{"id":15884,"date":"2021-09-28T20:05:00","date_gmt":"2021-09-28T11:05:00","guid":{"rendered":"https:\/\/www.globalmacroresearch.org\/jp\/?p=15884"},"modified":"2021-09-28T10:57:06","modified_gmt":"2021-09-28T01:57:06","slug":"%e3%82%bf%e3%82%ab%e6%b4%be%e3%81%ae%e9%80%a3%e9%8a%80%e7%b7%8f%e8%a3%812%e4%ba%ba%e3%81%8c%e5%9c%a8%e8%81%b7%e4%b8%ad%e3%81%ae%e6%a0%aa%e5%8f%96%e5%bc%95%e5%95%8f%e9%a1%8c%e3%81%a7%e8%be%9e%e4%bb%bb","status":"publish","type":"post","link":"https:\/\/www.globalmacroresearch.org\/jp\/archives\/15884","title":{"rendered":"\u30bf\u30ab\u6d3e\u306e\u9023\u9280\u7dcf\u88c12\u4eba\u304c\u5728\u8077\u4e2d\u306e\u682a\u53d6\u5f15\u554f\u984c\u3067\u8f9e\u4efb\u3000\u91d1\u878d\u653f\u7b56\u306f\u7de9\u548c\u5bc4\u308a\u3078"},"content":{"rendered":"\n<p>\u7c73\u56fd\u6642\u95939\u670827\u65e5\u3001\u30dc\u30b9\u30c8\u30f3\u9023\u9280\u7dcf\u88c1\u306e\u30a8\u30ea\u30c3\u30af\u30fb\u30ed\u30fc\u30bc\u30f3\u30b0\u30ec\u30f3\u6c0f\u3068\u30c0\u30e9\u30b9\u9023\u9280\u7dcf\u88c1\u306e\u30ed\u30d0\u30fc\u30c8\u30fb\u30ab\u30d7\u30e9\u30f3\u6c0f\u304c\u8f9e\u4efb\u3092\u8868\u660e\u3057\u305f\u3002\u30ed\u30fc\u30bc\u30f3\u30b0\u30ec\u30f3\u6c0f\u306f\u809d\u81d3\u306e\u5065\u5eb7\u554f\u984c\u306e\u305f\u3081\u3068\u4e3b\u5f35\u3057\u3066\u3044\u308b\u304c\u3001\u4e21\u6c0f\u306f\u5728\u8077\u4e2d\u306e\u682a\u53d6\u5f15\u554f\u984c\u3067\u975e\u96e3\u3055\u308c\u3066\u304a\u308a\u3001\u76f4\u63a5\u7684\u306a\u7406\u7531\u306f\u305d\u306e\u305f\u3081\u3060\u308d\u3046\u3002<\/p>\n\n\n\n<p>\u6295\u8cc7\u5bb6\u306b\u3068\u3063\u3066\u91cd\u8981\u306a\u306e\u306f\u3001\u3053\u306e\u9023\u9280\u7dcf\u88c1\u3089\u304c2\u4eba\u3068\u3082\u65e9\u671f\u30c6\u30fc\u30d1\u30ea\u30f3\u30b0\uff08\u91cf\u7684\u7de9\u548c\u7e2e\u5c0f\uff09\u3092\u652f\u6301\u3059\u308b\u30bf\u30ab\u6d3e\u3067\u3042\u308b\u3068\u3044\u3046\u3053\u3068\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<!--more-->\n\n\n\n<p><strong>\u5728\u8077\u4e2d\u306e\u682a\u53d6\u5f15\u554f\u984c<\/strong><\/p>\n\n\n\n<p>\u4e21\u6c0f\u306f\u6700\u8fd1\u306e\u958b\u793a\u3067\u3001Fed\uff08\u9023\u90a6\u6e96\u5099\u5236\u5ea6\uff09\u304c\u5927\u898f\u6a21\u306a\u91d1\u878d\u7de9\u548c\u3092\u884c\u306a\u3063\u3066\u3044\u305f\u6628\u5e74\u306e\u9593\u306b\u682a\u5f0f\u3092\u30a2\u30af\u30c6\u30a3\u30d6\u306b\u53d6\u5f15\u3057\u3066\u3044\u305f\u3053\u3068\u304c\u660e\u3089\u304b\u306b\u306a\u308a\u3001\u5c11\u3057\u524d\u304b\u3089\u975e\u96e3\u3092\u6d74\u3073\u3066\u3044\u305f\u3002<\/p>\n\n\n\n<p>\u30ab\u30d7\u30e9\u30f3\u6c0f\u306fApple\u3001Amazon.com\u3001Google\u306a\u3069\u306e\u30cf\u30a4\u30c6\u30af\u682a\u3092\u3001\u30ed\u30fc\u30bc\u30f3\u30b0\u30ec\u30f3\u6c0f\u306f\u30e2\u30fc\u30b2\u30fc\u30b8\u50b5\u3092\u4fdd\u6709\u3059\u308bREIT\u3092\u53d6\u5f15\u3057\u3066\u3044\u305f\u3002\u524d\u8005\u306e\u30cf\u30a4\u30c6\u30af\u682a\u306fFed\u306e\u4f4e\u91d1\u5229\u306e\u6069\u6075\u3092\u53d7\u3051\u3001\u5f8c\u8005\u306e\u30e2\u30fc\u30b2\u30fc\u30b8\u50b5\u306b\u81f3\u3063\u3066\u306fFed\u304c\u91cf\u7684\u7de9\u548c\u653f\u7b56\u3067\u5927\u91cf\u306b\u8cfc\u5165\u3057\u3066\u3044\u308b\u8cc7\u7523\u305d\u306e\u3082\u306e\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u30ab\u30d7\u30e9\u30f3\u6c0f\u306f\u5143\u3005Goldman Sachs\u306e\u526f\u4f1a\u9577\u3067\u3042\u308a\u3001\u30ed\u30fc\u30bc\u30f3\u30b0\u30ec\u30f3\u6c0f\u3082Fed\u304c\u8cb7\u3044\u5165\u308c\u308b\u9298\u67c4\u3092\u8cb7\u3063\u3066\u3044\u308b\u3053\u3068\u304b\u3089\u5b8c\u5168\u306b\u78ba\u4fe1\u7684\u3060\u308d\u3046\u3002\u4f8b\u3048\u3070\u65e5\u9280\u3067\u306f\u3053\u3046\u3057\u305f\u53d6\u5f15\u306f\u51fa\u6765\u306a\u3044\u306f\u305a\u3060\u304c\u3001\u30a2\u30e1\u30ea\u30ab\u3067\u306f\u305d\u3046\u3044\u3046\u898f\u5247\u304c\u7de9\u3044\u3089\u3057\u3044\u3002<\/p>\n\n\n\n<p>\u30ed\u30fc\u30bc\u30f3\u30b0\u30ec\u30f3\u6c0f\u306f\u4eca\u9031\u4e2d\u3001\u30ab\u30d7\u30e9\u30f3\u6c0f\u306f10\u67088\u65e5\u306b\u8f9e\u4efb\u3059\u308b\u3068\u3044\u3046\u3002\u6b21\u56de\u306eFOMC\u4f1a\u5408\u306f11\u6708\u306a\u306e\u3067\u3001\u4e21\u6c0f\u3068\u3082\u305d\u306e\u524d\u306b\u9000\u4efb\u3059\u308b\u3053\u3068\u306b\u306a\u308b\u3002<\/p>\n\n\n\n<p><strong>\u30bf\u30ab\u6d3e\u611f\u304c\u8584\u308c\u308bFed<\/strong><\/p>\n\n\n\n<p>\u3055\u3066\u3001\u305d\u3046\u306a\u308c\u3070\u554f\u984c\u3068\u306a\u308b\u306e\u306fFed\u304b\u3089\u30bf\u30ab\u6d3e\u306e\u9023\u9280\u7dcf\u88c12\u4eba\u304c\u6d88\u3048\u308b\u3068\u3044\u3046\u3053\u3068\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u3053\u308c\u307e\u3067\u3082\u5831\u3058\u3066\u3044\u308b\u304c\u3001\u30ab\u30d7\u30e9\u30f3\u6c0f\u306f\u30bb\u30f3\u30c8\u30eb\u30a4\u30b9\u9023\u9280\u7dcf\u88c1\u306e\u30d6\u30e9\u30fc\u30c9\u6c0f\u3068\u3068\u3082\u306bFed\u5185\u3067\u3082\u3063\u3068\u3082\u30bf\u30ab\u6d3e\u306e\u59d4\u54e1\u3068\u3057\u3066\u77e5\u3089\u308c\u3066\u304a\u308a\u3001\u3057\u304b\u3082\u5f31\u3044\u96c7\u7528\u7d71\u8a08\u3092\u53d7\u3051\u3066\u30d6\u30e9\u30fc\u30c9\u6c0f\u304c9\u6708\u306e\u30c6\u30fc\u30d1\u30ea\u30f3\u30b0\u767a\u8868\u652f\u6301\u3092\u64a4\u56de\u3057\u305f\u5f8c\u30829\u6708\u306e\u30c6\u30fc\u30d1\u30ea\u30f3\u30b0\u767a\u8868\u3092\u4e3b\u5f35\u3057\u3066\u3044\u305f\u30bf\u30ab\u6d3e\u306e\u6025\u5148\u92d2\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/15299\" data-type=\"post\" data-id=\"15299\">\u30bf\u30ab\u6d3e\u306e\u30bb\u30f3\u30c8\u30eb\u30a4\u30b9\u9023\u9280\u7dcf\u88c1\u3001\u4eca\u6708\u306e\u30c6\u30fc\u30d1\u30ea\u30f3\u30b0\u767a\u8868\u306e\u652f\u6301\u64a4\u56de\u304b<\/a><\/li><\/ul>\n\n\n\n<p>\u307e\u305f\u3001\u30ed\u30fc\u30bc\u30f3\u30b0\u30ec\u30f3\u6c0f\u3082\u300c\u96c7\u7528\u7d71\u8a08\u304c\u5f37\u3051\u308c\u3070\u300d\u3068\u3044\u3046\u6761\u4ef6\u4ed8\u304d\u30679\u6708\u306e\u30c6\u30fc\u30d1\u30ea\u30f3\u30b0\u767a\u8868\u3092\u652f\u6301\u3057\u3066\u3044\u305f\u30bf\u30ab\u6d3e\u306e1\u4eba\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u30d1\u30a6\u30a8\u30eb\u8b70\u9577\u306f\u5143\u3005\u30c6\u30fc\u30d1\u30ea\u30f3\u30b0\u306b\u4e57\u308a\u6c17\u3067\u306f\u306a\u304b\u3063\u305f\u30022018\u5e74\u306b\u81ea\u5206\u306e\u91d1\u878d\u5f15\u304d\u7de0\u3081\u304c\u4e16\u754c\u540c\u6642\u682a\u5b89\u3092\u5f15\u304d\u8d77\u3053\u3057\u3066\u4ee5\u6765\u3001\u5f7c\u306f\u91d1\u878d\u5f15\u304d\u7de0\u3081\u3092\u3084\u308a\u305f\u304f\u306a\u3044\u306e\u3067\u3042\u308b\u3002\u5f53\u6642\u306e\u69d8\u5b50\u306f\u30ea\u30a2\u30eb\u30bf\u30a4\u30e0\u306b\u4f1d\u3048\u3066\u3044\u305f\u304b\u3089\u3001\u899a\u3048\u3066\u3044\u308b\u8aad\u8005\u3082\u591a\u3044\u3060\u308d\u3046\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/8106\" data-type=\"post\" data-id=\"8106\">12\u6708FOMC\u4f1a\u5408\u7d50\u679c\u306f\u7a7a\u58f2\u308a\u6d3e\u3078\u306e\u6e80\u984d\u56de\u7b54 (2018\/12\/20)<\/a><\/li><\/ul>\n\n\n\n<p>\u3057\u304b\u3057\u4e0a\u304c\u308a\u3086\u304f\u7269\u4fa1\u3092\u61f8\u5ff5\u3057\u305f\u9023\u9280\u7dcf\u88c1\u305f\u3061\u306b\u62bc\u3057\u4e0a\u3052\u3089\u308c\u308b\u5f62\u3067\u5e74\u5185\u306e\u30c6\u30fc\u30d1\u30ea\u30f3\u30b0\u958b\u59cb\u3092\u8a8d\u3081\u305f\u7d4c\u7def\u304c\u3042\u308b\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/14760\" data-type=\"post\" data-id=\"14760\">\u30d1\u30a6\u30a8\u30eb\u8b70\u9577\u306b\u53cd\u65d7\u3092\u7ffb\u3057\u59cb\u3081\u305f\u9023\u9280\u7dcf\u88c1\u305f\u3061<\/a><\/li><\/ul>\n\n\n\n<p>\u3060\u304c\u30bf\u30ab\u6d3e\u306e\u9023\u9280\u7dcf\u88c12\u4eba\u304c\u629c\u3051\u308b\u3053\u3068\u3067\u3001Fed\u5185\u306e\u30cf\u30c8\u6d3e\u304c\u76db\u308a\u8fd4\u3059\u53ef\u80fd\u6027\u304c\u3042\u308b\u3002\u3057\u304b\u3082\u61f8\u5ff5\u3057\u3066\u3044\u308b\u30a4\u30f3\u30d5\u30ec\u7387\u306f\u73fe\u5728\u6e1b\u901f\u4e2d\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/15437\" data-type=\"post\" data-id=\"15437\">\u4e88\u60f3\u901a\u308a\u6e1b\u901f\u306e8\u6708\u7c73\u30a4\u30f3\u30d5\u30ec\u7387\u3001\u30c7\u30d5\u30ec\u76f8\u5834\u306b\u4e2d\u56fd\u306e\u4e0d\u52d5\u7523\u30d0\u30d6\u30eb\u5d29\u58ca\u306e\u8ffd\u3044\u6253\u3061\u304b<\/a><\/li><\/ul>\n\n\n\n<p>\u305d\u3057\u3066\u305d\u3053\u306b\u4e2d\u56fd\u6052\u5927\u96c6\u56e3\u306e\u4e0d\u52d5\u7523\u5371\u6a5f\u304c\u306e\u3057\u304b\u304b\u3063\u3066\u3044\u308b\u3002\u6052\u5927\u96c6\u56e3\u304c\u5b9f\u969b\u306b\u5012\u7523\u3057\u3001\u4fdd\u6709\u3059\u308b\u83ab\u5927\u306a\u4e0d\u52d5\u7523\u3092\u6295\u3052\u58f2\u308a\u3057\u3066\u4e2d\u56fd\u306e\u4e0d\u52d5\u7523\u5e02\u5834\u3092\u5d29\u58ca\u3055\u305b\u3001\u4e2d\u56fd\u306e\u666f\u6c17\u5f8c\u9000\u304c\u4e16\u754c\u7d4c\u6e08\u306b\u5f71\u97ff\u3092\u53ca\u307c\u3059\u307e\u3067\u306b\u306f1\u5e74\u7a0b\u5ea6\u306e\u6642\u9593\u304c\u304b\u304b\u308b\u3060\u308d\u3046\u304c\u3001\u73fe\u72b6\u3053\u308c\u3089\u306e\u8981\u7d20\u3059\u3079\u3066\u304c\u5f53\u9762\u306e\u30c7\u30d5\u30ec\u76f8\u5834\u3092\u793a\u5506\u3057\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/15609\" data-type=\"post\" data-id=\"15609\">\u6052\u5927\u96c6\u56e3\u5012\u7523\u3068\u4e2d\u56fd\u4e0d\u52d5\u7523\u30d0\u30d6\u30eb\u5d29\u58ca\u3067\u7a7a\u58f2\u308a\u3059\u3079\u304d\u9298\u67c4\u30ea\u30b9\u30c8<\/a><\/li><\/ul>\n\n\n\n<p>\u3060\u304b\u3089\u30a2\u30e1\u30ea\u30ab\u306e\u91d1\u5229\u306b\u306f\u4e0b\u843d\u5727\u529b\u304c\u304b\u304b\u308b\u3060\u308d\u3046\u3002\u73fe\u5728\u306fFed\u304c\u5229\u4e0a\u3052\u3092\u793a\u5506\u3057\u305f\u3053\u3068\u3067\u77ed\u671f\u7684\u306a\u91d1\u5229\u4e0a\u6607\u304c\u8d77\u304d\u3066\u3044\u308b\u304c\u3001\u305d\u308c\u307b\u3069\u9577\u304f\u7d9a\u304f\u3053\u3068\u306f\u51fa\u6765\u306a\u3044\u306f\u305a\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2021\/09\/2021-9-28-us-10-year-treasury-yield-chart.png\"><img loading=\"lazy\" decoding=\"async\" width=\"720\" height=\"525\" src=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2021\/09\/2021-9-28-us-10-year-treasury-yield-chart.png\" alt=\"\" class=\"wp-image-15892\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2021\/09\/2021-9-28-us-10-year-treasury-yield-chart.png 720w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2021\/09\/2021-9-28-us-10-year-treasury-yield-chart-300x219.png 300w\" sizes=\"auto, (max-width: 720px) 100vw, 720px\" \/><\/a><\/figure>\n\n\n\n<p>\u30a2\u30e1\u30ea\u30ab\u30673\u56de\u884c\u308f\u308c\u305f\u73fe\u91d1\u7d66\u4ed8\u306e\u6253\u3061\u6b62\u3081\u3001\u6052\u5927\u96c6\u56e3\u306e\u554f\u984c\u3001\u305d\u3057\u3066\u30bf\u30ab\u6d3e\u9023\u9280\u7dcf\u88c1\u306e\u8f9e\u4efb\u3068\u3044\u3046\u4f4e\u91d1\u5229\u3078\u306e\u304a\u81b3\u7acb\u3066\u304c\u6574\u3063\u305f\u308f\u3051\u3067\u3042\u308b\u3002\u3057\u304b\u3057\u305d\u308c\u306f\u6700\u7d42\u7684\u306b\u306f\u6b62\u307e\u3089\u306a\u3044\u672c\u7269\u306e\u30a4\u30f3\u30d5\u30ec\u3078\u306e\u52a9\u8d70\u3068\u306a\u308b\u3002\u6765\u5e74\u306e\u4e2d\u9593\u9078\u6319\u306e\u305f\u3081\u306b\u30d0\u30a4\u30c7\u30f3\u6c0f\u304c\u8ca1\u653f\u7de9\u548c\u3092\u884c\u3046\u8fba\u308a\u304c\u30c7\u30d5\u30ec\u304b\u3089\u30a4\u30f3\u30d5\u30ec\u3078\u306e\u8ee2\u63db\u70b9\u3060\u308d\u3046\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","protected":false},"excerpt":{"rendered":"<p>\u7c73\u56fd\u6642\u95939\u670827\u65e5\u3001\u30dc\u30b9\u30c8\u30f3\u9023\u9280\u7dcf\u88c1\u306e\u30a8\u30ea\u30c3\u30af\u30fb\u30ed\u30fc\u30bc\u30f3\u30b0\u30ec\u30f3\u6c0f\u3068\u30c0\u30e9\u30b9\u9023\u9280\u7dcf\u88c1\u306e\u30ed\u30d0\u30fc\u30c8\u30fb\u30ab\u30d7\u30e9\u30f3\u6c0f\u304c\u8f9e\u4efb\u3092\u8868\u660e\u3057\u305f\u3002\u30ed\u30fc\u30bc\u30f3\u30b0\u30ec\u30f3\u6c0f\u306f\u809d\u81d3\u306e\u5065\u5eb7\u554f\u984c\u306e\u305f\u3081\u3068\u4e3b\u5f35\u3057\u3066\u3044\u308b\u304c\u3001\u4e21\u6c0f\u306f\u5728\u8077\u4e2d\u306e\u682a\u53d6\u5f15\u554f\u984c\u3067\u975e\u96e3\u3055\u308c\u3066\u304a\u308a\u3001\u76f4 &hellip; <a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/15884\" class=\"more-link\">\u7d9a\u304d\u3092\u8aad\u3080 <span class=\"screen-reader-text\">\u30bf\u30ab\u6d3e\u306e\u9023\u9280\u7dcf\u88c12\u4eba\u304c\u5728\u8077\u4e2d\u306e\u682a\u53d6\u5f15\u554f\u984c\u3067\u8f9e\u4efb\u3000\u91d1\u878d\u653f\u7b56\u306f\u7de9\u548c\u5bc4\u308a\u3078<\/span> <span 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