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Minutes of the Federal Open Market Committee
June 27-28, 2007

A meeting of the Federal Open Market Committee was held in the offices of the Board of Governors of the Federal Reserve System in Washington, D.C., on Wednesday, June 27, 2007 at 2:00 p.m. and continued on Thursday, June 28, 2007 at 9:00 a.m.
Present:
Mr. Bernanke, Chairman
Mr. Geithner, Vice Chairman
Mr. Hoenig
Mr. Kohn
Mr. Kroszner
Ms. Minehan
Mr. Mishkin
Mr. Moskow
Mr. Poole
Mr. Warsh


Mr. Fisher, Ms. Pianalto, and Messrs. Plosser and Stern, Alternate Members of the Federal Open Market Committee

Messrs. Lacker and Lockhart, and Ms. Yellen, Presidents of the Federal Reserve Banks of Richmond, Atlanta, and San Francisco, respectively
Mr. Reinhart, Secretary and Economist
Ms. Smith, Assistant Secretary
Mr. Skidmore, Assistant Secretary
Mr. Alvarez, General Counsel
Ms. Johnson, Economist
Mr. Stockton, Economist

Messrs. Connors, Evans, Fuhrer, Madigan, Rasche, Sellon, Slifman, and Wilcox, Associate Economists

Mr. Dudley, Manager, System Open Market Account

Messrs. Clouse and English, Associate Directors, Division of Monetary Affairs, Board of Governors

Ms. Liang and Mr. Struckmeyer, Associate Directors, Division of Research and Statistics, Board of Governors

Messrs. Leahy and Wascher, Deputy Associate Directors, Divisions of International Finance and Research and Statistics, respectively, Board of Governors

Mr. Dale, Senior Adviser, Division of Monetary Affairs, Board of Governors

Mr. Blanchard, Assistant to the Board, Office of Board Members, Board of Governors

Mr. Gross, 1 Special Assistant to the Board, Office of Board Members, Board of Governors

Mr. Small, Project Manager, Division of Monetary Affairs, Board of Governors

Mr. Ahmed 2 and Mr Kusko, 2 Senior Economists, Divisions of International Finance and Research and Statistics, respectively, Board of Governors

Mr. Luecke, Senior Financial Analyst, Division of Monetary Affairs, Board of Governors

Mr. Beechey and Mr. Natalucci, 2 Economists, Division of Monetary Affairs, Board of Governors

Ms. Low, Open Market Secretariat Specialist, Division of Monetary Affairs, Board of Governors

Ms. Moore, First Vice President, Federal Reserve Bank of Cleveland

Mr. Rosenblum, Executive Vice President, Federal Reserve Bank of Dallas

Ms. Mester, Messrs. Sniderman, Weinberg, and Williams, Senior Vice Presidents, Federal Reserve Banks of Philadelphia, Cleveland, Richmond, and San Francisco, respectively

Ms. McLaughlin and Mr. Tallman, Vice Presidents, Federal Reserve Banks of New York and Atlanta, respectively

Ms. McConnell, Assistant Vice President, Federal Reserve Bank of New York

Mr. Weber, Senior Research Officer, Federal Reserve Bank of Minneapolis
1. Attended portion of the meeting relating to monetary policy communications.

2. Attended portion of the meeting relating to the economic outlook and monetary policy discussion.

The information reviewed at the June meeting suggested that the expansion of economic activity rebounded in the second quarter from its subpar pace in the first quarter. Upswings in net exports and inventory investment were expected to contribute importantly to the rise in real GDP. Consumer spending appeared to have slowed from its rapid pace earlier in the year, while business fixed investment continued to rise at a modest rate. Residential construction remained weak as builders worked further to clear high inventories of unsold homes. Sharp increases in energy prices drove up overall inflation in April and appeared to have done so again in May; core inflation seemed to have remained subdued.

Employment continued to rise at a moderate pace; the average monthly increase in payroll employment in April and May was a little below that of the first quarter. In May, employment was boosted by strong hiring in the service sector, but the manufacturing and retail sectors continued to shed jobs. Larger payrolls and a slightly longer average workweek in May led to an increase in aggregate hours; the unemployment rate held steady at 4.5 percent.

Industrial production increased modestly in April and May after having been little changed in the first quarter when some manufacturers restrained production to cope with a buildup in inventories. Manufacturing output edged up in recent months, reflecting increases in the output of light motor vehicles, other consumer durable goods, construction supplies, and durable materials. The production of high-tech industries also rose, albeit at a relatively sluggish pace compared with the brisk expansion seen around the turn of the year. Capacity utilization in the manufacturing sector in May was close to its long-run average and slightly below its level one year earlier.

The pace of real consumer spending appeared to have slowed somewhat in the second quarter after substantial increases late last year and early this year. The deceleration primarily reflected a flattening out of outlays for goods in recent months; spending on services continued to rise at a solid pace for the quarter as a whole, although the monthly pattern was affected by weather-related swings in outlays on energy services. The determinants of household spending were broadly supportive. Real disposable personal income rose at a moderate pace, on average, in the first four months of the year, boosted not only by ongoing gains in wages and salaries, but also by unusually large bonus payments and stock option exercises in the first quarter. Although the household wealth-to-income ratio ticked down in the first quarter with the stock market up only a little and house prices remaining soft, the increase in stock prices in the second quarter likely made up much of the lost ground.

Elevated inventories of unsold new homes continued to weigh on residential construction activity. In May, single-family housing starts declined, and adjusted permit issuance for the single-family sector stepped down further, indicating that builders were intending to slow further the pace of new construction. The monthly readings on sales of new and existing homes through May had fluctuated around levels lower than the average over the second half of 2006. Some, though not all, of this weakening in home sales was likely related to the tightening of lending standards for nonprime borrowers that began in February. Even though the inventory of new homes for sale ticked down in May, the months’ supply in May remained noticeably above its level in late 2006. According to OFHEO’s purchase-only price index for existing homes, house-price appreciation continued to slow in the first quarter.

Outlays for nonresidential construction appeared to have remained robust early in the second quarter. Business spending on equipment and software in recent months appeared to be about unchanged from the first quarter, although the softness was largely confined to outlays for transportation equipment. Shipments and orders for items other than transportation moved up markedly in March and April after weakness in earlier months, and, even with the small declines in May, the data pointed to a healthy rise in outlays in the second quarter. In particular, real spending on equipment other than high-tech and transportation seemed to be rebounding after sizable declines over the previous two quarters. After a surge in outlays on computers in the first quarter, spending on high-tech equipment appeared to be rising at a more modest pace in April and May. In contrast, spending on transportation equipment declined significantly. Purchases of medium and heavy trucks dropped further in May, continuing to reflect the payback from sales that were pulled forward into 2005 and 2006 in anticipation of tighter emissions standards that took effect in January. New orders for trucks picked up in May, albeit from very low levels. Shipments data indicated that spending on aircraft dropped back from the elevated level in the first quarter. The downtrend in the cost of capital was likely curtailed in recent weeks by the rise in corporate bond rates. Nonetheless, firms retained ample cash in reserve to finance investment.

Real nonfarm inventory investment excluding motor vehicles slowed appreciably in the first quarter of 2007, as firms in most industries appeared to have made considerable progress in addressing the inventory overhangs that developed in 2006. The adjustment apparently continued into the second quarter, as the ratio of inventories to sales for manufacturing and trade excluding motor vehicles ticked down further in April after a March decline. Inventories of light motor vehicles, which were pared down to more comfortable levels during the first quarter, continued to edge lower through May. Indeed, the inventory adjustment reached the point that, for the third month in a row, the May survey of purchasing managers indicated that, on net, more firms viewed their customers’ inventory levels as too low rather than too high.

After no change between the fourth quarter and first quarter, the U.S. international trade deficit narrowed in April from its March level. The recent narrowing reflected a steep decline in many categories of goods imports and a modest increase in exports, especially of agricultural products. Nominal imports of petroleum were flat in April after surging in March despite steady increases in the price of imported oil.

Economic activity in advanced foreign economies appeared to have grown at a solid rate in the first quarter. Economic growth in Canada rebounded sharply from a disappointing fourth quarter, and growth picked up in the United Kingdom, owing primarily to a robust expansion in the service sector. In the euro area, export growth in the first quarter slowed from its rapid fourth-quarter pace, and the hike in the German value-added tax likely temporarily depressed first-quarter consumption growth Consumer spending showed signs of recovering in recent months, and overall, economic conditions in the euro area remained solid. In Japan, recent data suggested that growth in the second quarter had moderated from the vigorous first-quarter pace, with public spending and net exports likely sources of weakness. Recent data indicated that economic activity in emerging-market economies remained strong. Growth in China and India appeared to have moderated somewhat from the very high rates of the first quarter. In Latin America, indicators for Mexico suggested some recovery from the marked slowdown of the previous few quarters, while growth in Argentina and Brazil appeared to pick up as well.

Headline consumer price inflation stepped up in recent months, driven by large increases in the index for energy. However, readings on core inflation had declined. Core PCE prices rose 0.1 percent in April and were estimated to have posted a similar, modest increase in May. The recent readings had been held down, in part, by declines in volatile categories such as apparel and tobacco products that were likely to prove transitory; the rent components had also decelerated. The twelve-month change in core PCE prices in May was expected to be lower than the increase over the year-earlier period; however, over that longer period, the decline in core PCE inflation was almost entirely the result of a slowing in its nonmarket component. Household surveys conducted in early June indicated that the median expectation for year-ahead inflation increased further, consistent with the energy-driven acceleration in overall consumer prices in recent months. After edging higher in April and May, median expectations of longer-term inflation fell back in June and remained in the narrow range seen over the past two years. The twelve-month change in average hourly earnings for production or nonsupervisory workers edged lower in recent months.

At its May meeting, the Federal Open Market Committee (FOMC) maintained its target for the federal funds rate at 5-1/4 percent. The Committee’s accompanying statement noted that economic growth slowed in the first part of the year and that the adjustment in the housing sector was ongoing. Nevertheless, the economy seemed likely to expand at a moderate pace over coming quarters. Core inflation remained somewhat elevated. Although inflation pressures seemed likely to moderate over time, the high level of resource utilization had the potential to sustain those pressures. The Committee's predominant policy concern remained the risk that inflation would fail to moderate as expected. Future policy adjustments would depend on the evolution of the outlook for both inflation and economic growth, as implied by incoming information.

Market participants had largely anticipated the FOMC's decision at its May meeting to leave the target federal funds rate unchanged, but some market participants were reportedly surprised by the retention of the assessment that inflation was “somewhat elevated.” The publication of the minutes of the May meeting elicited little market response. Over the intermeeting period, however, investors seemed to reappraise their beliefs that the economic expansion would slow and that monetary policy easing would be forthcoming. This reappraisal seemed to be based in part on the release of some economic data in the United States and abroad that were more favorable than expected. As a result, the expected path of the federal funds rate over the coming year was marked up sharply in financial markets. Yields on nominal Treasury securities at all maturities also rose over the intermeeting period, with the most pronounced gains in forward rates three to five years ahead. Measures of long-horizon inflation compensation based on inflation-indexed Treasury securities edged slightly higher. Yields on investment-grade corporate bonds rose in line with those on comparable-maturity Treasury securities, leaving their spreads little changed. In contrast, spreads on speculative-grade corporate bonds narrowed. Equity prices were volatile at times during the intermeeting period, but broad stock price indexes advanced modestly, on net, as favorable news on the economy and announcements of mergers and acquisitions outweighed the drag of higher bond yields. The foreign exchange value of the dollar against other major currencies was little changed, on balance.

Gross bond issuance by nonfinancial businesses surged in May from the already robust pace of earlier in the year. Acquisition-related financing continued to support corporate bond issuance, but a significant share of recent issues was reportedly designated for capital expenditures. Commercial paper outstanding was unchanged in May, but bank lending maintained a strong pace. In the household sector, mortgage debt expanded at a slower pace in the first quarter, reflecting the slowdown in home-price appreciation over the past year and the lower pace of home sales. Interest rates available to prime borrowers on both fixed-rate and variable-rate mortgages increased along with other market interest rates. Consumer credit continued to expand at a moderate pace in the first quarter. After rising at a particularly rapid rate in the first quarter, M2 increased at a more moderate pace in April and May.

In preparation for this meeting, the staff reduced its estimate of the increase in real GDP in the first quarter and marked up its forecast of the rebound in economic activity in the second quarter, in large part because of a more substantial swing in inventory investment than previously expected. The revisions, however, left the projection of economic growth over the first half of the year unchanged. As was the case in May, economic activity was expected to increase at a rate a little below that of the economy's long-run potential for the remainder of the year and to rise at a pace broadly in line with potential output growth in 2008. The projected gradual acceleration in economic activity in coming quarters largely reflected the expected waning of the drag from residential investment and improvements in the pace of business fixed investment. Increases in energy and food prices over the intermeeting period led the staff to revise up its forecast for headline PCE inflation during the second quarter, but its projection of core PCE inflation was revised down. Although some of the recent slowing in readings on core PCE inflation was likely due to transitory factors, the staff took some signal from the data and trimmed its forecast for core PCE inflation slightly in coming quarters. Over the next several quarters, total PCE inflation was projected to moderate to a pace close to core PCE inflation.

In their discussion of the economic situation and outlook, participants noted that economic activity appeared to have expanded at a moderate pace on balance over the first half of the year. In view of incoming data and anecdotal information, participants continued to anticipate moderate economic growth in coming quarters, with growth rising gradually to a pace close to that of potential output. Participants interpreted the most recent information on business spending, business sentiment, and the labor market as suggesting that the risks to growth were more balanced than at the time of the May meeting, despite the ongoing adjustment in the housing sector and the significant recent increases in longer-term interest rates. Participants generally expected that inflation would probably edge lower over the next two years, reflecting the waning of temporary factors that had boosted prices last year and a slight easing of pressures on resources. Recent data on core consumer prices were encouraging in this regard, but participants were wary of drawing any firm conclusions about future trends from a few monthly readings that could reflect transitory influences and remained concerned about forces that could contribute to inflation pressures. Against this backdrop, participants agreed that the risk that inflation would fail to moderate as expected remained their predominant concern.

In preparation for the Federal Reserve’s semiannual report to the Congress on the economy and monetary policy, the members of the Board of Governors and the presidents of the Federal Reserve Banks submitted individual projections of the growth of nominal and real GDP, the rate of unemployment, and core consumer price inflation for the years 2007 and 2008, conditioned on their views of the appropriate path for monetary policy. The projections for the growth of nominal GDP were in the range of 4-1/2 to 5-1/2 percent, with a central tendency of 4-1/2 to 5 percent for 2007; for 2008, the projections for nominal GDP growth ranged between 4-1/2 to 5-1/2 with a central tendency of 4-3/4 to 5 percent. Projections for the rate of expansion in real GDP in 2007 were in a range from 2 to 2-3/4 percent in 2007, with a central tendency of 2-1/4 to 2-1/2 percent; for 2008, the projections ranged between 2-1/2 to 3 percent, with a central tendency of 2-1/2 to 2-3/4 percent. These rates of growth were associated with civilian unemployment rates in the range of 4-1/2 to 4-3/4 percent in the fourth quarter of 2007 and 4-1/2 to 5 percent in the fourth quarter of 2008; the central tendency of these projections was 4-1/2 to 4-3/4 percent in 2007 and about 4-3/4 percent in 2008. Projections for the rate of inflation, as measured by the core PCE price index, in 2007 were in a range of 2 to 2-1/4 percent in 2007 and 1-3/4 to 2 percent in 2008. The central tendencies of these projections in 2007 and 2008 were identical to the ranges for those years.

Participants generally agreed that the housing sector was likely to remain a drag on growth for some time yet and represented the most significant downside risk to the economic outlook. Although starts of single-family homes had moved up, on balance, over recent months, permits for new construction continued to decline. A number of participants noted that inventories of new homes for sale remained quite elevated. Housing activity was seen as likely to continue to contract for several more quarters. Participants also identified a number of downside risks associated with their outlook for residential construction. The recent increase in interest rates for prime mortgages could further dampen the demand for housing. Moreover, a number of participants pointed to rising mortgage delinquency rates and related difficulties in the subprime mortgage market as factors that could crimp the availability of mortgage credit and the demand for housing.

Spillovers from the strains in the housing market to consumption spending had apparently been quite limited to date. To be sure, personal consumption expenditures appeared to be rising more slowly in recent months than earlier in the year, but that development was probably, at least in part, a result of the rise in gasoline prices, which was not expected to be extended. Participants generally anticipated moderate gains in consumption spending over coming months, supported by the strong labor market and solid growth in personal income. Still, the advance in spending was expected to fall short of income growth, and the saving rate was anticipated to trend higher over coming quarters from the unusually low levels of recent years. Some participants noted a risk that the saving rate could rise more than currently foreseen, particularly if household wealth were depressed by a further softening in house prices or by a less buoyant equity market that might accompany a potential slowing in the growth of corporate earnings. Several participants noted that higher interest rates and a potential tightening in credit availability might also be factors that could contribute to a rise in the personal saving rate. At the same time, participants recognized that consumption growth had held up to date and saw a risk that the saving rate could fail to rise as much as currently expected, particularly if equity markets continued to register significant gains.

A number of participants remarked that the recent data on business spending were more encouraging than those available at the time of the May meeting. In particular, orders and shipments for nondefense capital goods had stepped up, on balance, from March through May, and survey indicators of business conditions had improved of late. Strength in foreign demand for U.S. goods and services was another factor that seemed likely to contribute to the firming of business spending. Participants noted that inventories appeared to be better aligned with sales, boding well for a resumption of inventory accumulation and a pickup in manufacturing activity. At the same time, some recognized the possibility that downside risks to investment spending persisted. Longer-term interest rates and the cost of credit generally had moved higher of late, the growth of business profits seemed to be moderating, and measured productivity growth had been slower. Although credit market conditions seemed to remain generally quite accommodative, in the days just prior to the meeting, the availability of credit to some highly leveraged and other lower-rated borrowers appeared to be tightening a bit and investors seemed to reevaluate the risks associated with investments in complex and illiquid financial instruments.

Strength in spending abroad and the decline in the exchange value of the dollar were seen as factors boosting U.S. exports. The rise in global interest rates was cited as evidence of increasing global demand, and some participants pointed to strength of aggregate demand worldwide and its potential effect on the prices of imports and globally traded commodities as contributing to upside risks to U.S. inflation.

Most participants judged labor market conditions to remain rather tight, particularly for the most skilled workers. The continued tautness of labor markets was something of a puzzle in light of below-trend economic growth over recent quarters, and this development seemed to be connected with slower productivity growth lately. In their discussion of this issue, participants noted that employment data for 2006 could ultimately be revised down, resulting in a corresponding upward revision to productivity. Some participants also pointed to evidence of lags in employment adjustments, particularly in the construction industry, as a factor depressing productivity in recent quarters. These observations suggested that the recent decline in productivity growth might prove smaller than now estimated and largely transitory. Still, some decline in the pace of trend productivity growth could not be ruled out--a development that could have implications for business costs and price pressures. Some participants further noted that the level of the unemployment rate consistent with stable inflation could be lower than previously thought--a possibility that would help to explain the absence of outsized wage pressures in the current environment.

The incoming data on core consumer prices were viewed as favorable, but were not seen as convincing evidence that the recent moderation of core inflation would be sustained. Participants noted that monthly data on consumer prices are noisy, and recent readings on core inflation seemed to have been depressed by transitory factors. Moreover, a number of forces could sustain inflation pressures, including the generally high level of resource utilization, elevated energy and commodity prices, the decline in the exchange value of the dollar over recent quarters, and slower productivity growth. In addition, while core consumer price inflation had moderated of late, total consumer price inflation had moved substantially higher, boosted by rising energy and food prices. While total inflation was expected to slow toward the pace of core inflation over time, a number of participants noted that recent elevated readings posed some risk of a deterioration in inflation expectations. On this point, several participants cited the uptick in forward measures of inflation compensation over the intermeeting period derived from Treasury inflation-indexed securities. However, a portion of this increase might be attributed to technical factors, and survey measures of long-term inflation expectations had held steady over recent weeks. Nonetheless, several participants emphasized that holding long-run inflation expectations at or below current levels would likely be necessary for core inflation to moderate as expected over coming quarters.

In their discussion of monetary policy for the intermeeting period, members generally regarded the risks to economic growth as more balanced than at the time of the May meeting. Although the housing market remained a key source of uncertainty about the outlook, members thought it most likely that the overall economy would expand at a moderate pace over coming quarters. Members generally anticipated that core inflation would remain relatively subdued but concurred that a sustained moderation in inflation had not yet been convincingly demonstrated. In these circumstances, members agreed that maintaining the target federal funds rate at 5-1/4 percent for this meeting was appropriate and that future policy adjustments would depend on the outlook for economic growth and inflation, as implied by incoming information.

In light of the recent economic data and anecdotal information, the Committee agreed that the statement to be released after the meeting should indicate that the economy seemed to be expanding at a moderate pace over the first half of the year. Members agreed that while measures of core inflation had improved lately, the statement should indicate that a sustained moderation of inflation remained in question and that high levels of resource utilization had the potential to fuel inflation pressures. Against this backdrop, members judged that the risk that inflation would fail to moderate as expected remained their predominant concern.

At the conclusion of the discussion, the Committee voted to authorize and direct the Federal Reserve Bank of New York, until it was instructed otherwise, to execute transactions in the System Account in accordance with the following domestic policy directive:

“The Federal Open Market Committee seeks monetary and financial conditions that will foster price stability and promote sustainable growth in output. To further its long-run objectives, the Committee in the immediate future seeks conditions in reserve markets consistent with maintaining the federal funds rate at an average of around 5-1/4 percent.”

The vote encompassed approval of the text below for inclusion in the statement to be released at 2:15 p.m.:

“In these circumstances, the Committee’s predominant policy concern remains the risk that inflation will fail to moderate as expected. Future policy adjustments will depend on the evolution of the outlook for both inflation and economic growth, as implied by incoming information.”

Votes for this action: Messrs. Bernanke, Geithner, Hoenig, Kohn, and Kroszner, Ms. Minehan, Messrs. Mishkin, Moskow, Poole, and Warsh.

Votes against this action: None.

The Committee then again took up the topic of monetary policy communications. The discussion at this meeting focused on several key elements of the Committee’s communications vehicles: the statement released after each FOMC meeting; the minutes of FOMC meetings; and the projections of FOMC participants that are summarized in the Federal Reserve’s semiannual monetary policy reports to the Congress. The Committee made no decisions at this meeting, and it was understood that the subcommittee on communications issues would review the Committee’s discussions to date on these matters.

It was agreed that the next meeting of the Committee would be held on Tuesday, August 7, 2007.

The meeting adjourned at 2:20 p.m.

Notation Vote

By notation vote completed on May 29, 2007, the Committee unanimously approved the minutes of the FOMC meeting held on May 9, 2007.

Vincent R. Reinhart
Secretary

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삼전닉스 주가는 급락, 빚은 그대로? [서울=뉴스핌] 양태훈 기자 = 삼성전자와 SK하이닉스의 주가가 이틀 연속 급락하면서 이른바 '빚투' 투자자들의 담보 부담이 커지고 있다. 메모리 수요에 이상징후가 없고 주가가 저평가 구간에 진입했다는 분석도 나오지만, 담보 부족이 발생한 계좌는 반등을 기다리기에 앞서 부족분부터 메워야 하는 상황이다. 정해진 기한까지 추가 담보를 납입하거나 대출을 상환하지 못하면 주가 회복 전에 보유 주식이 강제 처분될 수 있기 때문이다. 6일 한국거래소에 따르면 이날 삼성전자는 전 거래일보다 1만2800원(6.35%) 내린 18만8700원에 거래를 마쳤다. SK하이닉스도 13만2000원(10.44%) 하락한 113만2000원에 장을 마감했다. 전날 각각 7.57%, 9.46% 급락한 데 이어 이틀 연속 큰 폭으로 하락하면서 신용융자와 주식담보대출을 이용한 투자자들의 담보 부담도 커지고 있다. ◆ 주가 급락에 담보비율 하락…납부기한 넘기면 반대매매 문제는 주가가 떨어져도 빌린 돈은 줄어들지 않는다는 점이다. 담보로 잡힌 주식의 가치가 하락하면 대출금 대비 담보비율이 낮아지고, 유지 기준에 미달할 경우 추가 담보 납입이나 대출 상환 요구를 받을 수 있다. 가령 다른 담보 없이 삼성전자 또는 SK하이닉스 한 종목만 담보로 잡혀 있고 대출금이 그대로라면, 담보비율이 150%였던 계좌는 지난 5일 하루 하락만으로 각각 약 138.6%, 135.8%까지 낮아진다. 유지 비율 140%를 적용받는 계좌라면 담보 부족이 발생하는 수준이다. 이자와 비용 등을 제외한 단순 계산으로, 실제 계좌의 담보 상태와는 차이가 있다.예를 들어 삼성전자 주식 1억5000만원어치를 담보로 1억원을 빌린 투자자는 지난 5일 주가가 7.57% 떨어지면서 담보 가치가 약 1억3865만원으로 줄어든다. 증권사가 요구하는 최소 담보 가치가 1억4000만원이라면 하루 만에 약 135만원의 담보 부족이 발생하는 셈이다. 부족분을 제때 채우지 못하면 반대매매로 이어질 수 있다. 증권사들은 담보 부족이 발생한 고객에게 부족 금액과 납입기한을 안내하고 있다. 현금 입금이나 증권 입고, 보유 주식 매매, 신용융자 현금상환 등으로 부족분을 해소할 수 있지만, 기한까지 해결하지 못하면 반대매매가 이뤄질 수 있기 때문이다. [AI 인포그래픽=양태훈 기자] 추가 자금을 마련하는 동안 주가가 더 떨어지면 부담이 이어질 수 있다. 증권사 한 관계자는 "시장 변동성이 확대될 경우 고객의 추가 납입 여력과 담보가치가 동시에 낮아질 수 있는 만큼 관련 계좌를 면밀히 관리하고 있다"라고 말했다. 실제로 신용융자 잔액은 높은 수준을 이어가고 있다. 금융투자협회에 따르면 지난 5일 신용거래융자 잔액은 28조7715억원으로 전날보다 1269억원(0.44%) 증가했다. 같은 날 위탁매매 미수금 관련 반대매매 체결액은 약 84억2000만원으로, 이달 4일 약 39억원의 두 배를 웃돌았다. 이에 정부는 반대매매가 추가적인 주가 하락을 부르는 악순환을 차단하기 위해 오는 9일부터 3개월간 증권사의 신용융자 담보비율 140% 유지 의무를 면제하기로 했다. 주가 급락에 따른 일시적인 담보 부족이 대규모 강제매도로 이어지는 상황을 완화하려는 조치다. 다만 규제 완화가 모든 계좌의 반대매매 중단을 의미하는 것은 아니다. 구체적인 담보 유지 기준과 적용 대상, 기존 담보 부족 계좌의 처리 방식 등은 증권사별 시행 방안을 확인해야 한다. 특히 이번 조치는 신용융자에 대한 담보비율 유지 의무 면제로, 주식담보대출 등 다른 대출까지 동일하게 적용된다고 볼 수는 없다. 증권사들은 정부 발표 직후 내부 검토에 착수했으며, 구체적인 적용 방안과 기존 계좌에 미치는 영향은 검토 후 결정한다는 방침이다. 또 다른 증권사 관계자는 "이번 조치로 담보부족 고객의 단기 반대매매 가능성이 낮아졌다"면서도 "다만 반대매매가 과도하게 일어나면 오히려 주가가 더 하락할 가능성도 높다. 주가 급락과 강제매도가 맞물려 하락세를 심화시키는 상황을 경계할 필요는 있다"라고 전했다. ◆ 메모리 업황은 견조하다는 평가…반등까지 버틸 여력이 변수 반도체 업황에 대해서는 최근 주가 하락이 기업의 기초체력에 비해 과도하다는 분석이 나온다. 메리츠증권은 이날 보고서에서 삼성전자와 SK하이닉스, 마이크론의 미주 영업·마케팅 채널을 점검한 결과 당장 메모리 수요에 이상징후는 감지되지 않았다고 밝혔다. 인공지능(AI) 데이터센터 규제 우려 역시 수요 감소보다는 건설 지역 변경에 따른 불확실성에 가깝다는 진단이다. 김선우 메리츠증권 연구원은 "삼성전자와 SK하이닉스의 주가가 2027년 예상 순자산 대비 주가순자산비율(PBR) 각각 1.13배, 1.00배 수준까지 하락했다"며 "현 주가 수준에서는 향후 상승에 대한 기대가 높아질 가능성이 크고, 잠재적 위험보다 기대수익에 압도적으로 무게가 실린 상황"이라고 평가했다. NH투자증권도 이번 급락이 반도체 업황 자체의 악화보다는 미국의 정책 불확실성과 수급 충격에 영향을 받은 것으로 분석했다. 민주당의 AI 산업 규제 강화 우려와 헤지펀드 청산 등이 기술주 전반의 하락을 부추겼다는 설명이다. [AI 인포그래픽=양태훈 기자] 조수홍 NH투자증권 리서치본부장은 "민주당 역시 중국과의 AI 패권 경쟁을 중시하는 만큼 데이터센터 건설을 원천적으로 차단할 가능성은 제한적"이라며 "미국 내 투자가 지연되더라도 동맹국 데이터센터를 활용한 연산 수요가 유지될 수 있어, 정책 우려가 과도했다는 점이 확인되면 시장도 안정을 되찾을 것"이라고 전망했다. 다만 반도체 업황에 대한 긍정적인 평가가 곧바로 주가 반등으로 이어지지는 않을 수 있다는 전망도 나온다. iM증권은 삼성전자와 SK하이닉스 주가가 연말까지 저점을 높이더라도 내년 상반기에는 박스권 흐름이 이어질 수 있다고 내다봤다. 내년 하반기 고대역폭메모리(HBM) 관련 협의와 장기공급계약의 이익 방어력이 확인돼야 본격적인 재평가가 가능하다는 분석이다. 글로벌 AI 관련 기술주 역시 주가 회복까지 시간이 필요하다는 분석이 나온다. 신한투자증권은 AI 산업이 고성장 국면에 있지만 관련 기업들의 현금흐름이 적자인 데다 추가 자금 조달이 필요한 상황이라고 진단했다. 김성환 신한투자증권 연구원은 "근본적으로 AI 기업들과 빅테크들의 현금흐름 개선 단서가 입증되기 전에는 악순환이 끊어지기 어려워보인다"라며 "시장은 3분기 실적 시즌에서 이 단서를 확보하는데 실패했다. 4분기 실적 시즌까지는 가야한다"고 전했다. dconnect@newspim.com 2026-11-07 07:00
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정비사업 용적률 1.2배 허용한다더니… [서울=뉴스핌] 이동훈 선임기자 = 정부와 여당이 민간 재개발·재건축사업의 용적률(대지면적 대비 건축물 연면적) 인센티브를 법적 상한의 1.2배까지 확대하는 방안을 두고 막판 진통을 겪고 있다. 이에 따라 연내 통과가 기대됐던 '도시 및 주거환경정비법' 개정안의 처리가 지연될 가능성이 제기된다. 여기에 이재명 대통령이 민간 정비사업의 부정부패 가능성을 지적하며 공공 정비사업 확대를 언급하면서 정부의 민간 정비사업 지원 기조가 약화할 수 있다는 관측도 나온다. 다만 법적 상한의 1.2배까지 용적률을 높이는 방안은 이미 큰 틀에서 합의가 이뤄진 만큼 제도화될 가능성이 있다는 분석이다. 다만 추가적인 요건과 제한이 붙을 수 있어 실제 정비사업 현장에서 사업성 개선 효과가 폭넓게 나타나기는 어려울 수 있다는 전망도 나온다. ◆ 민간 정비사업 용적률 상향, 합의 됐지만 실제 법안 통과는 미지수   7일 정비업계에 따르면 민간 재개발·재건축사업의 용적률을 법적 상한 1.2배까지 부여하도록 하는 '도시및주거환경정비법' 개정안 마련이 늦어지고 있는 가운데 실제 법안 개정도 지연될 가능성이 제기되고 있다. [AI일러스트=이동훈 선임기자] 민간 정비사업에 대한 용적률 인센티브 확대는 오세훈 서울시장과 김윤덕 전 국토교통부 장관 간 협의의 결과물로 평가된다. 오 시장과 김 전 장관은 지난해 10·15 대책으로 서울 전역이 투기과열지구와 조정대상지역, 토지거래허가구역으로 지정되면서 위축된 민간 정비사업을 활성화하고 서울의 주택 공급을 확대하기 위해 지속적으로 협의를 이어왔다. 이 과정에서 서울시는 민간 정비사업 활성화를 위한 '10대 개선 과제'를 국토부에 제시했다. 국토부는 이 가운데 8개 과제를 수용했으며, 나머지 과제 중 하나인 법적 상한의 1.2배까지 용적률을 허용하는 방안을 놓고 협의를 진행하고 있다. 서울시는 국토부가 특별법에 따라 추진하는 도심 공공주택 복합사업에 법적 상한의 최대 1.4배, 공공재개발 사업에는 최대 1.3배의 용적률을 적용하는 점을 들어 민간 정비사업에도 이에 상응하는 인센티브가 필요하다고 주장해 왔다. 이에 따라 민간 재개발·재건축사업에도 법적 상한의 1.2배 또는 1.3배까지 용적률을 추가로 허용해 줄 것을 정부에 요구했다. 국토부는 용적률 1.2배 방안을 최종 선택해 여당과의 협의 과정에 있으며 이를 포함한 도정법 개정안을 마련하고 있는 상태다. 이 제도가 확정되면 법적 상한 용적률이 300%인 서울시내 3종 일반주거지역에서는 360%까지 용적률을 늘릴 수 있으며 2종 일반주거지역의 용적률은 250%에서 300%까지 받게 된다.  서울시 추산에 따르면 민간 정비사업 용적률이 법적 상한의 1.2배로 높아지면 2031년까지 약 4만3000가구의 추가 공급이 가능하다. 이 경우 정비사업을 통한 주택 순증 물량은 기존 목표인 8만7000가구에서 13만가구 수준으로 늘어난다. 서울시 관계자는 "용적률 법적 상한 1.2배 상향이 모든 사업장에서 가능한 것은 아니기 때문에 적용 가능한 사업장을 시뮬레이션 한 결과 이같이 추산된다"고 말했다. 시는 2031년까지 31만 가구의 정비사업 주택 착공을 목표로 하고 있다. 용적률 상향이 이뤄지면 단순계산시 35만가구 착공이 가능해지는 셈이다.  다만 법안 처리 과정에서 다소 시간이 걸릴 것이란 분석이 나온다. 개정안의 방향성은 마련됐지만 국토부와 여권에서 법안 처리에 신중을 기한다는 입장이라서다. 실제 홍지선 국토부 장관은 지난달 30일 서울 상계2구역 재개발사업장을 방문한 자리에서 용적률을 1.2배까지 높이는 방안에 대해 "서울시와 도시정비법처럼 바로 풀 수 있는 문제부터 협력하겠다"면서 "서울시와 실무 협의를 하고 있고 답변을 기다리는 중"이라는 입장을 내놨다. 서울시 관계자는 "시는 국토부와의 실무협의에 최선을 다한다는 입장이지만 이번 도정법 개정안은 국토부가 아닌 여당이 중점적으로 추진하는 사안으로 알고 있으며 이에 따라 서울시보다 야당과의 협의가 우선시 될 것"이라며 "세부적인 개정안 내용에 대해 서울시의 검토를 요청하는 경우가 아직 없었고 단지 서울시의 요청사항만 국토부에 전달된 상태"라고 말했다.  ◆ 與 지역별 차등적용 등 추가 조건 내놔…대통령 비판 인식도 통과 변수 이미 방향성이 확정됐음에도 정부와 여당이 법안 처리에 적극적으로 나서지 않고 있다는 지적이 나온다. 실제 서울시는 "서울시 입장은 이미 전달한 만큼 개정안 처리를 신속히 해야 한다"고 말했다. 이에 따라 기대했던 연내 국회 통과가 어려울 수 있는 것으로 분석되고 있다.  실질적으로 법안 개정에 시간이 소요될 사안도 발생했다. 당정협의 과정에서 여권의 추가 사항이 거론되고 있어서다. 먼저 지역별 차등적용이다. 강남·서초·송파구의 강남3구와 용산구의 민간정비사업은 용적률 추가 대상에서 제외하는 것이다. 또 늘어난 용적률로는 전용면적 59㎡ 이하 주택만 짓도록 하는 방안이 거론되고 있다. 아울러 늘어나는 용적률의 50%를 임대주택으로 공급하는 것에 대해 예외를 주지 못하도록 명확히 하는 것도 추가될 예정이다.  이에 대해 서울시는 일단 검토가 필요하다는 입장이다. 서울시 관계자는 "여당에서 요구하는 추가 사안은 서울시가 고려했던 사안은 아니기 때문에 내부 검토가 있어야 할 것"이라고 말했다. 이 과정에서 시간 추가 소요와 진통을 예상하는 목소리가 나오고 있다.  다만 업계에서는 이 부분은 서울시가 크게 반대할 사안은 아닌 만큼 개정안 통과를 크게 늦출 요인이 아니라는 관측을 내놓고 있다. 용적률 인센티브는 사업성 증대가 절실한 비도심 강북지역에 중점적으로 배정할 수 있고 또 강남권 등 인기지역에서는 재건축 이후 사업성까지 고려해 고밀 재건축을 크게 반기는 상황은 아니기 때문이란 게 업계의 분석이다. 이와 함께 서울시의 요구 사항인 재개발 임대주택 공급 완화는 받아들여지지 않을 전망이다.  시장 전문가들은 연내 통과 가능성을 조심스레 예측하면서도 막판 진통 가능성을 점치고 있다. 이재명 정부출범 이후 사안마다 극한대립에 빠진 서울시와 국토부의 관계 때문이다. 협의 과정도 순탄치 않다. 오세훈 시장은 홍 장관과의 빠른 만남을 원한다고 말했지만 홍지선 장관은 실무협의부터 마무리한 다음 만남을 공식화한 상태다. 도정법 개정 사례도 마찬가지다. 국토부는 '서울시의 답변을 기다린다'고 말한 반면 서울시는 국토부가 도정법 개정에 대해 시 의견을 요청한 사례가 없었다는 입장이다.  아울러 지난 4일 이재명 대통령이 이례적으로 재개발 사업장을 찾아 공공 재개발을 강조하고 민간 정비사업을 비판한 점도 변수로 작용할 전망이다. 이 대통령은 이 자리에서 "공공재개발은 빠르게 추진할 수 있는데 민간정비사업은 부정 부패가 있다"고 언급했다. 이에 대해 오 시장은 이 대통령이 민간 정비사업을 악마화한다고 비판했다. 시장 전문가는 "대통령이 맞대 놓고 민간 정비사업을 비판했는데 여권이 민간 정비사업을 지원하는 법안 개정이 쉽지 않을 수 있다"고 말했다. 이은형 대한건설정책연구원 연구위원은 "이재명 정부의 정비사업에 대한 방향성은 국정과제에도 명시돼 있는 '공공성 강화'며 민간 정비사업에 대한 대통령의 언급도 있는 만큼 국회나 정부의 제도 개선에 일정부분 영향을 줄 수 있을 것"이라고 말했다.  donglee@newspim.com 2026-11-07 06:00
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