{"id":21555,"date":"2022-03-18T20:03:00","date_gmt":"2022-03-18T11:03:00","guid":{"rendered":"https:\/\/www.globalmacroresearch.org\/jp\/?p=21555"},"modified":"2022-03-18T13:33:07","modified_gmt":"2022-03-18T04:33:07","slug":"%e3%83%9e%e3%82%a4%e3%83%8a%e3%83%bc%e3%83%89%e6%b0%8f-%e5%88%a9%e4%b8%8a%e3%81%92%e3%81%a7%e6%a0%aa%e5%bc%8f%e5%b8%82%e5%a0%b4%e3%81%af2018%e5%b9%b4%e3%81%a8%e5%90%8c%e3%81%98%e6%a0%aa%e4%be%a1","status":"publish","type":"post","link":"https:\/\/www.globalmacroresearch.org\/jp\/archives\/21555","title":{"rendered":"\u30de\u30a4\u30ca\u30fc\u30c9\u6c0f: \u5229\u4e0a\u3052\u3067\u682a\u5f0f\u5e02\u5834\u306f2018\u5e74\u3068\u540c\u3058\u682a\u4fa1\u66b4\u843d\u3078"},"content":{"rendered":"\n<p>Guggenheim Partners\u306e\u30b9\u30b3\u30c3\u30c8\u30fb\u30de\u30a4\u30ca\u30fc\u30c9\u6c0f\u304cBloomerg\u306e\u30a4\u30f3\u30bf\u30d3\u30e5\u30fc\u3067\u3044\u3088\u3044\u3088\u59cb\u307e\u3063\u305fFed\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>\u30a4\u30f3\u30d5\u30ec\u3067\u5229\u4e0a\u3052\u958b\u59cb<\/strong><\/p>\n\n\n\n<p>\u30a2\u30e1\u30ea\u30ab\u306e\u5229\u4e0a\u3052\u304c\u3064\u3044\u306b\u59cb\u307e\u3063\u305f\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/21514\" data-type=\"post\" data-id=\"21514\">3\u6708FOMC\u4f1a\u5408\u7d50\u679c\u306f\u5229\u4e0a\u3052\u958b\u59cb\u3001\u653f\u7b56\u91d1\u5229\u306f\u5e74\u5185\u306b2%\u4ee5\u4e0a\u3068\u306a\u308a\u682a\u4fa1\u66b4\u843d\u3078<\/a><\/li><\/ul>\n\n\n\n<p>\u5e74\u5185\u306b\u653f\u7b56\u91d1\u5229\u30922%\u307e\u3067\u4e0a\u3052\u308b\u3068\u8868\u660e\u3057\u305f\u308f\u3051\u3060\u304c\u3001\u3053\u308c\u306f\u682a\u5f0f\u5e02\u5834\u306b\u5bfe\u3057\u3066\u306f\u5f37\u3059\u304e\u3001\u30a4\u30f3\u30d5\u30ec\u306b\u5bfe\u3057\u3066\u306f\u5f31\u3059\u304e\u308b\u5229\u4e0a\u3052\u901f\u5ea6\u3067\u3042\u308b\u3002\u3064\u307e\u308a\u3001\u4e2d\u592e\u9280\u884c\u306f\u30a4\u30f3\u30d5\u30ec\u3092\u6bba\u3055\u305a\u306b\u682a\u5f0f\u5e02\u5834\u3092\u6bba\u3057\u3066\u3057\u307e\u3046\u3060\u308d\u3046\u3002<\/p>\n\n\n\n<p>Fed\u306e\u3053\u306e\u65b9\u91dd\u306b\u5bfe\u3057\u3066\u50b5\u5238\u3068\u91d1\u5229\u306e\u5c02\u9580\u5bb6\u3067\u3042\u308b\u30de\u30a4\u30ca\u30fc\u30c9\u6c0f\u306f\u3001\u4e2d\u592e\u9280\u884c\u306e\u30a2\u30d7\u30ed\u30fc\u30c1\u304c\u305d\u3082\u305d\u3082\u9593\u9055\u3063\u3066\u3044\u308b\u3068\u8a00\u3046\u3002\u5f7c\u306f\u6b21\u306e\u3088\u3046\u306b\u8ff0\u3079\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>\u300c\u30a4\u30f3\u30d5\u30ec\u306f\u3044\u3064\u3067\u3082\u8ca8\u5e63\u73fe\u8c61\u3060\u300d\u3068\u3044\u3046\u306e\u304c\u30df\u30eb\u30c8\u30f3\u30fb\u30d5\u30ea\u30fc\u30c9\u30de\u30f3\u306e\u8a00\u8449\u3060\u3002<\/p><p>\u91d1\u878d\u5e02\u5834\u306f\u4e2d\u592e\u9280\u884c\u306b\u652f\u914d\u3055\u308c\u305a\u306b\u81ea\u7531\u306b\u52d5\u304f\u3079\u304d\u3060\u3068\u5f37\u304f\u4fe1\u3058\u3066\u3044\u308b\u3002Fed\u306f\u7269\u4fa1\u5b89\u5b9a\u3060\u3051\u306b\u30d5\u30a9\u30fc\u30ab\u30b9\u3059\u3079\u304d\u3067\u3001\u305d\u308c\u306f\u30de\u30cd\u30fc\u30b5\u30d7\u30e9\u30a4\u3068\u30d0\u30e9\u30f3\u30b9\u30b7\u30fc\u30c8\u3092\u5236\u5fa1\u3059\u308b\u3053\u3068\u3067\u884c\u308f\u308c\u308b\u3002\u91d1\u5229\u306b\u3064\u3044\u3066\u306f\u7fcc\u65e5\u7269\u3092\u542b\u3081\u3066\u81ea\u7531\u306b\u4e0a\u4e0b\u3055\u305b\u308b\u3079\u304d\u3060\u3002<\/p><\/blockquote>\n\n\n\n<p>\u5927\u96d1\u628a\u306b\u8a00\u3048\u3070\u3001\u30de\u30cd\u30fc\u30b5\u30d7\u30e9\u30a4\u3068\u306f\u4f01\u696d\u3084\u6d88\u8cbb\u8005\u304c\u9280\u884c\u306b\u6301\u3063\u3066\u3044\u308b\u73fe\u91d1\u306e\u6b8b\u9ad8\u306e\u5408\u8a08\u3067\u3001\u30d0\u30e9\u30f3\u30b9\u30b7\u30fc\u30c8\uff08\u30de\u30cd\u30bf\u30ea\u30fc\u30d9\u30fc\u30b9\uff09\u3068\u306f\u9280\u884c\u304c\u4e2d\u592e\u9280\u884c\u306e\u53e3\u5ea7\u306b\u6301\u3063\u3066\u3044\u308b\u73fe\u91d1\u306e\u6b8b\u9ad8\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u30de\u30cd\u30bf\u30ea\u30b9\u30c8\u3068\u547c\u3070\u308c\u308b\u7d4c\u6e08\u5b66\u8005\u306e\u30d5\u30ea\u30fc\u30c9\u30de\u30f3\u6c0f\u306f\u30a4\u30f3\u30d5\u30ec\u306f\u30de\u30cd\u30fc\u30b5\u30d7\u30e9\u30a4\u306e\u5f71\u97ff\u304c\u5927\u304d\u3044\u3068\u3057\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<p>\u307e\u305f\u5f7c\u306f\u300c\u5f37\u6b32\u306a\u4f01\u696d\u300d\u304c\u300c\u74b0\u5883\u554f\u984c\u300d\u306a\u3069\u3092\u5f15\u304d\u8d77\u3053\u3057\u3066\u3044\u308b\u3068\u3059\u308b\u73fe\u4ee3\u306e\u30a2\u30e1\u30ea\u30ab\u6c11\u4e3b\u515a\u7684\u306a\u30ea\u30d9\u30e9\u30ea\u30ba\u30e0\u3092\u5426\u5b9a\u3057\u3001\u3080\u3057\u308d\u653f\u5e9c\u306e\u4ecb\u5165\u304c\u8ca7\u56f0\u3084\u6226\u4e89\u3092\u751f\u3093\u3067\u3044\u308b\u3068\u4e3b\u5f35\u3059\u308b\u30ea\u30d0\u30bf\u30ea\u30a2\u30f3\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/12998\" data-type=\"post\" data-id=\"12998\">\u30df\u30eb\u30c8\u30f3\u30fb\u30d5\u30ea\u30fc\u30c9\u30de\u30f3\u6c0f: \u30ea\u30d9\u30e9\u30ea\u30ba\u30e0\u306f\u8846\u611a\u653f\u6cbb\u3067\u3042\u308b<\/a><\/li><\/ul>\n\n\n\n<p><strong>\u30a4\u30f3\u30d5\u30ec\u3068\u30de\u30cd\u30fc\u30b5\u30d7\u30e9\u30a4<\/strong><\/p>\n\n\n\n<p>\u30a4\u30f3\u30d5\u30ec\u306e\u539f\u56e0\u306f\u30de\u30cd\u30fc\u30b5\u30d7\u30e9\u30a4\u304b\u3069\u3046\u304b\u306b\u3064\u3044\u3066\u8003\u3048\u3066\u307f\u3088\u3046\u3002\u4e8b\u5b9f\u3001\u30ea\u30fc\u30de\u30f3\u30fb\u30b7\u30e7\u30c3\u30af\u5f8c\u306b\u3069\u308c\u3060\u3051\u7d19\u5e63\u3092\u5370\u5237\u3057\u3066\u3082\u7269\u4fa1\u9ad8\u9a30\u304c\u8d77\u304d\u306a\u304b\u3063\u305f\u4e00\u65b9\u3067\u3001\u4eca\u56de\u30b3\u30ed\u30ca\u5f8c\u306b\u7269\u4fa1\u9ad8\u9a30\u304c\u8d77\u304d\u305f\u7406\u7531\u306f\u30de\u30cd\u30fc\u30b5\u30d7\u30e9\u30a4\u3067\u3042\u308b\u3002\u30ea\u30fc\u30de\u30f3\u30fb\u30b7\u30e7\u30c3\u30af\u5f8c\u306e\u30de\u30cd\u30fc\u30b5\u30d7\u30e9\u30a4\u306e\u5897\u52a0\u7387\u3092\u898b\u308c\u3070\u4e00\u76ee\u77ad\u7136\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2022\/03\/2022-jan-us-m3-money-stock-growth-chart.png\"><img loading=\"lazy\" decoding=\"async\" width=\"464\" height=\"468\" src=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2022\/03\/2022-jan-us-m3-money-stock-growth-chart.png\" alt=\"\" class=\"wp-image-21574\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2022\/03\/2022-jan-us-m3-money-stock-growth-chart.png 464w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2022\/03\/2022-jan-us-m3-money-stock-growth-chart-297x300.png 297w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2022\/03\/2022-jan-us-m3-money-stock-growth-chart-150x150.png 150w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2022\/03\/2022-jan-us-m3-money-stock-growth-chart-120x120.png 120w\" sizes=\"auto, (max-width: 464px) 100vw, 464px\" \/><\/a><\/figure>\n\n\n\n<p>\u30de\u30cd\u30fc\u30b5\u30d7\u30e9\u30a4\u3068\u306f\u300c\u6d88\u8cbb\u8005\u304c\u9280\u884c\u306b\u6301\u3064\u9810\u91d1\u6b8b\u9ad8\u300d\u3060\u304b\u3089\u3001\u9280\u884c\u53e3\u5ea7\u306b\u76f4\u63a5\u73fe\u91d1\u3092\u9001\u308a\u8fbc\u3080\u73fe\u91d1\u7d66\u4ed8\u304c\u30de\u30cd\u30fc\u30b5\u30d7\u30e9\u30a4\u3092\u7206\u767a\u7684\u306b\u4e0a\u6607\u3055\u305b\u305f\u3053\u3068\u306f\u660e\u3089\u304b\u3067\u3042\u308b\u3002\u305d\u3057\u3066\u305d\u308c\u304c\u30a4\u30f3\u30d5\u30ec\u3092\u751f\u3093\u3060\u3002\u305d\u308c\u304c\u3053\u308c\u307e\u3067\u306e\u91cf\u7684\u7de9\u548c\u3060\u3051\u306e\u7de9\u548c\u7b56\u3068\u306e\u9055\u3044\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u30a4\u30f3\u30d5\u30ec\u304c\u4e16\u754c\u7684\u306a\u554f\u984c\u306b\u306a\u3063\u3066\u3044\u308b\u4e2d\u3001\u9078\u6319\u5bfe\u7b56\u3067\u9ad8\u9f62\u8005\u306b\u73fe\u91d1\u7d66\u4ed8\u3059\u308b\u3068\u8a00\u3063\u3066\u3044\u308b\u65e5\u672c\u306e\u653f\u6cbb\u5bb6\u3068\u3001\u305d\u308c\u3092\u652f\u6301\u3059\u308b\u66f4\u306b\u611a\u304b\u306a\u56fd\u6c11\u306e\u3053\u3068\u306f\u7f6e\u3044\u3066\u304a\u304f\u3068\u3057\u3066\u3082\u3001\u30de\u30a4\u30ca\u30fc\u30c9\u6c0f\u306f\u30d5\u30ea\u30fc\u30c9\u30de\u30f3\u6c0f\u306e\u8b70\u8ad6\u3092\u7d99\u627f\u3057\u3001\u73fe\u5728\u306e\u30a2\u30e1\u30ea\u30ab\u306e\u7269\u4fa1\u9ad8\u9a30\u3092\u6b62\u3081\u308b\u305f\u3081\u306b\u306f\u30de\u30cd\u30fc\u30b5\u30d7\u30e9\u30a4\u3092\u5236\u9650\u3059\u3079\u304d\u3060\u3068\u8a00\u3046\u3002<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>\u30de\u30cd\u30fc\u30b5\u30d7\u30e9\u30a4\u306e\u5897\u52a0\u3055\u3048\u6b62\u3081\u308c\u3070\u30011940\u5e74\u4ee3\u306b\u7d4c\u9a13\u3057\u305f\u3088\u3046\u306b\u3001\u30a4\u30f3\u30d5\u30ec\u7387\u306f20%\u304b\u30892\u5e74\u3067\u30de\u30a4\u30ca\u30b9\u306b\u306a\u3063\u305f\u3002\u5f53\u6642\u884c\u308f\u308c\u305f\u3053\u3068\u306f\u3001\u30d0\u30e9\u30f3\u30b9\u30b7\u30fc\u30c8\u306e\u62e1\u5927\u3092\u6b62\u3081\u305f\u3060\u3051\u3060\u3002<\/p><\/blockquote>\n\n\n\n<p>\u30de\u30a4\u30ca\u30fc\u30c9\u6c0f\u306f1945\u5e74\u306e\u7d42\u6226\u304b\u30891950\u5e74\u306b\u304b\u3051\u3066\u306e\u30a4\u30f3\u30d5\u30ec\u7387\u306e\u5287\u7684\u306a\u4f4e\u4e0b\u306b\u3064\u3044\u3066\u8a00\u3063\u3066\u3044\u308b\u306e\u3060\u308d\u3046\u3002<\/p>\n\n\n\n<p>\u3053\u306e\u6642\u671f\u306b\u306f\u78ba\u304b\u306b\u30a4\u30f3\u30d5\u30ec\u7387\u306f\u5287\u7684\u306b\u4e0b\u304c\u3063\u3066\u3044\u308b\u304c\u3001\u6226\u5f8c\u306e\u3053\u3068\u3067\u3042\u308a\u3001\u4f8b\u3048\u3070\u30a6\u30af\u30e9\u30a4\u30ca\u60c5\u52e2\u304c\u843d\u3061\u7740\u3051\u3070\u539f\u6cb9\u3084\u5c0f\u9ea6\u306a\u3069\u306e\u4fa1\u683c\u3082\u843d\u3061\u7740\u304f\u306e\u3068\u3042\u308b\u7a0b\u5ea6\u306f\u540c\u3058\u3067\u306f\u306a\u3044\u3060\u308d\u3046\u304b\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><strong>1979\u5e74\u30dc\u30eb\u30ab\u30fc\u30b7\u30e7\u30c3\u30af<\/strong><\/p>\n\n\n\n<p>\u4e00\u65b9\u3067\u3001\u30de\u30a4\u30ca\u30fc\u30c9\u6c0f\u306e\u8b70\u8ad6\u3092\u88dc\u8db3\u3059\u308b\u306b\u306f1970\u5e74\u4ee3\u304b\u308980\u5e74\u4ee3\u306e\u7269\u4fa1\u9ad8\u9a30\u3092\u8003\u3048\u308b\u3079\u304d\u3067\u306f\u306a\u3044\u3060\u308d\u3046\u304b\u3002<\/p>\n\n\n\n<p>1979\u5e74\u306e\u7269\u4fa1\u9ad8\u9a30\u6642\u306bFed\u8b70\u9577\u306b\u5c31\u4efb\u3057\u305f\u30dd\u30fc\u30eb\u30fb\u30dc\u30eb\u30ab\u30fc\u6c0f\u306f\u653f\u7b56\u91d1\u5229\u3092\u81ea\u7531\u306b\u63a8\u79fb\u3055\u305b\u3001\u30de\u30cd\u30fc\u30b5\u30d7\u30e9\u30a4\u3092\u5f90\u3005\u306b\u5f15\u304d\u7de0\u3081\u308b\u653f\u7b56\u3092\u53d6\u308b\u3053\u3068\u306b\u3088\u3063\u3066\u5927\u898f\u6a21\u306a\u666f\u6c17\u5f8c\u9000\u3068\u5f15\u304d\u63db\u3048\u306b2\u6841\u306e\u30a4\u30f3\u30d5\u30ec\u3092\u53ce\u675f\u3055\u305b\u305f\u3002\u30de\u30a4\u30ca\u30fc\u30c9\u6c0f\u304c\u4f55\u65451940\u5e74\u4ee3\u306b\u8a00\u53ca\u3057\u3066\u3053\u306e\u4f8b\u3092\u5f15\u304b\u306a\u304b\u3063\u305f\u306e\u304b\u306f\u5206\u304b\u3089\u306a\u3044\u304c\u3001\u5f7c\u304c\u4e3b\u5f35\u3057\u3066\u3044\u308b\u306e\u306f\u3053\u306e\u30dc\u30eb\u30ab\u30fc\u6c0f\u306e\u653f\u7b56\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u3057\u304b\u3057Fed\u306f\u91d1\u5229\u3092\u81ea\u5206\u3067\u64cd\u4f5c\u3057\u3001\u682a\u4fa1\u3092\u4e0b\u843d\u3055\u305b\u305a\u306b\u30a4\u30f3\u30d5\u30ec\u3060\u3051\u3092\u9000\u6cbb\u3059\u308b\u9b54\u6cd5\u306e\u3088\u3046\u306a\u6c34\u6e96\u3092\u898b\u3064\u3051\u3089\u308c\u308b\u3068\u4fe1\u3058\u3066\u3044\u308b\u3088\u3046\u306a\u3082\u306e\u3067\u3042\u308b\u3002\u3060\u304c\u305d\u3093\u306a\u6c34\u6e96\u306f\u5b58\u5728\u3057\u306a\u3044\u3002\u653f\u6cbb\u5bb6\u306e\u5229\u5bb3\u306e\u305f\u3081\u306b\u653f\u7b56\u91d1\u5229\u3092\u30bc\u30ed\u306b\u56fa\u5b9a\u3057\u3066\u7269\u4fa1\u9ad8\u9a30\u306e\u5927\u60e8\u4e8b\u3092\u62db\u304f\u524d\u306b\u3001\u91d1\u5229\u3092\u81ea\u7531\u306b\u4e0a\u6607\u3055\u305b\u3066\u4f4e\u91d1\u5229\u3092\u81ea\u7136\u306b\u89e3\u6d88\u3059\u308b\u3079\u304d\u3060\u3063\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\/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\n\n\n<p>\u30de\u30a4\u30ca\u30fc\u30c9\u6c0f\u306f\u6b21\u306e\u3088\u3046\u306b\u8a9e\u308b\u3002<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>\u91d1\u5229\u3092\u8abf\u6574\u3057\u30d0\u30e9\u30f3\u30b9\u30b7\u30fc\u30c8\u7e2e\u5c0f\u306b\u3064\u3044\u3066\u8a9e\u308b\u3060\u3051\u3067\u306f\u30012018\u5e74\u5f8c\u534a\u306bFed\u304c\u540c\u3058\u3053\u3068\u3092\u3057\u3088\u3046\u3068\u3057\u3066\u8d77\u304d\u305f\u3088\u3046\u306a\u4e8b\u6545\u306b\u7e4b\u304c\u308b\u3060\u308d\u3046\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\u30de\u30a4\u30ca\u30fc\u30c9\u6c0f\u306f\u5f53\u7136\u306a\u304c\u3089Fed\u304c\u73fe\u5728\u3068\u540c\u3058\u5229\u4e0a\u3052\u3068\u91cf\u7684\u5f15\u304d\u7de0\u3081\u3092\u884c\u306a\u3063\u3066\u5e02\u5834\u3092\u66b4\u843d\u3055\u305b\u305f2018\u5e74\u306e\u4e16\u754c\u540c\u6642\u682a\u5b89\u306e\u3053\u3068\u3092\u8a00\u3063\u3066\u3044\u308b\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>\u7d50\u8ad6<\/strong><\/p>\n\n\n\n<p>2018\u5e74\u306b\u3082\u3053\u3053\u3067\u306f\u5229\u4e0a\u3052\u3068\u91cf\u7684\u5f15\u304d\u7de0\u3081\u304c\u682a\u4fa1\u66b4\u843d\u3092\u5f15\u304d\u8d77\u3053\u3059\u3068\u7b46\u8005\u304c\u66b4\u843d\u524d\u304b\u3089\u4e3b\u5f35\u3057\u3066\u3044\u305f\u306e\u3092\u8aad\u8005\u306f\u899a\u3048\u3066\u3044\u308b\u3060\u308d\u3046\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/7927\" data-type=\"post\" data-id=\"7927\">\u30d0\u30d6\u30eb\u306e\u9802\u70b9\u3067\u65e5\u7d4c\u5e73\u5747\u306f\u4e0a\u6607\u3001\u7a7a\u58f2\u308a\u3092\u6de1\u3005\u3068\u7d99\u7d9a (2018\/9\/20)<\/a><\/li><\/ul>\n\n\n\n<p>\u91d1\u878d\u7de9\u548c\u3067\u4e0a\u304c\u3063\u3066\u304d\u305f\u682a\u5f0f\u5e02\u5834\u304c\u91d1\u878d\u5f15\u304d\u7de0\u3081\u3067\u4e0b\u843d\u3059\u308b\u306e\u306f\u5f53\u305f\u308a\u524d\u3067\u306f\u306a\u3044\u3060\u308d\u3046\u304b\u3002\u591a\u304f\u306e\u6295\u8cc7\u5bb6\u306f\u305d\u3093\u306a\u3053\u3068\u3055\u3048\u5206\u304b\u3089\u306a\u3044\u306e\u3060\u308d\u3046\u304b\u3002<\/p>\n\n\n\n<p>\u3057\u304b\u3057\u8208\u5473\u6df1\u3044\u306e\u306f\u30011940\u5e74\u30011980\u5e74\u3068\u3001\u30a2\u30e1\u30ea\u30ab\u3067\u306f40\u5e74\u5358\u4f4d\u306720%\u524d\u5f8c\u306e\u7269\u4fa1\u9ad8\u9a30\u304c\u8d77\u304d\u3066\u3044\u308b\u3068\u3044\u3046\u3053\u3068\u3067\u3042\u308b\u3002\u305d\u3057\u3066\u66f4\u306b40\u5e74\u5f8c\u306e\u73fe\u5728\u306e\u30a4\u30f3\u30d5\u30ec\u306f\u3001\u7b46\u8005\u306e\u898b\u7acb\u3066\u3067\u306f\u540c\u3058\u3088\u3046\u306b20%\u307e\u3067\u7a81\u3063\u8fbc\u3093\u3067\u3086\u304f\u3060\u308d\u3046\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/17958\" data-type=\"post\" data-id=\"17958\">\u73fe\u5728\u306e\u30a2\u30e1\u30ea\u30ab\u306e\u7269\u4fa1\u9ad8\u9a30\u306f\u30a4\u30f3\u30d5\u30ec\u7b2c1\u6ce2\u306b\u904e\u304e\u306a\u3044<\/a><\/li><\/ul>\n\n\n\n<p>\u305d\u3057\u3066\u91d1\u878d\u5e81\u3084\u9280\u884c\u696d\u754c\u306a\u3069\u306b\u9a19\u3055\u308c\u3001\u3053\u3093\u306a\u30bf\u30a4\u30df\u30f3\u30b0\u3067\u6295\u8cc7\u4fe1\u8a17\u3067\u7c73\u56fd\u682a\u306b\u6295\u8cc7\u3057\u3088\u3046\u3068\u601d\u3063\u305f\u4eba\u304c\u5c11\u306a\u304f\u306a\u3044\u306f\u305a\u3060\u304c\u300140\u5e74\u3068\u3044\u3046\u7269\u4fa1\u9ad8\u9a30\u30b5\u30a4\u30af\u30eb\u3092\u8003\u3048\u308b\u3068\u3053\u308c\u307b\u3069\u898b\u4e8b\u306a\u30bf\u30a4\u30df\u30f3\u30b0\u3067\u7c73\u56fd\u682a\u306b\u7a81\u3063\u8fbc\u3093\u3067\u304f\u308b\u3068\u3044\u3046\u306e\u306f\u306a\u304b\u306a\u304b\u51fa\u6765\u308b\u3053\u3068\u3067\u306f\u306a\u3044\u3002<\/p>\n\n\n\n<p>\u3060\u304c\u4e0a\u6607\u76f8\u5834\u306e\u7d42\u308f\u308a\u306b\u306f\u3044\u3064\u3082\u305d\u3046\u3057\u305f\u4eba\u3005\u304c\u73fe\u308c\u3001\u76f8\u5834\u306e\u9802\u70b9\u3092\u898b\u4e8b\u306b\u6307\u3057\u793a\u3057\u3066\u304f\u308c\u308b\u3002\u30d0\u30b9\u306b\u6700\u5f8c\u306b\u4e57\u308a\u8fbc\u3093\u3067\u304f\u308b\u4eba\u304c\u4e57\u308a\u8fbc\u307f\u7d42\u308f\u3063\u305f\u3089\u3001\u3082\u3046\u305d\u308c\u4ee5\u4e0a\u30d0\u30b9\u306b\u4e57\u3063\u3066\u304f\u308b\u4eba\u306f\u3044\u306a\u3044\u304b\u3089\u3067\u3042\u308b\u3002\u305d\u3046\u3059\u308c\u3070\u682a\u4fa1\u306f\u3082\u3046\u4e0a\u304c\u3089\u306a\u3044\u3002\u305d\u3053\u304c\u5929\u4e95\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u3053\u3046\u3044\u3046\u4eba\u3005\u306e\u9006\u6307\u6a19\u3068\u3057\u3066\u306e\u80fd\u529b\u306f\u3001\u7b46\u8005\u306e\u6295\u8cc7\u80fd\u529b\u3088\u308a\u3082\u9ad8\u3044\u3002\u5f7c\u3089\u306f\u5e02\u5834\u305d\u306e\u3082\u306e\u3060\u304b\u3089\u3060\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/21416\" data-type=\"post\" data-id=\"21416\">\u30b8\u30e0\u30fb\u30ed\u30b8\u30e3\u30fc\u30ba\u6c0f: \u30a6\u30af\u30e9\u30a4\u30ca\u5f8c\u306b\u682a\u4fa1\u304c\u4e0a\u6607\u3059\u308c\u3070\u6700\u5f8c\u306e\u58f2\u308a\u6642\u306b<\/a><\/li><\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Guggenheim Partners\u306e\u30b9\u30b3\u30c3\u30c8\u30fb\u30de\u30a4\u30ca\u30fc\u30c9\u6c0f\u304cBloomerg\u306e\u30a4\u30f3\u30bf\u30d3\u30e5\u30fc\u3067\u3044\u3088\u3044\u3088\u59cb\u307e\u3063\u305fFed\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":[118,59,111,108],"tags":[168],"class_list":["post-21555","post","type-post","status-publish","format-standard","hentry","category-us-bond-market","category-us-stock-market","category-stock-markets","category-bond-markets","tag-scott-minerd"],"_links":{"self":[{"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/21555","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=21555"}],"version-history":[{"count":69,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/21555\/revisions"}],"predecessor-version":[{"id":21625,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/21555\/revisions\/21625"}],"wp:attachment":[{"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/media?parent=21555"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/categories?post=21555"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/tags?post=21555"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}