{"id":19181,"date":"2022-01-27T20:26:38","date_gmt":"2022-01-27T11:26:38","guid":{"rendered":"https:\/\/www.globalmacroresearch.org\/jp\/?p=19181"},"modified":"2022-01-27T20:33:53","modified_gmt":"2022-01-27T11:33:53","slug":"%e3%82%a2%e3%83%a1%e3%83%aa%e3%82%ab%e3%80%812018%e5%b9%b4%e3%81%ae%e6%a0%aa%e4%be%a1%e6%9a%b4%e8%90%bd%e3%82%92%e5%bc%95%e3%81%8d%e8%b5%b7%e3%81%93%e3%81%97%e3%81%9f%e9%87%8f%e7%9a%84%e5%bc%95","status":"publish","type":"post","link":"https:\/\/www.globalmacroresearch.org\/jp\/archives\/19181","title":{"rendered":"\u30a2\u30e1\u30ea\u30ab\u30012018\u5e74\u306e\u682a\u4fa1\u66b4\u843d\u3092\u5f15\u304d\u8d77\u3053\u3057\u305f\u91cf\u7684\u5f15\u304d\u7de0\u3081\u3092\u767a\u8868"},"content":{"rendered":"\n<p>\u3084\u3063\u3066\u3057\u307e\u3063\u305f\u3068\u8a00\u3046\u304b\u3001\u4ed6\u306b\u3069\u3046\u3057\u3088\u3046\u3082\u306a\u304b\u3063\u305f\u3068\u8a00\u3046\u304b\u3001\u3069\u3046\u3060\u308d\u3046\u304b\u3002\u30a2\u30e1\u30ea\u30ab\u306e\u4e2d\u592e\u9280\u884c\u3067\u3042\u308bFed\uff08\u9023\u90a6\u6e96\u5099\u5236\u5ea6\uff09\u306f\u91d1\u878d\u653f\u7b56\u6c7a\u5b9a\u4f1a\u5408\u3067\u3042\u308bFOMC\u4f1a\u5408\u306e\u7d50\u679c\u3092\u7c73\u56fd\u6642\u95931\u670826\u65e5\u306b\u767a\u8868\u3057\u3001\u653f\u7b56\u91d1\u5229\u306e\u7dad\u6301\u3092\u6c7a\u5b9a\u3057\u305f\u3002<\/p>\n\n\n\n<p>\u3057\u304b\u3057\u554f\u984c\u306f\u540c\u6642\u306b\u767a\u8868\u3055\u308c\u305f\u91cf\u7684\u5f15\u304d\u7de0\u3081\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<!--more-->\n\n\n\n<p><strong>\u300c\u30d0\u30e9\u30f3\u30b9\u30b7\u30fc\u30c8\u7e2e\u5c0f\u306e\u539f\u5247\u300d<\/strong><\/p>\n\n\n\n<p>\u307e\u305a\u3001\u30bc\u30ed\u91d1\u5229\u304c\u4eca\u56de\u306e\u4f1a\u5408\u3067\u7dad\u6301\u3055\u308c\u308b\u3053\u3068\u306f\u4e8b\u524d\u306b\u8aac\u660e\u3057\u305f\u3088\u3046\u306b\u7e54\u308a\u8fbc\u307f\u6e08\u307f\u3067\u3042\u308b\u3002\u5e02\u5834\u3067\u306f\u5229\u4e0a\u30521\u56de\u76ee\u306f3\u6708\u3068\u7e54\u308a\u8fbc\u307e\u308c\u3066\u304a\u308a\u3001\u4eca\u56de\u767a\u8868\u3055\u308c\u305f\u58f0\u660e\u6587\u3067\u3082\u4ee5\u4e0b\u306e\u3088\u3046\u306b\u30a2\u30ca\u30a6\u30f3\u30b9\u3057\u30663\u6708\u306e\u5229\u4e0a\u3052\u3092\u78ba\u8a8d\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>\u96c7\u7528\u306e\u6700\u5927\u5316\u30682%\u306e\u30a4\u30f3\u30d5\u30ec\u76ee\u6a19\u9054\u6210\u306e\u305f\u3081\u3001\u653f\u7b56\u91d1\u5229\u3092\u4e0a\u3052\u308b\u3053\u3068\u304c\u3082\u3046\u3059\u3050\u9069\u5207\u306b\u306a\u308b\u3068\u4e88\u60f3\u3057\u3066\u3044\u308b\u3002<\/p><\/blockquote>\n\n\n\n<p>\u3060\u304c\u4eca\u56de\u306eFOMC\u4f1a\u5408\u3067\u306f\u3044\u3064\u3082\u306e\u58f0\u660e\u6587\u304a\u3088\u3073\u8a18\u8005\u4f1a\u898b\u3068\u306f\u5225\u306b\u300c\u30d0\u30e9\u30f3\u30b9\u30b7\u30fc\u30c8\u7e2e\u5c0f\u306e\u6e1b\u901f\u300d\u3068\u9298\u6253\u305f\u308c\u305f\u6587\u66f8\u304c\u516c\u958b\u3055\u308c\u305f\u3002\u3053\u306e\u6587\u7ae0\u306e\u6700\u521d\u306b\u306f\u3053\u3046\u66f8\u304b\u308c\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>FOMC\u306f\u30d0\u30e9\u30f3\u30b9\u30b7\u30fc\u30c8\u306e\u898f\u6a21\u3092\u5927\u304d\u304f\u7e2e\u5c0f\u3059\u308b\u8a08\u753b\u7684\u306a\u3084\u308a\u65b9\u306b\u3064\u3044\u3066\u306e\u60c5\u5831\u3092\u4eca\u56de\u306e\u4f1a\u5408\u3067\u516c\u958b\u3059\u308b\u3053\u3068\u304c\u9069\u5207\u3067\u3042\u308b\u3068\u306e\u5408\u610f\u306b\u9054\u3057\u305f\u3002<\/p><\/blockquote>\n\n\n\n<p>\u3053\u3053\u306e\u8aad\u8005\u306b\u306f\u8aac\u660e\u4e0d\u8981\u304b\u3082\u3057\u308c\u306a\u3044\u304c\u3001\u91cf\u7684\u7de9\u548c\u3068\u306f\u4e2d\u592e\u9280\u884c\u304c\u50b5\u5238\u306a\u3069\u3092\u8cb7\u3044\u5165\u308c\u3066\u5e02\u5834\u306b\u73fe\u91d1\u3092\u4f9b\u7d66\u3059\u308b\u91d1\u878d\u7de9\u548c\u3067\u3042\u3063\u305f\u3002\u4e2d\u592e\u9280\u884c\u304c\u4fdd\u6709\u3059\u308b\u8a3c\u5238\u306e\u91cf\u304c\u81a8\u3089\u3080\u306e\u3067\u3001\u91cf\u7684\u7de9\u548c\u306f\u30d0\u30e9\u30f3\u30b9\u30b7\u30fc\u30c8\u62e1\u5927\u3068\u3082\u8a00\u308f\u308c\u305f\u3002<\/p>\n\n\n\n<p>\u4eca\u56de\u767a\u8868\u3055\u308c\u305f\u306e\u306f\u305d\u308c\u3092\u9006\u56de\u3057\u306b\u3059\u308b\u300c\u30d0\u30e9\u30f3\u30b9\u30b7\u30fc\u30c8\u7e2e\u5c0f\u300d\u3067\u3042\u308b\u3002\u3064\u307e\u308a\u4e2d\u592e\u9280\u884c\u304c\u4fdd\u6709\u3059\u308b\u50b5\u5238\u306e\u91cf\u3092\u6e1b\u3089\u3059\u3053\u3068\u3067\u5e02\u5834\u304b\u3089\u8cc7\u91d1\u3092\u5438\u3044\u4e0a\u3052\u308b\u91cf\u7684\u5f15\u304d\u7de0\u3081\u653f\u7b56\u306a\u306e\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p><strong>\u91cf\u7684\u5f15\u304d\u7de0\u3081\u3068\u682a\u4fa1\u66b4\u843d<\/strong><\/p>\n\n\n\n<p>\u91cf\u7684\u5f15\u304d\u7de0\u3081\u304c\u6700\u5f8c\u306b\u884c\u308f\u308c\u305f\u306e\u306f2017\u5e74\u306e\u79cb\u3067\u3001\u3053\u308c\u306f\u7d50\u5c402018\u5e74\u7d42\u76e4\u306e\u4e16\u754c\u540c\u6642\u682a\u5b89\u3092\u5f15\u304d\u8d77\u3053\u3059\u307e\u3067\u7d9a\u3044\u305f\u30022018\u5e74\u306e\u682a\u4fa1\u66b4\u843d\u306e\u30c1\u30e3\u30fc\u30c8\u3092\u3082\u3046\u4e00\u5ea6\u63b2\u8f09\u3057\u3066\u304a\u3053\u3046\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><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>\u5f53\u6642\u306e\u682a\u5f0f\u5e02\u5834\u306f\u91cf\u7684\u5f15\u304d\u7de0\u3081\u304c\u958b\u59cb\u3055\u308c\u3066\u304b\u30894\u30f6\u6708\u5f8c\u306e2018\u5e741\u6708\u672b\u306b\u4e00\u5ea6\u4e0b\u843d\u3057\u3001\u305d\u3053\u304b\u3089\u518d\u4e0a\u6607\u3057\u3066\u304b\u30892018\u5e74\u7d42\u76e4\u306b\u5927\u304d\u304f\u4e0b\u843d\u3057\u305f\u3002<\/p>\n\n\n\n<p>\u3060\u304c\u3053\u308c\u304b\u3089\u8d77\u3053\u308b\u4eca\u56de2022\u5e74\u306e\u66b4\u843d\u306b\u6bd4\u3079\u308c\u3070\u5f53\u6642\u306e20%\u306e\u4e0b\u843d\u306a\u3069\u307b\u3068\u3093\u3069\u4e0b\u843d\u3057\u3066\u3044\u306a\u3044\u306b\u7b49\u3057\u3044\u3060\u308d\u3046\u3002\u5f53\u6642\u306f\u7d50\u5c40Fed\u306e\u30d1\u30a6\u30a8\u30eb\u8b70\u9577\u304c\u91d1\u878d\u5f15\u304d\u7de0\u3081\u3092\u64a4\u56de\u3057\u305f\u304b\u3089\u682a\u4fa1\u306f\u623b\u3063\u305f\u306e\u3060\u304c\u3001\u4eca\u56de\u306f\u91d1\u878d\u5f15\u304d\u7de0\u3081\u3092\u64a4\u56de\u3067\u304d\u306a\u3044\u7406\u7531\u304c\u3042\u308b\u3002\u30a4\u30f3\u30d5\u30ec\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p><strong>\u30a4\u30f3\u30d5\u30ec\u3068\u91d1\u878d\u5f15\u304d\u7de0\u3081<\/strong><\/p>\n\n\n\n<p>\u65e5\u672c\u306e3\u500d\u4ee5\u4e0a\u306e\u898f\u6a21\u3067\u884c\u308f\u308c\u305f\u73fe\u91d1\u7d66\u4ed8\u3068\u5316\u77f3\u71c3\u6599\u306e\u4f9b\u7d66\u3092\u7121\u7406\u306b\u6e1b\u3089\u3059\u8131\u70ad\u7d20\u653f\u7b56\u306b\u3088\u3063\u3066\u3001\u30a2\u30e1\u30ea\u30ab\u306e\u30a4\u30f3\u30d5\u30ec\u7387\u306f7.1%\u306b\u9054\u3057\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/18620\" data-type=\"post\" data-id=\"18620\">\u30b3\u30ed\u30ca\u8513\u5ef6\u3067\u3082\u30a4\u30f3\u30d5\u30ec\u6b62\u307e\u3089\u305a\u300112\u6708\u7c73\u7269\u4fa1\u4e0a\u6607\u7387\u306f7.1%<\/a><\/li><\/ul>\n\n\n\n<p>\u7d4c\u6e08\u306e\u4e2d\u306b\u8cc7\u91d1\u304c\u591a\u3059\u304e\u3001\u8131\u70ad\u7d20\u3084\u30b3\u30ed\u30ca\u306e\u304a\u9670\u3067\u3082\u306e\u306e\u4f9b\u7d66\u306f\u5c11\u306a\u3059\u304e\u308b\u306e\u3067\u3042\u308b\u3002\u7269\u4fa1\u9ad8\u9a30\u3092\u6291\u5236\u3059\u308b\u305f\u3081\u306b\u306f\u8cc7\u91d1\u3092\u5438\u3044\u4e0a\u3052\u306a\u3051\u308c\u3070\u306a\u3089\u306a\u3044\u3002\u30d1\u30a6\u30a8\u30eb\u6c0f\u306f\u307e\u305a\u4eca\u5e743\u56de\u306e\u5229\u4e0a\u3052\u3092\u5ba3\u8a00\u3057\u3001\u305d\u3057\u3066\u4eca\u56de\u91cf\u7684\u5f15\u304d\u7de0\u3081\u3092\u767a\u8868\u3057\u305f\u3002<\/p>\n\n\n\n<p>\u524d\u56de\u306e\u91cf\u7684\u5f15\u304d\u7de0\u3081\u3067\u306f\u958b\u59cb\u304b\u30894\u30f6\u6708\u3067\u682a\u4fa1\u306e\u4e0b\u843d\u304c\u59cb\u307e\u3063\u305f\u3002\u3067\u306f\u4eca\u56de\u306e\u91cf\u7684\u5f15\u304d\u7de0\u3081\u306f\u3044\u3064\u304b\u3089\u59cb\u307e\u308b\u306e\u3060\u308d\u3046\u304b\uff1f\u3000\u4f8b\u306e\u300c\u30d0\u30e9\u30f3\u30b9\u30b7\u30fc\u30c8\u7e2e\u5c0f\u306e\u539f\u5247\u300d\u306b\u306f\u6b21\u306e\u3088\u3046\u306b\u66f8\u304b\u308c\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>\u30d0\u30e9\u30f3\u30b9\u30b7\u30fc\u30c8\u306e\u7e2e\u5c0f\u306f\u653f\u7b56\u91d1\u5229\u3092\u4e0a\u3052\u308b\u30d7\u30ed\u30bb\u30b9\u304c\u958b\u59cb\u3055\u308c\u305f\u5f8c\u306b\u59cb\u307e\u308b\u3068\u4e88\u60f3\u3057\u3066\u3044\u308b\u3002<\/p><\/blockquote>\n\n\n\n<p>\u4e0a\u8a18\u306e\u3088\u3046\u306b\u5229\u4e0a\u3052\u306f3\u6708\u306b\u59cb\u307e\u308b\u304b\u3089\u3001\u91cf\u7684\u5f15\u304d\u7de0\u3081\u306f\u65e9\u3051\u308c\u3070\u6625\u306b\u306f\u958b\u59cb\u3055\u308c\u308b\u3068\u3044\u3046\u30b7\u30b0\u30ca\u30eb\u3092Fed\u306f\u9001\u3063\u3066\u3044\u308b\u308f\u3051\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p><strong>\u91d1\u878d\u5f15\u304d\u7de0\u3081\u3068\u682a\u4fa1\u306e\u4eca\u5f8c<\/strong><\/p>\n\n\n\n<p>\u524d\u56de\u306e\u91cf\u7684\u5f15\u304d\u7de0\u3081\u304c\u30c8\u30e9\u30f3\u30d7\u653f\u6a29\u306e\u5f37\u529b\u306a\u7d4c\u6e08\u653f\u7b56\u3067\u304b\u306a\u308a\u5f37\u304b\u3063\u305f\u5e02\u5834\u7d4c\u6e08\u30924\u30f6\u6708\u3067\u5c48\u670d\u3055\u305b\u59cb\u3081\u305f\u3053\u3068\u3092\u8003\u3048\u308c\u3070\u3001\u30b3\u30ed\u30ca\u3067\u5f31\u4f53\u5316\u3057\u3066\u3044\u308b\u4eca\u306e\u7d4c\u6e08\u3067\u306f\u682a\u4fa1\u306f\u4eca\u5e74\u306e\u534a\u3070\u307e\u3067\u3082\u6301\u305f\u306a\u3044\u3068\u3044\u3046\u3053\u3068\u306f\u307b\u307c\u9593\u9055\u3044\u304c\u306a\u3044\u3060\u308d\u3046\u3002\u305d\u308c\u304c\u6625\u306e\u91cf\u7684\u5f15\u304d\u7de0\u3081\u958b\u59cb\u304c\u610f\u5473\u3059\u308b\u3053\u3068\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u307e\u305f\u3001\u30d1\u30a6\u30a8\u30eb\u8b70\u9577\u306f\u8a18\u8005\u4f1a\u898b\u3067\u304b\u306a\u308a\u7121\u8cac\u4efb\u306a\u3053\u3068\u3092\u8a00\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>\u30d0\u30e9\u30f3\u30b9\u30b7\u30fc\u30c8\u7e2e\u5c0f\u306e\u8a73\u7d30\u306f\u6700\u5927\u96c7\u7528\u3068\u7269\u4fa1\u5b89\u5b9a\u306e\u76ee\u6a19\u306b\u5fdc\u3058\u3066\u6c7a\u3081\u3089\u308c\u308b\u3053\u3068\u306b\u306a\u308b\u3002<\/p><p>\u7e2e\u5c0f\u306e\u5177\u4f53\u7684\u306a\u30bf\u30a4\u30df\u30f3\u30b0\u3084\u30da\u30fc\u30b9\u3084\u305d\u306e\u4ed6\u306e\u8a73\u7d30\u306b\u3064\u3044\u3066\u306f\u4f55\u3082\u6c7a\u3081\u3066\u3044\u306a\u3044\u3002<\/p><\/blockquote>\n\n\n\n<p>\u5b9f\u969b\u306b\u306f\u4f55\u3082\u6c7a\u3081\u3066\u3044\u306a\u3044\u306e\u3067\u306f\u306a\u304f\u3001\u6c7a\u3081\u3089\u308c\u306a\u3044\u306e\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p><strong>\u30d1\u30a6\u30a8\u30eb\u6c0f\u306e\u5fc3\u4e2d<\/strong><\/p>\n\n\n\n<p>\u4eca\u56de\u306e\u4f1a\u5408\u306f\u3069\u3061\u3089\u304b\u3068\u8a00\u3048\u3070\u30bf\u30ab\u6d3e\u5074\u306b\u632f\u308c\u305f\u3068\u601d\u3046\u3002\u305d\u3057\u3066\u305d\u306e\u7406\u7531\u3092\u8003\u3048\u308c\u3070\u3001\u91d1\u878d\u5f15\u304d\u7de0\u3081\u304c\u4eca\u5f8c\u3069\u306e\u3088\u3046\u306b\u6c7a\u3081\u3089\u308c\u308b\u304b\u304c\u5206\u304b\u308b\u3002<\/p>\n\n\n\n<p>\u30d1\u30a6\u30a8\u30eb\u6c0f\u306f\u91d1\u878d\u5f15\u304d\u7de0\u3081\u3092\u305a\u3063\u3068\u8e8a\u8e87\u3063\u3066\u3044\u305f\u3002\u7269\u4fa1\u304c\u3069\u3093\u3069\u3093\u9ad8\u9a30\u3057\u3066\u3044\u305f\u306b\u3082\u304b\u304b\u308f\u3089\u305a\u3001\u7279\u306b\u6839\u62e0\u3082\u306a\u304f\u300c\u30a4\u30f3\u30d5\u30ec\u306f\u4e00\u6642\u7684\u300d\u3060\u3068\u8a00\u3044\u5f35\u3063\u3066\u3044\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>\u3060\u304c\u7269\u4fa1\u9ad8\u9a30\u304c\u30a2\u30e1\u30ea\u30ab\u3067\u793e\u4f1a\u554f\u984c\u3068\u306a\u308a\u3001\u30d0\u30a4\u30c7\u30f3\u5927\u7d71\u9818\u304c\u30a4\u30f3\u30d5\u30ec\u6291\u5236\u3092\u8981\u8acb\u3057\u3066\u521d\u3081\u3066\u91d1\u878d\u5f15\u304d\u7de0\u3081\u306b\u53d6\u308a\u639b\u304b\u308a\u3001\u305d\u3057\u3066\u4eca\u5ea6\u306f\u52d5\u63fa\u3059\u308b\u682a\u5f0f\u5e02\u5834\u3092\u7121\u8996\u3057\u3066\u91cf\u7684\u5f15\u304d\u7de0\u3081\u3092\u884c\u304a\u3046\u3068\u3057\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<p>\u3053\u306e\u30d1\u30a6\u30a8\u30eb\u6c0f\u306e\u5909\u308f\u308a\u8eab\u3092\u3069\u3046\u89e3\u91c8\u3059\u3079\u304d\u3060\u308d\u3046\u304b\uff1f\u3000\u7b46\u8005\u304c\u601d\u3044\u51fa\u3057\u305f\u306e\u306f\u3001\u30b8\u30e0\u30fb\u30ed\u30b8\u30e3\u30fc\u30ba\u6c0f\u306e\u4ee5\u4e0b\u306e\u30b3\u30e1\u30f3\u30c8\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/14735\" data-type=\"post\" data-id=\"14735\">\u30b8\u30e0\u30fb\u30ed\u30b8\u30e3\u30fc\u30ba\u6c0f: \u91d1\u878d\u5e02\u5834\u3067\u307e\u3060\u5b89\u3044\u306e\u306f\u30b3\u30e2\u30c7\u30a3\u30c6\u30a3\u3060\u3051<\/a><\/li><\/ul>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>\u9577\u3089\u304f\u76f8\u5834\u306b\u3044\u305f\u7d50\u679c\u3001\u3053\u3046\u3044\u3046\u4eba\u3005\u306e\u8a00\u3046\u3053\u3068\u306b\u306f\u8033\u3092\u8cb8\u3057\u3066\u3082\u4ed5\u65b9\u304c\u306a\u3044\u3068\u3044\u3046\u3053\u3068\u3092\u5b66\u3093\u3060\u3002\u5f7c\u3089\u304c\u6c17\u306b\u3057\u3066\u3044\u308b\u306e\u306f\u81ea\u5206\u306e\u8077\u3092\u7dad\u6301\u3059\u308b\u3053\u3068\u3067\u3001\u3042\u306a\u305f\u3084\u308f\u305f\u3057\u3084\u5b50\u4f9b\u305f\u3061\u306e\u3053\u3068\u8003\u3048\u3066\u3044\u308b\u308f\u3051\u3067\u306f\u306a\u3044\u3002\u5f7c\u3089\u306f\u81ea\u5206\u306e\u8077\u306e\u3053\u3068\u3057\u304b\u8003\u3048\u3066\u3044\u306a\u3044\u3002<\/p><\/blockquote>\n\n\n\n<p>\u3064\u307e\u308a\u3001\u30d1\u30a6\u30a8\u30eb\u6c0f\u306f\u4eba\u3005\u304c\u300c\u30a4\u30f3\u30d5\u30ec\u306f\u307e\u3060\u5927\u4e08\u592b\u300d\u3068\u601d\u3063\u3066\u3044\u308b\u9593\u304b\u3089\u65e9\u671f\u306b\u30a4\u30f3\u30d5\u30ec\u5bfe\u51e6\u306e\u305f\u3081\u306b\u91d1\u878d\u5f15\u304d\u7de0\u3081\u3092\u884c\u3044\u3001\u5e02\u5834\u3092\u66b4\u843d\u3055\u305b\u3066\u81ea\u5206\u306e\u8cac\u4efb\u306b\u306a\u308b\u3053\u3068\u3092\u5acc\u3063\u3066\u7de9\u548c\u3092\u7d9a\u3051\u3066\u3044\u305f\u304c\u3001\u4eba\u3005\u304c\u30a4\u30f3\u30d5\u30ec\u3092\u6c17\u306b\u3057\u59cb\u3081\u305f\u306a\u3089\u3070\u3001\u91d1\u878d\u5f15\u304d\u7de0\u3081\u3092\u884c\u306a\u3063\u3066\u682a\u4fa1\u304c\u66b4\u843d\u3057\u3066\u3082\u300c\u305d\u3046\u3057\u306a\u3051\u308c\u3070\u30a4\u30f3\u30d5\u30ec\u304c\u9177\u304f\u306a\u3063\u305f\u300d\u3068\u306e\u8a00\u3044\u8a33\u304c\u6210\u308a\u7acb\u3064\u3002<\/p>\n\n\n\n<p>\u30d1\u30a6\u30a8\u30eb\u6c0f\u304c\u81ea\u5206\u306e\u8077\u3068\u8cac\u4efb\u306e\u3053\u3068\u3057\u304b\u8003\u3048\u3066\u3044\u306a\u3044\u3068\u3044\u3046\u3053\u3068\u306f\u6295\u8cc7\u5bb6\u306b\u3068\u3063\u3066\u975e\u5e38\u306b\u91cd\u8981\u3067\u3042\u308b\u3002\u7b46\u8005\u306f\u3053\u306e\u63a8\u8ad6\u304b\u3089\u3001\u4eca\u306e\u30d1\u30a6\u30a8\u30eb\u6c0f\u306f\u682a\u4fa1\u3092\u3042\u308b\u7a0b\u5ea6\u72a0\u7272\u306b\u3057\u3066\u3082\u30a4\u30f3\u30d5\u30ec\u304c\u53ce\u307e\u308b\u307e\u3067\u91d1\u878d\u5f15\u304d\u7de0\u3081\u3092\u7d9a\u3051\u308b\u3068\u4e88\u60f3\u3057\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<p>\u3044\u3084\u3001\u3042\u308b\u7a0b\u5ea6\u3069\u3053\u308d\u304b\u3001\u4eee\u306b\u682a\u4fa1\u304c\u66b4\u843d\u3057\u3066\u3082\u30a4\u30f3\u30d5\u30ec\u304c\u9ad8\u6b62\u307e\u308a\u3057\u3066\u3044\u305f\u5834\u5408\u3001\u91d1\u878d\u5f15\u304d\u7de0\u3081\u3092\u305d\u308c\u3067\u3082\u7d99\u7d9a\u3059\u308b\u304b\u3082\u3057\u308c\u306a\u3044\u3002\u305d\u3046\u306a\u308c\u3070\u3001\u682a\u5f0f\u5e02\u5834\u306e\u4e0b\u3052\u5e45\u306f2018\u5e74\u306e20%\u3067\u306f\u306a\u304f\u3001\u4ee5\u524d\u30a2\u30e1\u30ea\u30ab\u304c\u7269\u4fa1\u9ad8\u9a30\u3067\u91d1\u878d\u5f15\u304d\u7de0\u3081\u3092\u6b62\u3081\u3089\u308c\u306a\u304b\u3063\u305f1970\u5e74\u4ee3\u306e60%\u4e0b\u843d\u306b\u306a\u308a\u304b\u306d\u306a\u3044\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2021\/11\/1970-1974-nasdaq-composite-chart.png\"><img loading=\"lazy\" decoding=\"async\" width=\"530\" height=\"468\" src=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2021\/11\/1970-1974-nasdaq-composite-chart.png\" alt=\"\" class=\"wp-image-17544\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2021\/11\/1970-1974-nasdaq-composite-chart.png 530w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2021\/11\/1970-1974-nasdaq-composite-chart-300x265.png 300w\" sizes=\"auto, (max-width: 530px) 100vw, 530px\" \/><\/a><\/figure>\n\n\n\n<p>\u3061\u306a\u307f\u306b\u3053\u306e\u5834\u5408\u30c9\u30eb\u5186\u3082\u4e0b\u843d\u3059\u308b\u306e\u3067\u3001\u7c73\u56fd\u682a\u3092\u70ba\u66ff\u30d8\u30c3\u30b8\u306a\u3057\u3067\u8cb7\u3063\u3066\u3044\u308b\u65e5\u672c\u306e\u6295\u8cc7\u5bb6\u306f\u682a\u5b89\u3068\u30c9\u30eb\u5b89\u3067\u672c\u5f53\u306b\u6b7b\u306c\u3053\u3068\u306b\u306a\u308b\u3002\u3053\u306e\u70b9\u306b\u3064\u3044\u3066\u306f\u3053\u3053\u3067\u306f\u4f55\u5ea6\u3082\u8b66\u544a\u3057\u3066\u304d\u305f\u306e\u3067\u3001\u3053\u3053\u306e\u8aad\u8005\u306b\u305d\u3046\u3044\u3046\u4eba\u306f\u6d41\u77f3\u306b\u3044\u306a\u3044\u3060\u308d\u3046\u3002<\/p>\n\n\n\n<p><strong>\u4eca\u5f8c\u306e\u898b\u901a\u3057<\/strong><\/p>\n\n\n\n<p>2022\u5e74\u524d\u534a\u306e\u5e02\u5834\u3068\u7d4c\u6e08\u306f\u3069\u3046\u306a\u308b\u3060\u308d\u3046\u304b\u3002Fed\u304c3\u6708\u306b\u5229\u4e0a\u3052\u3092\u3057\u3066\u3082\u30a4\u30f3\u30d5\u30ec\u73877.1%\u306b\u5bfe\u3057\u3066\u653f\u7b56\u91d1\u52290.25%\u3067\u3042\u308b\u3002\u30a4\u30f3\u30d5\u30ec\u304c\u6b62\u307e\u308b\u306f\u305a\u304c\u306a\u3044\u3002<\/p>\n\n\n\n<p>Fed\u306e\u30bf\u30ab\u6d3e\u7684\u306a\u30b9\u30bf\u30f3\u30b9\u306b\u3082\u304b\u304b\u308f\u3089\u305a\u30014\u6708\u306b\u304b\u3051\u3066\u30a4\u30f3\u30d5\u30ec\u306f\u307e\u3059\u307e\u3059\u9177\u304f\u306a\u308a\u3001Fed\u304c\u4f55\u3082\u3057\u306a\u304f\u3066\u3082\u5e02\u5834\u3067\u306f\u91d1\u5229\u304c\u4e0a\u304c\u3063\u3066\u3086\u304d\u3001\u682a\u4fa1\u306b\u306f\u304b\u306a\u308a\u306e\u91cd\u3057\u306b\u306a\u3063\u3066\u3086\u304f\u3060\u308d\u3046\u3002\u4ee5\u4e0b\u306e\u8a18\u4e8b\u3067\u8aac\u660e\u3057\u305f\u901a\u308a\u3001\u7d50\u5c40\u91d1\u5229\u3092\u6c7a\u3081\u3066\u3044\u308b\u306e\u306f\u5e02\u5834\u3067\u3042\u3063\u3066\u30d1\u30a6\u30a8\u30eb\u6c0f\u3067\u306f\u306a\u3044\u306e\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/18701\" data-type=\"post\" data-id=\"18701\">\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<\/a><\/li><\/ul>\n\n\n\n<p>\u30d1\u30a6\u30a8\u30eb\u6c0f\u304c\u4f55\u3082\u6c17\u4ed8\u304b\u306a\u3044\u3068\u3057\u3066\u3082\u30014\u6708\u9803\u306b\u306f\u73fe\u5728\u7e54\u308a\u8fbc\u307e\u308c\u3066\u3044\u308b\u3088\u3046\u306a4\u56de\u7a0b\u5ea6\u306e\u5229\u4e0a\u3052\uff08\u3064\u307e\u308a1%\u7a0b\u5ea6\u306e\u653f\u7b56\u91d1\u5229\uff09\u3067\u306f7%\u306e\u30a4\u30f3\u30d5\u30ec\u306f\u6b62\u307e\u3089\u306a\u3044\u3068\u3044\u3046\u3053\u3068\u306b\u5e02\u5834\u306f\u6c17\u3065\u304d\u59cb\u3081\u308b\u3060\u308d\u3046\u3002\u305d\u3057\u3066\u91d1\u5229\u306f\u682a\u5f0f\u5e02\u5834\u304c\u8010\u3048\u3089\u308c\u308b\u6c34\u6e96\u3092\u8d8a\u3048\u3066\u4e0a\u304c\u3063\u3066\u3086\u304f\u3002\u4e2d\u592e\u9280\u884c\u304c\u4f55\u3082\u3057\u306a\u304f\u3068\u3082\u305d\u3046\u306a\u308b\u3060\u308d\u3046\u3002<\/p>\n\n\n\n<p>\u8457\u540d\u6295\u8cc7\u5bb6\u306e\u4e2d\u306b\u306f\u682a\u4fa1\u306e\u5929\u4e95\u306f\u307e\u3060\u3060\u3068\u8e0f\u3093\u3067\u30c1\u30ad\u30f3\u30ec\u30fc\u30b9\u3092\u7e70\u308a\u5e83\u3052\u3066\u3044\u308b\u4eba\u3005\u3082\u3044\u308b\u304c\u3001\u7b46\u8005\u306f\u4eca\u56de\u306e\u91cf\u7684\u5f15\u304d\u7de0\u3081\u767a\u8868\u3067\u682a\u4fa1\u306f\u9045\u304f\u3068\u3082\u4eca\u5e74\u534a\u3070\u307e\u3067\u306e\u547d\u3060\u3068\u3044\u3046\u3053\u3068\u3092\u78ba\u4fe1\u3057\u305f\u3002<\/p>\n\n\n\n<p>\u4eee\u306b\u3053\u3053\u304b\u3089\u682a\u4fa1\u304c\u77ed\u671f\u7684\u306b\u53cd\u767a\u3057\u305f\u3068\u3057\u3066\u3082\u3001\u305d\u308c\u306b\u4e57\u308b\u3053\u3068\u306f\u672c\u5f53\u306b\u304a\u52e7\u3081\u3067\u304d\u306a\u3044\u3002\u4eee\u306b\u682a\u9ad8\u57fa\u8abf\u306b\u623b\u3063\u305f\u3068\u3057\u3066\u3082\u6570\u30f6\u6708\u306e\u547d\u3060\u304b\u3089\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u305d\u3082\u305d\u3082\u4f55\u6545\u3053\u306e\u72b6\u6cc1\u3067\u682a\u9ad8\u306b\u8ced\u3051\u306a\u3051\u308c\u3070\u306a\u3089\u306a\u3044\u306e\u3060\u308d\u3046\u304b\uff1f\u3000\u4ee5\u4e0b\u306e\u8a18\u4e8b\u3067\u66f8\u3044\u305f\u901a\u308a\u3001\u3053\u306e\u76f8\u5834\u3067\u5132\u3051\u308b\u65b9\u6cd5\u306a\u3089\u3044\u304f\u3089\u3067\u3082\u3042\u308b\u306e\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/15210\" data-type=\"post\" data-id=\"15210\">\u9577\u671f\u91d1\u5229\u3068\u30c6\u30fc\u30d1\u30ea\u30f3\u30b0\u306e\u95a2\u4fc2\u3001\u4eca\u5f8c\u306e\u63a8\u79fb\u4e88\u60f3<\/a><\/li><li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/18949\" data-type=\"post\" data-id=\"18949\">2022\u5e74\u306e\u30b9\u30bf\u30b0\u30d5\u30ec\u30fc\u30b7\u30e7\u30f3\u306b\u6295\u8cc7\u3059\u308b\u65b9\u6cd5<\/a><\/li><\/ul>\n","protected":false},"excerpt":{"rendered":"<p>\u3084\u3063\u3066\u3057\u307e\u3063\u305f\u3068\u8a00\u3046\u304b\u3001\u4ed6\u306b\u3069\u3046\u3057\u3088\u3046\u3082\u306a\u304b\u3063\u305f\u3068\u8a00\u3046\u304b\u3001\u3069\u3046\u3060\u308d\u3046\u304b\u3002\u30a2\u30e1\u30ea\u30ab\u306e\u4e2d\u592e\u9280\u884c\u3067\u3042\u308bFed\uff08\u9023\u90a6\u6e96\u5099\u5236\u5ea6\uff09\u306f\u91d1\u878d\u653f\u7b56\u6c7a\u5b9a\u4f1a\u5408\u3067\u3042\u308bFOMC\u4f1a\u5408\u306e\u7d50\u679c\u3092\u7c73\u56fd\u6642\u95931\u670826\u65e5\u306b\u767a\u8868\u3057\u3001\u653f\u7b56\u91d1\u5229\u306e\u7dad\u6301\u3092\u6c7a\u5b9a\u3057\u305f\u3002 \u3057 &hellip; <a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/19181\" class=\"more-link\">\u7d9a\u304d\u3092\u8aad\u3080 <span class=\"screen-reader-text\">\u30a2\u30e1\u30ea\u30ab\u30012018\u5e74\u306e\u682a\u4fa1\u66b4\u843d\u3092\u5f15\u304d\u8d77\u3053\u3057\u305f\u91cf\u7684\u5f15\u304d\u7de0\u3081\u3092\u767a\u8868<\/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":[64,93],"class_list":["post-19181","post","type-post","status-publish","format-standard","hentry","category-us-bond-market","category-bond-markets","tag-fed","tag-fomc"],"_links":{"self":[{"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/19181","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=19181"}],"version-history":[{"count":31,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/19181\/revisions"}],"predecessor-version":[{"id":19212,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/19181\/revisions\/19212"}],"wp:attachment":[{"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/media?parent=19181"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/categories?post=19181"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/tags?post=19181"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}