{"id":9878,"date":"2026-05-11T15:24:10","date_gmt":"2026-05-11T07:24:10","guid":{"rendered":"https:\/\/www.kpai1.cn\/?p=9878"},"modified":"2026-05-11T15:24:14","modified_gmt":"2026-05-11T07:24:14","slug":"%e7%a9%bf%e9%80%8f%e9%9d%9e%e5%86%9c%e6%95%b0%e6%8d%ae%e8%bf%b7%e9%9b%be%ef%bc%9awmax-%e8%a7%a3%e8%af%bb%e7%be%8e%e5%9b%bd%e5%b0%b1%e4%b8%9a%e7%9c%9f%e7%9b%b8%e4%b8%8e%e9%bb%84%e9%87%91%e5%ae%9a","status":"publish","type":"post","link":"https:\/\/www.kpai1.cn\/ko\/\uc544\uce74\uc774\ube0c\/9878","title":{"rendered":"\ube44\ub18d\uc5c5 \ub370\uc774\ud130\uc758 \uc548\uac1c\ub97c \ub6ab\uace0: Wmax\ub294 \ubbf8\uad6d \uace0\uc6a9\uc5d0 \ub300\ud55c \uc9c4\uc2e4\uacfc \uae08 \uac00\uaca9 \ucc45\uc815 \ub17c\ub9ac\ub97c \ud574\uc11d\ud569\ub2c8\ub2e4."},"content":{"rendered":"<p>The Wmax macro research team believes that the April U.S. non-farm payrolls report released last Friday is a very confusing \"double-sided data\" - on the surface, the 115,000 new jobs were far higher than the market's expectations of 62,000, achieving two consecutive months of growth for the first time in the past year, and the unemployment rate stabilized at a relatively low level of 4.3%; but peeling away the overall data, the structural worries of the U.S. labor market have fully emerged, which is why gold ignored the \"nominal positive\" short-term rise. 20\ub2ec\ub7ec\uac00 \ubbf8\uad6d \ub2ec\ub7ec\uc9c0\uc218 \uc18c\ud3ed \ud558\ub77d\uc758 \ud575\uc2ec \uc6d0\uc778\uc774\ub2e4. The final signal sent by this report is extremely clear: the U.S. economy is in a fragile balance that \"appears to be stable, but is actually weak\", and the Fed's policy tone of staying on hold for the year has basically been locked in.<\/p>\n<h2>\ube44\ub18d\uc5c5 \ub370\uc774\ud130\uc758 '\uc218\ubd84': \uc804\uccb4\uac00 \uae30\ub300\uce58\ub97c \ucd08\uacfc\ud558\uace0 \uad6c\uc870\uc758 \ub178\ud6c4\ud654\ub97c \uac10\ucd9c \uc218 \uc5c6\uc74c<\/h2>\n<p>Wmax \ud300\uc740 \ub178\ub3d9 \uc2dc\uc7a5\uc758 \uac74\uc804\uc131\uc744 \ud310\ub2e8\ud558\ub824\uba74 \uc2e0\uaddc \uace0\uc6a9 \ubc0f \uc2e4\uc5c5\ub960 \ub370\uc774\ud130\ub9cc \ubcfc \uac83\uc774 \uc544\ub2c8\ub77c \ub2e4\ucc28\uc6d0\uc801\uc778 \ubd84\ud574\ub97c \uc704\ud574 \ub370\uc774\ud130 \uac1c\uc815, \uac00\uacc4 \uc870\uc0ac \ubc0f \uc0b0\uc5c5 \uad6c\uc870\ub97c \uacb0\ud569\ud574\uc57c \ud55c\ub2e4\uace0 \ud56d\uc0c1 \uac15\uc870\ud574 \uc654\uc2b5\ub2c8\ub2e4. \uc774 \ubcf4\uace0\uc11c\uc5d0\uc11c \ubbf8\uad6d \ub178\ub3d9\ud1b5\uacc4\uad6d\uc758 \uccab 2\uac1c\uc6d4 \ub370\uc774\ud130 \uc218\uc815\uc740 \uace0\uc6a9 \ubaa8\uba58\ud140\uc758 \ud55c\uacc4 \uc57d\ud654\ub97c \ub4dc\ub7ec\ub0c8\uc2b5\ub2c8\ub2e4. 2\uc6d4 \ube44\ub18d\uc5c5 \uace0\uc6a9\uc740 23,000\uc5d0\uc11c 156,000 \uac10\uc18c\ub85c \uc218\uc815\ub418\uc5c8\uc2b5\ub2c8\ub2e4. 3\uc6d4\uc740 7,000\uc6d0\uc5d0\uc11c 185,000\uc6d0\uc73c\ub85c \uc0c1\ud5a5 \uc870\uc815\ub410\uc9c0\ub9cc, \ub450 \ub2ec \ud569\uacc4\ub294 \uc5ec\uc804\ud788 \ub2f9\ucd08 \uc218\uce58\ubcf4\ub2e4 16,000\uc6d0\uc774 \uc801\uc5c8\uc2b5\ub2c8\ub2e4. 2\uc6d4 \uace0\uc6a9\uc9c0\ud45c \uc545\ud654\ub294 \uc2dc\uc7a5\uc774 \uc774\uc804\uc5d0 \uc778\uc2dd\ud588\ub358 \uc218\uc900\uc744 \ud6e8\uc52c \ub6f0\uc5b4\ub118\uc5c8\uc2b5\ub2c8\ub2e4.<\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" width=\"1019\" height=\"522\" class=\"wp-image-9880\" src=\"https:\/\/www.kpai1.cn\/wp-content\/uploads\/2026\/05\/20260511_144345.png\" alt=\"\ubd80\ubd84\ucc28\ub2e8_20260511_144345\" srcset=\"https:\/\/www.kpai1.cn\/wp-content\/uploads\/2026\/05\/20260511_144345.png 1019w, https:\/\/www.kpai1.cn\/wp-content\/uploads\/2026\/05\/20260511_144345-300x154.png 300w, https:\/\/www.kpai1.cn\/wp-content\/uploads\/2026\/05\/20260511_144345-768x393.png 768w, https:\/\/www.kpai1.cn\/wp-content\/uploads\/2026\/05\/20260511_144345-18x9.png 18w, https:\/\/www.kpai1.cn\/wp-content\/uploads\/2026\/05\/20260511_144345-900x461.png 900w, https:\/\/www.kpai1.cn\/wp-content\/uploads\/2026\/05\/20260511_144345-600x307.png 600w\" sizes=\"(max-width: 1019px) 100vw, 1019px\" \/><\/p>\n<p>\ub354\uc6b1 \uacbd\uacc4\ud574\uc57c \ud560 \uac83\uc740 \uac00\uacc4 \uc870\uc0ac\uc5d0\uc11c \uc804\ub2ec\ub418\ub294 '\uc228\uaca8\uc9c4 \ubd88\ud669' \uc2e0\ud638\uc785\ub2c8\ub2e4. \uc774\ubbf8 3\uc6d4 \ucd08 Wmax \ub9e4\ud06c\ub85c\ud300\uc740 \uc6d4\uac04 \uc804\ub7b5 \ubcf4\uace0\uc11c\uc5d0\uc11c \ubbf8\uad6d \uc2e4\uc5c5\ub960\uc758 '\ub0ae\uc740 \uc548\uc815\ud654'\uac00 \ub178\ub3d9\ub825 \ucc38\uc5ec\uc728 \ud558\ub77d\uc73c\ub85c \uc778\ud574 \uacfc\ub3c4\ud558\uac8c \uc791\uc6a9\ud558\uace0 \uc788\ub2e4\uace0 \uc2dc\uc0ac\ud588\uc2b5\ub2c8\ub2e4. \uc774 \ub370\uc774\ud130\ub294 \uc774\ub7ec\ud55c \ud310\ub2e8\uc744 \ud655\uc99d\ud574 \uc90d\ub2c8\ub2e4. 4\uc6d4 \uac00\uad6c \uc870\uc0ac\uc5d0\uc11c \ucde8\uc5c5\uc790 \uc218\ub294 4\uac1c\uc6d4 \uc5f0\uc18d \uac10\uc18c\ud588\uc73c\uba70, \ub178\ub3d9 \ucc38\uc5ec\uc728\uc740 2021\ub144 10\uc6d4 \uc774\ud6c4 \ucd5c\uc800\uce58\uc778 61.8%\ub85c \ub5a8\uc5b4\uc84c\uc2b5\ub2c8\ub2e4. \uc2dc\uac04\uc81c \uadfc\ub85c\uc790\uc640 \uad6c\uc9c1\ub2e8\ub150\uc790\ub97c \ud3ec\ud568\ud55c \uc885\ud569\uc2e4\uc5c5\ub960\uc740 \uc62c\ud574 \ucd5c\uace0\uce58\uc778 8.2%\uae4c\uc9c0 \uc62c\ub790\ub2e4. \uc5f0\uc900 \ub300\ubcc0\uc778 \ub2c9 \ud2f0\ubbf8\ub77c\uc624\uc2a4(Nick Timiraos)\uac00 \uc9c0\uc801\ud588\ub4ef\uc774 \uc2e4\uc5c5\ub960\uc774 \uc624\ub974\ub294 \uac83\uc740 \ub354 \ub9ce\uc740 \uc0ac\ub78c\ub4e4\uc774 \uc77c\uc790\ub9ac\ub97c \ucc3e\uc558\uae30 \ub54c\ubb38\uc774 \uc544\ub2c8\ub77c \ub9ce\uc740 \uc0ac\ub78c\ub4e4\uc774 \ub178\ub3d9 \uc2dc\uc7a5\uc5d0\uc11c \uc644\uc804\ud788 \uc774\ud0c8\ud588\uae30 \ub54c\ubb38\uc774\ub2e4. 2024\ub144 \uacbd\uc81c\ud65c\ub3d9\ucc38\uac00\uc728\uc744 \uae30\uc900\uc73c\ub85c \uacc4\uc0b0\ud558\uba74 \ud604\uc7ac \ubbf8\uad6d\uc758 \uc2e4\uc81c \uc2e4\uc5c5\ub960\uc740 5.3%\ub85c \uacf5\uc2dd \ubc1c\ud45c\uce58\uc778 4.3%\ubcf4\ub2e4 \ud6e8\uc52c \ub192\ub2e4.<\/p>\n<p>\uc0b0\uc5c5\uad6c\uc870 \uce21\uba74\uc5d0\uc11c \ubcf4\uba74 \uace0\uc6a9\uc2dc\uc7a5\uc758 \ucc28\ubcc4\ud654\uac00 \ub354\uc6b1 \uc2ec\ud654\ub418\uace0 \uc788\ub2e4. \ud5ec\uc2a4\ucf00\uc5b4, \uc6b4\uc218, \ucc3d\uace0\uc5c5\uc774 \uc8fc\uc694 \uace0\uc6a9\ub3d9\ub825\uc73c\ub85c \uc790\ub9ac \uc7a1\uc558\uace0, \uac74\uc124\u00b7\ub808\uc800\u00b7\uc624\ub77d\u00b7\ud638\ud154\uc5c5\uc774 \ub3d9\uacc4\ub09c\uc774 \uc7a6\uc544\ub4e0 \ub4a4 \ub450 \ub2ec \uc5f0\uc18d \ubc18\ub4f1\ud558\ub294 \ub4f1 \ub370\uc774\ud130\uc13c\ud130 \uac74\uc124\uc774 \uac74\uc124\uc5c5\uacc4 \ud575\uc2ec \ub178\ub3d9\uc218\uc694 \uc9c0\uc6d0\uc73c\ub85c \uc790\ub9ac \uc7a1\uc558\ub2e4. \uadf8\ub7ec\ub098 \ub3d9\uc2dc\uc5d0 \uc815\ubcf4\uc0b0\uc5c5 \uace0\uc6a9\uc740 16\uac1c\uc6d4 \uc5f0\uc18d \uac10\uc18c\ud588\ub2e4. \uba54\ud0c0(Meta), \ub9c8\uc774\ud06c\ub85c\uc18c\ud504\ud2b8(Microsoft) \ub4f1 \uae30\uc220 \ub300\uae30\uc5c5\ub4e4\uc740 \uc778\uacf5\uc9c0\ub2a5 \ubd84\uc57c\uc758 \ub9c9\ub300\ud55c \uc9c0\ucd9c\uc744 \uc0c1\uc1c4\ud558\uae30 \uc704\ud574 \uacc4\uc18d\ud574\uc11c \uc9c1\uc6d0\ub4e4\uc744 \ud574\uace0\ud558\uace0 \uc788\uc73c\uba70, \uc5f0\ubc29\uc815\ubd80 \ucc44\uc6a9 \uc218\ub3c4 \uacc4\uc18d\ud574\uc11c \uac10\uc18c\ud558\uace0 \uc788\ub2e4. \uc774\ub7ec\ud55c '\ubd80\ubd84\uc801 \uc9c0\uc6d0, \uc804\ubc18\uc801 \ucde8\uc57d' \ud328\ud134\uc740 \ubbf8\uad6d \ub178\ub3d9\uc2dc\uc7a5\uc774 \uc2e4\uc9c8\uc801\uc778 \ud68c\ubcf5\uc744 \uc774\ub8e8\uc9c0 \ubabb\ud55c \ucc44 '\uc801\uc740 \ud574\uace0\uc640 \ucde8\uc57d\ud55c \ucc44\uc6a9'\uc774\ub77c\ub294 \ubbf8\uc9c0\uadfc\ud55c \uc0c1\ud0dc\ub9cc \uc720\uc9c0\ud558\uace0 \uc788\uc74c\uc744 \uc758\ubbf8\ud55c\ub2e4.<\/p>\n<h2>\ub300\uc138 \ubc18\ub4f1 \uae08\uac12 \uae09\ub4f1\uc758 \ud575\uc2ec: \uae08\ub9ac\uc778\uc0c1 \uae30\ub300\uac10 \uc644\uc804 \uc0ac\uadf8\ub77c\ub4e4\uace0 \uc548\uc804\uc790\uc0b0 \ud504\ub9ac\ubbf8\uc5c4 \ud65c\uc131\ud654<\/h2>\n<p>The Wmax macro team believes that it is never the data itself that is priced by the market, but the expected difference behind the data. \uc774\ubc88 \ube44\ub18d\uc5c5 \ub370\uc774\ud130 \ubc1c\ud45c \uc774\ud6c4 \ucd94\uc138\uc5d0 \ubc18\ud558\ub294 \uae08\uc758 \uc0c1\uc2b9\uc740 \ubcf8\uc9c8\uc801\uc73c\ub85c \"Fed\uac00 \ub2e4\uc2dc \ub9e4\ud30c\uc801\uc73c\ub85c \ubcc0\ud560 \uac83\"\uc774\ub77c\ub294 \uc2dc\uc7a5\uc758 \uae30\ub300\ub97c \uc644\uc804\ud788 \uc65c\uace1\ud55c \uac83\uc774\uba70, \uc5ec\uae30\uc5d0 \uac70\uc2dc \ubd88\ud655\uc2e4\uc131 \uc99d\uac00\ub85c \uc778\ud55c \uc548\uc804\uc790\uc0b0 \uc218\uc694\uc758 \ubc18\ud5a5\uc774 \ub354\ud574\uc84c\uc2b5\ub2c8\ub2e4.<\/p>\n<p><img decoding=\"async\" width=\"1021\" height=\"521\" class=\"wp-image-9881\" src=\"https:\/\/www.kpai1.cn\/wp-content\/uploads\/2026\/05\/word-image-9878-3.png\" srcset=\"https:\/\/www.kpai1.cn\/wp-content\/uploads\/2026\/05\/word-image-9878-3.png 1021w, https:\/\/www.kpai1.cn\/wp-content\/uploads\/2026\/05\/word-image-9878-3-300x153.png 300w, https:\/\/www.kpai1.cn\/wp-content\/uploads\/2026\/05\/word-image-9878-3-768x392.png 768w, https:\/\/www.kpai1.cn\/wp-content\/uploads\/2026\/05\/word-image-9878-3-18x9.png 18w, https:\/\/www.kpai1.cn\/wp-content\/uploads\/2026\/05\/word-image-9878-3-900x459.png 900w, https:\/\/www.kpai1.cn\/wp-content\/uploads\/2026\/05\/word-image-9878-3-600x306.png 600w\" sizes=\"(max-width: 1021px) 100vw, 1021px\" \/><\/p>\n<p>\ubb34\uc774\uc790 \uc790\uc0b0\uc778 \uae08\uc758 \uac00\uaca9 \ucd94\uc138\ub294 \uc2e4\uc9c8\uae08\ub9ac\uc640 \ub192\uc740 \uc74c\uc758 \uc0c1\uad00\uad00\uacc4\ub97c \uac16\uace0 \uc788\uc73c\uba70, '\uc784\uae08-\uac00\uaca9 \ub098\uc120'\uc73c\ub85c \ucd09\ubc1c\ub41c \uae08\ub9ac \uc778\uc0c1 \uae30\ub300\uac10\uc740 \uae08\uc744 \uc5b5\uc81c\ud558\ub294 \ud575\uc2ec \ubd80\uc815\uc801 \uc694\uc778\uc774\ub2e4. \uadf8\ub7ec\ub098 \uc774 \ubcf4\uace0\uc11c\uc5d0\uc11c\ub294 \uc784\uae08 \uc99d\uac00\uc728\uc758 \uba85\ubc31\ud55c \ub454\ud654\ub85c \uc778\ud574 \uc778\ud50c\ub808\uc774\uc158 \ubc18\ub4f1\uc5d0 \ub300\ud55c \uc2dc\uc7a5\uc758 \uc6b0\ub824\uac00 \uc644\uc804\ud788 \uc0ac\ub77c\uc84c\uc2b5\ub2c8\ub2e4. 4\uc6d4 \ud3c9\uade0 \uc2dc\uac04\ub2f9 \uc784\uae08\uc740 \uc804\uc6d4 \ub300\ube44 0.2%, \uc804\ub144 \ub300\ube44 3.6% \uc99d\uac00\ud558\ub294 \ub370 \uadf8\ucce4\uc2b5\ub2c8\ub2e4. \ub450 \uac00\uc9c0 \ubaa8\ub450 \uc801\ub2f9\ud55c \ubc94\uc704\uc5d0 \uc788\uc5c8\uc2b5\ub2c8\ub2e4. \uc778\ud50c\ub808\uc774\uc158 \ubc18\ub4f1\uc744 \uc704\ud55c \ub9c8\uc9c0\ub9c9 \ud37c\uc990 \uc870\uac01\uc740 \uc544\uc9c1 \uc644\uc131\ub418\uc9c0 \uc54a\uc558\uc2b5\ub2c8\ub2e4. \uc774\ub294 \uc5f0\uc900\uc774 \uc778\ud50c\ub808\uc774\uc158\uc744 \uc5b5\uc81c\ud558\uae30 \uc704\ud574 \ub354 \uae34\ucd95\uc744 \ud560 \ud544\uc694\uac00 \uc5c6\ub2e4\ub294 \uac83\uc744 \uc758\ubbf8\ud558\uba70, \uae08\ub9ac\uc2a4\uc651 \uc2dc\uc7a5\uc758 \ubc18\uc751\uc740 \uc774\ub97c \ud655\uc778\uc2dc\ucf1c \uc90d\ub2c8\ub2e4. \uac70\ub798\uc790\ub4e4\uc740 \uc5f0\uc900\uc774 1\ub144 \ub3d9\uc548 \ucc28\uc785 \ube44\uc6a9\uc744 \uadf8\ub300\ub85c \uc720\uc9c0\ud558\uace0 \uc2ec\uc9c0\uc5b4 2027\ub144 4\uc6d4\uae4c\uc9c0 \uae08\ub9ac\ub97c \uc778\uc0c1\ud560 \ud655\ub960\uc744 40%\ub85c \ub450\ub294 \uac83\uc5d0 \ud06c\uac8c \ubca0\ud305\ud558\uace0 \uc788\uc2b5\ub2c8\ub2e4. \uae08\uc758 \uba38\ub9ac\uc5d0 \uac78\ub9b0 \ub2e4\ubaa8\ud074\ub808\uc2a4\uc758 \uac80\uc774 \"\uc774\uc790\uc728 \uc778\uc0c1\"\uc5d0\uc11c \uc81c\uac70\ub418\uc790 \uc7a5\uae30 \uc790\ubcf8 \ud3ec\uc9c0\uc158\uc5d0 \ub300\ud55c \uc6b0\ub824\ub294 \uc989\uc2dc \uc0ac\ub77c\uc84c\uc2b5\ub2c8\ub2e4.<\/p>\n<p>\ub3d9\uc2dc\uc5d0, \uac70\uc2dc\uc801 \uc218\uc900\uc758 \ubd88\ud655\uc2e4\uc131\uc740 \uae08\uc758 \uc548\uc804\uc790\uc0b0 \ud504\ub9ac\ubbf8\uc5c4\uc744 \ub354\uc6b1 \ud65c\uc131\ud654\ud588\uc2b5\ub2c8\ub2e4. Wmax \ud300\uc774 \uacc4\uc18d\ud574\uc11c \ucd94\uc801\ud558\uace0 \uc788\ub294 \uc9c0\uc815\ud559\uc801 \ubc0f \uc815\ucc45\uc801 \uc704\ud5d8\uc740 \uc774\ub780 \uc804\uc7c1\uc73c\ub85c \uc778\ud55c \uc5d0\ub108\uc9c0 \ucda9\uaca9\uc5d0 \ub300\ud574 \ud604\uc7ac \uc5f0\uc900 \ub0b4\uc5d0\uc11c \uc758\uacac \ucc28\uc774\uac00 \ucee4\uc9c0\uace0 \uc788\uc74c\uc744 \ubcf4\uc5ec\uc90d\ub2c8\ub2e4. \uc77c\ubd80 \uad00\ub9ac\ub4e4\uc740 \uc5d0\ub108\uc9c0 \uac00\uaca9 \uc0c1\uc2b9\uc774 \uc18c\ube44\uc790 \uc218\uc694\ub97c \uc5b5\uc81c\ud558\uba74\uc11c \uc778\ud50c\ub808\uc774\uc158\uc744 \ucd09\uc9c4\ud558\uc5ec \uad81\uadf9\uc801\uc73c\ub85c \"\uc2a4\ud0dc\uadf8\ud50c\ub808\uc774\uc158\" \ud328\ud134\uc744 \ud615\uc131\ud560 \uc218 \uc788\ub2e4\ub294 \ubd84\uba85\ud55c \uc6b0\ub824\ub97c \ud45c\uba85\ud588\uc2b5\ub2c8\ub2e4. \uae30\uc5c5\ub4e4\uc774 \ube44\uc6a9 \uc0c1\uc2b9\uacfc \uc218\uc694 \uc57d\ud654\ub85c \ub300\uaddc\ubaa8 \uc815\ub9ac\ud574\uace0\uc5d0 \ub3cc\uc785\ud558\uba74 \ud604\uc7ac \ucde8\uc57d\ud55c \uace0\uc6a9\uc218\uc9c0\ub294 \ud55c\uc21c\uac04\uc5d0 \ubb34\ub108\uc9c4\ub2e4. \uc774\ub7ec\ud55c \ub9e5\ub77d\uc5d0\uc11c \uc804\ud1b5\uc801\uc778 \uc548\uc804 \uc790\uc0b0\uc778 \uae08\uc758 \ubc30\ubd84 \uac00\uce58\uac00 \ud06c\uac8c \ub192\uc544\uc84c\uc2b5\ub2c8\ub2e4.<\/p>\n<h2>\uc815\ucc45 \ubc0f \uc2dc\uc7a5 \uc804\ub9dd: \uc5f0\uc900\uc740 \uc5ec\uc804\ud788 \u200b\u200b\ubc29\uad00\ud558\uace0 \uc7a5\uae30 \uacbd\uae30 \uce68\uccb4\uc5d0 \ub300\ud55c \uc6b0\ub824\ub294 \uc5ec\uc804\ud788 \ub0a8\uc544 \uc788\uc2b5\ub2c8\ub2e4.<\/h2>\n<p>\uc774\ub7ec\ud55c \ube44\ub18d\uc5c5 \ub370\uc774\ud130\uc640 \ucd5c\uadfc\uc758 \ub2e4\uc591\ud55c \uacbd\uc81c \uc9c0\ud45c\ub97c \ubc14\ud0d5\uc73c\ub85c Wmax \ub9e4\ud06c\ub85c \ud300\uc740 \uc5f0\uc900\uc774 \uc55e\uc73c\ub85c\ub3c4 \uc624\ub7ab\ub3d9\uc548 '\ub178\ud130\uce58' \uc815\ucc45 \uae30\uc870\ub97c \uacc4\uc18d \uc720\uc9c0\ud560 \uac83\uc774\ub77c\uace0 \ud310\ub2e8\ud588\uc2b5\ub2c8\ub2e4. \ud55c\ud3b8\uc73c\ub85c\ub294 \ub178\ub3d9\uc2dc\uc7a5\uc5d0 \uc228\uaca8\uc9c4 \uc6b0\ub824\uac00 \uc788\uae30\ub294 \ud558\uc9c0\ub9cc \uc804\ubc18\uc801\uc778 \uc0c1\ud669\uc740 \uc5ec\uc804\ud788 \u200b\u200b\uc0c1\ub300\uc801\uc73c\ub85c \uc548\uc815\uc801\uc774\uace0 \ud574\uace0\uc728\ub3c4 \ub0ae\uc740 \uc218\uc900\uc774\uba70 \uc138\uae08 \uac10\uba74\ub3c4 \uc18c\ube44\uc640 \uae30\uc5c5 \ud22c\uc790\uc5d0 \ub300\ud55c \ud655\uc2e4\ud55c \uc9c0\uc6d0\uc744 \uc81c\uacf5\ud588\uc73c\uba70 \uae34\uae09\ud558\uac8c \uae08\ub9ac\ub97c \uc778\ud558\ud560 \ud544\uc694\ub294 \uc5c6\uc2b5\ub2c8\ub2e4.<\/p>\n<p><img decoding=\"async\" width=\"1023\" height=\"517\" class=\"wp-image-9882\" src=\"https:\/\/www.kpai1.cn\/wp-content\/uploads\/2026\/05\/20260511_144720.png\" alt=\"\ubd80\ubd84\ucc28\ub2e8_20260511_144720\" srcset=\"https:\/\/www.kpai1.cn\/wp-content\/uploads\/2026\/05\/20260511_144720.png 1023w, https:\/\/www.kpai1.cn\/wp-content\/uploads\/2026\/05\/20260511_144720-300x152.png 300w, https:\/\/www.kpai1.cn\/wp-content\/uploads\/2026\/05\/20260511_144720-768x388.png 768w, https:\/\/www.kpai1.cn\/wp-content\/uploads\/2026\/05\/20260511_144720-18x9.png 18w, https:\/\/www.kpai1.cn\/wp-content\/uploads\/2026\/05\/20260511_144720-900x455.png 900w, https:\/\/www.kpai1.cn\/wp-content\/uploads\/2026\/05\/20260511_144720-600x303.png 600w\" sizes=\"(max-width: 1023px) 100vw, 1023px\" \/><\/p>\n<p>\ubc18\uba74 \uc784\uae08\uc0c1\uc2b9\ub960 \ub454\ud654\ub294 \uc778\ud50c\ub808\uc774\uc158 \uc555\ub825\uc744 \ud1b5\uc81c\ud560 \uc218 \uc788\ub2e4\ub294 \ub73b\uc774\ub2e4. \ub3d9\uc2dc\uc5d0 \uc5d0\ub108\uc9c0 \ucda9\uaca9\uc73c\ub85c \uc778\ud55c \uc2a4\ud0dc\uadf8\ud50c\ub808\uc774\uc158 \uc704\ud5d8\uc774 \uc544\uc9c1 \uc644\uc804\ud788 \ub4dc\ub7ec\ub098\uc9c0 \uc54a\uc558\uc73c\uba70 \uc5f0\uc900\uc774 \uae08\ub9ac \uc778\uc0c1\uc744 \ub2e4\uc2dc \uc2dc\uc791\ud560 \ud544\uc694\ub294 \uc5c6\uc2b5\ub2c8\ub2e4. BlackRock \ud3ec\ud2b8\ud3f4\ub9ac\uc624 \uad00\ub9ac\uc790\uc778 Jeffrey Rosenberg\ub294 \uc774 \ubcf4\uace0\uc11c\ub97c Fed\uc758 \"\uc0c1\ud0dc \ubcf4\uace0\uc11c\"\ub85c \uc815\uc758\ud588\ub294\ub370, \uc774\ub294 Wmax \ud300\uc758 \uc774\uc804 \ud310\ub2e8\uacfc \ub9e4\uc6b0 \uc77c\uce58\ud569\ub2c8\ub2e4.<\/p>\n<p>\uc2dc\uc7a5\uc758 \uacbd\uc6b0, \uc774 \"\ubbf8\uc9c0\uadfc\ud55c\" \ube44\ub18d\uc5c5 \ubcf4\uace0\uc11c\ub294 \uc911\uae30\uc801\uc73c\ub85c \uc704\ud5d8 \uc790\uc0b0\uc5d0 \uc0c1\ub300\uc801\uc73c\ub85c \uc720\ub9ac\ud558\uc9c0\ub9cc, \ud22c\uc790\uc790\ub4e4\uc740 \ud5a5\ud6c4 \uacbd\uae30 \uce68\uccb4 \uc704\ud5d8\uc774 \uc810\uc9c4\uc801\uc73c\ub85c \uac00\uaca9\uc744 \ucc45\uc815\ud558\ub294 \uac83\uc744 \uacbd\uacc4\ud574\uc57c \ud569\ub2c8\ub2e4. Wmax\ub294 \ud56d\uc0c1 \ub370\uc774\ud130 \uad6c\uc870\uc5d0\uc11c \uc2dc\uc791\ud558\uc5ec \uac70\uc2dc\uc801\uc778 \ubaa8\uc2b5\uc744 \uaff0\ub6ab\uc5b4 \uc2dc\uc7a5\uc758 \uc2e4\uc81c \ub17c\ub9ac\ub97c \ud3ec\ucc29\ud558\ub294 \uac83\uc744 \uace0\uc9d1\ud569\ub2c8\ub2e4. \uc774\ub294 \ub610\ud55c \ub300\ubd80\ubd84\uc758 \uae30\uad00\uc774 \ube44\ub18d\uc5c5 \ubd80\ubb38\uc758 \ubd80\uc815\uc801\uc778 \uae08\uc744 \uc798\ubabb \ud310\ub2e8\ud560 \ub54c \uc0ac\uc804\uc5d0 \uae08 \ud560\ub2f9 \uae30\ud68c\ub97c \ucd09\uc9c4\ud558\ub294 \uc6b0\ub9ac \ub2a5\ub825\uc758 \ud575\uc2ec\uc774\uae30\ub3c4 \ud569\ub2c8\ub2e4. \uc55e\uc73c\ub85c\ub3c4 \uc6b0\ub9ac\ub294 \ubbf8\uad6d \uc778\ud50c\ub808\uc774\uc158 \ub370\uc774\ud130, \uc5f0\uc900 \uad00\uacc4\uc790\uc758 \uc5f0\uc124, \uc9c0\uc815\ud559\uc801 \uc0c1\ud669 \ubcc0\ud654\ub97c \uc9c0\uc18d\uc801\uc73c\ub85c \ucd94\uc801\ud558\uc5ec \ud22c\uc790\uc790\ub4e4\uc5d0\uac8c \uc758\uc0ac \uacb0\uc815\uc5d0 \ubcf4\ub2e4 \ubbf8\ub798\uc9c0\ud5a5\uc801\uc778 \ucc38\uace0 \uc790\ub8cc\ub97c \uc81c\uacf5\ud560 \uac83\uc785\ub2c8\ub2e4.<\/p>","protected":false},"excerpt":{"rendered":"<p>Wmax\ub294 4\uc6d4 \ubbf8\uad6d \ube44\ub18d\uc5c5 \ub370\uc774\ud130\ub97c \ud574\uc11d\ud569\ub2c8\ub2e4. 115,000\uac1c\uc758 \uc0c8\ub85c\uc6b4 \uc77c\uc790\ub9ac\uac00 \ucc3d\ucd9c\ub418\uc5b4 \uc608\uc0c1\uc744 \ucd08\uacfc\ud588\uc9c0\ub9cc \ub178\ub3d9 \ucc38\uc5ec\uc728\uc740 2021\ub144 \uc774\ud6c4 \ucd5c\uc800\uce58\uc778 61.8%\ub85c \ub5a8\uc5b4\uc84c\uace0, \uc804\uccb4 \uc2e4\uc5c5\ub960\uc740 8.2%\ub85c \uc0c1\uc2b9\ud588\uc2b5\ub2c8\ub2e4. \uc784\uae08 \uc778\uc0c1 \ub454\ud654\ub85c \uc778\ud50c\ub808\uc774\uc158\uc5d0 \ub300\ud55c \uc6b0\ub824\uac00 \uc0ac\ub77c\uc84c\uace0, \uae08\uc740 \ucd94\uc138\ub97c \uac70\uc2a4\ub974\uba70 \uc0c1\uc2b9\ud588\uace0, \uc5f0\uc900\uc740 \uc62c\ud574 \ub3d9\uacb0 \uae30\uc870\ub97c \uc720\uc9c0\ud588\uc2b5\ub2c8\ub2e4.<\/p>","protected":false},"author":1,"featured_media":9879,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[121],"tags":[1019,179,340,1018],"class_list":["post-9878","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financial-news","tag-1019","tag-179","tag-340","tag-1018"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.kpai1.cn\/ko\/wp-json\/wp\/v2\/posts\/9878","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.kpai1.cn\/ko\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.kpai1.cn\/ko\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.kpai1.cn\/ko\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.kpai1.cn\/ko\/wp-json\/wp\/v2\/comments?post=9878"}],"version-history":[{"count":1,"href":"https:\/\/www.kpai1.cn\/ko\/wp-json\/wp\/v2\/posts\/9878\/revisions"}],"predecessor-version":[{"id":9883,"href":"https:\/\/www.kpai1.cn\/ko\/wp-json\/wp\/v2\/posts\/9878\/revisions\/9883"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.kpai1.cn\/ko\/wp-json\/wp\/v2\/media\/9879"}],"wp:attachment":[{"href":"https:\/\/www.kpai1.cn\/ko\/wp-json\/wp\/v2\/media?parent=9878"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.kpai1.cn\/ko\/wp-json\/wp\/v2\/categories?post=9878"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.kpai1.cn\/ko\/wp-json\/wp\/v2\/tags?post=9878"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}