{"id":21458,"date":"2022-03-16T20:50:01","date_gmt":"2022-03-16T11:50:01","guid":{"rendered":"https:\/\/www.globalmacroresearch.org\/jp\/?p=21458"},"modified":"2022-03-16T20:50:04","modified_gmt":"2022-03-16T11:50:04","slug":"%e4%b8%96%e7%95%8c%e6%9c%80%e5%a4%a7%e3%81%ae%e3%83%98%e3%83%83%e3%82%b8%e3%83%95%e3%82%a1%e3%83%b3%e3%83%89-%e6%a0%aa%e4%be%a1%e6%9a%b4%e8%90%bd%e3%81%8b%e7%89%a9%e4%be%a1%e9%ab%98%e9%a8%b0%e3%81%8b","status":"publish","type":"post","link":"https:\/\/www.globalmacroresearch.org\/jp\/archives\/21458","title":{"rendered":"\u4e16\u754c\u6700\u5927\u306e\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9: \u682a\u4fa1\u66b4\u843d\u304b\u7269\u4fa1\u9ad8\u9a30\u304b\u3069\u3061\u3089\u304b\u3057\u304b\u306a\u3044"},"content":{"rendered":"\n<p>\u3042\u308b\u3044\u306f\u305d\u306e\u4e21\u65b9\u3060\u308d\u3046\u3002\u4e16\u754c\u6700\u5927\u306e\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9Bridgewater\u3092\u904b\u7528\u3059\u308b\u30ec\u30a4\u30fb\u30c0\u30ea\u30aa\u6c0f\u304cPOLITICO\u306e\u4e3b\u50ac\u3059\u308b\u30e9\u30ea\u30fc\u30fb\u30b5\u30de\u30fc\u30ba\u6c0f\u3068\u306e\u5bfe\u8ac7\u3067\u30a2\u30e1\u30ea\u30ab\u306e\u30a4\u30f3\u30d5\u30ec\u3068\u682a\u5f0f\u5e02\u5834\u306e\u898b\u901a\u3057\u306b\u3064\u3044\u3066\u8a9e\u3063\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<!--more-->\n\n\n\n<p><strong>\u30a2\u30e1\u30ea\u30ab\u306e\u7269\u4fa1\u9ad8\u9a30<\/strong><\/p>\n\n\n\n<p>\u30a2\u30e1\u30ea\u30ab\u306e\u6d88\u8cbb\u8005\u306b\u3068\u3063\u3066\u7269\u4fa1\u9ad8\u9a30\u306f\u65e2\u306b\u751f\u6d3b\u306e\u554f\u984c\u3067\u3042\u308b\u3002\u30a2\u30e1\u30ea\u30ab\u3067\u306f\u30ac\u30bd\u30ea\u30f3\u3060\u3051\u3067\u306f\u306a\u304f\u3042\u3089\u3086\u308b\u3082\u306e\u306e\u4fa1\u683c\u304c\u65e2\u306b\u4e0a\u304c\u3063\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/21193\" data-type=\"post\" data-id=\"21193\">2\u6708\u306e\u7c73\u56fd\u30a4\u30f3\u30d5\u30ec\u7387\u306f7.9%\u3001\u4eca\u5f8c\u66f4\u306a\u308b\u7269\u4fa1\u9ad8\u9a30\u3078<\/a><\/li><\/ul>\n\n\n\n<p>\u7269\u4fa1\u304c\u4e0a\u304c\u308b\u3001\u4e0a\u304c\u308b\u304b\u3089\u5148\u306b\u8cb7\u3046\u3001\u305d\u3057\u3066\u4fa1\u683c\u304c\u3082\u3063\u3068\u4e0a\u304c\u308b\u3068\u3044\u3046\u30a4\u30f3\u30d5\u30ec\u30b5\u30a4\u30af\u30eb\u304c\u59cb\u307e\u3063\u3066\u3044\u308b\u306e\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u305d\u308c\u306b\u5bfe\u3057\u3066\u300c\u7269\u4fa1\u5b89\u5b9a\u300d\u3092\u76ee\u6a19\u3068\u3059\u308bFed\uff08\u9023\u90a6\u6e96\u5099\u5236\u5ea6\uff09\u306f\u4f55\u3092\u3084\u3063\u3066\u3044\u305f\u304b\uff1f\u3000\u53bb\u5e74\u306e\u672b\u306b\u3088\u3046\u3084\u304f\u9593\u9055\u3044\u3092\u8a8d\u3081\u308b\u307e\u3067\u30a4\u30f3\u30d5\u30ec\u306e\u72b6\u6cc1\u4e0b\u3067\u91d1\u878d\u7de9\u548c\u3092\u7d9a\u3051\u3066\u3044\u305f\u304c\u3001\u305d\u306e\u6642\u306b\u306f\u30a4\u30f3\u30d5\u30ec\u7387\u306f\u65e2\u306b6%\u307e\u3067\u4e0a\u304c\u3063\u3066\u3044\u305f\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/17767\" data-type=\"post\" data-id=\"17767\">\u30d1\u30a6\u30a8\u30eb\u8b70\u9577\u3001\u3064\u3044\u306b\u300c\u4e00\u6642\u7684\u300d\u3092\u64a4\u56de\u3057\u30c6\u30fc\u30d1\u30ea\u30f3\u30b0\u52a0\u901f\u3092\u793a\u5506 (2021\/12\/1)<\/a><\/li><\/ul>\n\n\n\n<p>\u3053\u308c\u306f\u3069\u3046\u3044\u3046\u539f\u56e0\u306b\u3088\u308b\u3082\u306e\u3060\u308d\u3046\u304b\u30022020\u5e74\u3001\u65b0\u578b\u30b3\u30ed\u30ca\u5bfe\u7b56\u3067\u30a2\u30e1\u30ea\u30ab\u306a\u3069\u591a\u304f\u306e\u56fd\u306f\u5f37\u529b\u306a\u30ed\u30c3\u30af\u30c0\u30a6\u30f3\u3092\u884c\u3044\u3001\u666f\u6c17\u306f\u77ac\u9593\u98a8\u901f\u7684\u306b\u6025\u6fc0\u306b\u843d\u3061\u305f\u304c\u3001\u305d\u308c\u306f\u9577\u671f\u7684\u306a\u666f\u6c17\u5f8c\u9000\u306b\u306f\u7e4b\u304c\u3089\u306a\u304b\u3063\u305f\u3002<\/p>\n\n\n\n<p>\u73fe\u91d1\u7d66\u4ed8\u3067\u7121\u7406\u77e2\u7406\u306b\u6d88\u8cbb\u8005\u306e\u6d88\u8cbb\u3092\u559a\u8d77\u3057\u305f\u304b\u3089\u3067\u3042\u308b\u3002\u3060\u304c\u7d19\u5e63\u5370\u5237\u306f\u5f53\u7136\u306e\u3088\u3046\u306b\u30a4\u30f3\u30d5\u30ec\u3092\u5f15\u304d\u8d77\u3053\u3057\u3001\u305d\u308c\u306f\u4f4f\u5b85\u30d0\u30d6\u30eb\u306a\u3069\u306b\u706b\u3092\u3064\u3051\u3066\u6301\u7d9a\u7684\u306a\u3082\u306e\u3068\u306a\u3063\u305f\u3002\u3082\u306f\u3084\u73fe\u91d1\u7d66\u4ed8\u306f\u884c\u308f\u308c\u3066\u3044\u306a\u3044\u304c\u3001\u30a4\u30f3\u30d5\u30ec\u306f\u7d9a\u3044\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/20231\" data-type=\"post\" data-id=\"20231\">12\u6708\u306e\u30a2\u30e1\u30ea\u30ab\u306e\u4f4f\u5b85\u4fa1\u683c\u306f18.8%\u4e0a\u6607\u3001\u30b5\u30d6\u30d7\u30e9\u30a4\u30e0\u30d0\u30d6\u30eb\u3092\u5927\u304d\u304f\u4e0a\u56de\u308b<\/a><\/li><\/ul>\n\n\n\n<p>\u30a2\u30e1\u30ea\u30ab\u4eba\u306f\u4f4f\u5b85\u3092\u3053\u305e\u3063\u3066\u8cb7\u3063\u3066\u3044\u308b\u3057\u3001\u7c73\u56fd\u4f01\u696d\u306f\u539f\u6cb9\u3084\u5c0f\u9ea6\u306a\u3069\u91d1\u878d\u5e02\u5834\u3067\u5024\u6bb5\u304c\u9ad8\u9a30\u3057\u3066\u3044\u308b\u3082\u306e\u3092\u66f4\u306b\u9ad8\u9a30\u3059\u308b\u307e\u3048\u306b\u8cb7\u3063\u3066\u3057\u307e\u304a\u3046\u3068\u3057\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/20954\" data-type=\"post\" data-id=\"20954\">\u30a6\u30af\u30e9\u30a4\u30ca\u5371\u6a5f\u3067\u30b3\u30e2\u30c7\u30a3\u30c6\u30a3\u4fa1\u683c\u9ad8\u9a30\u3001\u5c0f\u9ea6\u3092\u4e00\u90e8\u5229\u78ba\u3057\u3066\u30b7\u30eb\u30d0\u30fc\u8cb7\u3044<\/a><\/li><\/ul>\n\n\n\n<p>\u305d\u3046\u3057\u305f\u8cc7\u91d1\u306e\u5c11\u306a\u304f\u306a\u3044\u90e8\u5206\u306f\u4f4f\u5b85\u30ed\u30fc\u30f3\u306a\u3069\u501f\u308a\u3089\u308c\u305f\u304a\u91d1\u3067\u3042\u308b\u3002\u3060\u304b\u3089\u3053\u306e\u30a4\u30f3\u30d5\u30ec\u3092\u6b62\u3081\u308b\u305f\u3081\u306b\u306f\u4e2d\u592e\u9280\u884c\u306f\u91d1\u5229\u3092\u4e0a\u3052\u3001\u4eba\u3005\u304c\u304a\u91d1\u3092\u501f\u308a\u306b\u304f\u304f\u3059\u308b\u5fc5\u8981\u304c\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u305d\u308c\u3067Fed\u306f\u5229\u4e0a\u3052\u306a\u3069\u306e\u91d1\u878d\u5f15\u304d\u7de0\u3081\u3092\u884c\u304a\u3046\u3068\u3057\u3066\u3044\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\/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<\/a><\/li><\/ul>\n\n\n\n<p><strong>\u5229\u4e0a\u3052\u306e\u3082\u305f\u3089\u3059\u7d50\u679c<\/strong><\/p>\n\n\n\n<p>\u5229\u4e0a\u3052\u3092\u3057\u3066\u3001\u305d\u308c\u3067\u30a4\u30f3\u30d5\u30ec\u304c\u53ce\u307e\u308a\u3001\u305d\u308c\u3060\u3051\u3060\u308d\u3046\u304b\u3002\u3057\u304b\u3057\u3053\u308c\u307e\u3067\u4f4e\u91d1\u5229\u3067\u652f\u3048\u3089\u308c\u3066\u304d\u305f\u682a\u5f0f\u5e02\u5834\u306e\u3053\u3068\u3092\u601d\u3044\u51fa\u3057\u305f\u3044\u3002\u30c0\u30ea\u30aa\u6c0f\u306f\u6b21\u306e\u3088\u3046\u306b\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>\u30a4\u30f3\u30d5\u30ec\u3092\u5341\u5206\u306b\u6291\u3048\u3089\u308c\u308b\u9ad8\u91d1\u5229\u306f\u91d1\u878d\u5e02\u5834\u3068\u5b9f\u4f53\u7d4c\u6e08\u306b\u3068\u3063\u3066\u9ad8\u904e\u304e\u308b\u3002<\/p><\/blockquote>\n\n\n\n<p>\u682a\u5f0f\u5e02\u5834\u3082\u5b9f\u4f53\u7d4c\u6e08\u3082\u3053\u308c\u307e\u3067\u4f4e\u91d1\u5229\u306b\u983c\u308a\u3059\u304e\u3066\u304d\u305f\u306e\u3067\u3042\u308b\u3002\u300c\u30a4\u30f3\u30d5\u30ec\u306b\u306a\u3089\u306a\u3044\u9650\u308a\u3044\u304f\u3089\u3067\u3082\u7d19\u5e63\u5370\u5237\u3067\u304d\u308b\u300d\u3092\u5408\u8a00\u8449\u306b\u3057\u3066\u3044\u305f\u4eba\u3005\u306f\u3001\u4eca\u9803\u30c7\u30d5\u30ec\u306e\u6709\u96e3\u3055\u3092\u565b\u307f\u7de0\u3081\u3066\u3044\u308b\u3060\u308d\u3046\u3002\u30c7\u30d5\u30ec\u3060\u3063\u305f\u304b\u3089\u3044\u304f\u3089\u3067\u3082\u7d19\u5e63\u5370\u5237\u51fa\u6765\u305f\u306e\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/11992\" data-type=\"post\" data-id=\"11992\">\u30cf\u30a4\u30a8\u30af: \u30a4\u30f3\u30d5\u30ec\u4e3b\u7fa9\u306f\u975e\u79d1\u5b66\u7684\u8ff7\u4fe1<\/a><\/li><\/ul>\n\n\n\n<p>\u3057\u304b\u3057\u5b9f\u969b\u3001\u5229\u4e0a\u3052\u306f\u3069\u3053\u307e\u3067\u884c\u308f\u308c\u308b\u306e\u3060\u308d\u3046\u304b\uff1f\u3000\u4eca\u5f8c\u306e\u5229\u4e0a\u3052\u4e88\u60f3\u3092\u7e54\u308a\u8fbc\u3093\u3067\u63a8\u79fb\u3059\u308b2\u5e74\u7269\u56fd\u50b5\u306e\u91d1\u5229\u3092\u898b\u3066\u307f\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\/2022\/03\/2021-3-16-us-2-year-treasrury-yield-chart.png\"><img loading=\"lazy\" decoding=\"async\" width=\"618\" height=\"406\" src=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2022\/03\/2021-3-16-us-2-year-treasrury-yield-chart.png\" alt=\"\" class=\"wp-image-21477\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2022\/03\/2021-3-16-us-2-year-treasrury-yield-chart.png 618w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2022\/03\/2021-3-16-us-2-year-treasrury-yield-chart-300x197.png 300w\" sizes=\"auto, (max-width: 618px) 100vw, 618px\" \/><\/a><\/figure>\n\n\n\n<p>\u30a6\u30af\u30e9\u30a4\u30ca\u5371\u6a5f\u3067\u5c11\u3057\u8db3\u8e0f\u307f\u3057\u305f\u304c\u3001\u30a6\u30af\u30e9\u30a4\u30ca\u554f\u984c\u306f\u3080\u3057\u308d\u30a4\u30f3\u30d5\u30ec\u3092\u60aa\u5316\u3055\u305b\u308b\u3068\u306e\u898b\u65b9\u304b\u3089\u91d1\u5229\u306f\u66f4\u306b\u4e0a\u6607\u3057\u30012%\u307e\u3067\u4e0a\u304c\u3063\u3066\u3044\u308b\u3002\u3053\u306e\u6c34\u6e96\u306f2018\u5e74\u306e\u4e16\u754c\u540c\u6642\u682a\u5b89\u3092\u5f15\u304d\u8d77\u3053\u3057\u305f\u5229\u4e0a\u3052\u306e\u6c34\u6e96\u306b\u8fd1\u3044\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/19017\" data-type=\"post\" data-id=\"19017\">2018\u5e74\u306e\u4e16\u754c\u540c\u6642\u682a\u5b89\u3067\u306f\u4f55\u304b\u3089\u9806\u756a\u306b\u66b4\u843d\u3057\u305f\u304b\u3092\u632f\u308a\u8fd4\u308b<\/a><\/li><\/ul>\n\n\n\n<p>\u305d\u308c\u3067\u682a\u5f0f\u5e02\u5834\u304c\u5927\u614c\u3066\u3057\u3066\u3044\u308b\u306e\u3067\u3042\u308b\u3002\u7c73\u56fd\u682a\u306f\u6b21\u306e\u3088\u3046\u306b\u63a8\u79fb\u3057\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2022\/03\/2022-3-16-s-and-p-500-chart.png\"><img loading=\"lazy\" decoding=\"async\" width=\"618\" height=\"406\" src=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2022\/03\/2022-3-16-s-and-p-500-chart.png\" alt=\"\" class=\"wp-image-21480\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2022\/03\/2022-3-16-s-and-p-500-chart.png 618w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2022\/03\/2022-3-16-s-and-p-500-chart-300x197.png 300w\" sizes=\"auto, (max-width: 618px) 100vw, 618px\" \/><\/a><\/figure>\n\n\n\n<p><strong>\u30a4\u30f3\u30d5\u30ec\u6291\u5236\u306e\u305f\u3081\u306b\u3069\u308c\u3060\u3051\u5229\u4e0a\u3052\u304c\u5fc5\u8981\u304b<\/strong><\/p>\n\n\n\n<p>\u3057\u304b\u3057\u3088\u304f\u8003\u3048\u3066\u307b\u3057\u3044\u306e\u3060\u304c\u3001\u5e02\u5834\u304c\u5927\u9a12\u304e\u3057\u3066\u3044\u308b2%\u306e\u91d1\u5229\u306f\u30a4\u30f3\u30d5\u30ec\u306b\u52b9\u304f\u306e\u3060\u308d\u3046\u304b\u3002<\/p>\n\n\n\n<p>\u30c0\u30ea\u30aa\u6c0f\u306f\u6b21\u306e\u3088\u3046\u306b\u8ff0\u3079\u308b\u3002<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>\u76f8\u5834\u304c\u7e54\u308a\u8fbc\u3093\u3067\u3044\u308b\u5229\u4e0a\u3052\u306f\u653f\u7b56\u91d1\u5229\u304c2%\u7a0b\u5ea6\u307e\u3067\u4e0a\u304c\u308b\u3068\u3044\u3046\u3082\u306e\u3060\u3002\u3060\u304c\u30a4\u30f3\u30d5\u30ec\u304c\u3053\u308c\u304b\u30895%\u306b\u306a\u308b\u3068\u3057\u3066\u3082\u3001\u305d\u308c\u306b\u5bfe\u3057\u3066\u91d1\u5229\u304c2%\u3060\u3068\u3044\u3046\u306e\u306f\u6df1\u523b\u306a\u554f\u984c\u3060\u3002<\/p><\/blockquote>\n\n\n\n<p>\u7b46\u8005\u3082\u524d\u304b\u3089\u4f55\u5ea6\u3082\u8a00\u3063\u3066\u3044\u308b\u304c\u3001\u73fe\u57287.9%\uff08\u7b46\u8005\u304c\u30a4\u30f3\u30d5\u30ec\u306b\u3064\u3044\u3066\u66f8\u304f\u5ea6\u306b\u3069\u3093\u3069\u3093\u4e0a\u304c\u3063\u3066\u3044\u3063\u3066\u3044\u308b\uff09\u306e\u30a2\u30e1\u30ea\u30ab\u306e\u30a4\u30f3\u30d5\u30ec\u7387\u306b\u5bfe\u3057\u3066\u91d1\u5229\u3092\u9ad8\u30052%\u307e\u3067\u4e0a\u3052\u305f\u3068\u3053\u308d\u3067\u3001\u30a4\u30f3\u30d5\u30ec\u306b\u5bfe\u3057\u3066\u4f55\u306e\u610f\u5473\u304c\u3042\u308b\u3068\u8a00\u3046\u306e\u3060\u308d\u3046\u3002<\/p>\n\n\n\n<p>\u91d1\u5229\u304c2%\u3060\u3068\u3057\u3066\u3082\u3082\u306e\u306e\u5024\u6bb5\u304c7%\u3067\u4e0a\u304c\u308b\u306e\u306a\u3089\u3070\u3001\u6d88\u8cbb\u8005\u3084\u4f01\u696d\u306f\u3084\u306f\u308a\u501f\u91d1\u3092\u3057\u3066\u91d1\u5229\u3092\u6255\u3063\u3066\u3067\u3082\u5024\u6bb5\u304c\u4e0a\u304c\u308b\u524d\u306b\u3082\u306e\u3092\u8cb7\u3044\u305f\u3044\u306e\u3067\u306f\u306a\u3044\u304b\u3002\u305d\u308c\u304c\u30a4\u30f3\u30d5\u30ec\u3068\u91d1\u5229\u306e\u5b9f\u969b\u306e\u95a2\u4fc2\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p><strong>\u4eca\u5f8c\u3082\u60aa\u5316\u3059\u308b\u30a4\u30f3\u30d5\u30ec<\/strong><\/p>\n\n\n\n<p>\u3064\u307e\u308a\u3001\u30a4\u30f3\u30d5\u30ec\u306f\u3069\u3093\u3069\u3093\u60aa\u5316\u3059\u308b\u3002\u73fe\u5728\u306e7.9%\u3068\u3044\u3046\u6570\u5b57\u306f\u901a\u904e\u70b9\u306b\u904e\u304e\u306a\u3044\u3002<\/p>\n\n\n\n<p>\u3057\u304b\u3057\u305d\u306e\u901a\u904e\u70b9\u306b\u904e\u304e\u306a\u3044\u30a4\u30f3\u30d5\u30ec\u7387\u3067\u3082\u6291\u5236\u3059\u308b\u305f\u3081\u306b\u5fc5\u8981\u306a\u5229\u4e0a\u3052\u5e45\u306f\u76f8\u5f53\u306a\u3082\u306e\u306b\u306a\u308b\u3060\u308d\u3046\u3002\u904e\u53bb\u306b\u30a2\u30e1\u30ea\u30ab\u30676%\u306e\u30a4\u30f3\u30d5\u30ec\u3092\u6291\u3048\u308b\u305f\u3081\u306b\u3069\u308c\u3060\u3051\u306e\u5229\u4e0a\u3052\u304c\u5fc5\u8981\u3060\u3063\u305f\u304b\u306b\u3064\u3044\u3066\u306f\u4ee5\u4e0b\u306e\u8a18\u4e8b\u306b\u66f8\u3044\u3066\u3042\u308b\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/19818\" data-type=\"post\" data-id=\"19818\">1969\u5e74\u306e\u7c73\u56fd\u30676%\u306e\u30a4\u30f3\u30d5\u30ec\u3092\u6291\u3048\u308b\u305f\u3081\u306b\u3069\u308c\u3060\u3051\u306e\u5229\u4e0a\u3052\u304c\u5fc5\u8981\u3060\u3063\u305f\u304b<\/a><\/li><\/ul>\n\n\n\n<p>\u3064\u307e\u308a\u3001\u4e2d\u592e\u9280\u884c\u304c\u73fe\u5728\u306e\u300c\u7de9\u548c\u7684\u306a\u300d\u5229\u4e0a\u3052\u59ff\u52e2\u3092\u7d9a\u3051\u308b\u9650\u308a\u3001\u30a2\u30e1\u30ea\u30ab\u306e\u30a4\u30f3\u30d5\u30ec\u306f\u6700\u7d42\u7684\u306b\u30b8\u30f3\u30d0\u30d6\u30a8\u306e\u3088\u3046\u306b\u306a\u3063\u3066\u3086\u304f\u3002<\/p>\n\n\n\n<p>\u305d\u308c\u306f\u653f\u6cbb\u7684\u306b\u8a31\u5bb9\u3067\u304d\u306a\u3044\u306e\u3067\u3001Fed\u306f\u4f55\u51e6\u304b\u306e\u6642\u70b9\u3067\u66f4\u306b\u5f37\u529b\u306a\u5229\u4e0a\u3052\u59ff\u52e2\u3092\u8868\u660e\u305b\u3056\u308b\u3092\u5f97\u306a\u3044\u3060\u308d\u3046\u3002\u3057\u304b\u30572%\u306e\u5229\u4e0a\u3052\u3067\u3082\u60b2\u9cf4\u3092\u4e0a\u3052\u3066\u3044\u308b\u682a\u5f0f\u5e02\u5834\u306f\u3001\u305d\u308c\u4ee5\u4e0a\u306e\u91d1\u878d\u5f15\u304d\u7de0\u3081\u304c\u767a\u8868\u3055\u308c\u305f\u3068\u304d\u3069\u3046\u306a\u3063\u3066\u3057\u307e\u3046\u306e\u3060\u308d\u3046\uff1f\u3000\u4f55\u5ea6\u3082\u8a00\u3046\u304c\u30012022\u5e74\u306e\u682a\u5f0f\u5e02\u5834\u306f\u8a70\u3093\u3067\u3044\u308b\u306e\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p><strong>\u7d50\u8ad6<\/strong><\/p>\n\n\n\n<p>\u3082\u3046\u3053\u306e\u8a71\u306f\u8457\u540d\u6295\u8cc7\u5bb6\u306e\u4e2d\u3067\u306f\u53bb\u5e74\u304b\u3089\u5206\u304b\u3063\u3066\u3044\u305f\u8a71\u3067\u3042\u308a\u3001\u3053\u3053\u306e\u8aad\u8005\u306b\u3068\u3063\u3066\u306f\u5f53\u305f\u308a\u524d\u306e\u7d50\u679c\u3067\u3057\u304b\u306a\u3044\u306e\u3067\u3001\u3042\u307e\u308a\u65b0\u9bae\u306b\u306f\u97ff\u304b\u306a\u3044\u3060\u308d\u3046\u3002\u3053\u308c\u304b\u3089\u8d77\u3053\u308b\u682a\u4fa1\u66b4\u843d\u3082\u3001\u5927\u3057\u3066\u30cb\u30e5\u30fc\u30b9\u3067\u306f\u306a\u3044\u3002\u4e00\u90e8\u306e\u4eba\u3005\u306f\u3053\u308c\u307e\u3067\u306e\u682a\u4fa1\u4e0b\u843d\u3067\u9a5a\u3044\u3066\u3044\u308b\u304b\u3082\u3057\u308c\u306a\u3044\u304c\u3001\u307e\u3060\u4f55\u3082\u59cb\u307e\u3063\u3066\u3059\u3089\u3044\u306a\u3044\u3002<\/p>\n\n\n\n<p>\u73fe\u91d1\u7d66\u4ed8\u3084\u8131\u70ad\u7d20\u653f\u7b56\u306b\u3088\u3063\u3066\u4f5c\u308a\u51fa\u3055\u308c\u305f\u30a4\u30f3\u30d5\u30ec\u306f\u907f\u3051\u3089\u308c\u305f\u4eba\u707d\u3067\u3042\u308b\u3002\u7279\u306b\u4ee5\u4e0b\u306e\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u306e\u4e2d\u592e\u9280\u884c\u6279\u5224\u306a\u3069\u65e5\u4ed8\u3092\u898b\u3066\u307b\u3057\u3044\u3002\u73fe\u5728\u306e\u72b6\u6cc1\u306f\u3044\u3064\u304b\u3089\u660e\u3089\u304b\u3060\u3063\u305f\u3060\u308d\u3046\u304b\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/9681\" data-type=\"post\" data-id=\"9681\">\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u3001\u65b0\u578b\u30b3\u30ed\u30ca\u3067\u306e\u4f01\u696d\u6551\u6e08\u3068\u30d8\u30ea\u30b3\u30d7\u30bf\u30fc\u30de\u30cd\u30fc\u3092\u75db\u70c8\u6279\u5224 (2020\/3\/29)<\/a><\/li><li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/16442\" data-type=\"post\" data-id=\"16442\">\u30b5\u30de\u30fc\u30ba\u6c0f: \u30a8\u30cd\u30eb\u30ae\u30fc\u4fa1\u683c\u3092\u9ad8\u9a30\u3055\u305b\u308b\u8131\u70ad\u7d20\u653f\u7b56\u306f\u5065\u5168\u3067\u306f\u306a\u3044 (2021\/10\/18)<\/a><\/li><\/ul>\n\n\n\n<p>\u907f\u3051\u308b\u3053\u3068\u306f\u51fa\u6765\u305f\u306f\u305a\u306e\u60b2\u5287\u306b\u4eba\u9593\u306f\u3044\u3064\u3082\u81ea\u5206\u304b\u3089\u7a81\u3063\u8fbc\u3093\u3067\u3086\u304f\u3002\u4eba\u751f\u697d\u3057\u305d\u3046\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u30c0\u30ea\u30aa\u6c0f\u306e\u5bfe\u8a71\u76f8\u624b\u3067\u7d4c\u6e08\u5b66\u8005\u306e\u30b5\u30de\u30fc\u30ba\u6c0f\u3082\u30c0\u30ea\u30aa\u6c0f\u306e\u898b\u89e3\u306b\u540c\u610f\u3057\u3001\u6b21\u306e\u3088\u3046\u306b\u4e0a\u624b\u304f\u7e8f\u3081\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>\u30a4\u30f3\u30d5\u30ec\u3092\u6291\u3048\u308b\u3053\u3068\u306f\u51fa\u6765\u308b\u304c\u3001\u305d\u3046\u3059\u308c\u3070\u5b9f\u4f53\u7d4c\u6e08\u3068\u91d1\u878d\u5e02\u5834\u306f\u99c4\u76ee\u306b\u306a\u308b\u3002\u3042\u308b\u3044\u306f\u5b9f\u4f53\u7d4c\u6e08\u3092\u5b88\u308b\u3053\u3068\u306f\u51fa\u6765\u308b\u304c\u3001\u30a4\u30f3\u30d5\u30ec\u7387\u306f\u3082\u30462%\u306b\u306f\u623b\u3089\u306a\u3044\u3060\u308d\u3046\u3002<\/p><\/blockquote>\n\n\n\n<p>\u307e\u305f\u3001\u3053\u306e\u682a\u4fa1\u66b4\u843d\u3068\u30a4\u30f3\u30d5\u30ec\u306e2\u629e\u3068\u3044\u3046\u73fe\u5b9f\u306f\u3001\u8981\u3059\u308b\u306b\u682a\u4fa1\u66b4\u843d\u3068\u30c9\u30eb\u66b4\u843d\u306e2\u629e\u3068\u3044\u3046\u3053\u3068\u3067\u3042\u308b\u3002\u30a4\u30f3\u30d5\u30ec\u3068\u306f\u8ca8\u5e63\u4fa1\u5024\u4e0b\u843d\u3067\u3042\u308a\u3001\u305d\u308c\u306f\u30c9\u30eb\u306e\u4e0b\u843d\u3092\u610f\u5473\u3059\u308b\u304b\u3089\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/19896\" data-type=\"post\" data-id=\"19896\">2022\u5e74\u30c9\u30eb\u5186\u306e\u63a8\u79fb\u4e88\u60f3: \u30a4\u30f3\u30d5\u30ec\u306b\u3088\u308b\u30c9\u30eb\u9ad8\u306f\u6301\u7d9a\u305b\u305a\u30c9\u30eb\u5186\u66b4\u843d\u3078<\/a><\/li><\/ul>\n\n\n\n<p>\u3053\u308c\u306f\u7c73\u56fd\u682a\u306b\u6295\u8cc7\u3059\u308b\u5916\u56fd\u306e\uff08\u30a2\u30e1\u30ea\u30ab\u4ee5\u5916\u306e\uff09\u6295\u8cc7\u5bb6\u306b\u3068\u3063\u3066\u6b7b\u306e\u5ba3\u544a\u306b\u7b49\u3057\u3044\u3002\u30c9\u30eb\u304c\u6b7b\u3093\u3067\u3082\u682a\u4fa1\u304c\u6b7b\u3093\u3067\u3082\u305d\u306e\u4eba\u306e\u6295\u8cc7\u306f\u6b7b\u306c\u304b\u3089\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u305d\u3046\u8a00\u3048\u3070\u3053\u306e\u72b6\u6cc1\u306f1987\u5e74\u306e\u30d6\u30e9\u30c3\u30af\u30de\u30f3\u30c7\u30fc\u306b\u4f3c\u3066\u3044\u308b\u306e\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\/933\" data-type=\"post\" data-id=\"933\">\u30d7\u30e9\u30b6\u5408\u610f\u304b\u3089\u30d6\u30e9\u30c3\u30af\u30de\u30f3\u30c7\u30fc\u307e\u3067\u3092\u632f\u308a\u8fd4\u308b<\/a><\/li><\/ul>\n","protected":false},"excerpt":{"rendered":"<p>\u3042\u308b\u3044\u306f\u305d\u306e\u4e21\u65b9\u3060\u308d\u3046\u3002\u4e16\u754c\u6700\u5927\u306e\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9Bridgewater\u3092\u904b\u7528\u3059\u308b\u30ec\u30a4\u30fb\u30c0\u30ea\u30aa\u6c0f\u304cPOLITICO\u306e\u4e3b\u50ac\u3059\u308b\u30e9\u30ea\u30fc\u30fb\u30b5\u30de\u30fc\u30ba\u6c0f\u3068\u306e\u5bfe\u8ac7\u3067\u30a2\u30e1\u30ea\u30ab\u306e\u30a4\u30f3\u30d5\u30ec\u3068\u682a\u5f0f\u5e02\u5834\u306e\u898b\u901a\u3057\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":[98,102],"class_list":["post-21458","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","tag-ray-dalio"],"_links":{"self":[{"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/21458","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=21458"}],"version-history":[{"count":53,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/21458\/revisions"}],"predecessor-version":[{"id":21513,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/21458\/revisions\/21513"}],"wp:attachment":[{"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/media?parent=21458"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/categories?post=21458"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/tags?post=21458"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}