{"id":14187,"date":"2021-06-24T20:03:00","date_gmt":"2021-06-24T11:03:00","guid":{"rendered":"https:\/\/www.globalmacroresearch.org\/jp\/?p=14187"},"modified":"2021-06-24T18:31:24","modified_gmt":"2021-06-24T09:31:24","slug":"%e3%82%b5%e3%83%9e%e3%83%bc%e3%82%ba%e6%b0%8f-%e7%b7%a9%e5%92%8c%e7%b6%99%e7%b6%9a%e3%81%a7%e3%83%89%e3%83%ab%e9%ab%98%e3%81%ab%e3%81%aa%e3%82%8b%e5%8f%af%e8%83%bd%e6%80%a7","status":"publish","type":"post","link":"https:\/\/www.globalmacroresearch.org\/jp\/archives\/14187","title":{"rendered":"\u30b5\u30de\u30fc\u30ba\u6c0f: \u7de9\u548c\u7d99\u7d9a\u3067\u30c9\u30eb\u9ad8\u306b\u306a\u308b\u53ef\u80fd\u6027"},"content":{"rendered":"\n<p>Bloomberg\u306b\u3088\u308b\u30b5\u30de\u30fc\u30ba\u6c0f\u3068\u30c0\u30ea\u30aa\u6c0f\u306e\u30a4\u30f3\u30bf\u30d3\u30e5\u30fc\u3092\u5831\u3058\u305f\u524d\u56de\u306e\u8a18\u4e8b\u306e\u7d9a\u304d\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<!--more-->\n\n\n\n<p><strong>\u7de9\u548c\u653f\u7b56\u3068\u30c9\u30eb\u306e\u95a2\u4fc2<\/strong><\/p>\n\n\n\n<p>\u524d\u56de\u306e\u8a18\u4e8b\u3067\u306f\u3001\u83ab\u5927\u306a\u653f\u5e9c\u50b5\u52d9\u306e\u62e1\u5927\u3068\u7d19\u5e63\u5370\u5237\u306b\u3088\u3063\u3066\u30c9\u30eb\u306e\u5730\u4f4d\u306f\u4eba\u6c11\u5143\u306a\u3069\u306b\u8105\u304b\u3055\u308c\u308b\u3068\u4e3b\u5f35\u3057\u305fBridgewater\u306e\u30ec\u30a4\u30fb\u30c0\u30ea\u30aa\u6c0f\u306b\u5bfe\u3057\u3001\u7d4c\u6e08\u5b66\u8005\u306e\u30e9\u30ea\u30fc\u30fb\u30b5\u30de\u30fc\u30ba\u6c0f\u306f\u30b3\u30ed\u30ca\u798d\u3067\u653f\u5e9c\u304c\u7de9\u548c\u7d99\u7d9a\u3092\u5f37\u3044\u3089\u308c\u308b\u3068\u3057\u3066\u3082\u3001\u5fc5\u305a\u3057\u3082\u30c9\u30eb\u5b89\u306b\u306a\u3089\u306a\u3044\u304b\u3082\u3057\u308c\u306a\u3044\u3068\u4e3b\u5f35\u3057\u305f\u3053\u3068\u3092\u5831\u3058\u305f\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/14160\" data-type=\"post\" data-id=\"14160\">\u30c0\u30ea\u30aa\u6c0f\u3068\u30b5\u30de\u30fc\u30ba\u6c0f\u306e\u30c9\u30eb\u4e0b\u843d\u306b\u95a2\u3059\u308b\u8ad6\u4e89<\/a><\/li><\/ul>\n\n\n\n<p>\u30b3\u30ed\u30ca\u798d\u306b\u884c\u308f\u308c\u305f\u91cf\u7684\u7de9\u548c\u3068\u73fe\u91d1\u7d66\u4ed8\u306b\u5e02\u5834\u3068\u7d4c\u6e08\u306f\u5927\u304d\u304f\u4f9d\u5b58\u3057\u3066\u304a\u308a\u3001\u653f\u5e9c\u3084\u4e2d\u592e\u9280\u884c\u306f\u7c21\u5358\u306b\u306f\u7de9\u548c\u3092\u6b62\u3081\u3089\u308c\u306a\u3044\u3068\u3044\u3046\u70b9\u3067\u306f\u4e21\u8005\u306f\u4e00\u81f4\u3057\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<p>\u3057\u304b\u3057\u30c9\u30eb\u306b\u5f31\u6c17\u306a\u30c0\u30ea\u30aa\u6c0f\u306b\u5bfe\u3057\u3001\u30b5\u30de\u30fc\u30ba\u6c0f\u306f\u6761\u4ef6\u4ed8\u304d\u306e\u53cd\u8ad6\u3092\u3057\u3066\u3044\u305f\u3002\u305d\u306e\u767a\u8a00\u3092\u3082\u3046\u4e00\u5ea6\u5f15\u7528\u3057\u305f\u3044\u3002<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>1980\u5e74\u4ee3\u306b\u306f\u5de8\u984d\u306e\u8ca1\u653f\u8d64\u5b57\u304c\u7d4c\u6e08\u6210\u9577\u3092\u4fc3\u3057\u3001\u8cc7\u672c\u5e02\u5834\u306b\u6d41\u308c\u8fbc\u3093\u3067\u5f37\u3044\u30c9\u30eb\u306b\u7e4b\u304c\u3063\u305f\u3002<\/p><p>\u3060\u304b\u3089\u77ed\u671f\u7684\u306a\u52d5\u304d\u306b\u3064\u3044\u3066\u306f\u5206\u304b\u3089\u306a\u3044\u304c\u3001\u308f\u305f\u3057\u306f\u30ec\u30a4\u307b\u3069\u306f\u4e2d\u56fd\u3084\u8af8\u5916\u56fd\u306e\u8cc7\u672c\u5e02\u5834\u304c\u9577\u671f\u7684\u306b\u30c9\u30eb\u3088\u308a\u3082\u9b45\u529b\u7684\u306b\u306a\u308b\u304b\u3069\u3046\u304b\u306b\u3064\u3044\u3066\u306f\u78ba\u4fe1\u3067\u304d\u306a\u3044\u3002<\/p><\/blockquote>\n\n\n\n<p>\u7d19\u5e63\u5370\u5237\u306b\u3088\u308b\u73fe\u91d1\u7d66\u4ed8\u306f\u30a4\u30f3\u30d5\u30ec\u3092\u5f15\u304d\u8d77\u3053\u3057\u3001\u30c9\u30eb\u306e\u4fa1\u5024\u3092\u4e0b\u843d\u3055\u305b\u308b\u3068\u3044\u3046\u30c0\u30ea\u30aa\u6c0f\u306e\u4e3b\u5f35\u306f\u3082\u3063\u3068\u3082\u306e\u3088\u3046\u306b\u805e\u3053\u3048\u308b\u3002\u3057\u304b\u3057\u305d\u3046\u306a\u3089\u306a\u304b\u3063\u305f\u6642\u4ee3\u304c\u3042\u308b\u30021980\u5e74\u4ee3\u524d\u534a\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p><strong>\u30ec\u30fc\u30ac\u30ce\u30df\u30af\u30b9\u3068\u30c9\u30eb\u9ad8<\/strong><\/p>\n\n\n\n<p>1980\u5e74\u4ee3\u306f\u3069\u3046\u3044\u3046\u6642\u4ee3\u3060\u3063\u305f\u304b\u30021971\u5e74\u306b\u30cb\u30af\u30bd\u30f3\u5927\u7d71\u9818\u304c\u91d1\u672c\u4f4d\u5236\u5ea6\u3092\u7834\u68c4\u3057\u3001\u672c\u6765\u306f\u30b4\u30fc\u30eb\u30c9\u3068\u306e\u4ea4\u63db\u304c\u4fdd\u8a3c\u3055\u308c\u3066\u3044\u305f\u3053\u3068\u306b\u3088\u3063\u3066\u4fa1\u5024\u3092\u62c5\u4fdd\u3055\u308c\u3066\u3044\u305f\u30c9\u30eb\u7d19\u5e63\u3092\u3001\u3082\u306f\u3084\u30b4\u30fc\u30eb\u30c9\u3068\u306f\u4ea4\u63db\u3057\u306a\u3044\u3068\u4e3b\u5f35\u3057\u30cb\u30af\u30bd\u30f3\u30b7\u30e7\u30c3\u30af\u304c\u8d77\u304d\u305f\u3002<\/p>\n\n\n\n<p>\u3053\u306e\u6642\u4ee3\u3001\u30c0\u30ea\u30aa\u6c0f\u306f\u30a6\u30a9\u30fc\u30eb\u8857\u3067\u30a4\u30f3\u30bf\u30fc\u30f3\u3092\u3057\u3066\u304a\u308a\u3001\u4ee5\u4e0b\u306e\u8a18\u4e8b\u3067\u306f\u5f53\u6642\u306e\u3053\u3068\u3092\u8a9e\u3063\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/9645\" data-type=\"post\" data-id=\"9645\">\u30ec\u30a4\u30fb\u30c0\u30ea\u30aa\u6c0f\u3001\u300c\u73fe\u91d1\u304c\u30b4\u30df\u300d\u306b\u306a\u3063\u305f\u30cb\u30af\u30bd\u30f3\u30b7\u30e7\u30c3\u30af\u306e\u7d4c\u9a13\u3092\u8a9e\u308b<\/a><\/li><\/ul>\n\n\n\n<p>\u3053\u308c\u306f\u57fa\u672c\u7684\u306b\u306f\u7c73\u56fd\u653f\u5e9c\u306e\u30c7\u30d5\u30a9\u30eb\u30c8\u3067\u3042\u308b\u3002\u7d19\u5e63\u306f\u672c\u6765\u30b4\u30fc\u30eb\u30c9\u306e\u9810\u304b\u308a\u8a3c\u3060\u3063\u305f\u306e\u3060\u304c\u3001\u9810\u304b\u3063\u3066\u3044\u305f\u30b4\u30fc\u30eb\u30c9\u3092\u8fd4\u305b\u306a\u304f\u306a\u3063\u305f\u3068\u3044\u3046\u3053\u3068\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u30b4\u30fc\u30eb\u30c9\u3068\u4ea4\u63db\u51fa\u6765\u306a\u304f\u306a\u3063\u305f\u30c9\u30eb\u306e\u4fa1\u5024\u306f\u5f53\u7136\u306a\u304c\u3089\u4e0b\u304c\u3063\u305f\u3002\u8ca8\u5e63\u4fa1\u5024\u306e\u66b4\u843d\u3001\u3064\u307e\u308a\u30a4\u30f3\u30d5\u30ec\u304c\u8d77\u3053\u308a\u3001\u30a4\u30f3\u30d5\u30ec\u7387\u306f15%\u8fd1\u304f\u307e\u3067\u4e0a\u6607\u3057\u3066\u3044\u3063\u305f\u3002<\/p>\n\n\n\n<p>\u3053\u306e\u30a4\u30f3\u30d5\u30ec\u306f\u5f53\u6642Fed\uff08\u9023\u90a6\u6e96\u5099\u5236\u5ea6\uff09\u306e\u8b70\u9577\u3060\u3063\u305f\u30dd\u30fc\u30eb\u30fb\u30dc\u30eb\u30ab\u30fc\u6c0f\u306e\u5bb9\u8d66\u306a\u3044\u5229\u4e0a\u3052\u306b\u3088\u3063\u30661980\u5e74\u9803\u3092\u5883\u306b\u843d\u3061\u7740\u3044\u3066\u3044\u3063\u305f\u3002\u5f53\u6642\u306e\u30a4\u30f3\u30d5\u30ec\u7387\u3068\u653f\u7b56\u91d1\u5229\u3092\u4e26\u3079\u3066\u307f\u308b\u3068\u3053\u3046\u306a\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\/02\/1970-1985-us-inflation-rate-and-federal-funds-rate-chart.png\"><img loading=\"lazy\" decoding=\"async\" width=\"488\" height=\"468\" src=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2021\/02\/1970-1985-us-inflation-rate-and-federal-funds-rate-chart.png\" alt=\"\" class=\"wp-image-12634\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2021\/02\/1970-1985-us-inflation-rate-and-federal-funds-rate-chart.png 488w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2021\/02\/1970-1985-us-inflation-rate-and-federal-funds-rate-chart-300x288.png 300w\" sizes=\"auto, (max-width: 488px) 100vw, 488px\" \/><\/a><\/figure>\n\n\n\n<p>\u30a4\u30f3\u30d5\u30ec\u304c\u30d4\u30fc\u30af\u3092\u904e\u304e\u305f1981\u5e74\u306b\u5927\u7d71\u9818\u3068\u306a\u3063\u305f\u306e\u304c\u30ed\u30ca\u30eb\u30c9\u30fb\u30ec\u30fc\u30ac\u30f3\u6c0f\u3067\u3042\u308b\u3002\u5171\u548c\u515a\u306e\u5927\u7d71\u9818\u3067\u3042\u308b\u5f7c\u306f\u3001\u30a4\u30f3\u30d5\u30ec\u306e\u4e00\u56e0\u3068\u306a\u3063\u305f\u8ca1\u653f\u8d64\u5b57\u3092\u8efd\u6e1b\u3059\u308b\u3068\u7d04\u675f\u3057\u3064\u3064\u3082\u3001\u5b9f\u969b\u306b\u306f\u300c\u5f37\u3044\u30a2\u30e1\u30ea\u30ab\u300d\u3092\u76ee\u6307\u3057\u3066\u8ecd\u4e8b\u8cbb\u3092\u62e1\u5927\u3057\u305f\u3053\u3068\u306b\u3088\u3063\u3066\u8ca1\u653f\u8d64\u5b57\u306f\u5897\u5927\u3057\u3066\u3044\u3063\u305f\u3002<\/p>\n\n\n\n<p>\u8ca1\u653f\u8d64\u5b57\u306e\u5897\u52a0\u306f\u56fd\u50b5\u306e\u767a\u884c\u5897\u52a0\u3092\u610f\u5473\u3059\u308b\u3002\u30c0\u30ea\u30aa\u6c0f\u304c\u73fe\u5728\u306e\u72b6\u6cc1\u306b\u3064\u3044\u3066\u8a00\u3046\u3088\u3046\u306a\u3001\u56fd\u50b5\u306e\u4f9b\u7d66\u904e\u5270\u3068\u3044\u3046\u56fd\u50b5\u4fa1\u683c\u306e\u4e0b\u843d\u30ea\u30b9\u30af\u304c\u5b58\u5728\u3057\u305f\u306e\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u30c0\u30ea\u30aa\u6c0f\u306e\u8ad6\u7406\u3067\u306f\u56fd\u50b5\u306e\u4e0b\u843d\u304c\u30c9\u30eb\u306e\u4e0b\u843d\u3092\u3082\u305f\u3089\u3059\u3002\u3057\u304b\u3057\u50b5\u5238\u306e\u4fa1\u683c\u4e0b\u843d\u306f\u91d1\u5229\u306e\u4e0a\u6607\u3092\u610f\u5473\u3059\u308b\u306e\u3067\u3001\u4e0a\u8a18\u306e\u30c1\u30e3\u30fc\u30c8\u3067\u5206\u304b\u308b\u3088\u3046\u306b\u30ec\u30fc\u30ac\u30f3\u653f\u6a29\u306e\u521d\u671f\u306b\u306f\u3001\u307e\u3060\u9ad8\u304b\u3063\u305f\u653f\u7b56\u91d1\u5229\u3082\u3042\u3044\u307e\u3063\u3066\u3001\u30c9\u30eb\u306e\u9577\u671f\u91d1\u5229\u306f\u5f53\u6642\u306e\u7af6\u4e89\u76f8\u624b\u3060\u3063\u305f\u30c9\u30a4\u30c4\u30de\u30eb\u30af\u306a\u3069\u306b\u6bd4\u3079\u3066\u9ad8\u3044\u307e\u307e\u3060\u3063\u305f\u3002<\/p>\n\n\n\n<p>\u4e00\u65b9\u3067\u30a4\u30f3\u30d5\u30ec\u306f\u9ad8\u91d1\u5229\u306e\u5f71\u97ff\u3082\u3042\u308a\u53ce\u307e\u308a\u59cb\u3081\u3066\u3044\u305f\u3002\u6295\u8cc7\u5bb6\u306b\u3068\u3063\u3066\u306f\u4f4e\u30a4\u30f3\u30d5\u30ec\u3068\u9ad8\u91d1\u5229\u306f\u901a\u8ca8\u306e\u8cb7\u3044\u8981\u56e0\u3067\u3042\u308b\u3002\u3088\u3063\u3066\u3070\u3089\u6492\u304d\u653f\u7b56\u3068\u3044\u3046\u4e00\u898b\u30c9\u30eb\u5b89\u306b\u5bc4\u4e0e\u3057\u305d\u3046\u306a\u8981\u56e0\u306b\u3088\u3063\u3066\u30c9\u30eb\u306f1985\u5e74\u307e\u3067\u4e0a\u304c\u308a\u7d9a\u3051\u305f\u306e\u3067\u3042\u308b\u3002\u653f\u7b56\u91d1\u5229\u306e\u30c1\u30e3\u30fc\u30c8\u306b\u30c9\u30eb\u30de\u30eb\u30af\u306e\u30c1\u30e3\u30fc\u30c8\u3092\u4e26\u3079\u3066\u307f\u3088\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\/1980-1987-usddem-and-federal-funds-rate-chart.png\"><img loading=\"lazy\" decoding=\"async\" width=\"493\" height=\"468\" src=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2021\/06\/1980-1987-usddem-and-federal-funds-rate-chart.png\" alt=\"\" class=\"wp-image-14167\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2021\/06\/1980-1987-usddem-and-federal-funds-rate-chart.png 493w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2021\/06\/1980-1987-usddem-and-federal-funds-rate-chart-300x285.png 300w\" sizes=\"auto, (max-width: 493px) 100vw, 493px\" \/><\/a><\/figure>\n\n\n\n<p>\u672c\u683c\u7684\u306b\u5229\u4e0b\u3052\u304c\u59cb\u307e\u3063\u3066\u3082\u30c9\u30eb\u9ad8\u304c\u6b62\u307e\u3089\u306a\u304b\u3063\u305f\u3053\u3068\u304c\u5206\u304b\u308b\u3002\u7406\u7531\u306f\u30a4\u30f3\u30d5\u30ec\u7387\u304c\u91d1\u5229\u3088\u308a\u3082\u901f\u3044\u901f\u5ea6\u3067\u4e0b\u304c\u308a\u7d9a\u3051\u305f\u3053\u3068\u3067\u3042\u308b\u3002\u7279\u306b\u5f53\u6642\u306f\u30a4\u30f3\u30d5\u30ec\u7387\u304c\u9ad8\u304b\u3063\u305f\u3053\u3068\u304b\u3089\u3001\u30a4\u30f3\u30d5\u30ec\u7387\u304c15%\u304b\u30896%\u307e\u3067\u4e0b\u304c\u3063\u305f\u3053\u3068\u306e\u5f71\u97ff\u304c\u30c9\u30eb\u306e\u70ba\u66ff\u30ec\u30fc\u30c8\u306b\u3068\u3063\u3066\u5927\u304d\u304b\u3063\u305f\u306e\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p><strong>\u30c9\u30eb\u4e0b\u843d\u306e\u30bf\u30a4\u30df\u30f3\u30b0<\/strong><\/p>\n\n\n\n<p>\u4ee5\u4e0a\u306e\u7406\u7531\u3067\u3001\u91d1\u878d\u7de9\u548c\u3068\u8ca1\u653f\u652f\u51fa\u3068\u3044\u3046\u4e00\u898b\u30c9\u30eb\u5b89\u3092\u547c\u3073\u305d\u3046\u306a\u8981\u56e0\u304c1981\u5e74\u304b\u30891985\u5e74\u307e\u3067\u306e\u30c9\u30eb\u9ad8\u3092\u5f15\u304d\u8d77\u3053\u3057\u305f\u3002<\/p>\n\n\n\n<p>\u3057\u304b\u3057\u30c9\u30eb\u306f\u7d50\u5c401985\u5e74\u306b\u306f\u4e0b\u843d\u306b\u8ee2\u3058\u3066\u3044\u308b\u3002\u30b5\u30de\u30fc\u30ba\u6c0f\u3082\u3001\u7d50\u5c40\u306f\u305d\u3046\u306a\u308b\u53ef\u80fd\u6027\u3092\u6307\u6458\u3057\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>\u30c9\u30eb\u306e\u4e0b\u843d\u30ea\u30b9\u30af\u306f\u78ba\u304b\u306b\u9ad8\u3044\u3002\uff08\u4e2d\u7565\uff09\u3060\u304b\u3089\u30ec\u30a4\u306e\u8a00\u3046\u3088\u3046\u306a\u61f8\u5ff5\u3082\u5206\u304b\u308b\u3002\u3060\u304c\u30bf\u30a4\u30df\u30f3\u30b0\u306b\u3064\u3044\u3066\u306f\u4e0d\u78ba\u5b9f\u6027\u304c\u5b58\u5728\u3059\u308b\u3060\u308d\u3046\u3002<\/p><\/blockquote>\n\n\n\n<p>\u3067\u306f\u4f55\u304c\u30c9\u30eb\u4e0b\u843d\u306e\u30bf\u30a4\u30df\u30f3\u30b0\u3092\u6c7a\u3081\u308b\u306e\u3060\u308d\u3046\u304b\uff1f\u30001985\u5e74\u306b\u306f\u4f55\u304c\u8d77\u3053\u3063\u305f\u306e\u3060\u308d\u3046\u304b\u3002<\/p>\n\n\n\n<p>\u5f37\u3044\u30c9\u30eb\u306f\u30a2\u30e1\u30ea\u30ab\u7d4c\u6e08\u306b\u5927\u304d\u306a\u554f\u984c\u3092\u3082\u305f\u3089\u3057\u3066\u3044\u305f\u3002\u8cbf\u6613\u8d64\u5b57\u306e\u62e1\u5927\u3067\u3042\u308b\u3002\u7279\u306b\u6226\u5f8c\u306e\u30c0\u30e1\u30fc\u30b8\u304b\u3089\u56de\u5fa9\u3057\u3066\u3044\u305f\u65e5\u672c\u3068\u30c9\u30a4\u30c4\u306b\u5bfe\u3059\u308b\u30a2\u30e1\u30ea\u30ab\u306e\u8cbf\u6613\u8d64\u5b57\u304c\u62e1\u5927\u3057\u3066\u3044\u305f\u3053\u3068\u304b\u3089\u3001\u30ec\u30fc\u30ac\u30f3\u653f\u6a29\u306b\u306f\u30c9\u30eb\u9ad8\u3092\u6291\u5236\u3059\u308b\u5727\u529b\u304c\u304b\u304b\u3063\u305f\u3002<\/p>\n\n\n\n<p>\u305d\u3057\u3066\u8ca1\u653f\u8d64\u5b57\u3068\u9ad8\u3044\u5b9f\u8cea\u91d1\u5229\u304b\u3089\u6765\u308b\u30c9\u30eb\u9ad8\u304c\u662f\u6b63\u3055\u308c\u308b\u6642\u304c\u6765\u305f\u3002\u30a2\u30e1\u30ea\u30ab\u306e\u8cbf\u6613\u8d64\u5b57\u3092\u89e3\u6d88\u3059\u308b\u305f\u3081\u3001\u30a2\u30e1\u30ea\u30ab\u3068\u30c9\u30a4\u30c4\u3001\u65e5\u672c\u3092\u542b\u3080G5\u304c\u30cb\u30e5\u30fc\u30e8\u30fc\u30af\u306e\u30d7\u30e9\u30b6\u30db\u30c6\u30eb\u3067\u4f1a\u5408\u3092\u958b\u304d\u3001\u30c9\u30eb\u5b89\u3092\u76ee\u6307\u3057\u305f\u5354\u8abf\u4ecb\u5165\u3092\u884c\u3046\u3053\u3068\u3067\u540c\u610f\u3057\u305f\u3002\u3044\u308f\u3086\u308b\u30d7\u30e9\u30b6\u5408\u610f\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u305d\u306e\u5f8c\u30c9\u30eb\u306f\u30c9\u30a4\u30c4\u30de\u30eb\u30af\u3084\u65e5\u672c\u5186\u306b\u5bfe\u3057\u3066\u6025\u964d\u4e0b\u3057\u3066\u3086\u304f\u3053\u3068\u306b\u306a\u308b\u3002\u8ca1\u653f\u8d64\u5b57\u306e\u5f15\u304d\u8d77\u3053\u3057\u305f\u9ad8\u91d1\u5229\u3068\u30c9\u30eb\u9ad8\u306f\u8cbf\u6613\u8d64\u5b57\u62e1\u5927\u306e\u539f\u56e0\u3068\u306a\u3063\u3066\u3044\u305f\u306e\u3067\u3001\u3053\u306e\u30c8\u30ec\u30f3\u30c9\u306f\u4f55\u51e6\u304b\u306e\u30bf\u30a4\u30df\u30f3\u30b0\u3067\u53cd\u8ee2\u3057\u306a\u3051\u308c\u3070\u306a\u3089\u306a\u304b\u3063\u305f\u306e\u3067\u3042\u308b\u3002\u3053\u3046\u3057\u3066\u8ca1\u653f\u8d64\u5b57\u306f4\u5e74\u306e\u30bf\u30a4\u30e0\u30e9\u30b0\u3092\u7d4c\u3066\u30c9\u30eb\u5b89\u3092\u5f15\u304d\u8d77\u3053\u3059\u3053\u3068\u306b\u306a\u3063\u305f\u3002<\/p>\n\n\n\n<p><strong>\u30b3\u30ed\u30ca\u798d\u306b\u304a\u3051\u308b\u30c9\u30eb\u4e0b\u843d<\/strong><\/p>\n\n\n\n<p>\u73fe\u5728\u3001\u30b3\u30ed\u30ca\u5f8c\u306e\u7d4c\u6e08\u56de\u5fa9\u3092\u53d7\u3051\u3066\u30a2\u30e1\u30ea\u30ab\u306e\u9577\u671f\u91d1\u5229\u306f\u4e0a\u6607\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\/2021-6-24-us-10-year-treasury-yield-chart.png\"><img loading=\"lazy\" decoding=\"async\" width=\"666\" height=\"539\" src=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2021\/06\/2021-6-24-us-10-year-treasury-yield-chart.png\" alt=\"\" class=\"wp-image-14203\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2021\/06\/2021-6-24-us-10-year-treasury-yield-chart.png 666w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2021\/06\/2021-6-24-us-10-year-treasury-yield-chart-300x243.png 300w\" sizes=\"auto, (max-width: 666px) 100vw, 666px\" \/><\/a><\/figure>\n\n\n\n<p>\u3053\u306e\u7d4c\u6e08\u56de\u5fa9\u306f\u7d19\u5e63\u5370\u5237\u3068\u73fe\u91d1\u7d66\u4ed8\u306b\u3088\u3063\u3066\u3082\u305f\u3089\u3055\u308c\u305f\u3082\u306e\u3067\u3042\u308b\u306b\u3082\u304b\u304b\u308f\u3089\u305a\u3001\u9ad8\u91d1\u5229\u3092\u901a\u3057\u3066\u30c9\u30eb\u9ad8\u306b\u7e4b\u304c\u308b\u53ef\u80fd\u6027\u306f\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u4e00\u65b9\u3067\u3044\u305a\u308c\u304b\u306e\u30bf\u30a4\u30df\u30f3\u30b0\u3067\u30c9\u30eb\u5b89\u306b\u632f\u308c\u306a\u3051\u308c\u3070\u306a\u3089\u306a\u304f\u306a\u308b\u53ef\u80fd\u6027\u306f\u9ad8\u3044\u3002\u30b5\u30de\u30fc\u30ba\u6c0f\u306f\u3053\u3046\u8a9e\u3063\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>\u91d1\u878d\u653f\u7b56\u306b\u304a\u3051\u308b\u672c\u5f53\u306b\u96e3\u3057\u3044\u30b8\u30ec\u30f3\u30de\u306f\u3001\u3069\u3061\u3089\u306b\u884c\u304f\u3079\u304d\u304b\u660e\u78ba\u3067\u306f\u306a\u3044\u6642\u3060\u3002\u56fd\u50b5\u304c\u5927\u91cf\u306b\u767a\u884c\u3055\u308c\u3066\u304a\u308a\u901a\u8ca8\u304c\u4e0b\u843d\u3057\u3066\u3044\u308b\u4e00\u65b9\u3067\u3001\u7d4c\u6e08\u306f\u5f31\u4f53\u5316\u3057\u3066\u3044\u3066\u8ca7\u5bcc\u306e\u5dee\u304c\u62e1\u5927\u3057\u3001\u666f\u6c17\u5f8c\u9000\u306e\u61f8\u5ff5\u304c\u3042\u308b\u6642\u306b\u306f\u3001\u5229\u4e0b\u3052\u3092\u3057\u3066\u5f8c\u8005\u306b\u5bfe\u5fdc\u3059\u3079\u304d\u306a\u306e\u304b\u3001\u5f15\u304d\u7de0\u3081\u3092\u3057\u3066\u524d\u8005\u306b\u5bfe\u5fdc\u3059\u3079\u304d\u306a\u306e\u304b\u5206\u304b\u3089\u306a\u3044\u3002<\/p><\/blockquote>\n\n\n\n<p>\u30c8\u30e9\u30f3\u30d7\u653f\u6a29\u3001\u30d0\u30a4\u30c7\u30f3\u653f\u6a29\u3068\u7d9a\u3051\u3066\u884c\u308f\u308c\u305f\u73fe\u91d1\u7d66\u4ed8\u306f\u3068\u308a\u3042\u3048\u305a\u306f\u5f3e\u5207\u308c\u3068\u306a\u3063\u3066\u304a\u308a\u3001\u653f\u5e9c\u306b\u3088\u308b\u666f\u6c17\u523a\u6fc0\u3067\u652f\u3048\u3089\u308c\u305f\u5b9f\u4f53\u7d4c\u6e08\u306f\u3001\u8ffd\u52a0\u7de9\u548c\u304c\u306a\u3051\u308c\u3070\u5931\u901f\u3057\u3066\u3086\u304f\u53ef\u80fd\u6027\u304c\u9ad8\u3044\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/14037\" data-type=\"post\" data-id=\"14037\">\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f: 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