\uc810\uc5d0\ub294 3.1%\uae4c\uc9c0 \uc0c1\uc2b9 \uc804\ud658\ud588\ub2e4.
    \ub2ec\ub7ec \ud45c\uc2dc \uad6d\ucc44(bonos en d\u00f3lares) \ub610\ud55c \ud3c9\uade0 0.5% \uc0c1\uc2b9, \uc774\uc804 \uae08\uc694\uc77c\uc758 \uc77c\ubd80 \uc190\uc2e4\uc744 \ub9cc\ud68c\ud588\ub2e4.<\/li>\n\n\n\n
  3. \uc815\ubd80 \uc2e0\ub8b0\ub3c4 \uc0c1\uc2b9
    \uc911\uac04\uc120\uac70 \uc774\ud6c4 \uc815\ubd80\uc5d0 \ub300\ud55c \uc2e0\ub8b0\uac00 \ud06c\uac8c \ubc18\ub4f1\ud588\uc2b5\ub2c8\ub2e4.
    \uc120\uac70 \uacb0\uacfc\uc758 \uc601\ud5a5\uc73c\ub85c, \ub514 \ud154\ub77c \ub300\ud559\uad50 \ud589\uc815\ub300\ud559\uc6d0\uc774 \uc791\uc131\ud558\ub294 \uc815\ubd80 \uc2e0\ub8b0\uc9c0\uc218(ICG)\ub294 11\uc6d4\uc5d0 \uc804\uc6d4 \ub300\ube44 17.5% \uc0c1\uc2b9\ud558\uba70 \ub450 \ub2ec \uc5f0\uc18d \ud68c\ubcf5\uc138\ub97c \uc774\uc5b4\uac14\uc2b5\ub2c8\ub2e4. \uc62c\ud574 \ucd08 \ud658\uc728 \ubd88\uc548\uc815\uacfc \uc815\uce58\uc801 \uc2a4\uce94\ub4e4\ub85c \uc545\ud654\ub410\ub358 \uc0c1\ud669\uc5d0\uc11c\uc758 \ud68c\ubcf5\uc785\ub2c8\ub2e4.
    \uc9c0\uc218\ub294 2.47\ud3ec\uc778\ud2b8\uc5d0 \ub3c4\ub2ec\ud588\uc2b5\ub2c8\ub2e4. \uc774\ub294 10\uc6d4 8.1% \uc0c1\uc2b9\uc5d0 \uc774\uc5b4 8~9\uc6d4 \ub204\uc801 \ud558\ub77d\ubd84\uc744 \ub9cc\ud68c\ud55c \uac83\uc785\ub2c8\ub2e4.
    \uc870\uc0ac\ub294 11\uc6d4 3\uc77c\ubd80\ud130 14\uc77c\uae4c\uc9c0, \uc989 \uc911\uac04\uc120\uac70 \uc9c1\ud6c4 2\uc8fc\uac04 \uc2e4\uc2dc\ub410\uc2b5\ub2c8\ub2e4. \uc774\ubc88 \uc120\uac70\uc5d0\uc11c\ub294 \u2018\uc790\uc720\uc804\uc9c4\ub2f9\uc774 \ud398\ub860\uc8fc\uc758 \uc5f0\ud569 \u2018\uc870\uad6d\uc758 \ud798(Fuerza Patria)\u2019\uc744 \ub204\ub974\uace0 \uc2b9\ub9ac\ud588\uc2b5\ub2c8\ub2e4.
    11\uc6d4\uc758 \uac1c\uc120\uc740 \uc9c0\uc218\uc758 \ub2e4\uc12f \uad6c\uc131\uc694\uc18c \ubaa8\ub450\uc5d0 \ubc18\uc601\ub418\uc5c8\uc2b5\ub2c8\ub2e4.
    \u2018\uc5ed\ub7c9(Capacidad)\u2019: 2.93 (+18.6%)
    \u2018\uc815\uc9c1\uc131(Honestidad)\u2019: 2.81 (+12.4%)
    \u2018\ud6a8\uc728\uc131(Eficiencia)\u2019: 2.32 (+12.6%)
    \u2018\uc815\ubd80(Gobierno)\u2019: 2.26 (+30.6%)
    \u2018\uad00\uc2ec(Inter\u00e9s)\u2019: 2.02 (+16.8%)
    \uc6d4\uac04 \ud68c\ubcf5\uc138\uc5d0\ub3c4 \ubd88\uad6c\ud558\uace0, ICG \uc218\uc900\uc740 2024\ub144 11\uc6d4 \ub300\ube44 \uc5ec\uc804\ud788 7.3% \ub0ae\uc2b5\ub2c8\ub2e4.
    \uadf8\ub7ec\ub098 \uc804\ub144 \ub300\ube44 \uaca9\ucc28\ub294 10\uc6d4(\u201313.4%)\ubcf4\ub2e4 \uc644\ud654\ub418\uc5c8\uc2b5\ub2c8\ub2e4.
    \uc5ed\uc0ac\uc801\uc73c\ub85c \ubcf4\uba74, 11\uc6d4\uc758 \uc9c0\uc218(2.47)\ub294 2017\ub144 11\uc6d4(\ub9c8\uc6b0\ub9ac\uc2dc\uc624 \ub9c8\ud06c\ub9ac \uc815\ubd80 \uc2dc\uc808 \ucd5c\uace0\uce58 2.97)\uc5d0 \ube44\ud574 16.8% \ub0ae\uc9c0\ub9cc, 2021\ub144 11\uc6d4(\uc54c\ubca0\ub974\ud1a0 \ud398\ub974\ub09c\ub370\uc2a4 \uc815\ubd80 \ub2f9\uc2dc 1.45)\ubcf4\ub2e4\ub294 69.8% \ub192\uc2b5\ub2c8\ub2e4.<\/li>\n\n\n\n
  4. \uacbd\uc81c\ubd80\uc758 \ucc44\uad8c \uc785\ucc30
    \uacbd\uc81c\ubd80\ub294 \uc774\ubc88 \ub2ec \ub9c8\uc9c0\ub9c9 \uad6d\ucc44 \uc785\ucc30\uc744 \uc55e\ub450\uace0 \uc788\uc73c\uba70, \ubaa9\ud45c\ub294 16.5\uc870 \ud398\uc18c \uaddc\ubaa8\uc758 \ubd80\ucc44\ub97c \uac31\uc2e0\ud558\uace0 \uae08\ub9ac \uc778\ud558 \ucd94\uc138\ub97c \uc774\uc5b4\uac00\ub294 \uac83\uc785\ub2c8\ub2e4.
    \uc774\ubc88 \uc785\ucc30\uc5d0\ub294 \uc911\uc559\uc740\ud589\uc774 \ubcf4\uc720\ud55c \uc57d 2\uc870 \ud398\uc18c \uaddc\ubaa8\uc758 \ucc44\uad8c \uad50\ud658\uc774 \uc774\ubbf8 \uc644\ub8cc\ub41c \uc0c1\ud0dc\uc5d0\uc11c \uc9c4\ud589\ub429\ub2c8\ub2e4.
    \uc7ac\ubb34\ucc28\uad00\uc2e4\uc740 \ub9cc\uae30\uac00 2026\ub144 2\uc6d4~2027\ub144 4\uc6d4\uae4c\uc9c0\uc778 10\uac00\uc9c0 \uc0c1\ud488(\ub2e8\uae30\ucc44, \uc804\ud1b5\ucc44\uad8c, \ub2ec\ub7ec\uc5f0\ub3d9\ucc44 \ub4f1)\uc744 \uc81c\uc2dc\ud569\ub2c8\ub2e4. \uadf8\uc911\uc5d0\ub294 Lecap, Boncap, Lecer, Boncer, Letamar \ub4f1\uc774 \ud3ec\ud568\ub429\ub2c8\ub2e4.
    \uacbd\uc81c\ubd80\ub294 \ubcc0\ub3d9\uae08\ub9ac \ucc44\uad8c\uc73c\ub85c \uc9c0\uae09\uc900\ube44\uae08(encajes)\uc744 \ud1b5\ud569\ud560 \uc218 \uc788\ub3c4\ub85d \ud5c8\uc6a9\ud558\ub294 \uaddc\uc815\uc758 \ub9cc\uae30(11\uc6d4 28\uc77c)\ub97c 2025\ub144 3\uc6d4 31\uc77c\uae4c\uc9c0 \uc5f0\uc7a5\ud588\uc2b5\ub2c8\ub2e4.
    \uc774\uc5d0 \ub530\ub77c \uc911\uc559\uc740\ud589\ub3c4 \uac19\uc740 \ubc29\ud5a5\uc73c\ub85c \uaddc\uc81c \uc644\ud654\uc5d0 \ub3d9\ucc38\ud588\uc2b5\ub2c8\ub2e4.
    \uc694\uad6c\ubd88\uc608\uae08\uc5d0 \ub300\ud55c \ucd94\uac00 \uc9c0\uae09\uc900\ube44\uc728 3.5% \ud3d0\uc9c0,
    \ucd5c\uc800 \ud604\uae08\ubcf4\uc720\ube44\uc728 95% \u2192 75%\ub85c \uc644\ud654
    \uc774 \uc870\uce58\ub294 \uc720\ub3d9\uc131 \ud655\ubcf4\uc640 \uad6d\ucc44 \ub864\uc624\ubc84 \uc9c0\uc6d0\uc744 \ubaa9\ud45c\ub85c \ud569\ub2c8\ub2e4.
    Bank Magazine\uc740 \u201c\uc815\ubd80\uc758 \uc804\ub7b5\uc740 \ub2e8\uae30 \uc0c1\ud658 \uc9d1\uc911\uc744 \ud53c\ud558\uace0, \ud5a5\ud6c4 \uc678\ud658\ubcf4\uc720\uace0 \ud655\ubcf4 \uc5ec\ub825\uc744 \ub9c8\ub828\ud558\ub294 \ub370 \uc788\ub2e4\u201d\uace0 \ubd84\uc11d\ud588\uc2b5\ub2c8\ub2e4.<\/li>\n\n\n\n
  5. CNV, \uccad\uc18c\ub144 \ud22c\uc790\uc2dc\uc7a5 \uc811\uadfc \ud655\ub300
    \uc544\ub974\ud5e8\ud2f0\ub098 \uc99d\uad8c\uac70\ub798\uc704\uc6d0\ud68c(CNV)\ub294 \uccad\uc18c\ub144\ub4e4\uc774 \ud22c\uc790\uc2dc\uc7a5\uc5d0 \ucc38\uc5ec\ud560 \uc218 \uc788\ub294 \ubc94\uc704\ub97c \ud655\ub300\ud558\ub294 \uaddc\uc815 \uac1c\uc815\uc744 \uacf5\uc2dd\ud654\ud588\ub2e4.
    \uc774 \uac1c\uc815\uc73c\ub85c \ub9cc 13\uc138 \uc774\uc0c1 \uccad\uc18c\ub144\ub4e4\ub3c4 \uacf5\ubaa8\ud615 \ud22c\uc790\uc2e0\ud0c1(Fondos Comunes de Inversi\u00f3n, FCI) \uc5d0 \ucc38\uc5ec\ud560 \uc218 \uc788\uac8c \ub418\uc5c8\uc73c\uba70,
    \uc774 \uc81c\ub3c4\ub294 \uc5c4\uaca9\ud55c \uac10\ub3c5 \ubc0f \uc0ac\uc804 \uc2b9\uc778 \uccb4\uacc4 \ud558\uc5d0\uc11c \uc6b4\uc601\ub41c\ub2e4.
    CNV\ub294 \uc790\ubcf8\uc2dc\uc7a5\ubc95(\ubc95\ub960 26.831\ud638)\uc774 \u201c\uc2dc\uc7a5 \ubc1c\uc804\uc744 \ucd09\uc9c4\ud558\ub294 \uae08\uc735\uc0c1\ud488\uc758 \uac1c\ubc1c\u201d\uc744 \uae30\ub2a5 \uc911 \ud558\ub098\ub85c \uaddc\uc815\ud558\uace0 \uc788\uc73c\uba70, \ubbfc\uc0c1\ubc95\uc804\uc774 \ubbf8\uc131\ub144\uc790\uc5d0\uac8c \uc5f0\ub839\uacfc \uc131\uc219\ub3c4\uc5d0 \ub530\ub77c \uc77c\uc815 \ud589\uc704\ub97c \uc2a4\uc2a4\ub85c \ud560 \uc218 \uc788\ub3c4\ub85d \ud5c8\uc6a9\ud55c\ub2e4\ub294 \uc810\uc744 \uc0c1\uae30\uc2dc\ucf30\ub2e4.
    \uc774\uc5d0 \ub530\ub77c CNV\ub294 2023\ub144\ubd80\ud130 \uccad\uc18c\ub144\uc774 \uba38\ub2c8\ub9c8\ucf13(Money Market)\ud615 FCI\uc5d0 \uc811\uadfc\ud560 \uc218 \uc788\ub3c4\ub85d \ud5c8\uc6a9\ud588\uace0, \uadf8 \ud6c4 1\ub144 \ub9cc\uc5d0 \ud574\ub2f9 \uc2dc\uc7a5 \uc138\ubd84\ud654\ub97c \uc704\ud55c \ud558\uc704\uacc4\uc88c(subcuentas) \uac1c\uc124\ub3c4 \uac00\ub2a5\ud558\uac8c \ud588\ub2e4.
    \ub2f9\uad6d\uc5d0 \ub530\ub974\uba74, \uc774\ub7ec\ud55c \uc870\uce58 \uc2dc\ud589 \uc774\ud6c4 \uccad\uc18c\ub144\ub4e4\uc758 \uba38\ub2c8\ub9c8\ucf13\ud615 \ud380\ub4dc \ucc38\uc5ec\uac00 \uafb8\uc900\ud788 \uc99d\uac00\ud558\uace0 \uc788\ub2e4.
    \uc774\uc5d0 CNV\ub294 \uc774\ubc88 \uacb0\uc815\uc744 \ud1b5\ud574 \u201c\uccad\uc18c\ub144\ub4e4\uc774 \ud22c\uc790\ud560 \uc218 \uc788\ub294 \uacf5\ubaa8\ud615 \ud22c\uc790\ud380\ub4dc\uc758 \ubc94\uc704\ub97c \ub354\uc6b1 \ud655\ub300\ud558\ub418, \uc5c4\uaca9\ud55c \ud55c\ub3c4\uc640 \uac10\ub3c5\uc744 \uc720\uc9c0\u201d\ud558\uae30\ub85c \ud588\ub2e4.
    \ub2e4\ub9cc, \uaddc\uc815\uc740 \u201c\ubbf8\uc131\ub144\uc790\ub294 \uc790\uc2e0 \ub610\ub294 \ubc95\uc815\ub300\ub9ac\uc778\uc758 \uba85\uc758\ub85c \ud3d0\uc1c4\ud615 \ud380\ub4dc\ub098 \u2018\uc804\ubb38\ud22c\uc790\uc790 \uc804\uc6a9 \ud380\ub4dc\uc5d0\ub294 \ud22c\uc790\ud560 \uc218 \uc5c6\ub2e4\u201d\uace0 \uba85\uc2dc\ud558\uace0 \uc788\ub2e4.
    \uac00\uc7a5 \ud070 \ubcc0\ud654 \uc911 \ud558\ub098\ub294 \uaddc\uc815 \uc81c88\uc870\uc758 \uac1c\uc815\uc73c\ub85c, \ub9cc 13\uc138 \uc774\uc0c1\uc758 \uccad\uc18c\ub144\uc774 \uc628\ub77c\uc778\uc73c\ub85c \uacf5\ubaa8\ud615 FCI\uc758 \uc9c0\ubd84(cuotapartes) \ub9e4\uc218\u00b7\ub9e4\ub3c4 \uc8fc\ubb38\uc744 \uc81c\ucd9c\ud560 \uc218 \uc788\ub3c4\ub85d \ud5c8\uc6a9\ud55c\ub2e4\ub294 \uac83\uc774\ub2e4.
    \uadf8\ub7ec\ub098 \uc774 \uac70\ub798\ub294 \ud56d\uc0c1 \ubc95\uc815\ub300\ub9ac\uc778\uc758 \uc0ac\uc804 \uc2b9\uc778\uc744 \ud544\uc694\ub85c \ud55c\ub2e4.
    \ubc95\uc815\ub300\ub9ac\uc778\uc740 \uc5ec\uc804\ud788 \ud22c\uc790\uc9c0\ubd84\uc758 \uba85\uc758\ub97c \ubcf4\uc720\ud558\uba70, \uccad\uc18c\ub144 \uba85\uc758\uc758 \uc740\ud589 \ub610\ub294 \uacb0\uc81c\uacc4\uc88c\ub294 \ubc18\ub4dc\uc2dc \ub300\ub9ac\uc778\uc758 \uacc4\uc88c\uc640 \uc5f0\uacb0\ub418\uc5b4\uc57c \ud55c\ub2e4.<\/li>\n\n\n\n
  6. \uae08\uac12 \uc0c1\uc2b9 \u2014 \uae08\ub9ac\uc778\ud558 \uae30\ub300\uc640 \ub2ec\ub7ec \uc57d\uc138 \uc601\ud5a5
    \uae08\uac12\uc774 \uc6d4\uc694\uc77c \uad6d\uc81c\uc2dc\uc7a5\uc5d0\uc11c 11\uc77c \ub9cc\uc758 \ucd5c\uace0\uce58\ub85c \uc0c1\uc2b9\ud588\ub2e4.
    \uc774\ub294 \ubbf8\uad6d \uc5f0\uc900(Fed)\uc758 12\uc6d4 \uae08\ub9ac \uc778\ud558 \uac00\ub2a5\uc131\uacfc \ub2ec\ub7ec \uc57d\uc138\ub85c \uc778\ud574 \uae08\uc774 \ud22c\uc790\uc790\ub4e4\uc5d0\uac8c \ub2e4\uc2dc \ub9e4\ub825\uc801\uc778 \uc548\uc804\uc790\uc0b0\uc73c\ub85c \ubd80\uc0c1\ud588\uae30 \ub54c\ubb38\uc774\ub2e4.
    \ud604\ubb3c \uae08\uc740 1% \uc0c1\uc2b9\ud574 \uc628\uc2a4\ub2f9 4,147.15\ub2ec\ub7ec,
    12\uc6d4 \uc778\ub3c4\ubd84 \uc120\ubb3c\uc740 1.3% \uc0c1\uc2b9 4,118.45\ub2ec\ub7ec\ub97c \uae30\ub85d\ud588\ub2e4.
    \uc774\ub294 11\uc6d4 13\uc77c \uc774\ud6c4 \ucd5c\uace0 \uc218\uc900\uc774\ub2e4.
    \ub274\uc695 \uc5f0\ubc29\uc900\ube44\uc740\ud589(\ub274\uc695 Fed) \ucd1d\uc7ac \uc874 \uc70c\ub9ac\uc5c4\uc2a4(John Williams) \ub294 \uc9c0\ub09c \uae08\uc694\uc77c
    \u201c\uae08\ub9ac \uc778\ud558\ub294 \ubb3c\uac00 \uc548\uc815 \ubaa9\ud45c\ub97c \ud6fc\uc190\ud558\uc9c0 \uc54a\uc73c\uba74\uc11c\ub3c4 \ub178\ub3d9\uc2dc\uc7a5\uc758 \ub454\ud654\ub97c \uc644\ud654\ud558\ub294 \ub370 \ub3c4\uc6c0\uc774 \ub420 \uc218 \uc788\ub2e4\u201d\uace0 \ubc1c\uc5b8\ud588\ub2e4.
    \uc774\ub7ec\ud55c \ubc1c\uc5b8\uc740 \ubb34\uc774\uc790 \uc790\uc0b0\uc778 \uae08\uc758 \ud22c\uc790 \ub9e4\ub825\uc744 \ub192\uc600\uc73c\uba70, \uc774\uc5d0 \ub530\ub77c \ud22c\uc790\uc790\ub4e4\uc758 \uae08 \ub9e4\uc218\uc138\uac00 \ub2e4\uc2dc \uac15\ud654\ub418\uc5c8\ub2e4.<\/li>\n\n\n\n
  7. \uc6d4\uac00, \u2018\uae30\uc220\uc8fc \ubc84\ube14\u2019 \uacf5\ud3ec \uc644\ud654
    \uc6d4\uac00\uc5d0\uc11c\ub294 \ucd5c\uadfc \uae30\uc220\uc8fc \ubc84\ube14\uc5d0 \ub300\ud55c \uc6b0\ub824\uac00 \uc644\ud654\ub418\uba70 \uac15\ud55c \ubc18\ub4f1\uc138\uac00 \ub098\ud0c0\ub0ac\ub2e4.
    11\uc6d4 \ub9c8\uc9c0\ub9c9 \uc8fc \uccab \uac70\ub798\uc77c\uc778 \uc6d4\uc694\uc77c, \ubbf8\uad6d \uc99d\uc2dc\ub294 AI \uad00\ub828 \uae30\uc220\uc8fc \uac15\uc138\uc640 \uc5f0\uc900\uc758 \uae08\ub9ac \uc778\ud558 \uae30\ub300 \ud68c\ubcf5\uc73c\ub85c \uc0c1\uc2b9 \ub9c8\uac10\ud588\ub2e4.
    \ub098\uc2a4\ub2e5(Nasdaq) \uc740 2.7% \uae09\ub4f1
    S&P 500 \uc740 1.6% \uc0c1\uc2b9
    \ub2e4\uc6b0\uc874\uc2a4(Dow Jones) \ub294 0.4% \uc0c1\uc2b9
    \ud22c\uc790\uc790\ub4e4\uc740 \ub2e4\uc2dc \uace0\uc704\ud5d8 \uc790\uc0b0\uc73c\ub85c \ub208\uc744 \ub3cc\ub838\uc73c\uba70, \uc774\ubc88 \uc8fc\uc5d0\ub294 \ubbf8\uad6d \uc18c\ub9e4\ud310\ub9e4, \uc0dd\uc0b0\uc790\ubb3c\uac00, \uc0b0\uc5c5\uc0dd\uc0b0, \uadf8\ub9ac\uace0 3\ubd84\uae30 GDP(\uad6d\ub0b4\ucd1d\uc0dd\uc0b0) \uc9c0\ud45c\uac00 \ubc1c\ud45c\ub420 \uc608\uc815\uc774\ub2e4.
    \uc774\ub7ec\ud55c \uc9c0\ud45c\ub4e4\uc740 \uc5f0\uc900\uc774 \uc62c\ud574 \ub9c8\uc9c0\ub9c9 \ud68c\uc758\uc5d0\uc11c \uc5b4\ub5a4 \ud0dc\ub3c4\ub97c \ucde8\ud560\uc9c0 \ud310\ub2e8\ud558\ub294 \ud575\uc2ec \ubcc0\uc218\uac00 \ub420 \uc804\ub9dd\uc774\ub2e4.
    \uc70c\ub9ac\uc5c4\uc2a4 \ucd1d\uc7ac\uc758 \ubc1c\uc5b8\uc740 \uc5f0\uc900 \ub0b4\ubd80\uc758 \uc2e0\uc911\ub860\uacfc \ub300\ube44\ub418\uc5b4 \uc2dc\uc7a5\uc5d0\uc11c\ub294 12\uc6d4 \uae08\ub9ac \uc778\ud558 \uac00\ub2a5\uc131\uc744 \ub354\uc6b1 \ub192\uc600\ub2e4.
    CME\uc758 FedWatch \ub3c4\uad6c\uc5d0 \ub530\ub974\uba74,
    \uae08\ub9ac \uc778\ud558 \ud655\ub960\uc740 \uc804\uc8fc 44%\uc5d0\uc11c 82.9%\ub85c \uae09\ub4f1\ud588\ub2e4.<\/li>\n\n\n\n
  8. \ud2b8\ub7fc\ud504, 2026\ub144 4\uc6d4 \ubca0\uc774\uc9d5 \ubc29\ubb38 \uc608\uc815
    \ubbf8\uad6d \ub300\ud1b5\ub839 \ub3c4\ub110\ub4dc \ud2b8\ub7fc\ud504(Donald Trump) \ub294
    \uc911\uad6d\uc758 \uc2dc\uc9c4\ud551(Xi Jinping) \uc8fc\uc11d\uacfc \uc804\ud654 \ud1b5\ud654\ub97c \uac16\uace0, 2026\ub144 4\uc6d4 \ubca0\uc774\uc9d5\uc744 \ubc29\ubb38\ud574 \uc591\uc790 \ud68c\ub2f4\uc744 \uac1c\ucd5c\ud558\uaca0\ub2e4\uace0 \ud655\uc778\ud588\ub2e4.
    \uc774\ub294 \ubb34\uc5ed\uc804\uc7c1 \uc644\ud654\uc640 \uc591\uad6d \uad00\uacc4 \uc815\uc0c1\ud654\uc758 \uc2e0\ud638\ub85c \ud574\uc11d\ub41c\ub2e4.
    \ud2b8\ub7fc\ud504\ub294 \ub610\ud55c \uc2dc\uc9c4\ud551 \uc8fc\uc11d\uc744 2026\ub144 \ub9d0 \uc6cc\uc2f1\ud134\uc73c\ub85c \ucd08\uccad\ud588\ub2e4.
    \ud1b5\ud654\uc5d0\uc11c \uc2dc\uc9c4\ud551\uc740 \uc6b0\ud06c\ub77c\uc774\ub098 \uc804\uc7c1 \uc885\uc2dd\uacfc \ud3c9\ud654\uc801 \ub300\ud654\uc758 \uc911\uc694\uc131\uc744 \uac15\uc870\ud558\uba70
    \u201c\uc911\uad6d\uc740 \ubaa8\ub4e0 \ud3c9\ud654 \uc9c0\ud5a5\uc801 \ub178\ub825\uc744 \uc9c0\uc9c0\ud55c\ub2e4\u201d\uace0 \ubc1d\ud614\ub2e4. \ud558\uc9c0\ub9cc \uadf8\ub294 \ub3d9\uc2dc\uc5d0 \ud0c0\uc774\uc644 \ubb38\uc81c\uc5d0 \ub300\ud574
    \u201c\ud0c0\uc774\uc644\uc758 \uadc0\uc18d\uc740 \uc804\ud6c4 \uad6d\uc81c\uc9c8\uc11c\uc758 \ud575\uc2ec \uc694\uc18c\uc774\uba70, \uc911\uad6d\uc740 \ud544\uc694\ud55c \uacbd\uc6b0 \ubb34\ub825 \uc0ac\uc6a9\ub3c4 \ubc30\uc81c\ud558\uc9c0 \uc54a\ub294\ub2e4\u201d\uace0 \uc7ac\ud655\uc778\ud588\ub2e4.
    \uc774\ubc88 \ud1b5\ud654\ub294 2019\ub144 \uc774\ud6c4 \uccab \uc815\uc0c1 \uac04 \uc9c1\uc811 \ub300\uba74(2025\ub144 10\uc6d4) \ud68c\ub2f4 \uc774\ud6c4 \uc774\ub904\uc84c\uc73c\uba70,
    \uc591\uad6d\uc740 \uc7a5\uae30\ud654\ub41c \ubbf8\u00b7\uc911 \ubb34\uc5ed\uc804\uc7c1 \uc18d\uc5d0\uc11c \uad00\uacc4 \ubcf5\uc6d0\uc744 \uc2dc\ub3c4\ud558\uace0 \uc788\ub2e4.<\/li>\n<\/ol>\n","protected":false},"excerpt":{"rendered":"

    \uc624\ub298\uc758 \uacbd\uc81c<\/p>\n","protected":false},"author":6,"featured_media":10419,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_joinchat":[],"footnotes":""},"categories":[23,25,61],"tags":[],"class_list":["post-10418","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-noticias-argentina","category-informes-economicos"],"_links":{"self":[{"href":"https:\/\/hanin.org.ar\/index.php?rest_route=\/wp\/v2\/posts\/10418","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hanin.org.ar\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hanin.org.ar\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hanin.org.ar\/index.php?rest_route=\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/hanin.org.ar\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=10418"}],"version-history":[{"count":0,"href":"https:\/\/hanin.org.ar\/index.php?rest_route=\/wp\/v2\/posts\/10418\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/hanin.org.ar\/index.php?rest_route=\/wp\/v2\/media\/10419"}],"wp:attachment":[{"href":"https:\/\/hanin.org.ar\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=10418"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hanin.org.ar\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=10418"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hanin.org.ar\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=10418"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}