{"id":13866,"date":"2021-06-06T20:09:00","date_gmt":"2021-06-06T11:09:00","guid":{"rendered":"https:\/\/www.globalmacroresearch.org\/jp\/?p=13866"},"modified":"2021-06-06T18:11:11","modified_gmt":"2021-06-06T09:11:11","slug":"%e9%87%91%e7%9b%b8%e5%a0%b4%e3%81%af%e3%83%86%e3%83%bc%e3%83%91%e3%83%aa%e3%83%b3%e3%82%b0%e3%81%a7%e6%9a%b4%e8%90%bd%e3%81%99%e3%82%8b%e3%81%8b%ef%bc%9f%e3%80%80%e4%be%a1%e6%a0%bc%e3%81%ae%e6%8e%a8","status":"publish","type":"post","link":"https:\/\/www.globalmacroresearch.org\/jp\/archives\/13866","title":{"rendered":"\u91d1\u76f8\u5834\u306f\u30c6\u30fc\u30d1\u30ea\u30f3\u30b0\u3067\u66b4\u843d\u3059\u308b\u304b\uff1f\u3000\u4fa1\u683c\u306e\u63a8\u79fb\u4e88\u60f3\u3068\u898b\u901a\u3057"},"content":{"rendered":"\n<p>\u30a2\u30e1\u30ea\u30ab\u3067\u30a4\u30f3\u30d5\u30ec\u304c\u554f\u984c\u306b\u306a\u308a\u3064\u3064\u3042\u308b\u3053\u3068\u3082\u3042\u308a\u3001\u30a2\u30e1\u30ea\u30ab\u306e\u4e2d\u592e\u9280\u884c\u3067\u3042\u308bFed\uff08\u9023\u90a6\u6e96\u5099\u5236\u5ea6\uff09\u306f\u30c6\u30fc\u30d1\u30ea\u30f3\u30b0\uff08\u91cf\u7684\u7de9\u548c\u7e2e\u5c0f\uff09\u306e\u793a\u5506\u3092\u8003\u616e\u3057\u59cb\u3081\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<!--more-->\n\n\n\n<p>Fed\u306e\u30c8\u30c3\u30d7\u3067\u3042\u308b\u30d1\u30a6\u30a8\u30eb\u8b70\u9577\u306f\u307e\u3060\u30a4\u30f3\u30d5\u30ec\u306e\u8105\u5a01\u3092\u8a8d\u3081\u3066\u3044\u306a\u3044\u3002\u3057\u304b\u3057\u6700\u8fd1\u3001Fed\u5185\u90e8\u306e\u4f55\u4eba\u304b\u304c\u300c\u30c6\u30fc\u30d1\u30ea\u30f3\u30b0\u3092\u8b70\u8ad6\u3057\u59cb\u3081\u3066\u3082\u826f\u3044\u300d\u3068\u306e\u58f0\u3092\u4e0a\u3052\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<p>\u3064\u307e\u308a\u3001\u30c6\u30fc\u30d1\u30ea\u30f3\u30b0\u306e\u793a\u5506\u3092\u793a\u5506\u3057\u59cb\u3081\u3066\u3044\u308b\u3068\u3044\u3046\u3053\u3068\u3067\u3042\u308b\u3002\u5947\u5999\u306a\u72b6\u6cc1\u3060\u304c\u3001\u6295\u8cc7\u5bb6\u306f\u3053\u308c\u3092\u771f\u5263\u306b\u8003\u3048\u308b\u5fc5\u8981\u304c\u3042\u308b\u3002<\/p>\n\n\n\n<p><strong>\u91d1\u878d\u653f\u7b56\u3068\u91d1\u76f8\u5834<\/strong><\/p>\n\n\n\n<p>\u305d\u3053\u3067\u4eca\u56de\u306e\u8a18\u4e8b\u3067\u306f\u7de9\u548c\u7e2e\u5c0f\u3042\u308b\u3044\u306f\u91d1\u878d\u5f15\u304d\u7de0\u3081\u304c\u884c\u308f\u308c\u305f\u5834\u5408\u306e\u91d1\u76f8\u5834\u306e\u5024\u52d5\u304d\u306b\u3064\u3044\u3066\u5206\u6790\u3057\u3066\u307f\u305f\u3044\u3002<\/p>\n\n\n\n<p>\u3053\u3053\u3067\u306f3\u3064\u306e\u30b1\u30fc\u30b9\u3092\u53d6\u308a\u4e0a\u3052\u308b\u304c\u3001\u307e\u305a\u306f\u3084\u306f\u308a1970\u5e74\u4ee3\u304b\u30891980\u5e74\u4ee3\u306e\u30a2\u30e1\u30ea\u30ab\u3060\u308d\u3046\u3002<\/p>\n\n\n\n<p>\u3053\u306e\u671f\u9593\u306f\u30a4\u30f3\u30d5\u30ec\u304c15%\u8fd1\u304f\u307e\u3067\u53ca\u3093\u3060\u6642\u4ee3\u3067\u3001Fed\u306f\u30a4\u30f3\u30d5\u30ec\u3092\u6253\u5012\u3059\u3079\u304f\u5bb9\u8d66\u306a\u3044\u5229\u4e0a\u3052\u3092\u884c\u306a\u3063\u305f\u3002\u91d1\u4fa1\u683c\u306f\u30a4\u30f3\u30d5\u30ec\u3067\u4e0a\u304c\u3063\u305f\u306e\u3060\u308d\u3046\u304b\uff1f\u3000\u305d\u308c\u3068\u3082\u5229\u4e0a\u3052\u3067\u4e0b\u304c\u3063\u305f\u306e\u3060\u308d\u3046\u304b\uff1f\u3000\u6b21\u306e\u30b0\u30e9\u30d5\u3092\u898b\u3066\u307f\u308c\u3070\u5206\u304b\u308b\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2021\/06\/1977-1984-gold-price-us-2-year-treasury-bond-yield-and-cpi-growth-chart.png\"><img loading=\"lazy\" decoding=\"async\" width=\"511\" height=\"468\" src=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2021\/06\/1977-1984-gold-price-us-2-year-treasury-bond-yield-and-cpi-growth-chart.png\" alt=\"\" class=\"wp-image-13867\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2021\/06\/1977-1984-gold-price-us-2-year-treasury-bond-yield-and-cpi-growth-chart.png 511w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2021\/06\/1977-1984-gold-price-us-2-year-treasury-bond-yield-and-cpi-growth-chart-300x275.png 300w\" sizes=\"auto, (max-width: 511px) 100vw, 511px\" \/><\/a><\/figure>\n\n\n\n<p>\u5229\u4e0a\u3052\u306f1970\u5e74\u4ee3\u5f8c\u534a\u306b\u306f\u59cb\u307e\u3063\u3066\u3044\u308b\u3002\u30a4\u30f3\u30d5\u30ec\u306f1960\u5e74\u4ee3\u306b\u306f\u65e2\u306b\u52a0\u901f\u50be\u5411\u306b\u3042\u308a\u3001Fed\u306f\u30a4\u30f3\u30d5\u30ec\u3092\u6291\u3048\u308b\u305f\u3081\u306b\u6bb5\u968e\u7684\u306a\u5229\u4e0a\u3052\u3092\u884c\u306a\u3063\u305f\u3002<\/p>\n\n\n\n<p>\u3057\u304b\u3057\u91d1\u4fa1\u683c\u306f\u4f55\u5e74\u3082\u306e\u5229\u4e0a\u3052\u306b\u3082\u304b\u304b\u308f\u3089\u305a\u4e0b\u843d\u305b\u305a\u3001\u91d1\u4fa1\u683c\u304c\u30d4\u30fc\u30af\u3068\u306a\u3063\u305f\u306e\u306f\u30a4\u30f3\u30d5\u30ec\u304c\u30d4\u30fc\u30af\u3068\u306a\u3063\u305f1980\u5e74\u3067\u3042\u308b\u3002\u305d\u308c\u307e\u3067\u91d1\u5229\u306f\u4e0a\u304c\u308a\u7d9a\u3051\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<p>\u3064\u307e\u308a\u3001\u3053\u306e\u6642\u4ee3\u306b\u304a\u3044\u3066\u306f\u91d1\u76f8\u5834\u3092\u6c7a\u5b9a\u3057\u305f\u306e\u306f\u5229\u4e0a\u3052\u3067\u306f\u306a\u304f\u30a4\u30f3\u30d5\u30ec\u3060\u3063\u305f\u3002\u30a4\u30f3\u30d5\u30ec\u304c\u52a0\u901f\u3059\u308b\u9650\u308a\u91d1\u4fa1\u683c\u306f\u4e0a\u304c\u308a\u3001\u6e1b\u901f\u3059\u308b\u3068\u91d1\u4fa1\u683c\u3082\u4e0b\u843d\u3057\u305f\u3002<\/p>\n\n\n\n<p>\u3067\u306f\u30a4\u30f3\u30d5\u30ec\u304c\u52a0\u901f\u3059\u308b\u9650\u308a\u5229\u4e0a\u3052\u304c\u3042\u3063\u3066\u3082\u91d1\u4fa1\u683c\u306f\u4e0b\u843d\u3057\u306a\u3044\u306e\u3060\u308d\u3046\u304b\uff1f\u3000\u305d\u3046\u7d50\u8ad6\u3059\u308b\u306e\u306f\u65e9\u3044\u30022013\u5e74\u306e\u91d1\u66b4\u843d\u306e\u4e8b\u4f8b\u3082\u8003\u3048\u308b\u3079\u304d\u3060\u308d\u3046\u3002<\/p>\n\n\n\n<p><strong>2013\u5e74\u306e\u91d1\u76f8\u5834\u66b4\u843d<\/strong><\/p>\n\n\n\n<p>2013\u5e74\u306f2008\u5e74\u306e\u30ea\u30fc\u30de\u30f3\u30b7\u30e7\u30c3\u30af\u4ee5\u6765\u884c\u308f\u308c\u3066\u3044\u305f\u91cf\u7684\u7de9\u548c\u304c\u64a4\u53ce\u306b\u5411\u304b\u3044\u59cb\u3081\u305f\u6700\u521d\u306e\u5e74\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u91d1\u4fa1\u683c\u306f2008\u5e74\u306e\u30ea\u30fc\u30de\u30f3\u30b7\u30e7\u30c3\u30af\u4ee5\u5f8c\u3001\u91cf\u7684\u7de9\u548c\u306e\u304a\u9670\u30672\u500d\u4ee5\u4e0a\u306b\u66b4\u9a30\u3057\u3066\u3044\u305f\u3002\u91d1\u4fa1\u683c\u304c\u3053\u3053\u307e\u3067\u4e0a\u6607\u3057\u305f\u3053\u3068\u306f\u304b\u3064\u3066\u306a\u304b\u3063\u305f\u3002<\/p>\n\n\n\n<p>\u91cf\u7684\u7de9\u548c\u306f\u30a4\u30f3\u30d5\u30ec\u3092\u3082\u56de\u5fa9\u3055\u305b\u3066\u304a\u308a\u3001\u91cf\u7684\u7de9\u548c\u3068\u30a4\u30f3\u30d5\u30ec\u306e\u4e21\u65b9\u304c\u30b4\u30fc\u30eb\u30c9\u3092\u62bc\u3057\u4e0a\u3052\u3066\u3044\u305f\u304c\u3001\u5148\u305a\u306f2011\u5e74\u306b\u30a4\u30f3\u30d5\u30ec\u304c\u6e1b\u901f\u3057\u59cb\u3081\u308b\u3053\u3068\u3067\u305d\u306e\u7247\u7ffc\u304c\u5931\u308f\u308c\u305f\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2021\/06\/2011-2013-gold-price-and-us-cpi-growth-chart.png\"><img loading=\"lazy\" decoding=\"async\" width=\"575\" height=\"468\" src=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2021\/06\/2011-2013-gold-price-and-us-cpi-growth-chart.png\" alt=\"\" class=\"wp-image-13868\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2021\/06\/2011-2013-gold-price-and-us-cpi-growth-chart.png 575w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2021\/06\/2011-2013-gold-price-and-us-cpi-growth-chart-300x244.png 300w\" sizes=\"auto, (max-width: 575px) 100vw, 575px\" \/><\/a><\/figure>\n\n\n\n<p>\u91d1\u4fa1\u683c\u306f2011\u5e74\u306b\u5929\u4e95\u306b\u9054\u3057\u305f\u3082\u306e\u306e\u3001\u7de9\u548c\u306e\u65b9\u306f\u5931\u308f\u308c\u3066\u3044\u306a\u3044\u3053\u3068\u3067\u9ad8\u5024\u3092\u7dad\u6301\u3057\u3066\u3044\u305f\u3002\u3057\u304b\u30572013\u5e74\u306b\u30a4\u30f3\u30d5\u30ec\u671f\u5f85\u304c\u66f4\u306b\u5265\u843d\u3059\u308b\u3053\u3068\u3067\u91d1\u4fa1\u683c\u306b\u3068\u3069\u3081\u304c\u523a\u3055\u308c\u305f\u3002<\/p>\n\n\n\n<p>2013\u5e74\u306f5\u6708\u306b\u30d0\u30fc\u30ca\u30f3\u30ad\u8b70\u9577\uff08\u5f53\u6642\uff09\u304c\u91cf\u7684\u7de9\u548c\u306e\u30c6\u30fc\u30d1\u30ea\u30f3\u30b0\u3092\u793a\u5506\u3057\u3001\u91d1\u5229\u304c\u9ad8\u9a30\u3057\u305f\u5e74\u3067\u3042\u308b\u30022013\u5e74\u306e\u91d1\u4fa1\u683c\u66b4\u843d\u306f\u30d0\u30fc\u30ca\u30f3\u30ad\u30fb\u30b7\u30e7\u30c3\u30af\u306b\u3088\u308b\u3082\u306e\u3060\u3068\u8aac\u660e\u3055\u308c\u308b\u3053\u3068\u304c\u591a\u3044\u3002<\/p>\n\n\n\n<p>\u3057\u304b\u3057\u3001\u91d1\u4fa1\u683c\u306f\u5b9f\u969b\u306b\u306f4\u6708\u307e\u3067\u306b1,800\u30c9\u30eb\u304b\u30891,400\u307e\u3067\u4e0b\u843d\u3057\u3066\u304a\u308a\u3001\u4e0b\u843d\u306e\u5927\u90e8\u5206\u306f\u30a4\u30f3\u30d5\u30ec\u671f\u5f85\u306e\u5265\u843d\u306b\u3088\u3063\u3066\u3082\u305f\u3089\u3055\u308c\u3066\u3044\u308b\u3053\u3068\u304c\u5206\u304b\u308b\u3002\u91d1\u4fa1\u683c\u30c1\u30e3\u30fc\u30c8\u306e2013\u5e74\u306e\u90e8\u5206\u3092\u62e1\u5927\u3057\u3066\u671f\u5f85\u30a4\u30f3\u30d5\u30ec\u7387\u3068\u91cd\u306d\u5408\u308f\u305b\u308b\u3068\u5206\u304b\u308a\u3084\u3059\u3044\u3060\u308d\u3046\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2021\/06\/2013-gold-price-and-us-10-year-breakeven-inflation-rate-chart.png\"><img loading=\"lazy\" decoding=\"async\" width=\"575\" height=\"468\" src=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2021\/06\/2013-gold-price-and-us-10-year-breakeven-inflation-rate-chart.png\" alt=\"\" class=\"wp-image-13870\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2021\/06\/2013-gold-price-and-us-10-year-breakeven-inflation-rate-chart.png 575w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2021\/06\/2013-gold-price-and-us-10-year-breakeven-inflation-rate-chart-300x244.png 300w\" sizes=\"auto, (max-width: 575px) 100vw, 575px\" \/><\/a><\/figure>\n\n\n\n<p>4\u6708\u306e\u4e0b\u843d\u306f\u671f\u5f85\u30a4\u30f3\u30d5\u30ec\u7387\u306e\u4f4e\u4e0b\u3068\u307b\u307c\u9023\u52d5\u3057\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<p>5\u6708\u306b\u5165\u308b\u3068\u30d0\u30fc\u30ca\u30f3\u30ad\u8b70\u9577\u304c\u30c6\u30fc\u30d1\u30ea\u30f3\u30b0\u3092\u793a\u5506\u3057\u3001\u91d1\u76f8\u5834\u306f1,400\u30c9\u30eb\u304b\u30891,200\u30c9\u30eb\u8fd1\u8fba\u307e\u3067\u66f4\u306b\u4e0b\u843d\u3059\u308b\u3053\u3068\u306b\u306a\u308b\u3002\u671f\u5f85\u30a4\u30f3\u30d5\u30ec\u7387\u3082\u305d\u308c\u306b\u4f34\u3063\u3066\u4e0b\u843d\u3057\u3066\u3044\u308b\u3002\u3053\u306e\u90e8\u5206\u306f\u30c6\u30fc\u30d1\u30ea\u30f3\u30b0\u306b\u3088\u3063\u3066\u5f15\u304d\u8d77\u3053\u3055\u308c\u305f\u4e0b\u843d\u3068\u8a00\u3063\u3066\u826f\u3044\u3060\u308d\u3046\u3002<\/p>\n\n\n\n<p>\u4e0b\u843d\u306e\u524d\u534a\u90e8\u5206\u306f\u30a4\u30f3\u30d5\u30ec\u671f\u5f85\u306e\u5265\u843d\u3060\u3068\u306f\u66f8\u3044\u305f\u304c\u30012008\u5e74\u304b\u3089\u7d9a\u3044\u3066\u304d\u305f\u91cf\u7684\u7de9\u548c\u304c2013\u5e74\u306b\u306f\u6750\u6599\u51fa\u5c3d\u304f\u3057\u3068\u306a\u3063\u3066\u304a\u308a\u3001\u91cf\u7684\u7de9\u548c\u306e\u300c\u671f\u5f85\u3067\u8cb7\u3063\u3066\u4e8b\u5b9f\u3067\u58f2\u308b\u300d\u72b6\u6cc1\u3060\u3063\u305f\u3068\u3082\u8a00\u3048\u308b\u3002\u30ea\u30fc\u30de\u30f3\u30b7\u30e7\u30c3\u30af\u4ee5\u6765\u306e\u91d1\u30d0\u30d6\u30eb\u304c\u5d29\u58ca\u3057\u305f\u306e\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u3057\u305f\u304c\u3063\u30662013\u5e74\u306e\u91d1\u76f8\u5834\u66b4\u843d\u306f\u30a4\u30f3\u30d5\u30ec\u6e1b\u901f\u3068\u30c6\u30fc\u30d1\u30ea\u30f3\u30b0\u306e\u4e21\u65b9\u306b\u3088\u3063\u3066\u3082\u305f\u3089\u3055\u308c\u305f\u3068\u8a00\u3048\u308b\u3060\u308d\u3046\u3002<\/p>\n\n\n\n<p><strong>2017\u5e74\u306e\u5229\u4e0a\u3052\u3068\u91cf\u7684\u5f15\u304d\u7de0\u3081<\/strong><\/p>\n\n\n\n<p>\u6700\u5f8c\u306b\u8003\u3048\u305f\u3044\u306e\u306f2017\u5e74\u304b\u3089\u884c\u308f\u308c\u305f\u5229\u4e0a\u3052\u3068\u91cf\u7684\u5f15\u304d\u7de0\u3081\u3001\u305d\u3057\u3066\u305d\u306e\u7d50\u679c\u3068\u3057\u3066\u306e2018\u5e74\u306e\u682a\u4fa1\u66b4\u843d\u306b\u304a\u3051\u308b\u91d1\u76f8\u5834\u306e\u63a8\u79fb\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u6700\u521d\u306b\u884c\u308f\u308c\u305f\u306e\u306f\u5229\u4e0a\u3052\u3067\u3042\u308b\u3002\u5229\u4e0a\u3052\u306f2015\u5e74\u304b\u3089\u4f55\u5ea6\u304b\u884c\u308f\u308c\u3066\u3044\u305f\u304c\u3001\u3053\u308c\u304c\u9023\u7d9a\u7684\u306a\u5229\u4e0a\u3052\u306b\u306a\u308b\u3068\u5e02\u5834\u304c\u7e54\u308a\u8fbc\u307f\u59cb\u3081\u305f\u306e\u306f2017\u5e749\u6708\u306e\u3053\u3068\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2021\/06\/2017-2018-gold-and-us-2-year-treasury-bond-yield-chart.png\"><img loading=\"lazy\" decoding=\"async\" width=\"575\" height=\"468\" src=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2021\/06\/2017-2018-gold-and-us-2-year-treasury-bond-yield-chart.png\" alt=\"\" class=\"wp-image-13878\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2021\/06\/2017-2018-gold-and-us-2-year-treasury-bond-yield-chart.png 575w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2021\/06\/2017-2018-gold-and-us-2-year-treasury-bond-yield-chart-300x244.png 300w\" sizes=\"auto, (max-width: 575px) 100vw, 575px\" \/><\/a><\/figure>\n\n\n\n<p>2017\u5e749\u6708\u304b\u3089\u91d1\u5229\u306f\u4e0a\u6607\u3092\u59cb\u3081\u3066\u3044\u308b\u3002\u91cf\u7684\u5f15\u304d\u7de0\u3081\u304c\u6b63\u5f0f\u306b\u6c7a\u5b9a\u3055\u308c\u305f\u306e\u3082\u3053\u306e\u9803\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u91d1\u4fa1\u683c\u306f\u3053\u306e\u30bf\u30a4\u30df\u30f3\u30b0\u3067\u6700\u521d\u306e\u5929\u4e95\u3092\u6253\u3063\u3066\u3044\u308b\u304c\u3001\u305d\u306e\u5f8c\u3082\u4e00\u5b9a\u671f\u9593\u306e\u3042\u3044\u3060\u9ad8\u5024\u570f\u3067\u63a8\u79fb\u3057\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<p>\u305d\u308c\u306f\u306a\u305c\u304b\uff1f\u3000\u682a\u5f0f\u5e02\u5834\u304c\u3059\u3050\u306b\u306f\u66b4\u843d\u3057\u306a\u304b\u3063\u305f\u304b\u3089\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u5f53\u6642\u3001\u682a\u5f0f\u5e02\u5834\u306f\u3069\u3046\u3044\u3046\u72b6\u6cc1\u3060\u3063\u305f\u3060\u308d\u3046\u304b\u3002\u7b46\u8005\u306f\u5229\u4e0a\u3052\u304c\u65e2\u306b\u958b\u59cb\u3055\u308c\u3001\u91cf\u7684\u5f15\u304d\u7de0\u3081\u304c\u884c\u308f\u308c\u3088\u3046\u3068\u3057\u3066\u3044\u305f2017\u5e747\u6708\u306b\u4ee5\u4e0b\u306e\u3088\u3046\u306b\u66f8\u3044\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/6636\" data-type=\"post\" data-id=\"6636\">\u7c73\u56fd\u30de\u30cd\u30bf\u30ea\u30fc\u30d9\u30fc\u30b9\u7e2e\u5c0f\u3067\u91cf\u7684\u7de9\u548c\u30d0\u30d6\u30eb\u306f\u5d29\u58ca\u3059\u308b\u306e\u304b\uff1f (2017\/7\/28)<\/a><\/li><\/ul>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>\u3053\u306e\u8a71\u306e\u8ad6\u70b9\u306f\u3053\u3046\u3044\u3046\u3053\u3068\u3067\u3042\u308b\u3002\u3064\u307e\u308a\u3001\u682a\u5f0f\u5e02\u5834\u306e\u7d14\u7c8b\u306a\u4f4e\u91d1\u5229\u30d0\u30d6\u30eb\u304c\u66b4\u843d\u3059\u308b\u539f\u56e0\u306f\u91d1\u5229\u306e\u9ad8\u9a30\u3060\u304c\u3001\u3053\u306e\u539f\u56e0\u306f\u30d6\u30e9\u30c3\u30af\u30de\u30f3\u30c7\u30fc\u3084\u30ea\u30fc\u30de\u30f3\u30b7\u30e7\u30c3\u30af\u306e\u9803\u3068\u306f\u9055\u3044\u3001\u4e0d\u53ef\u907f\u306e\u3082\u306e\u3067\u306f\u306a\u3044\u3002\u91d1\u5229\u4e0a\u6607\u304c\u554f\u984c\u3068\u306a\u308c\u3070\u3001Fed\u306f\u305d\u306e\u539f\u56e0\u3092\u53d6\u308a\u9664\u304f\u3053\u3068\u304c\u51fa\u6765\u308b\u3002<\/p><\/blockquote>\n\n\n\n<p>\u305d\u308c\u3067\u7b46\u8005\u306f\u682a\u5f0f\u5e02\u5834\u306f\u3059\u3050\u306b\u306f\u66b4\u843d\u3057\u306a\u3044\u3068\u5224\u65ad\u3057\u305f\u3002\u5b9f\u969b\u3001\u682a\u5f0f\u5e02\u5834\u306f2018\u5e74\u306b\u5165\u308b\u307e\u3067\u66b4\u843d\u3057\u306a\u304b\u3063\u305f\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2021\/06\/2018-s-and-p-500-chart.png\"><img loading=\"lazy\" decoding=\"async\" width=\"612\" height=\"378\" src=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2021\/06\/2018-s-and-p-500-chart.png\" alt=\"\" class=\"wp-image-13880\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2021\/06\/2018-s-and-p-500-chart.png 612w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2021\/06\/2018-s-and-p-500-chart-300x185.png 300w\" sizes=\"auto, (max-width: 612px) 100vw, 612px\" \/><\/a><\/figure>\n\n\n\n<p>\u6700\u521d\u306e\u6025\u843d\u306f2018\u5e742\u6708\u306b\u8d77\u304d\u305f\u304c\u3001\u5f53\u6642\u7b46\u8005\u306f\u3053\u306e\u6700\u521d\u306e\u6025\u843d\u3092\u898b\u9001\u3063\u3066\u3044\u308b\u3002\u305d\u3057\u3066\u5f15\u304d\u7de0\u3081\u306f\u305d\u306e\u5f8c\u3082\u7d99\u7d9a\u3055\u308c\u3001\u590f\u9803\u306b\u306f\u682a\u5f0f\u5e02\u5834\u5168\u4f53\u306e\u66b4\u843d\u304c\u4e0d\u53ef\u907f\u306b\u306a\u3063\u305f\u3068\u5224\u65ad\u3057\u305f\u3002\u5f53\u6642\u3001\u91cf\u7684\u5f15\u304d\u7de0\u3081\u306b\u3064\u3044\u3066\u4ee5\u4e0b\u306e\u3088\u3046\u306b\u66f8\u3044\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/7740\" data-type=\"post\" data-id=\"7740\">\u65e5\u672c\u306e\u682a\u5f0f\u5e02\u5834\u306e\u5d29\u58ca\u306f\u3082\u3046\u59cb\u307e\u3063\u3066\u3044\u308b (2018\/7\/31)<\/a><\/li><\/ul>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>\u554f\u984c\u306f\u3082\u306f\u3084\u3001\u91d1\u878d\u5f15\u304d\u7de0\u3081\u304c\u7d99\u7d9a\u3059\u308b\u3042\u30681\u5e74\u3068\u3044\u3046\u671f\u9593\u3067\u3001\u5f31\u6c17\u76f8\u5834\u304c\u65e5\u672c\u306e\u5c0f\u578b\u682a\u304b\u3089\u5927\u578b\u682a\u307e\u3067\u6ce2\u53ca\u3059\u308b\u306e\u304b\u3001\u3057\u306a\u3044\u306e\u304b\u3001\u3068\u3044\u3046\u554f\u984c\u3067\u3057\u304b\u306a\u3044\u3002\u305d\u306e\u7b54\u3048\u306f\u660e\u3089\u304b\u3060\u3068\u601d\u3046\u3002\u91cf\u7684\u7de9\u548c\u3067\u682a\u3092\u8cb7\u3063\u305f\u6295\u8cc7\u5bb6\u306f\u3001\u305d\u308c\u304c\u540c\u3058\u52e2\u3044\u3067\u9006\u56de\u8ee2\u3057\u3066\u3044\u308b\u306e\u3060\u3068\u3044\u3046\u3053\u3068\u306b\u6c17\u4ed8\u304f\u3079\u304d\u3067\u3042\u308b\u3002<\/p><\/blockquote>\n\n\n\n<p>\u305d\u3057\u3066\u305d\u306e\u5f8c\u5927\u91cf\u306e\u7a7a\u58f2\u308a\u3092\u958b\u59cb\u3057\u305f\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/7927\" data-type=\"post\" data-id=\"7927\">\u30d0\u30d6\u30eb\u306e\u9802\u70b9\u3067\u65e5\u7d4c\u5e73\u5747\u306f\u4e0a\u6607\u3001\u7a7a\u58f2\u308a\u3092\u6de1\u3005\u3068\u7d99\u7d9a (2018\/9\/20)<\/a><\/li><\/ul>\n\n\n\n<p>2018\u5e7410\u6708\u306b\u682a\u5f0f\u5e02\u5834\u306f\u3088\u3046\u3084\u304f\u66b4\u843d\u3092\u958b\u59cb\u3001\u304a\u3088\u305d20%\u306e\u4e0b\u843d\u3092\u8a18\u9332\u3059\u308b\u3053\u3068\u3068\u306a\u3063\u305f\u3002<\/p>\n\n\n\n<p>\u5f53\u6642\u306e\u8aad\u8005\u306f\u899a\u3048\u3066\u3044\u308b\u3060\u308d\u3046\u304c\u3001\u91cd\u8981\u306a\u306e\u306f2017\u5e74\u306b\u91cf\u7684\u5f15\u304d\u7de0\u3081\u304c\u793a\u5506\u3055\u308c\u3066\u304b\u3089\u3053\u3053\u307e\u30671\u5e74\u4ee5\u4e0a\u7d4c\u3063\u3066\u3044\u308b\u3068\u3044\u3046\u3053\u3068\u3067\u3042\u308b\u3002\u3061\u306a\u307f\u306b\u91d1\u4fa1\u683c\u306f2018\u5e742\u6708\u306e\u6700\u521d\u306e\u682a\u4fa1\u6025\u843d\u304b\u308910\u6708\u4ee5\u964d\u306e\u66b4\u843d\u307e\u3067\u306e\u9593\u306b\u4e0b\u843d\u30c8\u30ec\u30f3\u30c9\u3092\u958b\u59cb\u3057\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2021\/06\/2017-2018-gold-and-us-2-year-treasury-bond-yield-chart.png\"><img loading=\"lazy\" decoding=\"async\" width=\"575\" height=\"468\" src=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2021\/06\/2017-2018-gold-and-us-2-year-treasury-bond-yield-chart.png\" alt=\"\" class=\"wp-image-13878\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2021\/06\/2017-2018-gold-and-us-2-year-treasury-bond-yield-chart.png 575w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2021\/06\/2017-2018-gold-and-us-2-year-treasury-bond-yield-chart-300x244.png 300w\" sizes=\"auto, (max-width: 575px) 100vw, 575px\" \/><\/a><\/figure>\n\n\n\n<p>\u4e01\u5ea6\u3001\u5148\u9032\u56fd\u306e\u682a\u5f0f\u5e02\u5834\u304c\u4e0b\u843d\u3059\u308b\u524d\u306b\u65b0\u8208\u56fd\u682a\u306a\u3069\u304c\u4e0b\u843d\u3057\u3066\u3044\u305f\u9803\u5408\u3044\u3067\u3042\u308b\u3002\u3044\u305a\u308c\u306b\u3057\u3066\u3082\u91d1\u878d\u5e02\u5834\u304c\u8352\u308c\u59cb\u3081\u3066\u304b\u3089\u91d1\u76f8\u5834\u3082\u672c\u683c\u7684\u306b\u4e0b\u843d\u3057\u305f\u306e\u3067\u3042\u308a\u3001\u91d1\u878d\u5f15\u304d\u7de0\u3081\u304c\u793a\u5506\u3055\u308c\u305f\uff08\u3042\u308b\u3044\u306f\u884c\u308f\u308c\u305f\uff09\u30bf\u30a4\u30df\u30f3\u30b0\u3067\u306f\u3001\u91d1\u4fa1\u683c\u306f\u77ed\u671f\u7684\u306a\u30d4\u30fc\u30af\u3092\u6253\u3063\u305f\u3082\u306e\u306e\u9ad8\u5024\u306f\u7dad\u6301\u3057\u305f\u3002<\/p>\n\n\n\n<p><strong>2021\u5e74\u306e\u91d1\u4fa1\u683c\u306e\u63a8\u79fb\u4e88\u60f3<\/strong><\/p>\n\n\n\n<p>\u4eca\u56de\u306f\u91d1\u4fa1\u683c\u304c\u4e0b\u843d\u3057\u305f3\u3064\u306e\u30d1\u30bf\u30fc\u30f3\u3092\u5fa9\u7fd2\u3057\u305f\u3002\u9577\u304f\u306a\u3063\u305f\u304c\u3001\u3053\u3053\u304b\u3089\u5f97\u308b\u6559\u8a13\u306f\u5927\u304d\u3044\u3002<\/p>\n\n\n\n<p>\u307e\u305a\u30011970\u5e74\u4ee3\u306e\u30b1\u30fc\u30b9\u3067\u306f\u91d1\u878d\u653f\u7b56\u3088\u308a\u3082\u30a4\u30f3\u30d5\u30ec\u304c\u5927\u304d\u306a\u8981\u56e0\u3060\u3063\u305f\u3002\u3057\u304b\u3057\u305d\u308c\u306f\u30a4\u30f3\u30d5\u30ec\u306e\u6570\u5b57\u304c10%\u304b\u308915%\u3068\u4eca\u3068\u306f\u9055\u3063\u305f\u304b\u3089\u3067\u3042\u308b\u300210%\u304c15%\u306b\u306a\u308c\u3070\u91d1\u4fa1\u683c\u306b\u3082\u5927\u304d\u3044\u5f71\u97ff\u3092\u4e0e\u3048\u308b\u304c\u3001\u4eca\u306e\u30a4\u30f3\u30d5\u30ec\u7387\u304c2%\u304b\u30894%\u306b\u306a\u3063\u305f\u3068\u3057\u3066\u3082\u3001\u5f53\u6642\u306e\u4e0a\u6607\u5e45\u307b\u3069\u306e\u5f71\u97ff\u3092\u4e0e\u3048\u308b\u308f\u3051\u3067\u306f\u306a\u3044\u3002\u5f53\u6642\u3001\u5229\u4e0a\u3052\u3092\u7121\u8996\u3067\u304d\u305f\u306e\u306f\u3001\u30a4\u30f3\u30d5\u30ec\u306e\u5f71\u97ff\u304c\u3042\u307e\u308a\u306b\u3082\u5927\u304d\u304b\u3063\u305f\u304b\u3089\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u3057\u305f\u304c\u3063\u30662013\u5e74\u306e\u30b1\u30fc\u30b9\u306e\u3088\u3046\u306b\u3001\u30a4\u30f3\u30d5\u30ec\u3068\u91d1\u878d\u653f\u7b56\u306e\u4e21\u65b9\u304c\u91d1\u4fa1\u683c\u306b\u5f71\u97ff\u3092\u4e0e\u3048\u308b\u3068\u8003\u3048\u308b\u306e\u304c\u59a5\u5f53\u3060\u308d\u3046\u30022013\u5e74\u306b\u306f\u30c6\u30fc\u30d1\u30ea\u30f3\u30b0\u3082\u91d1\u4fa1\u683c\u306e\u4e0b\u843d\u8981\u56e0\u3068\u306a\u3063\u3066\u3044\u308b\u304c\u3001\u4e3b\u306a\u539f\u56e0\u306f\u30a4\u30f3\u30d5\u30ec\u6e1b\u901f\u3060\u3063\u305f\u3002\u4eca\u306e\u72b6\u6cc1\u306f\u30a4\u30f3\u30d5\u30ec\u52a0\u901f\uff08\u91d1\u4fa1\u683c\u306e\u4e0a\u6607\u8981\u56e0\uff09\u3068\u30c6\u30fc\u30d1\u30ea\u30f3\u30b0\uff08\u91d1\u4fa1\u683c\u306e\u4e0b\u843d\u8981\u56e0\uff09\u3067\u3042\u308b\u3002\u305d\u306e\u7d50\u679c\u306f\u3042\u308b\u7a0b\u5ea6\u4e92\u3044\u306b\u6253\u3061\u6d88\u3057\u5408\u3046\u3082\u306e\u3068\u306a\u308b\u3060\u308d\u3046\u3002<\/p>\n\n\n\n<p>\u3067\u306f\u30012018\u5e74\u3068\u306e\u9055\u3044\u306f\u4f55\u3060\u308d\u3046\u304b\uff1f\u3000\u30c6\u30fc\u30d1\u30ea\u30f3\u30b0\u306f\u5373\u5ea7\u306b\u91d1\u4fa1\u683c\u306b\u60aa\u5f71\u97ff\u3092\u4e0e\u3048\u308b\u306e\u3060\u308d\u3046\u304b\uff1f<\/p>\n\n\n\n<p>2013\u5e74\u306e\u30d0\u30fc\u30ca\u30f3\u30ad\u30b7\u30e7\u30c3\u30af\u3067\u91d1\u4fa1\u683c\u3068\u30a4\u30f3\u30d5\u30ec\u671f\u5f85\u304c\u6025\u843d\u3057\u305f\u539f\u56e0\u306f\u3001\u3084\u306f\u308a\u91d1\u878d\u5e02\u5834\u304c\u52d5\u63fa\u3057\u305f\u3068\u3044\u3046\u3053\u3068\u3067\u3042\u308b\u30022013\u5e74\u306b\u306f\u4e00\u6642\u7684\u3060\u304c\u682a\u4fa1\u3082\u843d\u3061\u3066\u3044\u308b\u3002\u91d1\u5229\u3078\u306e\u5f71\u97ff\u306f\u5927\u304d\u3044\u3082\u306e\u3060\u3063\u305f\u3002<\/p>\n\n\n\n<p>2021\u5e74\u306e\u72b6\u6cc1\u3068\u3057\u3066\u306f\u3001\u5e02\u5834\u306f\u30c6\u30fc\u30d1\u30ea\u30f3\u30b0\u3092\u3042\u308b\u7a0b\u5ea6\u4e88\u898b\u3057\u3001\u3042\u308b\u7a0b\u5ea6\u306f\u7e54\u308a\u8fbc\u3093\u3067\u3044\u308b\u3068\u601d\u308f\u308c\u308b\u3002\u3057\u304b\u30572017\u5e74\u306e\u5229\u4e0a\u3052\u958b\u59cb\u3067\u91d1\u76f8\u5834\u306f\u9ad8\u5024\u570f\u306f\u7dad\u6301\u3057\u305f\u3082\u306e\u306e\u4e0a\u6607\u30c8\u30ec\u30f3\u30c9\u306f\u304f\u3058\u304b\u308c\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<p>\u73fe\u5728\u306e\u30a4\u30f3\u30d5\u30ec\u306e\u52e2\u3044\u304c2017\u5e74\u3088\u308a\u3082\u5f37\u3044\u3068\u8003\u3048\u308c\u3070\u3001\u91d1\u4fa1\u683c\u304c\u5f53\u6642\u306f\u4e57\u308a\u8d8a\u3048\u3089\u308c\u306a\u304b\u3063\u305f\u5f15\u304d\u7de0\u3081\u958b\u59cb\u6642\u306e\u5929\u4e95\u3092\u4e57\u308a\u8d8a\u3048\u3066\u3086\u304f\u30b7\u30ca\u30ea\u30aa\u3082\u3042\u308a\u5f97\u308b\u304b\u3082\u3057\u308c\u306a\u3044\u3002\u3057\u304b\u3057\u3084\u306f\u308a\u3001\u30a4\u30f3\u30d5\u30ec\u7387\u304c2\u6841\u3060\u3063\u305f1970\u5e74\u4ee3\u3092\u9664\u3051\u3070\u3001\u91d1\u878d\u5f15\u304d\u7de0\u3081\u306e\u958b\u59cb\uff08\u307e\u305f\u306f\u793a\u5506\uff09\u306f\u91d1\u76f8\u5834\u306b\u304b\u306a\u308a\u30cd\u30ac\u30c6\u30a3\u30d6\u306a\u5f71\u97ff\u3092\u4e0e\u3048\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<p><strong>\u7d50\u8ad6<\/strong><\/p>\n\n\n\n<p>\u3057\u305f\u304c\u3063\u3066\u3001\u3084\u306f\u308a\u30c6\u30fc\u30d1\u30ea\u30f3\u30b0\u306e\u72b6\u6cc1\u4e0b\u306b\u304a\u3051\u308b\u91d1\u6295\u8cc7\u306f\u3042\u307e\u308a\u9b45\u529b\u304c\u306a\u3044\u3068\u7d50\u8ad6\u3059\u3079\u304d\u306a\u306e\u3060\u308d\u3046\u3002\u91d1\u306b\u3064\u3044\u3066\u305d\u3046\u7d50\u8ad6\u3059\u3079\u304d\u3067\u3042\u308c\u3070\u3001\u30b3\u30e2\u30c7\u30a3\u30c6\u30a3\u5168\u4f53\uff08\u6697\u53f7\u901a\u8ca8\u3092\u542b\u3080\uff09\u306b\u3064\u3044\u3066\u3082\u3042\u308b\u7a0b\u5ea6\u540c\u3058\u3088\u3046\u306b\u7d50\u8ad6\u3059\u3079\u304d\u3060\u3068\u3044\u3046\u3053\u3068\u306b\u306a\u308b\u3002\u4ee5\u4e0b\u306e\u8a18\u4e8b\u306f\u9577\u671f\u7684\u306a\u63a8\u79fb\u306b\u89b3\u70b9\u3092\u7f6e\u304d\u3059\u304e\u305f\u3068\u8a00\u3046\u3079\u304d\u3060\u308d\u3046\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/13717\" data-type=\"post\" data-id=\"13717\">\u30b3\u30e2\u30c7\u30a3\u30c6\u30a3\u30d0\u30d6\u30eb\u306f\u307e\u3060\u7d42\u308f\u3063\u3066\u3044\u306a\u3044 (2021\/5\/28)<\/a><\/li><\/ul>\n\n\n\n<p>\u3053\u3053\u304b\u3089\u30b4\u30fc\u30eb\u30c9\u3092\u542b\u3080\u30b3\u30e2\u30c7\u30a3\u30c6\u30a3\u304c\u9ad8\u5024\u570f\u63a8\u79fb\u306b\u306a\u308b\u306e\u304b\u3001\u4e0b\u843d\u30c8\u30ec\u30f3\u30c9\u306b\u306a\u308b\u306e\u304b\u306fFed\u6b21\u7b2c\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u3082\u3057\u91d1\u878d\u5f15\u304d\u7de0\u3081\u304c\u30b3\u30e2\u30c7\u30a3\u30c6\u30a3\u3092\uff08\u305d\u3057\u3066\u682a\u5f0f\u3092\uff09\u66b4\u843d\u3055\u305b\u308b\u30ec\u30d9\u30eb\u306e\u3082\u306e\u306b\u306a\u308c\u3070\u3001\u66b4\u843d\u304b\u3089\u306e\u7de9\u548c\u518d\u958b\u3067\u30b4\u30fc\u30eb\u30c9\u3092\u542b\u3080\u30b3\u30e2\u30c7\u30a3\u30c6\u30a3\u306f\u3001\u30de\u30a4\u30ca\u30fc\u30c9\u6c0f\u306e\u8a00\u8449\u3092\u501f\u308a\u308c\u3070\u300c\u6307\u6570\u95a2\u6570\u7684\u306a\u300d\u4e0a\u6607\u306b\u5411\u304b\u3046\u3053\u3068\u306b\u306a\u308a\u305d\u3046\u3060\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/13742\" data-type=\"post\" data-id=\"13742\">\u30de\u30a4\u30ca\u30fc\u30c9\u6c0f: \u30a4\u30f3\u30d5\u30ec\u61f8\u5ff5\u3067\u91d1\u4fa1\u683c\u306f\u6700\u59275\u500d\u306b\u306a\u308b<\/a><\/li><\/ul>\n\n\n\n<p>\u3060\u304c\u305d\u308c\u307e\u3067\u306b\u30c6\u30fc\u30d1\u30ea\u30f3\u30b0\u76f8\u5834\u304c\u6765\u308b\u3002\u4eca\u56de\u306e3\u3064\u306e\u30b1\u30fc\u30b9\u306e\u5206\u6790\u304c\u8aad\u8005\u306e\u5f79\u306b\u3082\u7acb\u3064\u3053\u3068\u3092\u9858\u3063\u3066\u3044\u308b\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u30a2\u30e1\u30ea\u30ab\u3067\u30a4\u30f3\u30d5\u30ec\u304c\u554f\u984c\u306b\u306a\u308a\u3064\u3064\u3042\u308b\u3053\u3068\u3082\u3042\u308a\u3001\u30a2\u30e1\u30ea\u30ab\u306e\u4e2d\u592e\u9280\u884c\u3067\u3042\u308bFed\uff08\u9023\u90a6\u6e96\u5099\u5236\u5ea6\uff09\u306f\u30c6\u30fc\u30d1\u30ea\u30f3\u30b0\uff08\u91cf\u7684\u7de9\u548c\u7e2e\u5c0f\uff09\u306e\u793a\u5506\u3092\u8003\u616e\u3057\u59cb\u3081\u3066\u3044\u308b\u3002<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[118,57,108,110],"tags":[],"class_list":["post-13866","post","type-post","status-publish","format-standard","hentry","category-us-bond-market","category-commodity-markets","category-bond-markets","category-gold"],"_links":{"self":[{"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/13866","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/comments?post=13866"}],"version-history":[{"count":55,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/13866\/revisions"}],"predecessor-version":[{"id":13926,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/13866\/revisions\/13926"}],"wp:attachment":[{"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/media?parent=13866"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/categories?post=13866"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/tags?post=13866"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}