{"id":19675,"date":"2022-02-07T20:04:00","date_gmt":"2022-02-07T11:04:00","guid":{"rendered":"https:\/\/www.globalmacroresearch.org\/jp\/?p=19675"},"modified":"2022-02-07T13:46:00","modified_gmt":"2022-02-07T04:46:00","slug":"%e3%82%b5%e3%83%9e%e3%83%bc%e3%82%ba%e6%b0%8f-%e3%82%a4%e3%83%b3%e3%83%95%e3%83%ac%e3%81%a7%e6%94%bf%e7%ad%96%e9%87%91%e5%88%a9%e3%81%af2%e4%bb%a5%e4%b8%8a%e3%81%be%e3%81%a7%e5%88%a9%e4%b8%8a","status":"publish","type":"post","link":"https:\/\/www.globalmacroresearch.org\/jp\/archives\/19675","title":{"rendered":"\u30b5\u30de\u30fc\u30ba\u6c0f: \u30a4\u30f3\u30d5\u30ec\u3067\u653f\u7b56\u91d1\u5229\u306f2%\u4ee5\u4e0a\u307e\u3067\u5229\u4e0a\u3052\u3055\u308c\u308b\u53ef\u80fd\u6027"},"content":{"rendered":"\n<p>\u30a2\u30e1\u30ea\u30ab\u306e\u5143\u8ca1\u52d9\u9577\u5b98\u3067\u30de\u30af\u30ed\u7d4c\u6e08\u5b66\u8005\u306e\u30e9\u30ea\u30fc\u30fb\u30b5\u30de\u30fc\u30ba\u6c0f\u304cBloomberg\u306e\u30a4\u30f3\u30bf\u30d3\u30e5\u30fc\u3067\u30a2\u30e1\u30ea\u30ab\u306e\u7269\u4fa1\u9ad8\u9a30\u3068Fed\uff08\u9023\u90a6\u6e96\u5099\u5236\u5ea6\uff09\u306e\u5229\u4e0a\u3052\u306b\u3064\u3044\u3066\u8a9e\u3063\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<!--more-->\n\n\n\n<p><strong>\u4e0a\u6607\u3059\u308b\u8cc3\u91d1<\/strong><\/p>\n\n\n\n<p>\u30b5\u30de\u30fc\u30ba\u6c0f\u306f\u307e\u305a\u6570\u65e5\u524d\u306b\u767a\u8868\u3055\u308c\u305f\u30a2\u30e1\u30ea\u30ab\u306e\u96c7\u7528\u7d71\u8a08\u306b\u3064\u3044\u3066\u30b3\u30e1\u30f3\u30c8\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>1\u6708\u5206\u306e\u96c7\u7528\u7d71\u8a08\u306e\u4e2d\u3067\u4e00\u756a\u91cd\u8981\u306a\u306e\u306f\u3001\u6708\u306b0.7%\u3001\u5e74\u7387\u306b\u76f4\u3059\u3068\u307b\u3068\u3093\u30699%\u3082\u4e0a\u6607\u3057\u305f\u8cc3\u91d1\u3060\u308d\u3046\u3002<\/p><p>\u3053\u306e\u6570\u5b57\u306e\u672c\u5f53\u306e\u610f\u5473\u3092\u8a00\u3046\u306e\u306f\u96e3\u3057\u3044\u304c\u3001\u9593\u9055\u3044\u306a\u304f\u8a00\u3048\u308b\u306e\u306f\u30a2\u30e1\u30ea\u30ab\u3067\u975e\u5e38\u306b\u901f\u3044\u901f\u5ea6\u306e\u8cc3\u91d1\u30a4\u30f3\u30d5\u30ec\u304c\u8d77\u304d\u3066\u3044\u308b\u3088\u3046\u3060\u3068\u3044\u3046\u3053\u3068\u3060\u3002<\/p><\/blockquote>\n\n\n\n<p>\u7d4c\u6e08\u5b66\u306e\u4e16\u754c\u3067\u306f\u3001\u8cc3\u91d1\u306e\u30a4\u30f3\u30d5\u30ec\u306f\u6839\u5f37\u304f\u3001\u4e00\u5ea6\u4e0a\u6607\u30c8\u30ec\u30f3\u30c9\u306b\u5165\u308b\u3068\u6253\u3061\u6d88\u3059\u306e\u304c\u96e3\u3057\u3044\u3053\u3068\u304c\u77e5\u3089\u308c\u3066\u3044\u308b\u3002\u4f01\u696d\u306e\u7acb\u5834\u306b\u7acb\u3063\u3066\u307f\u308c\u3070\u3001\u6607\u7d66\u306f\u7c21\u5358\u3067\u3082\u6e1b\u7d66\u304c\u96e3\u3057\u3044\u3053\u3068\u304b\u3089\u3001\u5f53\u305f\u308a\u524d\u306e\u8a71\u3060\u308d\u3046\u3002<\/p>\n\n\n\n<p>\u305d\u3046\u306a\u308c\u3070\u7d66\u6599\u306f\u4e0a\u304c\u308b\uff08\u304c\u30a4\u30f3\u30d5\u30ec\u3067\u6253\u3061\u6d88\u3055\u308c\u308b\uff09\u4e00\u65b9\u3067\u8caf\u84c4\u304c\u7d19\u5207\u308c\u306b\u306a\u308b\u3002\u8cc3\u91d1\u304c\u4e0a\u304c\u3063\u3066\u3082\u3084\u306f\u308a\u30a4\u30f3\u30d5\u30ec\u306f\u793e\u4f1a\u554f\u984c\u306a\u306e\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u30b5\u30de\u30fc\u30ba\u6c0f\u306f\u3053\u306e\u8cc3\u91d1\u30a4\u30f3\u30d5\u30ec\u304c\u5bb9\u6613\u306b\u5546\u54c1\u3084\u30b5\u30fc\u30d3\u30b9\u306e\u7269\u4fa1\u306b\u53cd\u6620\u3055\u308c\u308b\u3068\u8a00\u3046\u3002<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>\u8cc3\u91d1\u306f\u4f01\u696d\u306e\u30b3\u30b9\u30c8\u306e75%\u3092\u5360\u3081\u3066\u3044\u308b\u306e\u3067\u3001\u4e2d\u53e4\u8eca\u3084\u4f4f\u5b85\u306a\u3069\u306e\u7279\u6b8a\u4e8b\u60c5\u3092\u9664\u3044\u3066\u3082\u3001\u6b8b\u5ff5\u306a\u304c\u3089\u3053\u308c\u306f2%\u306e\u30a4\u30f3\u30d5\u30ec\u76ee\u6a19\u3092\u5927\u304d\u304f\u8d85\u3048\u305f\u6839\u5f37\u3044\u30a4\u30f3\u30d5\u30ec\u306b\u7a81\u5165\u3057\u3066\u3044\u308b\u3053\u3068\u3092\u610f\u5473\u3059\u308b\u3002<\/p><\/blockquote>\n\n\n\n<p>\u73fe\u5728\u3001\u30a2\u30e1\u30ea\u30ab\u306e\u30a4\u30f3\u30d5\u30ec\u7387\u306f7.1%\u3060\u304c\u3001\u307e\u3060\u307e\u3060\u4e0a\u6607\u3057\u3066\u3086\u304f\u3068\u3044\u3046\u3053\u3068\u3060\u308d\u3046\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><strong>\u30a4\u30f3\u30d5\u30ec\u3068\u5229\u4e0a\u3052<\/strong><\/p>\n\n\n\n<p>\u4e2d\u592e\u9280\u884c\u306f\u3069\u3046\u3059\u308b\u3060\u308d\u3046\u304b\uff1f\u3000Fed\uff08\u9023\u90a6\u6e96\u5099\u5236\u5ea6\uff09\u306e\u30d1\u30a6\u30a8\u30eb\u8b70\u9577\u306f\u5143\u3005\u30a4\u30f3\u30d5\u30ec\u306f\u4e00\u6642\u7684\u3060\u3068\u8a00\u3044\u5f35\u3063\u3066\u3044\u305f\u304c\u3001\u518d\u4efb\u306b\u3042\u305f\u3063\u3066\u30d0\u30a4\u30c7\u30f3\u5927\u7d71\u9818\u304b\u3089\u30a4\u30f3\u30d5\u30ec\u3092\u9000\u6cbb\u3059\u308b\u3088\u3046\u306b\u3068\u91d8\u3092\u523a\u3055\u308c\u3066\u304b\u3089\u91d1\u878d\u5f15\u304d\u7de0\u3081\u306b\u52e4\u3057\u3093\u3067\u3044\u308b\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/18136\" data-type=\"post\" data-id=\"18136\">12\u6708FOMC\u4f1a\u5408\u7d50\u679c: \u5229\u4e0a\u30523\u56de\u793a\u5506\u3067\u30bf\u30ab\u6d3e\u306b\u8ee2\u63db\u3082\u682a\u4fa1\u306f\u4e0a\u6607 (2021\/12\/16)<\/a><\/li><li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/19181\" data-type=\"post\" data-id=\"19181\">\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 (2022\/1\/27)<\/a><\/li><\/ul>\n\n\n\n<p>\u91d1\u878d\u5e02\u5834\u306f\u5143\u3005\u30d1\u30a6\u30a8\u30eb\u6c0f\u306e\u8a00\u3046\u3053\u3068\u3092\u4fe1\u3058\u3066\u3044\u306a\u304b\u3063\u305f\u3002\u30d1\u30a6\u30a8\u30eb\u6c0f\u304c\u5229\u4e0a\u3052\u3092\u5426\u5b9a\u3057\u3066\u3044\u305f\u9593\u306b\u3082\u3001\u50b5\u5238\u5e02\u5834\u3067\u306f\u4eca\u5f8c\u306e\u5229\u4e0a\u3052\u4e88\u60f3\u3092\u53cd\u6620\u3059\u308b2\u5e74\u7269\u56fd\u50b5\u306e\u91d1\u5229\u304c\u4e0a\u304c\u308a\u7d9a\u3051\u3066\u3044\u305f\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2022\/02\/2022-2-6-us-2-year-treasury-bond-yield-chart-1.png\"><img loading=\"lazy\" decoding=\"async\" width=\"447\" height=\"468\" src=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2022\/02\/2022-2-6-us-2-year-treasury-bond-yield-chart-1.png\" alt=\"\" class=\"wp-image-19677\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2022\/02\/2022-2-6-us-2-year-treasury-bond-yield-chart-1.png 447w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2022\/02\/2022-2-6-us-2-year-treasury-bond-yield-chart-1-287x300.png 287w\" sizes=\"auto, (max-width: 447px) 100vw, 447px\" \/><\/a><\/figure>\n\n\n\n<p>\u305d\u3057\u3066\u30d1\u30a6\u30a8\u30eb\u6c0f\u304c\u5e02\u5834\u306e\u5229\u4e0a\u3052\u4e88\u60f3\u306b\u9045\u308c\u3092\u53d6\u3063\u3066\u3044\u308b\u3068\u6279\u5224\u3057\u3066\u3044\u305f\u306e\u304c\u4ed6\u3067\u3082\u306a\u3044\u30b5\u30de\u30fc\u30ba\u6c0f\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/17447\" data-type=\"post\" data-id=\"17447\">\u30b5\u30de\u30fc\u30ba\u6c0f: \u30d1\u30a6\u30a8\u30eb\u8b70\u9577\u306f\u9593\u9055\u3063\u3066\u3044\u308b (2021\/11\/22)<\/a><\/li><\/ul>\n\n\n\n<p>\u305d\u3057\u3066\u4eca\u3001\u3088\u3046\u3084\u304f\u91d1\u878d\u5f15\u304d\u7de0\u3081\u306b\u5411\u304b\u3044\u59cb\u3081\u305f\u4e2d\u592e\u9280\u884c\u306b\u5bfe\u3057\u3066\u30b5\u30de\u30fc\u30ba\u6c0f\u306f\u3053\u3046\u8ff0\u3079\u308b\u3002<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>Fed\u306f\u5e02\u5834\u306b\u8ffd\u3044\u3064\u304b\u306a\u3051\u308c\u3070\u306a\u3089\u306a\u3044\u3002\u3057\u304b\u3082\u3001\u4eca\u7e54\u308a\u8fbc\u307e\u308c\u3066\u3044\u308b\u3088\u3046\u306b\u5b9f\u8cea\u91d1\u5229\u3092-2%\u307e\u3067\u4e0a\u3052\u305f\u3068\u3057\u3066\u3082\u3001\u4eca\u5e74\u306e\u30a4\u30f3\u30d5\u30ec\u7387\u3084\u30a4\u30f3\u30d5\u30ec\u5fc3\u7406\u306b\u5927\u304d\u306a\u5f71\u97ff\u3092\u4e0e\u3048\u308b\u306e\u306b\u5341\u5206\u304b\u3069\u3046\u304b\u306f\u602a\u3057\u3044\u3068\u601d\u3046\u3002<\/p><\/blockquote>\n\n\n\n<p>\u3061\u306a\u307f\u306b\u73fe\u5728\u306e\u30a4\u30f3\u30d5\u30ec\u7387\u306f7%\u3001\u653f\u7b56\u91d1\u5229\u306f0%\u306a\u306e\u3067\u3001\u5b9f\u8cea\u91d1\u5229\u306f\u5dee\u3057\u5f15\u304d-7%\u3067\u3042\u308a\u3001\u3053\u308c\u306f\u901a\u8ca8\u304c\u66b4\u843d\u3057\u3066\u3044\u308b\u30c8\u30eb\u30b3\u4ee5\u4e0a\u306e\u8d85\u7de9\u548c\u72b6\u614b\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/17604\" data-type=\"post\" data-id=\"17604\">\u7269\u4fa1\u9ad8\u9a30\u3068\u91d1\u878d\u7de9\u548c\u3067\u30c8\u30eb\u30b3\u30ea\u30e9\u304c\u66b4\u843d\u4e2d<\/a><\/li><\/ul>\n\n\n\n<p>\u3053\u306e\u307e\u307e\u3067\u306f\u30a4\u30f3\u30d5\u30ec\u306f\u6b62\u307e\u3089\u306a\u3044\u3069\u3053\u308d\u304b\u66f4\u306b\u9ad8\u9a30\u3057\u3066\u3086\u304f\u3060\u308d\u3046\u3002<\/p>\n\n\n\n<p><strong>\u4eca\u5e74\u306e\u5229\u4e0a\u3052\u56de\u6570<\/strong><\/p>\n\n\n\n<p>\u3053\u308c\u307e\u3067\u4f4e\u91d1\u5229\u306b\u4f9d\u5b58\u3057\u3066\u4e0a\u304c\u3063\u3066\u304d\u305f\u682a\u5f0f\u5e02\u5834\u306b\u3068\u3063\u3066\u5229\u4e0a\u3052\u306f\u5927\u554f\u984c\u306a\u306e\u3067\u3001\u6295\u8cc7\u5bb6\u306f\u4eca\u5f8c\u306e\u5229\u4e0a\u3052\u304c\u3069\u3046\u306a\u308b\u304b\u3068\u3044\u3046\u3053\u3068\u3092\u6c17\u306b\u3057\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/19213\" data-type=\"post\" data-id=\"19213\">\u4e16\u754c\u6700\u5927\u306e\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9: 2022\u5e74\u4e16\u754c\u540c\u6642\u682a\u5b89\u306e\u7406\u7531<\/a><\/li><\/ul>\n\n\n\n<p>\u7d50\u5c40\u3069\u308c\u304f\u3089\u3044\u306e\u5229\u4e0a\u3052\u304c\u4eca\u5e74\u5fc5\u8981\u306b\u306a\u308b\u3060\u308d\u3046\u304b\uff1f\u3000\u30b5\u30de\u30fc\u30ba\u6c0f\u306f\u4eca\u5f8c\u306e\u30c7\u30fc\u30bf\u6b21\u7b2c\u3060\u3068\u3057\u3066\u5177\u4f53\u7684\u306a\u6570\u5b57\u306b\u8a00\u53ca\u3059\u308b\u306e\u3092\u907f\u3051\u305f\u3002<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>\u4eca\u5e74\u5fc5\u8981\u306a\u5229\u4e0a\u3052\u56de\u6570\u304c5\u56de\u306a\u306e\u304b7\u56de\u306a\u306e\u304b\u3092\u4eca\u5224\u65ad\u3059\u308b\u5fc5\u8981\u306f\u306a\u3044\u3068\u601d\u3046\u3002<\/p><\/blockquote>\n\n\n\n<p>\u3060\u304c\u305d\u306e\u5f8c\u3067\u3001\u682a\u5f0f\u5e02\u5834\u306b\u3068\u3063\u3066\u306f\u304b\u306a\u308a\u60b2\u89b3\u7684\u306a\u4e88\u60f3\u3092\u3055\u3089\u3063\u3068\u53e3\u306b\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>\u5c11\u306a\u304f\u3068\u3082\u8a00\u3048\u308b\u306e\u306f\u3001\u6700\u7d42\u7684\u306b\u306f\u4eca\u4e2d\u592e\u9280\u884c\u304c\u8003\u3048\u3066\u3044\u308b\u3088\u308a\u3082\u591a\u304f\u306e\u5f15\u304d\u7de0\u3081\u304c\u5fc5\u8981\u3068\u306a\u308b\u3053\u3068\u3001\u305d\u3057\u3066\u4eca\u5e74\u306e\u3059\u3079\u3066\u306e\u4f1a\u5408\u3067\u5229\u4e0a\u3052\u304c\u3042\u3063\u305f\u3068\u3057\u3066\u3082\u3001\u5e02\u5834\u306f\u305d\u308c\u306b\u5099\u3048\u306a\u3051\u308c\u3070\u306a\u3089\u306a\u3044\u3068\u3044\u3046\u3053\u3068\u3060\u3002<\/p><\/blockquote>\n\n\n\n<p>\u4eca\u5e74\u306eFOMC\u4f1a\u5408\u306f\u3042\u30687\u56de\u6b8b\u3063\u3066\u3044\u308b\u306e\u3067\u3001\u3064\u307e\u308a\u30b5\u30de\u30fc\u30ba\u6c0f\u306f7\u56de\u306e\u5229\u4e0a\u3052\u3092\u8003\u3048\u3066\u3044\u308b\u3068\u3044\u3046\u3053\u3068\u3060\u308d\u3046\u3002<\/p>\n\n\n\n<p>1\u56de\u306e\u5229\u4e0a\u3052\u3092\u3044\u3064\u3082\u3069\u304a\u308a0.25%\u3060\u3068\u3059\u308c\u3070\u30017\u56de\u30671.75%\u306e\u5229\u4e0a\u3052\u3068\u306a\u308b\u3002\u3060\u304c\u30b5\u30de\u30fc\u30ba\u6c0f\u306e\u60b2\u89b3\u306f\u305d\u308c\u3067\u306f\u7d42\u308f\u3089\u306a\u3044\u3002\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>\u5e02\u5834\u306f\u66f4\u306b\u3001\u3053\u306e\u307e\u307e\u30a4\u30f3\u30d5\u30ec\u304c\u7d9a\u3051\u3070\u30010.25%\u3088\u308a\u5927\u304d\u3044\u5229\u4e0a\u3052\u304c1\u56de\u306e\u4f1a\u5408\u3067\u5fc5\u8981\u3068\u306a\u308b\u3068\u3044\u3046\u53ef\u80fd\u6027\u306b\u5099\u3048\u306a\u3051\u308c\u3070\u306a\u3089\u306a\u3044\u3002<\/p><\/blockquote>\n\n\n\n<p>1\u56de0.25%\u3067\u3082\u653f\u7b56\u91d1\u5229\u306f1.75%\u307e\u3067\u4e0a\u304c\u308b\u306e\u3067\u3001\u305d\u306e\u4e2d\u306b0.50%\u306e\u5229\u4e0a\u3052\u3082\u542b\u307e\u308c\u308c\u3070\u3001\u653f\u7b56\u91d1\u5229\u306f2%\u4ee5\u4e0a\u306e\u6c34\u6e96\u307e\u3067\u4e0a\u304c\u3063\u3066\u3086\u304f\u3053\u3068\u3068\u306a\u308b\u3002\u305d\u3046\u306a\u308c\u3070\u30019\u56de\u306e\u5229\u4e0a\u3052\u306b\u8010\u3048\u305f\u5f8c\u306b\u5e02\u5834\u304c\u66b4\u843d\u3057\u305f2018\u5e74\u306e\u6c34\u6e96\u307e\u3067\u653f\u7b56\u91d1\u5229\u306f\u4e0a\u304c\u3063\u3066\u3086\u304f\u3002\u5f53\u6642\u306e\u653f\u7b56\u91d1\u5229\u306e\u30c1\u30e3\u30fc\u30c8\u3092\u63b2\u8f09\u3057\u3088\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\/11\/2021-11-8-federal-funds-rate-chart.png\"><img loading=\"lazy\" decoding=\"async\" width=\"510\" height=\"468\" src=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2021\/11\/2021-11-8-federal-funds-rate-chart.png\" alt=\"\" class=\"wp-image-17181\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2021\/11\/2021-11-8-federal-funds-rate-chart.png 510w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2021\/11\/2021-11-8-federal-funds-rate-chart-300x275.png 300w\" sizes=\"auto, (max-width: 510px) 100vw, 510px\" \/><\/a><\/figure>\n\n\n\n<p>9\u56de\u306e\u5229\u4e0a\u3052\u5f8c\u306b\u6025\u843d\u3057\u3066\u3044\u308b\u306e\u306f\u3001\u5229\u4e0a\u3052\u3068\u91cf\u7684\u5f15\u304d\u7de0\u3081\u3067\u682a\u4fa1\u304c\u66b4\u843d\u3057\u305f\u304b\u3089\u3067\u3042\u308b\u3002\u5f53\u6642\u306e\u8a18\u4e8b\u3092\u53c2\u8003\u306b\u3057\u3066\u307b\u3057\u3044\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/7959\" data-type=\"post\" data-id=\"7959\">\u4e16\u754c\u540c\u6642\u682a\u5b89\u3092\u4e88\u60f3\u3067\u304d\u305f\u7406\u7531\u3068\u682a\u4fa1\u4e0b\u843d\u306e\u539f\u56e0 (2018\/10\/28)<\/a><\/li><\/ul>\n\n\n\n<p><strong>\u300c2018\u5e74\u4e16\u754c\u540c\u6642\u682a\u5b89\u306f\u5927\u3057\u305f\u554f\u984c\u3067\u306f\u306a\u3044\u300d<\/strong><\/p>\n\n\n\n<p>2018\u5e74\u306b\u30a2\u30e1\u30ea\u30ab\u7d4c\u6e08\u304c9\u56de\u3082\u306e\u5229\u4e0a\u3052\u306b\u8010\u3048\u3089\u308c\u305f\u306e\u306f\u30c8\u30e9\u30f3\u30d7\u653f\u6a29\u306e\u89aa\u30d3\u30b8\u30cd\u30b9\u7684\u653f\u7b56\u304c\u3042\u3063\u305f\u304b\u3089\u3067\u3042\u308a\u3001\u30b3\u30ed\u30ca\u3067\u75b2\u5f0a\u3057\u305f\u4eca\u306e\u7d4c\u6e08\u304c\u540c\u3058\u5229\u4e0a\u3052\u306b\u8010\u3048\u3089\u308c\u308b\u3068\u306f\u8ab0\u3082\u8003\u3048\u3066\u3044\u306a\u3044\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/19117\" data-type=\"post\" data-id=\"19117\">\u30de\u30a4\u30ca\u30fc\u30c9\u6c0f: \u30a2\u30e1\u30ea\u30ab\u306f2018\u5e74\u4e16\u754c\u540c\u6642\u682a\u5b89\u3092\u7e70\u308a\u8fd4\u305d\u3046\u3068\u3057\u3066\u3044\u308b<\/a><\/li><\/ul>\n\n\n\n<p>\u3060\u304c\u305d\u306e\u30ec\u30d9\u30eb\u306e\u5f15\u304d\u7de0\u3081\u304c\u5fc5\u8981\u306b\u306a\u308b\u3068\u30b5\u30de\u30fc\u30ba\u6c0f\u306f\u8a00\u3063\u3066\u3044\u308b\u3002\u305d\u3046\u3067\u306a\u3051\u308c\u3070\u3001\u30a4\u30f3\u30d5\u30ec\u7387\u304c2\u6841\u3092\u8d8a\u3048\u3066\u4e0a\u6607\u3057\u305f1970\u5e74\u4ee3\u306e\u4e8c\u306e\u821e\u306b\u306a\u308b\u3068\u30b5\u30de\u30fc\u30ba\u6c0f\u306f\u8a00\u3046\u3002<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>\u3053\u306e\u307e\u307e\u884c\u3051\u3070\u30dd\u30fc\u30eb\u30fb\u30dc\u30eb\u30ab\u30fc\u6c0f\uff08\u8a33\u6ce8\uff1a\u7269\u4fa1\u9ad8\u9a30\u6642\u4ee3\u306eFed\u8b70\u9577\uff09\u304c1970\u5e74\u4ee3\u306e\u7d42\u308f\u308a\u306b\u3084\u3063\u305f\u3053\u3068\u3092\u7e70\u308a\u8fd4\u3059\u4ed6\u306b\u624b\u6bb5\u304c\u306a\u304f\u306a\u308b\u3002<\/p><\/blockquote>\n\n\n\n<p>\u3057\u304b\u30571970\u5e74\u4ee3\u306e\u5f37\u70c8\u306a\u30a4\u30f3\u30d5\u30ec\u9000\u6cbb\u306f\u304a\u308d\u304b\u30012018\u5e74\u3068\u540c\u3058\u898f\u6a21\u306e\u91d1\u878d\u5f15\u304d\u7de0\u3081\u3067\u3082\u682a\u5f0f\u5e02\u5834\u306f\u9593\u9055\u3044\u306a\u304f\u66b4\u843d\u3059\u308b\u3060\u308d\u3046\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/18367\" data-type=\"post\" data-id=\"18367\">2022\u5e74\u306e\u682a\u5f0f\u5e02\u5834\u306f\u30a4\u30f3\u30d5\u30ec\u3068\u91d1\u878d\u5f15\u304d\u7de0\u3081\u3067\u66b4\u843d\u3059\u308b<\/a><\/li><\/ul>\n\n\n\n<p>\u3057\u304b\u3057\u30b5\u30de\u30fc\u30ba\u6c0f\u306f\u6700\u5f8c\u306b\u682a\u306e\u8cb7\u3044\u624b\u306b\u3068\u3063\u3066\u306f\u6050\u308d\u3057\u3044\u3053\u3068\u3092\u3042\u3063\u3055\u308a\u3068\u8a00\u3063\u3066\u306e\u3051\u308b\u3002<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>Fed\u306f2018\u5e74\u306b\u30df\u30b9\u3092\u72af\u3057\u305f\u3002\u5f7c\u3089\u306f\u91d1\u5229\u30922.5%\u307e\u3067\u4e0a\u3052\u3001\u305d\u308c\u3092\u5dfb\u304d\u623b\u3059\u3053\u3068\u306b\u306a\u3063\u305f\u3002<\/p><p>\u3060\u304c\u305d\u308c\u306f\u9577\u671f\u7684\u306a\u89b3\u70b9\u304b\u3089\u306f\u5927\u3057\u305f\u30df\u30b9\u3067\u306f\u306a\u304b\u3063\u305f\u3002\u3057\u304b\u3057\u73fe\u5728\u306e\u30a4\u30f3\u30d5\u30ec\u3092\u3053\u306e\u307e\u307e\u9032\u884c\u3055\u305b\u308b\u3053\u3068\u306f\u672c\u5f53\u306b\u6df1\u523b\u3067\u91cd\u5927\u306a\u30df\u30b9\u3068\u306a\u308b\u3060\u308d\u3046\u3002<\/p><\/blockquote>\n\n\n\n<p>\u30b5\u30de\u30fc\u30ba\u6c0f\u306f\u8981\u3059\u308b\u306b\u30012018\u5e74\u306e\u4e16\u754c\u540c\u6642\u682a\u5b89\u306e\u3088\u3046\u306a\u4e8b\u614b\u306b\u306a\u308b\u3053\u3068\u306f\u30011970\u5e74\u4ee3\u306e\u3088\u3046\u306a\u7269\u4fa1\u9ad8\u9a30\u306b\u9665\u308b\u30ea\u30b9\u30af\u306b\u6bd4\u3079\u308c\u3070\u5927\u3057\u305f\u554f\u984c\u3067\u306f\u306a\u3044\u3068\u8a00\u3063\u3066\u3044\u308b\u306e\u3067\u3042\u308b\u3002\u3082\u306f\u3084\u682a\u5b89\u306f\u907f\u3051\u3088\u3046\u304c\u306a\u3044\u3068\u3044\u3046\u30b5\u30de\u30fc\u30ba\u6c0f\u306e\u672c\u610f\u304c\u898b\u3066\u53d6\u308c\u308b\u3002<\/p>\n\n\n\n<p><strong>\u7d50\u8ad6<\/strong><\/p>\n\n\n\n<p>\u4eca\u5e74\u306e\u521d\u3081\u304b\u3089\u8a00\u3063\u3066\u3044\u308b\u3053\u3068\u3060\u304c\u3001\u30a2\u30e1\u30ea\u30ab\u7d4c\u6e08\u3068\u682a\u5f0f\u5e02\u5834\u306f\u5b8c\u5168\u306b\u8a70\u3093\u3067\u3044\u308b\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/18367\" data-type=\"post\" data-id=\"18367\">2022\u5e74\u306e\u682a\u5f0f\u5e02\u5834\u306f\u30a4\u30f3\u30d5\u30ec\u3068\u91d1\u878d\u5f15\u304d\u7de0\u3081\u3067\u66b4\u843d\u3059\u308b (2022\/1\/6)<\/a><\/li><\/ul>\n\n\n\n<p>\u7b46\u8005\u3084\u8457\u540d\u6295\u8cc7\u5bb6\u306f\u4eca\u306e\u5e02\u5834\u304c\u8010\u3048\u3089\u308c\u308b\u5229\u4e0a\u3052\u306f5\u56de\u7a0b\u5ea6\u3060\u3068\u8e0f\u3093\u3067\u3044\u308b\u304c\u3001\u305d\u306e\u500d\u306b\u8fd1\u3044\u91cf\u306e\u5229\u4e0a\u3052\u304c\u5fc5\u8981\u306b\u306a\u308a\u305d\u3046\u306a\u3053\u3068\u304c\u3053\u306e\u77ed\u3044\u9593\u306b\u660e\u3089\u304b\u306b\u306a\u308a\u3064\u3064\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u3053\u306e\u72b6\u6cc1\u3067\u682a\u5f0f\u3092\u8cb7\u3044\u6301\u3061\u306b\u3057\u3066\u3044\u308b\u4eba\u304c\u5c45\u308c\u3070\u805e\u304d\u305f\u3044\u306e\u3060\u304c\u3001\u3069\u3046\u3044\u3046\u30b7\u30ca\u30ea\u30aa\u306b\u304a\u3044\u3066\u682a\u4fa1\u306f\u66b4\u843d\u3092\u514d\u308c\u308b\u306e\u3060\u308d\u3046\u304b\uff1f\u3000\u7b46\u8005\u306b\u306f\u305d\u306e\u53ef\u80fd\u6027\u3092\u60f3\u50cf\u3059\u308b\u3053\u3068\u3059\u3089\u4e0d\u53ef\u80fd\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u3060\u304b\u3089\u682a\u5f0f\u3084\u30b8\u30e3\u30f3\u30af\u50b5\u3092\u7a7a\u58f2\u308a\u3057\u3001\u30b3\u30e2\u30c7\u30a3\u30c6\u30a3\u3092\u8cb7\u3063\u3066\u3044\u308b\u306e\u3067\u3042\u308b\u3002\u3053\u3046\u3057\u305f\u76f8\u5834\u3067\u751f\u304d\u6b8b\u308b\u3053\u3068\u306f\u96e3\u3057\u3044\u304c\u3001\u4e0d\u53ef\u80fd\u3067\u306f\u306a\u3044\u3002\u4ee5\u4e0b\u306e\u8a18\u4e8b\u3092\u53c2\u8003\u306b\u3057\u3066\u3082\u3089\u3044\u305f\u3044\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\"><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>\u30a2\u30e1\u30ea\u30ab\u306e\u5143\u8ca1\u52d9\u9577\u5b98\u3067\u30de\u30af\u30ed\u7d4c\u6e08\u5b66\u8005\u306e\u30e9\u30ea\u30fc\u30fb\u30b5\u30de\u30fc\u30ba\u6c0f\u304cBloomberg\u306e\u30a4\u30f3\u30bf\u30d3\u30e5\u30fc\u3067\u30a2\u30e1\u30ea\u30ab\u306e\u7269\u4fa1\u9ad8\u9a30\u3068Fed\uff08\u9023\u90a6\u6e96\u5099\u5236\u5ea6\uff09\u306e\u5229\u4e0a\u3052\u306b\u3064\u3044\u3066\u8a9e\u3063\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":[59,118,111,108],"tags":[98],"class_list":["post-19675","post","type-post","status-publish","format-standard","hentry","category-us-stock-market","category-us-bond-market","category-stock-markets","category-bond-markets","tag-larry-summers"],"_links":{"self":[{"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/19675","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=19675"}],"version-history":[{"count":36,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/19675\/revisions"}],"predecessor-version":[{"id":19712,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/19675\/revisions\/19712"}],"wp:attachment":[{"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/media?parent=19675"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/categories?post=19675"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/tags?post=19675"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}