{"id":79,"date":"2026-04-08T10:58:28","date_gmt":"2026-04-08T10:58:28","guid":{"rendered":"https:\/\/gridizer.com\/research\/?p=79"},"modified":"2026-05-30T07:49:52","modified_gmt":"2026-05-30T07:49:52","slug":"nota-macro-el-shock-inmediato-se-ha-suavizado-pero-el-riesgo-de-inflacion-no","status":"publish","type":"post","link":"https:\/\/gridizer.com\/research\/es\/nota-macro-el-shock-inmediato-se-ha-suavizado-pero-el-riesgo-de-inflacion-no\/","title":{"rendered":"Nota macro: El shock inmediato se ha suavizado, pero el riesgo de inflaci\u00f3n no"},"content":{"rendered":"\n<h3 class=\"wp-block-heading\"><strong>El shock inmediato se ha suavizado<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">El alto el fuego ha reducido la probabilidad de una crisis energ\u00e9tica inmediata. Eso explica por qu\u00e9 cay\u00f3 el petr\u00f3leo y subieron los activos de riesgo.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Pero la inflaci\u00f3n es m\u00e1s que los futuros del petr\u00f3leo<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">El riesgo inflacionario no procede solo del gr\u00e1fico del petr\u00f3leo. Tambi\u00e9n proviene del da\u00f1o a la oferta petroqu\u00edmica, de los retrasos en el transporte mar\u00edtimo, de mayores costes de seguro, de una log\u00edstica m\u00e1s tensa y de una normalizaci\u00f3n industrial m\u00e1s lenta.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Puede estar surgiendo un problema macro m\u00e1s lento<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Esto crea un panorama m\u00e1s complejo. Los mercados pueden celebrar la desaparici\u00f3n del peor escenario, mientras la econom\u00eda real sigue enfrent\u00e1ndose a un problema de costes m\u00e1s lento pero persistente.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><strong>Lo que esto significa<\/strong><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">La primera fase fue un shock de guerra.<br>La segunda fase puede ser un retraso en la reparaci\u00f3n.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Esto importa especialmente para las econom\u00edas importadoras de energ\u00eda y para los sectores que dependen de un transporte predecible, de costes de insumos estables y de una inflaci\u00f3n baja. En ese sentido, el alto el fuego puede acabar con el p\u00e1nico sin acabar con la presi\u00f3n macroecon\u00f3mica.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>El shock inmediato se ha suavizado El alto el fuego ha reducido la probabilidad de una crisis energ\u00e9tica inmediata. Eso explica por qu\u00e9 cay\u00f3 el petr\u00f3leo y subieron los activos de riesgo. Pero la inflaci\u00f3n es m\u00e1s que los futuros del petr\u00f3leo El riesgo inflacionario no procede solo del gr\u00e1fico del petr\u00f3leo. Tambi\u00e9n proviene del &#8230; <a title=\"Nota macro: El shock inmediato se ha suavizado, pero el riesgo de inflaci\u00f3n no\" class=\"read-more\" href=\"https:\/\/gridizer.com\/research\/es\/nota-macro-el-shock-inmediato-se-ha-suavizado-pero-el-riesgo-de-inflacion-no\/\" aria-label=\"Mehr Informationen \u00fcber Nota macro: El shock inmediato se ha suavizado, pero el riesgo de inflaci\u00f3n no\">Weiterlesen<\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[17],"tags":[],"class_list":["post-79","post","type-post","status-publish","format-standard","hentry","category-macro-notes-es"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Nota macro: El shock inmediato se ha suavizado, pero el riesgo de inflaci\u00f3n no -<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/gridizer.com\/research\/es\/nota-macro-el-shock-inmediato-se-ha-suavizado-pero-el-riesgo-de-inflacion-no\/\" \/>\n<meta property=\"og:locale\" content=\"de_DE\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Nota macro: El shock inmediato se ha suavizado, pero el riesgo de inflaci\u00f3n no -\" \/>\n<meta property=\"og:description\" content=\"El shock inmediato se ha suavizado El alto el fuego ha reducido la probabilidad de una crisis energ\u00e9tica inmediata. Eso explica por qu\u00e9 cay\u00f3 el petr\u00f3leo y subieron los activos de riesgo. Pero la inflaci\u00f3n es m\u00e1s que los futuros del petr\u00f3leo El riesgo inflacionario no procede solo del gr\u00e1fico del petr\u00f3leo. Tambi\u00e9n proviene del ... 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