{"id":18701,"date":"2022-01-14T20:04:00","date_gmt":"2022-01-14T11:04:00","guid":{"rendered":"https:\/\/www.globalmacroresearch.org\/jp\/?p=18701"},"modified":"2022-01-14T14:45:33","modified_gmt":"2022-01-14T05:45:33","slug":"%e3%82%ac%e3%83%b3%e3%83%89%e3%83%a9%e3%83%83%e3%82%af%e6%b0%8f-12%e6%89%8d%e5%85%90%e3%82%88%e3%82%8a%e3%82%82%e6%84%9a%e3%81%8b%e3%81%aa%e4%b8%ad%e5%a4%ae%e9%8a%80%e8%a1%8c%e3%81%ae%e5%ad%98","status":"publish","type":"post","link":"https:\/\/www.globalmacroresearch.org\/jp\/archives\/18701","title":{"rendered":"\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f: 12\u624d\u5150\u3088\u308a\u3082\u611a\u304b\u306a\u4e2d\u592e\u9280\u884c\u306e\u5b58\u5728\u610f\u7fa9\u304c\u5206\u304b\u3089\u306a\u3044"},"content":{"rendered":"\n<p>DoubleLine Capital\u306e\u30b8\u30a7\u30d5\u30ea\u30fc\u30fb\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u304c\u81ea\u793e\u4e3b\u50ac\u306e\u4f1a\u8b70\u3067\u76ae\u8089\u3092\u98db\u3070\u3057\u307e\u304f\u3063\u3066\u3044\u308b\u3002\u89aa\u3057\u3044\u4eba\u3005\u3068\u8a71\u3057\u3066\u3044\u308b\u305f\u3081\u304b\u3001Bloomberg\u306a\u3069\u3067\u306e\u30a4\u30f3\u30bf\u30d3\u30e5\u30fc\u3088\u308a\u3082\u81ea\u7531\u306b\u8a71\u3057\u3066\u304a\u308a\u3001\u3044\u3064\u3082\u306e\u30a4\u30f3\u30bf\u30d3\u30e5\u30fc\u3088\u308a\u898b\u3082\u306e\u306b\u306a\u3063\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<!--more-->\n\n\n\n<p><strong>\u73fe\u91d1\u7d66\u4ed8\u3068\u30a4\u30f3\u30d5\u30ec<\/strong><\/p>\n\n\n\n<p>\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u306f\u30a2\u30e1\u30ea\u30ab\u3067\u73fe\u91d1\u7d66\u4ed8\u304c\u5f15\u304d\u8d77\u3053\u3057\u305f7%\u306e\u30a4\u30f3\u30d5\u30ec\u3092\u6b21\u306e\u3088\u3046\u306b\u76ae\u8089\u308b\u3002<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>4\u6642\u306b10\u5104\u30c9\u30eb\u3092\u56fd\u6c11\u5168\u54e1\u306e\u9280\u884c\u53e3\u5ea7\u306b\u632f\u308a\u8fbc\u307f\u30015\u6642\u306b\u307e\u3060\u30a4\u30f3\u30d5\u30ec\u304c\u8d77\u3053\u3063\u3066\u3044\u306a\u3051\u308c\u3070\u3001\u30d5\u30a7\u30e9\u30fc\u30ea\u306e\u5e97\u8217\u524d\u306e\u884c\u5217\u306f\u306a\u304b\u306a\u304b\u306e\u898b\u3082\u306e\u306b\u306a\u3063\u3066\u3044\u308b\u3060\u308d\u3046\u3002<\/p><p>\u3053\u308c\u306f\u5927\u3052\u3055\u306a\u8a00\u3044\u65b9\u3060\u304c\u3001\u73fe\u91d1\u7d66\u4ed8\u3068\u306f\u8981\u3059\u308b\u306b\u305d\u3046\u3044\u3046\u3053\u3068\u3060\u3002\u30b3\u30ed\u30ca\u3067\u751f\u7523\u80fd\u529b\u304c\u843d\u3061\u3066\u3044\u308b\u72b6\u6cc1\u3067\u4f55\u5146\u30c9\u30eb\u3082\u306e\u8cc7\u91d1\u3092\u3070\u3089\u6492\u3051\u3070\u3001\u7269\u4fa1\u304c\u4e0a\u304c\u308b\u3068\u3044\u3046\u3053\u3068\u306f\u982d\u306e\u826f\u304412\u624d\u5150\u306a\u3089\u5206\u304b\u308b\u3060\u308d\u3046\u3002<\/p><\/blockquote>\n\n\n\n<p>\u3057\u304b\u3057Fed\uff08\u9023\u90a6\u6e96\u5099\u5236\u5ea6\uff09\u306e\u30d1\u30a6\u30a8\u30eb\u8b70\u9577\u306f\u6b8b\u5ff5\u306a\u304c\u3089\u982d\u306e\u826f\u304412\u624d\u5150\u3067\u306f\u306a\u304b\u3063\u305f\u3002\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u3089\u8457\u540d\u6295\u8cc7\u5bb6\u304c\u30a4\u30f3\u30d5\u30ec\u3092\u8b66\u544a\u3057\u3066\u304b\u30891\u5e74\u4ee5\u4e0a\u306b\u308f\u305f\u308a\u3001\u30a4\u30f3\u30d5\u30ec\u306f\u4e00\u6642\u7684\u3067\u3059\u3050\u53ce\u307e\u308b\u3068\u8a00\u3044\u7d9a\u3051\u3001\u6700\u7d42\u7684\u306b\u306f\u8aa4\u308a\u3092\u8a8d\u3081\u308b\u3053\u3068\u3068\u306a\u3063\u305f\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/14522\" data-type=\"post\" data-id=\"14522\">\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f: \u30d1\u30a6\u30a8\u30eb\u8b70\u9577\u306f\u305f\u3060\u30a4\u30f3\u30d5\u30ec\u304c\u7d9a\u304b\u306a\u3044\u3088\u3046\u306b\u7948\u3063\u3066\u3044\u308b\u3060\u3051<\/a><\/li><\/ul>\n\n\n\n<p>\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u306f\u6b21\u306e\u3088\u3046\u306b\u7d9a\u3051\u308b\u3002<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>\u3053\u308c\u306fFed\u304c\u9762\u76ee\u3092\u5931\u3063\u305f\u6570\u591a\u304f\u306e\u4f8b\u306e1\u3064\u306b\u904e\u304e\u306a\u3044\u3002\u300c\u30b5\u30d6\u30d7\u30e9\u30a4\u30e0\u30ed\u30fc\u30f3\u306f\u5236\u5fa1\u3055\u308c\u3066\u3044\u308b\u300d\u300c\u30a4\u30f3\u30d5\u30ec\u306f\u4e00\u6642\u7684\u3060\u300d\u3001\u3057\u304b\u3057\u672c\u5f53\u306b\u5206\u304b\u3089\u306a\u304b\u3063\u305f\u306e\u3060\u308d\u3046\u304b\uff1f<\/p><\/blockquote>\n\n\n\n<p>\u4e2d\u592e\u9280\u884c\u304c\u4f55\u6545\u3053\u3053\u307e\u3067\u5916\u3057\u7d9a\u3051\u308b\u306e\u304b\u3001\u7b46\u8005\u3092\u542b\u3081\u91d1\u878d\u306e\u5b9f\u52d9\u5bb6\u306b\u306f\u3080\u3057\u308d\u8b0e\u3067\u3042\u308b\u3002\u8aad\u8005\u306b\u306f\u5206\u304b\u308b\u3060\u308d\u3046\u304b\uff1f\u3000\u7b46\u8005\u306b\u306f\u4f55\u6545\u5f7c\u3089\u304c\u3053\u3053\u307e\u3067\u9006\u3092\u884c\u3051\u308b\u306e\u304b\u6b63\u76f4\u307e\u3063\u305f\u304f\u5206\u304b\u3089\u306a\u3044\u3002<\/p>\n\n\n\n<p><strong>\u30a4\u30f3\u30d5\u30ec\u3092\u652f\u3048\u308b\u8cc3\u91d1\u4e0a\u6607<\/strong><\/p>\n\n\n\n<p>\u307e\u305f\u3001\u4f1a\u8b70\u306e\u53c2\u52a0\u8005\u304c\u6307\u6458\u3057\u305f\u306e\u306f\u73fe\u91d1\u7d66\u4ed8\u306f\u3082\u306e\u3092\u8cb7\u3046\u305f\u3081\u306b\u4f7f\u308f\u308c\u308b\u304b\u3089\u7269\u4fa1\u3092\u4e0a\u6607\u3055\u305b\u308b\u3060\u3051\u3067\u306a\u304f\u3001\u4f8b\u3048\u3070\u5171\u50cd\u304d\u306e\u592b\u5a66\u306a\u3069\u306f\u73fe\u91d1\u7d66\u4ed8\u3084\u624b\u539a\u3059\u304e\u308b\u5931\u696d\u4fdd\u967a\u306e\u305f\u3081\u306b\u7247\u65b9\u304c\u50cd\u304b\u306a\u304f\u3068\u3082\u826f\u304f\u306a\u3063\u305f\u3068\u3044\u3046\u3053\u3068\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u5931\u696d\u4fdd\u967a\u304c\u624b\u539a\u3059\u304e\u308b\u305f\u3081\u306b\u4eba\u3005\u304c\u50cd\u304f\u3088\u308a\u3082\u3080\u3057\u308d\u5931\u696d\u3057\u305f\u304c\u308b\u3068\u3044\u3046\u306e\u306f\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u304c\u4ee5\u524d\u3088\u308a\u6307\u6458\u3057\u3066\u3044\u305f\u3053\u3068\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/13568\" data-type=\"post\" data-id=\"13568\">\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f: \u73fe\u91d1\u7d66\u4ed8\u3068\u5931\u696d\u4fdd\u967a\u304c\u5931\u696d\u3092\u60aa\u5316\u3055\u305b\u308b<\/a><\/li><\/ul>\n\n\n\n<p>\u305d\u308c\u3067\u52b4\u50cd\u8005\u306e\u6570\u304c\u6e1b\u308a\u3001\u4f01\u696d\u306f\u52b4\u50cd\u8005\u3092\u78ba\u4fdd\u3059\u308b\u305f\u3081\u306b\u3088\u308a\u9ad8\u3044\u8cc3\u91d1\u3092\u6255\u3046\u3002\u305d\u3057\u3066\u3088\u308a\u9ad8\u3044\u8cc3\u91d1\u3068\u30a4\u30f3\u30d5\u30ec\u3078\u306e\u6050\u308c\u3001\u305d\u3057\u3066\u4f4e\u91d1\u5229\u306f\u3001\u4eba\u3005\u3092\u4f4f\u5b85\u8cfc\u5165\u306b\u5411\u304b\u308f\u305b\u308b\u5341\u5206\u904e\u304e\u308b\u52d5\u6a5f\u3067\u3042\u308b\u3002\u305d\u3057\u3066\u4f4f\u5b85\u30d0\u30d6\u30eb\u304c\u6b62\u307e\u3089\u306a\u304f\u306a\u308b\u3002<\/p>\n\n\n\n<p>\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u306f\u6b21\u306e\u3088\u3046\u306b\u7d9a\u3051\u308b\u3002<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>\u6d88\u8cbb\u8005\u7269\u4fa1\u306f7%\u524d\u5f8c\u306e\u4e0a\u6607\u7387\u3067\u3001\u30a2\u30c8\u30e9\u30f3\u30bf\u9023\u9280\u306b\u3088\u308b\u3068\u8cc3\u91d1\u4e0a\u6607\u7387\u306f4.3%\u3001\u305d\u3057\u306630\u5e74\u306e\u4f4f\u5b85\u30ed\u30fc\u30f3\u91d1\u5229\u306f3.25%\u3068\u306a\u3063\u3066\u3044\u308b\u3002\u3064\u307e\u308a\u3001\u30ed\u30fc\u30f3\u91d1\u5229\u306f\u30a4\u30f3\u30d5\u30ec\u3092\u5dee\u3057\u5f15\u304f\u3068\u30de\u30a4\u30ca\u30b9\u91d1\u5229\u3068\u306a\u3063\u3066\u3044\u308b\u3002<\/p><p>\u8cc3\u91d1\u304c\u4f4f\u5b85\u30ed\u30fc\u30f3\u91d1\u5229\u3088\u308a\u3082\u65e9\u304f\u4e0a\u6607\u3059\u308b\u3068\u78ba\u4fe1\u3057\u3066\u3044\u308b\u5834\u5408\u3001\u30ed\u30fc\u30f3\u306f\u5b9f\u8cea\u7684\u306b\u7121\u6599\u306e\u8cc7\u91d1\u3060\u3002<\/p><\/blockquote>\n\n\n\n<p>\u4f55\u6545\u306a\u3089\u3070\u3001\u91d1\u5229\u306f\u4eca\u5f8c\u306e\u8cc3\u91d1\u4e0a\u6607\u3067\u8cc4\u3048\u308b\u3068\u8003\u3048\u308b\u304b\u3089\u3067\u3042\u308b\u3002\u3082\u3063\u3068\u8a00\u3048\u3070\u3001Fed\u304c3\u56de\u5229\u4e0a\u3052\u3092\u884c\u306a\u3063\u3066\u653f\u7b56\u91d1\u5229\u304c0.75%\u306b\u306a\u3063\u305f\u3068\u3057\u3066\u3082\u3001\u30a4\u30f3\u30d5\u30ec\u7387\u304c7%\u306a\u3089\u3001\u3069\u3046\u3057\u30660.75%\u306e\u91d1\u5229\u3067\u304a\u91d1\u3092\u501f\u308a\u3066\u91d1\u5c5e\u3084\u7a40\u7269\u306a\u3069\u3092\u8cb7\u308f\u306a\u3044\u3060\u308d\u3046\u304b\uff1f\u30000.75%\u3092\u6255\u3063\u3066\u3082\u8cb7\u3063\u305f\u3082\u306e\u304c7%\u4e0a\u6607\u3059\u308b\u306e\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u306f\u3053\u3046\u7d9a\u3051\u308b\u3002<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>\u305d\u308c\u304c\u4f4f\u5b85\u5e02\u5834\u306e\u80cc\u666f\u306b\u3042\u308b\u8981\u56e0\u3067\u3042\u308a\u3001\u4f4f\u5b85\u30d0\u30d6\u30eb\u304c\u8fd1\u3044\u5185\u306b\u843d\u3061\u7740\u304f\u3053\u3068\u306f\u307b\u3068\u3093\u3069\u3042\u308a\u3048\u306a\u3044\u3002<\/p><\/blockquote>\n\n\n\n<p><strong>\u30a4\u30f3\u30d5\u30ec\u3068\u682a\u5f0f\u5e02\u5834<\/strong><\/p>\n\n\n\n<p>\u4e2d\u592e\u9280\u884c\u306f\u3053\u306e\u3088\u3046\u306b\u3057\u3066\u30a4\u30f3\u30d5\u30ec\u4e88\u6e2c\u306b\u5931\u6557\u3057\u3001\u65e9\u304f\u5bfe\u51e6\u3057\u3066\u3044\u308c\u3070\u305d\u3046\u306a\u3089\u306a\u304b\u3063\u305f\u3067\u3042\u308d\u3046\u6c34\u6e96\u307e\u3067\u5229\u4e0a\u3052\u3092\u3059\u308b\u3053\u3068\u3092\u5f37\u3044\u3089\u308c\u308b\u3002<\/p>\n\n\n\n<p>\u305d\u308c\u306f\u660e\u3089\u304b\u306b\u682a\u5f0f\u5e02\u5834\u3068\u5b9f\u4f53\u7d4c\u6e08\u3092\u6bba\u3057\u3066\u3057\u307e\u3046\u3060\u308d\u3046\u3002\u305d\u3057\u3066\u666f\u6c17\u5f8c\u9000\u306b\u9665\u308a\u3001\u91d1\u878d\u7de9\u548c\u304c\u518d\u958b\u3055\u308c\u308b\u3002\u3053\u308c\u3092\u3082\u3046\u4f55\u5341\u5e74\u3082\u7e70\u308a\u8fd4\u3057\u3066\u304d\u305f\u306e\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u306f\u6b21\u306e\u3088\u3046\u306b\u8a00\u3046\u3002<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>\u540c\u3058\u6620\u753b\u3092\u7e70\u308a\u8fd4\u3057\u898b\u3066\u3044\u308b\u3088\u3046\u3060\u3002\u305d\u3057\u3066\u540c\u3058\u6620\u753b\u304c\u7e70\u308a\u8fd4\u3055\u308c\u308b\u305f\u3073\u3001\u653f\u7b56\u91d1\u5229\u306f\u4f4e\u304f\u306a\u3063\u3066\u3086\u304f\u3002\u305d\u308c\u304c40\u5e74\u3082\u7d9a\u3044\u3066\u3044\u308b\u3002\u7d4c\u6e08\u3092\u652f\u3048\u308b\u305f\u3081\u306b\u5fc5\u8981\u306a\u653f\u7b56\u91d1\u5229\u304c\u3069\u3093\u3069\u3093\u4f4e\u304f\u306a\u308b\u3002<\/p><\/blockquote>\n\n\n\n<p>\u305d\u308c\u304c\u91d1\u878d\u7de9\u548c\u306e\u9650\u754c\u3067\u3042\u308b\u3002\u305d\u3046\u3057\u3066\u5e02\u5834\u3068\u7d4c\u6e08\u304c\u4f4e\u91d1\u5229\u306b\u4f9d\u5b58\u3057\u3066\u3086\u304f\u305f\u3081\u306b\u3001\u5c11\u3057\u306e\u5229\u4e0a\u3052\u3067\u4e21\u65b9\u304c\u5d29\u58ca\u3059\u308b\u3088\u3046\u306b\u306a\u308b\u3002\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u306f\u6b21\u306e\u3088\u3046\u306b\u88dc\u8db3\u3059\u308b\u3002<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>\u6700\u5f8c\u306e\u5229\u4e0a\u3052\u3067\u306f\u3001\u91d1\u5229\u3092\u305f\u3063\u305f2.5%\u8fd1\u8fba\u307e\u3067\u4e0a\u3052\u305f\u3068\u3053\u308d\u3067\u5e02\u5834\u306f\u5d29\u58ca\u3057\u305f\u3002<\/p><\/blockquote>\n\n\n\n<p>\u305d\u308c\u304c2018\u5e74\u306e\u4e16\u754c\u540c\u6642\u682a\u5b89\u3067\u3042\u308b\u3002\u5f53\u6642\u306e\u8a18\u4e8b\u3092\u898b\u3066\u3082\u3089\u3048\u3070\u5206\u304b\u308b\u304c\u3001\u30d1\u30a6\u30a8\u30eb\u6c0f\u306f\u6700\u5f8c\u307e\u3067\u8cac\u4efb\u3092\u8a8d\u3081\u306a\u304b\u3063\u305f\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>\u4eca\u56de\u306f\u3069\u3046\u306a\u308b\u3060\u308d\u3046\u304b\uff1f\u3000\u5f7c\u306f\u3053\u3046\u7d9a\u3051\u308b\u3002<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>\u3053\u3053\u4f55\u30f6\u6708\u304b\u306e\u50b5\u5238\u5e02\u5834\u306e\u52d5\u304d\u3092\u898b\u3066\u3044\u308b\u3068\u3001\u73fe\u5728\u306e\u5e02\u5834\u3067\u306f\u653f\u7b56\u91d1\u5229\u304c1.25%\u307e\u3067\u4e0a\u304c\u3063\u305f\u3060\u3051\u3067\u5e02\u5834\u304c\u5d29\u58ca\u3057\u3066\u3057\u307e\u3044\u305d\u3046\u3060\u3002<\/p><\/blockquote>\n\n\n\n<p>\u3057\u304b\u3057\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u306f\u4eca\u306e\u682a\u4fa1\u6c34\u6e96\u306b\u3064\u3044\u3066\u5272\u9ad8\u3067\u306a\u3044\u3068\u4e3b\u5f35\u3059\u308b\u3002<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>\u682a\u5f0f\u5e02\u5834\u304c\u4ed6\u306e\u3059\u3079\u3066\u306e\u3082\u306e\u3068\u540c\u3058\u3088\u3046\u306b\u6295\u6a5f\u3067\u30d0\u30d6\u30eb\u306b\u306a\u3063\u3066\u3044\u308b\u3053\u3068\u306b\u306f\u540c\u610f\u3059\u308b\u304c\u300110\u5e74\u7269\u56fd\u50b5\u306e\u91d1\u5229\u304c\u540c\u3058\u6c34\u6e96\u306b\u3042\u308b\u9650\u308a\u3001\u6b74\u53f2\u7684\u6c34\u6e96\u3068\u6bd4\u3079\u3066\u682a\u4fa1\u306f\u9ad8\u304f\u306a\u3044\u3002<\/p><\/blockquote>\n\n\n\n<p>\u3060\u304c\u554f\u984c\u306f\u6b21\u306e\u90e8\u5206\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>\u3057\u304b\u3057\u5c11\u3057\u3067\u3082\u91d1\u5229\u304c\u4e0a\u304c\u308a\u59cb\u3081\u308b\u3068\u3001\u975e\u5e38\u306b\u6025\u901f\u306b\u5272\u9ad8\u306b\u306a\u3063\u3066\u3086\u304f\u3002<\/p><\/blockquote>\n\n\n\n<p>\u305d\u3057\u30664\u56de\u524d\u5f8c\u306e\u5229\u4e0a\u3052\u3067\u5d29\u58ca\u3059\u308b\u3060\u308d\u3046\u3068\u3044\u3046\u3053\u3068\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p><strong>\u7d50\u8ad6<\/strong><\/p>\n\n\n\n<p>\u4e57\u308a\u306b\u4e57\u3063\u305f\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u306f\u6b21\u306e\u3088\u3046\u306a\u3053\u3068\u307e\u3067\u3076\u3063\u3061\u3083\u3051\u3066\u3057\u307e\u3046\u3002<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>\u306f\u3063\u304d\u308a\u8a00\u3063\u3066Fed\u304c\u3042\u308b\u610f\u5473\u304c\u5206\u304b\u3089\u306a\u3044\u3002Fed\u306f2\u5e74\u7269\u56fd\u50b5\u306e\u91d1\u5229\u3067\u4ee3\u66ff\u53ef\u80fd\u306a\u306e\u3067\u306f\u306a\u3044\u304b\uff1f<\/p><\/blockquote>\n\n\n\n<p>\u305d\u3082\u305d\u3082\u30d1\u30a6\u30a8\u30eb\u8b70\u9577\u304c\u5229\u4e0a\u3052\u306b\u8ee2\u63db\u305b\u3056\u308b\u3092\u5f97\u306a\u304f\u306a\u3063\u305f\u306e\u306f\u30012\u5e74\u7269\u56fd\u50b5\u306e\u91d1\u5229\u304c\u5229\u4e0a\u3052\u3092\u7e54\u308a\u8fbc\u307f\u59cb\u3081\u305f\u304b\u3089\u3067\u3042\u308b\u3002\u5e02\u5834\u304c\u5229\u4e0a\u3052\u306f\u4e0d\u53ef\u907f\u3060\u3068\u5148\u306b\u5224\u65ad\u3057\u3001\u305d\u308c\u306b\u30d1\u30a6\u30a8\u30eb\u6c0f\u304c\u5f93\u3063\u305f\u3002<\/p>\n\n\n\n<p>\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u306f\u6b21\u306e\u3088\u3046\u306b\u7d9a\u3051\u308b\u3002<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>2\u5e74\u7269\u56fd\u50b5\u304c\u30bc\u30ed\u8fd1\u8fba\u306b\u3042\u308b\u6642\u306b\u306f\u3001\u5229\u4e0a\u3052\u304c\u306a\u3044\u3068\u5206\u304b\u308b\u30020.75%\u307e\u3067\u4e0a\u304c\u308c\u3070\u30012022\u5e74\u306b\u6050\u3089\u304f3\u56de\u306e\u5229\u4e0a\u3052\u304c\u3042\u308b\u3068\u3044\u3046\u3053\u3068\u304c\u5206\u304b\u308b\u3002\u4f55\u6545\u304b\uff1f\u3000\u4ed6\u3067\u3082\u306a\u30442\u5e74\u7269\u306e\u91d1\u5229\u304c\u5229\u4e0a\u30523\u56de\u3068\u540c\u3058\u6c34\u6e96\u307e\u3067\u4e0a\u304c\u3063\u305f\u304b\u3089\u3067\u3042\u308b\u3002<\/p><p>700\u4eba\u4ee5\u4e0a\u306e\u535a\u58eb\u53f7\u3092\u6301\u3063\u305f\u30a8\u30b3\u30ce\u30df\u30b9\u30c8\uff1f\u3000\u4f55\u3068\u3044\u3046\u304a\u91d1\u306e\u7121\u99c4\u9063\u3044\u3060\u308d\u3046\u3002\u30d6\u30eb\u30fc\u30e0\u30d0\u30fc\u30b0\u7aef\u672b\u30672\u5e74\u7269\u56fd\u50b5\u3092\u773a\u3081\u3066\u3044\u308c\u3070\u5341\u5206\u3058\u3083\u306a\u3044\u304b\u3002<\/p><\/blockquote>\n\n\n\n<p>\u305d\u308c\u306b\u5f7c\u3089\u3092\u5168\u54e1\u89e3\u96c7\u3059\u308c\u3070\u8cc3\u91d1\u30a4\u30f3\u30d5\u30ec\u306e\u6291\u5236\u306e\u52a9\u3051\u306b\u3082\u306a\u308b\u306e\u3067\u306f\u306a\u3044\u304b\u3002<\/p>\n\n\n\n<p>\u65e5\u9280\u306a\u3069\u3082\u30465\u5e74\u3082\u307b\u3068\u3093\u3069\u4f55\u3082\u3057\u3066\u3044\u306a\u3044\u3067\u306f\u306a\u3044\u304b\u3002\u305d\u3057\u3066\u5f7c\u3089\u306e\u9ad8\u3044\u7d66\u6599\u3092\u81ea\u5206\u304c\u6255\u3063\u3066\u3044\u308b\u3068\u3044\u3046\u3053\u3068\u3092\u7d0d\u7a0e\u8005\u306f\u5206\u304b\u3063\u3066\u3044\u308b\u306e\u3060\u308d\u3046\u304b\uff1f\u3000\u305d\u3057\u3066\u3053\u3046\u3057\u305f\u3053\u3068\u306f\u3059\u3079\u3066\u5927\u7d4c\u6e08\u5b66\u8005\u306e\u30d5\u30ea\u30fc\u30c9\u30ea\u30d2\u30fb\u30d5\u30a9\u30f3\u30fb\u30cf\u30a4\u30a8\u30af\u6c0f\u304c\u4f55\u5341\u5e74\u3082\u524d\u306b\u4e3b\u5f35\u3057\u3066\u3044\u305f\u3053\u3068\u306a\u306e\u3067\u3042\u308b\u3002\u4eca\u66f4\u3067\u306f\u306a\u3044\u304b\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/12051\" data-type=\"post\" data-id=\"12051\">\u30cf\u30a4\u30a8\u30af: \u653f\u5e9c\u304b\u3089\u901a\u8ca8\u767a\u884c\u306e\u72ec\u5360\u6a29\u3092\u5265\u596a\u305b\u3088<\/a><\/li><\/ul>\n","protected":false},"excerpt":{"rendered":"<p>DoubleLine Capital\u306e\u30b8\u30a7\u30d5\u30ea\u30fc\u30fb\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u304c\u81ea\u793e\u4e3b\u50ac\u306e\u4f1a\u8b70\u3067\u76ae\u8089\u3092\u98db\u3070\u3057\u307e\u304f\u3063\u3066\u3044\u308b\u3002\u89aa\u3057\u3044\u4eba\u3005\u3068\u8a71\u3057\u3066\u3044\u308b\u305f\u3081\u304b\u3001Bloomberg\u306a\u3069\u3067\u306e\u30a4\u30f3\u30bf\u30d3\u30e5\u30fc\u3088\u308a\u3082\u81ea\u7531\u306b\u8a71\u3057\u3066\u304a\u308a\u3001\u3044\u3064\u3082\u306e\u30a4\u30f3\u30bf\u30d3\u30e5\u30fc &hellip; <a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/18701\" class=\"more-link\">\u7d9a\u304d\u3092\u8aad\u3080 <span class=\"screen-reader-text\">\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f: 12\u624d\u5150\u3088\u308a\u3082\u611a\u304b\u306a\u4e2d\u592e\u9280\u884c\u306e\u5b58\u5728\u610f\u7fa9\u304c\u5206\u304b\u3089\u306a\u3044<\/span> <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[118,108],"tags":[64,131],"class_list":["post-18701","post","type-post","status-publish","format-standard","hentry","category-us-bond-market","category-bond-markets","tag-fed","tag-jeffrey-gundlach"],"_links":{"self":[{"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/18701","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=18701"}],"version-history":[{"count":72,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/18701\/revisions"}],"predecessor-version":[{"id":18773,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/18701\/revisions\/18773"}],"wp:attachment":[{"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/media?parent=18701"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/categories?post=18701"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/tags?post=18701"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}