{"id":11899,"date":"2026-03-19T17:36:52","date_gmt":"2026-03-19T20:36:52","guid":{"rendered":"https:\/\/hanin.org.ar\/?p=11899"},"modified":"2026-03-19T17:36:53","modified_gmt":"2026-03-19T20:36:53","slug":"%ec%98%a4%eb%8a%98%ec%9d%98-%ea%b2%bd%ec%a0%9c03%ec%9b%94-19%ec%9d%bc-2","status":"publish","type":"post","link":"https:\/\/hanin.org.ar\/?p=11899","title":{"rendered":"\uc624\ub298\uc758 \uacbd\uc81c(03\uc6d4 19\uc77c)"},"content":{"rendered":"\n
\"\"<\/figure>\n\n\n\n

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

    \n
  1. \uc911\ub3d9 \uc804\uc7c1 \uaca9\ud654 \uc720\uac00 \uae09\ub4f1, \uc6d4\uac00 \ud0c0\uaca9
    \uae00\ub85c\ubc8c \uae08\uc735\uc2dc\uc7a5\uc740 \uc911\ub3d9\uc758 \ud575\uc2ec \uc5d0\ub108\uc9c0 \uc778\ud504\ub77c\uc5d0 \ub300\ud55c \uc9c1\uc811 \uacf5\uaca9\uc774 \ud655\uc778\ub418\uba74\uc11c \ub2e4\uc2dc \ud55c \ubc88 \ucda9\uaca9\uc744 \ubc1b\uc558\ub2e4. \ud2b9\ud788 South Pars \uac00\uc2a4\uc804\uc774 \uc601\ud5a5\uc744 \ubc1b\uc73c\uba70 \uc11d\uc720 \uac00\uaca9\uc774 \uae09\ub4f1\ud588\uace0, \uc804 \uc138\uacc4\uc801\uc778 \uacf5\uae09 \ubd80\uc871 \uc6b0\ub824\uac00 \uc2ec\ud654\ub418\uc5c8\ub2e4.
    \ubbf8\uad6d\uacfc \uc774\uc2a4\ub77c\uc5d8 \uac04 \uae34\uc7a5 \uace0\uc870\ub85c \ucd09\ubc1c\ub41c \uc774\ubc88 \uace0\uac15\ub3c4 \ucda9\ub3cc \uc18d\uc5d0\uc11c, \uc720\ub7fd \uae30\uc900 \uc720\uac00\uc778 \ube0c\ub80c\ud2b8\uc720\ub294 6.75% \uae09\ub4f1\ud558\uc5ec \ubc30\ub7f4\ub2f9 114.63\ub2ec\ub7ec\uc5d0 \ub3c4\ub2ec\ud588\ub2e4. \ubbf8\uad6d WTI \uc5ed\uc2dc 97.47\ub2ec\ub7ec\uae4c\uc9c0 \uc0c1\uc2b9\ud588\ub2e4.
    \uc774\ub7ec\ud55c \uc5d0\ub108\uc9c0 \ube44\uc6a9 \uae09\ub4f1\uc740 \uc989\uac01\uc801\uc73c\ub85c \uc6d4\uac00\uc5d0 \ucda9\uaca9\uc744 \uc8fc\uc5c8\ub2e4. \ud22c\uc790\uc790\ub4e4\uc740 \uc778\ud50c\ub808\uc774\uc158 \uc555\ub825\uc774 \ub354 \uac15\ud574\uc9c8 \uac83\uc744 \uc6b0\ub824\ud558\uba70 \ub300\uaddc\ubaa8 \ub9e4\ub3c4\uc5d0 \ub098\uc130\ub2e4.
    S&P 500\uc740 1.36% \ud558\ub77d\ud588\uace0, \uae30\uc220\uc8fc \ube44\uc911\uc774 \ub192\uc740 \ub098\uc2a4\ub2e5\uc740 1.46% \ud558\ub77d\ud588\ub2e4. \ub2e4\uc6b0\uc874\uc2a4\ub3c4 1.63% \ud558\ub77d\ud558\uba70 \uc9c0\uc815\ud559\uc801 \ubd88\ud655\uc2e4\uc131\uc774 \uc2dc\uc7a5\uc744 \uc9c0\ubc30\ud55c \ud558\ub8e8\uc600\ub2e4.<\/li>\n\n\n\n
  2. \uae08\ub9ac \ub3d9\uacb0 \uc18d \uc778\ud50c\ub808\uc774\uc158 \uc804\ub9dd \uc0c1\ud5a5 (Fed)
    \uc608\uc0c1\ub300\ub85c \ubbf8\uad6d \uc5f0\uc900\uc740 \uae30\uc900\uae08\ub9ac\ub97c 3.5%~3.75% \ubc94\uc704\uc5d0\uc11c \ub3d9\uacb0\ud588\ub2e4. \uadf8\ub7ec\ub098 \uc2dc\uc7a5\uc758 \uad00\uc2ec\uc740 \ud604\uc7ac\uc758 \uae08\ub9ac\ubcf4\ub2e4 \ud5a5\ud6c4 \uacbd\uc81c \uc804\ub9dd \ubcc0\ud654\uc5d0 \uc9d1\uc911\ub418\uc5c8\ub2e4.
    \ubd84\uae30 \uacbd\uc81c\uc804\ub9dd \ubcf4\uace0\uc11c\uc5d0 \ub530\ub974\uba74, \uc5f0\uc900\uc740 2026\ub144 \uc778\ud50c\ub808\uc774\uc158 \uc804\ub9dd\uce58\ub97c \uae30\uc874 2.4%\uc5d0\uc11c 2.7%\ub85c \uc0c1\ud5a5 \uc870\uc815\ud588\ub2e4. \uadfc\uc6d0 \uc778\ud50c\ub808\uc774\uc158\ub3c4 2.7%\ub85c \uc870\uc815\ub418\uc5c8\ub2e4.
    \uc774\ub7ec\ud55c \ubcc0\ud654\ub294 \uc911\ub3d9 \ubd84\uc7c1\uc73c\ub85c \uc778\ud55c \uad6d\uc81c \uc720\uac00 \ubcc0\ub3d9\uc131\uc774 \ubb3c\uac00\uc5d0 \ubbf8\uce60 \uc601\ud5a5\uc744 \ubc18\uc601\ud55c \uac83\uc774\ub2e4. \ub610\ud55c \ud2b8\ub7fc\ud504\uc758 \uad00\uc138 \uc815\ucc45 \uac00\ub2a5\uc131\uae4c\uc9c0 \uace0\ub824\ub418\uba74\uc11c, \ubb3c\uac00 \uc0c1\uc2b9 \uc555\ub825\uc774 \ub354 \uad11\ubc94\uc704\ud558\uac8c \ubc18\uc601\ub418\uc5c8\ub2e4.
    \uacb0\uacfc\uc801\uc73c\ub85c \uc5f0\uc900\uc740 \ub2e8\uae30\uac04 \ub0b4 \uae08\ub9ac \uc778\ud558 \uac00\ub2a5\uc131\uc744 \ub0ae\ucd94\uba70 \ubcf4\ub2e4 \uae34\ucd95\uc801\uc778 \uae30\uc870\ub97c \uc720\uc9c0\ud560 \uac00\ub2a5\uc131\uc744 \uc2dc\uc0ac\ud588\ub2e4.<\/li>\n\n\n\n
  3. \ub3c4\ub9e4 \ub2ec\ub7ec \ud658\uc728 \ud558\ub77d (\uacf5\uae09 \uc99d\uac00 \uc601\ud5a5)
    \uad6d\uc81c \uc2dc\uc7a5 \ubcc0\ub3d9\uc131 \uc18d\uc5d0\uc11c\ub3c4 \uc544\ub974\ud5e8\ud2f0\ub098 \ub3c4\ub9e4 \ud658\uc728 \uc2dc\uc7a5\uc740 \ube44\uad50\uc801 \uc548\uc815\uc801\uc778 \ubaa8\uc2b5\uc744 \ubcf4\uc600\ub2e4.
    \ucd08\uae30 \uc0c1\uc2b9 \uc555\ub825\uc744 \ub418\ub3cc\ub9ac\uba70 0.1% \ud558\ub77d\ud574 \ud658\uc728\uc740 1,394\ud398\uc18c\ub85c \ub9c8\uac10\ud588\ub2e4.
    \ud604\ubb3c \uc2dc\uc7a5 \uac70\ub798\ub7c9\uc740 3\uc5b58,970\ub9cc \ub2ec\ub7ec\uc5d0 \ub2ec\ud588\uc73c\uba70, \uae08\uc735 \ud65c\ub3d9 \ubc0f \ub18d\uc0b0\ubb3c \uc218\ucd9c\uc5c5\uccb4\uc758 \ub2ec\ub7ec \ub9e4\ub3c4 \uc99d\uac00\ub85c \uc678\ud658 \uacf5\uae09\uc774 \ud655\ub300\ub418\uc5c8\ub2e4.
    \uadf8 \uacb0\uacfc \uacf5\uc2dd \ud658\uc728\uc740 \ud558\ub77d\uc138\ub97c \uc774\uc5b4\uac00\uba70 2026\ub144 \ub204\uc801 \uae30\uc900 61\ud398\uc18c(\uc57d 4.2%) \ud558\ub77d\ud588\ub2e4.
    \ud658\uc728\uc740 \uc911\uc559\uc740\ud589\uc774 \uc124\uc815\ud55c \ubc34\ub4dc \uc0c1\ub2e8(1,635.50\ud398\uc18c)\ubcf4\ub2e4 \ud06c\uac8c \ub0ae\uc740 \uc218\uc900\uc5d0 \uba38\ubb3c\uba70, \uaca9\ucc28\ub294 241.50\ud398\uc18c(17.3%)\ub85c \ud655\ub300\ub418\uc5c8\ub2e4. \uc774\ub294 \uc791\ub144 7\uc6d4 \uc774\ud6c4 \ucd5c\ub300 \uc218\uc900\uc774\ub2e4.
    \uc120\ubb3c \uc2dc\uc7a5\uc5d0\uc11c\ub3c4 \uc57d 15\uc5b5 \ub2ec\ub7ec \uaddc\ubaa8 \uac70\ub798\uac00 \uc774\ub8e8\uc5b4\uc84c\uc73c\uba70, 3\uc6d4 \ub9d0 \uacc4\uc57d\uc740 1,406.50\ud398\uc18c\uc5d0 \ub9c8\uac10\ub418\uc5b4 \ud3c9\uac00\uc808\ud558 \uae30\ub300\uac00 \ub2e4\uc18c \uc9c4\uc815\ub41c \ubaa8\uc2b5\uc774\ub2e4.
    MEP \ud658\uc728\uc740 1,420.38\ud398\uc18c(\uaca9\ucc28 2.94%), CCL \ud658\uc728\uc740 1,470.98\ud398\uc18c(\uaca9\ucc28 5.52%)\ub85c \ub9c8\uac10\ud588\ub2e4.<\/li>\n\n\n\n
  4. \uae08 \uac00\uaca9 \ud558\ub77d, \uc911\uc559\uc740\ud589 \ud750\ub984 \ubd80\ub2f4
    \uc911\uc559\uc740\ud589\uc740 51\uc77c \uc5f0\uc18d \uc21c\ub9e4\uc218\ub97c \uc774\uc5b4\uac00\uba70 5,800\ub9cc \ub2ec\ub7ec\ub97c \ucd94\uac00 \ud655\ubcf4\ud588\uc9c0\ub9cc, \ucd1d \uc678\ud658\ubcf4\uc720\uc561\uc740 2\uc5b52,600\ub9cc \ub2ec\ub7ec \uac10\uc18c\ud588\ub2e4.
    \uc774\ub294 \uad6d\uc81c \uae08 \uac00\uaca9\uc774 3.8% \ud558\ub77d\ud558\uba70 \uc5f0\uc911 \ucd5c\uc800 \uc218\uc900\uc744 \uae30\ub85d\ud55c \uc601\ud5a5\uc774\ub2e4. \uae08 \uac00\uaca9 \ud558\ub77d\uc740 \uc911\ub3d9 \uae34\uc7a5 \uace0\uc870\ub85c \uc778\ud55c \uc720\uac00 \uc0c1\uc2b9 \u2192 \uc778\ud50c\ub808\uc774\uc158 \uc6b0\ub824 \ud655\ub300 \u2192 \ud22c\uc790\uc790\ub4e4\uc758 \ubbf8 \uad6d\ucc44 \uc120\ud638 \uc99d\uac00\ub77c\ub294 \ud750\ub984\uacfc \uc5f0\uacb0\ub41c\ub2e4.
    \uadf8\ub7fc\uc5d0\ub3c4 \ubd88\uad6c\ud558\uace0 2026\ub144 \ub204\uc801 \uc21c\ub9e4\uc785\uc740 33\uc5b5 \ub2ec\ub7ec\ub97c \ub118\uc5c8\uace0, \ucd1d \uc678\ud658\ubcf4\uc720\uc561\uc740 444\uc5b59,500\ub9cc \ub2ec\ub7ec \uc218\uc900\uc744 \uc720\uc9c0\ud558\uace0 \uc788\ub2e4.
    \ud5a5\ud6c4 \ub18d\uc0b0\ubb3c \uc218\ucd9c \uc2dc\uc98c\uc774 \ubcf8\uaca9\ud654\ub418\uba74 \uc678\ud658 \uc720\uc785 \uc99d\uac00\uac00 \uae30\ub300\ub41c\ub2e4.<\/li>\n\n\n\n
  5. \uad6d\uac00\uc704\ud5d8\ub3c4 610bp \uc0c1\uc2b9
    \uae08\uc735\uc2dc\uc7a5\uc740 \uc720\uac00 \uae09\ub4f1(\ucd5c\ub300 7%)\uacfc \uc5f0\uc900\uc758 \uae08\ub9ac \ub3d9\uacb0\uc774 \uacb0\ud569\ub418\uba70 \uc804\ubc18\uc801\uc73c\ub85c \uc704\ud5d8\ud68c\ud53c \uc2ec\ub9ac\uac00 \uac15\ud654\ub418\uc5c8\ub2e4.
    \uc6d4\uac00 \uc8fc\uc694 \uc9c0\uc218\ub294 1.4%~1.6% \ud558\ub77d\ud588\ub2e4. \ubc18\uba74 \uc5d0\ub108\uc9c0 \uac00\uaca9 \uc0c1\uc2b9\uc740 \uc544\ub974\ud5e8\ud2f0\ub098 \uc11d\uc720 \uad00\ub828 \uae30\uc5c5\uc5d0\ub294 \uae0d\uc815\uc801\uc73c\ub85c \uc791\uc6a9\ud588\ub2e4. \uc774\ub4e4 \uae30\uc5c5\uc740 S&P \uba54\ub974\ubc1c \uc9c0\uc218 \ub0b4 \ube44\uc911\ub3c4 \ud655\ub300\ub418\uc5c8\ub2e4.
    \uba54\ub974\ubc1c \uc9c0\uc218\ub294 \ud398\uc18c \uae30\uc900 1.16%, \ub2ec\ub7ec \uae30\uc900 1.20% \uc0c1\uc2b9\ud588\ub2e4. \ubc18\uba74 \ub2ec\ub7ec \ud45c\uc2dc \uad6d\ucc44\ub294 \ud3c9\uade0 0.9% \ud558\ub77d\ud588\ub2e4.
    JP\ubaa8\uac74 \uae30\uc900 \uc544\ub974\ud5e8\ud2f0\ub098 \uad6d\uac00\uc704\ud5d8\ub3c4\ub294 20bp \uc0c1\uc2b9\ud558\uc5ec 610bp\uc5d0 \ub3c4\ub2ec\ud588\uc73c\uba70, \uc774\ub294 2025\ub144 12\uc6d4 \uc774\ud6c4 \ucd5c\uace0 \uc218\uc900\uc774\ub2e4.<\/li>\n\n\n\n
  6. YPF \uad00\ub828 \uc18c\uc1a1, \ubbf8\uad6d \ubc95\uc6d0 \uc77c\uc2dc \uc911\ub2e8
    \uc544\ub974\ud5e8\ud2f0\ub098 \uad6d\uc601 \uc11d\uc720\ud68c\uc0ac YPF \uad6d\uc720\ud654 \uad00\ub828 \uc18c\uc1a1\uc5d0\uc11c \uc911\uc694\ud55c \uc804\ud658\uc810\uc774 \ubc1c\uc0dd\ud588\ub2e4.
    \ubbf8\uad6d \ud56d\uc18c\ubc95\uc6d0\uc740 \ubaa8\ub4e0 \uc18c\uc1a1 \ubc0f \uc808\ucc28\ub97c \uc989\uc2dc \uc911\ub2e8\ud558\ub3c4\ub85d \uacb0\uc815\ud588\ub2e4. \uc5ec\uae30\uc5d0\ub294 \uacf5\ubb34\uc6d0 \uac1c\uc778 \uacc4\uc88c \ubc0f \uae30\uae30 \uc870\uc0ac\ub3c4 \ud3ec\ud568\ub41c\ub2e4.
    \ud558\ube44\uc5d0\ub974 \ubc00\ub808\uc774 \ub300\ud1b5\ub839\uc740 \uc774\ub97c \u201c\uc5ed\uc0ac\uc801\uc774\uba70 \uc804\ub840 \uc5c6\ub294 \ud310\uacb0\u201d\uc774\ub77c\uace0 \ud3c9\uac00\ud588\ub2e4.
    \uc774\ubc88 \uacb0\uc815\uc740 \uc544\ub974\ud5e8\ud2f0\ub098 \uc815\ubd80\uc5d0 \uc804\ub7b5\uc801 \uc644\ucda9 \ud6a8\uacfc\ub97c \uc81c\uacf5\ud55c\ub2e4. \uc6d0\uace0\uc778 Petersen\uacfc Eton Park\ub294 \uad6d\uac00 \ubaa8\ub3c5 \ud310\uc815 \ubc0f \ucd94\uac00 \uc81c\uc7ac\ub97c \uc694\uad6c\ud558\uace0 \uc788\uc5c8\uc73c\ub098, \uc774\ubc88 \ud310\uacb0\ub85c \uc808\ucc28\uac00 \uc77c\uc2dc \uc815\uc9c0\ub418\uc5c8\ub2e4.
    2023\ub144 1\uc2ec\uc5d0\uc11c 161\uc5b5 \ub2ec\ub7ec+\uc774\uc790 \uc9c0\uae09 \ud310\uacb0\uc774 \ub0b4\ub824\uc9c4 \uc0c1\ud669\uc5d0\uc11c, \uc774\ubc88 \uc870\uce58\ub294 \ud56d\uc18c \uacb0\uacfc\uac00 \ub098\uc62c \ub54c\uae4c\uc9c0 \uc2dc\uac04\uc744 \ubc8c\uc5b4\uc8fc\ub294 \uc5ed\ud560\uc744 \ud55c\ub2e4.<\/li>\n<\/ol>\n","protected":false},"excerpt":{"rendered":"

    \uc624\ub298\uc758 \uacbd\uc81c<\/p>\n","protected":false},"author":6,"featured_media":11897,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_themeisle_gutenberg_block_has_review":false,"_joinchat":[],"footnotes":""},"categories":[23,25,61],"tags":[],"class_list":["post-11899","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\/11899","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=11899"}],"version-history":[{"count":1,"href":"https:\/\/hanin.org.ar\/index.php?rest_route=\/wp\/v2\/posts\/11899\/revisions"}],"predecessor-version":[{"id":11900,"href":"https:\/\/hanin.org.ar\/index.php?rest_route=\/wp\/v2\/posts\/11899\/revisions\/11900"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/hanin.org.ar\/index.php?rest_route=\/wp\/v2\/media\/11897"}],"wp:attachment":[{"href":"https:\/\/hanin.org.ar\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=11899"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hanin.org.ar\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=11899"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hanin.org.ar\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=11899"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}