{"id":21626,"date":"2022-03-19T20:01:00","date_gmt":"2022-03-19T11:01:00","guid":{"rendered":"https:\/\/www.globalmacroresearch.org\/jp\/?p=21626"},"modified":"2022-03-19T14:19:25","modified_gmt":"2022-03-19T05:19:25","slug":"%e3%82%ac%e3%83%b3%e3%83%89%e3%83%a9%e3%83%83%e3%82%af%e6%b0%8f-%e5%88%a9%e4%b8%8a%e3%81%92%e3%83%9a%e3%83%bc%e3%82%b9%e3%81%af%e3%81%be%e3%81%a0%e3%81%be%e3%81%a0%e9%81%85%e3%81%84%e3%80%81%e3%82%a4","status":"publish","type":"post","link":"https:\/\/www.globalmacroresearch.org\/jp\/archives\/21626","title":{"rendered":"\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f: \u5229\u4e0a\u3052\u30da\u30fc\u30b9\u306f\u307e\u3060\u307e\u3060\u9045\u3044\u3001\u30a4\u30f3\u30d5\u30ec\u306b\u8ffd\u3044\u3064\u304b\u306a\u3044"},"content":{"rendered":"\n<p>DoubleLine Capital\u306e\u30b8\u30a7\u30d5\u30ea\u30fc\u30fb\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u304cCNBC\u306e\u30a4\u30f3\u30bf\u30d3\u30e5\u30fc\u3067Fed\uff08\u9023\u90a6\u6e96\u5099\u5236\u5ea6\uff09\u306e\u5229\u4e0a\u3052\u958b\u59cb\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\u5229\u4e0a\u3052\u958b\u59cb<\/strong><\/p>\n\n\n\n<p>Fed\u306f3\u6708\u306eFOMC\u4f1a\u5408\u3067\u30b3\u30ed\u30ca\u5f8c\u521d\u3081\u3066\u306e\u5229\u4e0a\u3052\u3092\u8868\u660e\u3057\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>\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u306f\u4ee5\u524d\u304b\u3089Fed\u306f\u5e02\u5834\u306e\u4eca\u5f8c\u306e\u5229\u4e0a\u3052\u4e88\u60f3\u3092\u53cd\u6620\u3059\u308b2\u5e74\u7269\u56fd\u50b5\u306e\u91d1\u5229\u306b\u5408\u308f\u305b\u3066\u5229\u4e0a\u3052\u65b9\u91dd\u3092\u6c7a\u3081\u3066\u3044\u308b\u3060\u3051\u3060\u3068\u6279\u5224\u3057\u3066\u304a\u308a\u3001\u4e2d\u592e\u9280\u884c\u306e\u8077\u54e1\u3092\u5168\u54e1\u89e3\u96c7\u3057\u30662\u5e74\u7269\u56fd\u50b5\u306e\u91d1\u5229\u3067\u7f6e\u304d\u63db\u3048\u308c\u3070\u3001\u30a4\u30f3\u30d5\u30ec\u3068\u52b4\u50cd\u529b\u4e0d\u8db3\u304c\u4e21\u65b9\u89e3\u6c7a\u3059\u308b\u3068\u5197\u8ac7\u3092\u8a00\u3063\u3066\u3044\u305f\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>\u305d\u3057\u3066\u4eca\u56de\u306eFOMC\u3067\u306e\u6c7a\u5b9a\u306f\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u306b\u3069\u3046\u6620\u3063\u305f\u3060\u308d\u3046\u304b\uff1f\u3000\u5f7c\u306f\u6b21\u306e\u3088\u3046\u306b\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>2\u5e74\u7269\u56fd\u50b5\u306e\u91d1\u5229\u304c\u53bb\u5e74\u306e\u6700\u7d42\u56db\u534a\u671f\u304b\u3089\u3069\u3046\u306a\u3063\u305f\u304b\u3068\u8a00\u3048\u3070\u30011.75%\u4e0a\u304c\u3063\u305f\u3002<\/p><\/blockquote>\n\n\n\n<p>2\u5e74\u7269\u56fd\u50b5\u306e\u91d1\u5229\u306e\u30c1\u30e3\u30fc\u30c8\u3092\u63b2\u8f09\u3057\u3088\u3046\u3002\u78ba\u304b\u306b\u305d\u3046\u306a\u3063\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\/2021-3-19-us-2-year-treasrury-yield-chart.png\"><img loading=\"lazy\" decoding=\"async\" width=\"444\" height=\"468\" src=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2022\/03\/2021-3-19-us-2-year-treasrury-yield-chart.png\" alt=\"\" class=\"wp-image-21628\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2022\/03\/2021-3-19-us-2-year-treasrury-yield-chart.png 444w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2022\/03\/2021-3-19-us-2-year-treasrury-yield-chart-285x300.png 285w\" sizes=\"auto, (max-width: 444px) 100vw, 444px\" \/><\/a><\/figure>\n\n\n\n<p>\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u306f\u6b21\u306e\u3088\u3046\u306b\u7d9a\u3051\u308b\u3002<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>\u305d\u3057\u3066Fed\u306f\u4eca\u56de\u4f55\u3068\u8a00\u3063\u305f\u304b\uff1f\u30001.75%\u5229\u4e0a\u3052\u3092\u3059\u308b\u3068\u8a00\u3063\u305f\u3002<\/p><\/blockquote>\n\n\n\n<p>\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u306f\u307b\u3068\u3093\u3069\u534a\u7b11\u3044\u3067\u3042\u308b\u3002\u4e2d\u592e\u9280\u884c\u306e\u4ed5\u4e8b\u3068\u306f\u4f55\u306a\u306e\u3060\u308d\u3046\u3002<\/p>\n\n\n\n<p><strong>\u5229\u4e0a\u3052\u306f\u30a4\u30f3\u30d5\u30ec\u6291\u5236\u306b\u5341\u5206\u304b<\/strong><\/p>\n\n\n\n<p>\u3053\u308c\u307e\u3067\u3082\u66f8\u3044\u3066\u3044\u308b\u3088\u3046\u306b1.75%\u306e\u5229\u4e0a\u3052\u306f\u3053\u308c\u307e\u3067\u4f4e\u91d1\u5229\u306b\u983c\u3063\u3066\u4e0a\u304c\u3063\u3066\u304d\u305f\u682a\u5f0f\u5e02\u5834\u306b\u306f\u304b\u306a\u308a\u53b3\u3057\u3044\u3082\u306e\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/21555\" data-type=\"post\" data-id=\"21555\">\u30de\u30a4\u30ca\u30fc\u30c9\u6c0f: \u5229\u4e0a\u3052\u3067\u682a\u5f0f\u5e02\u5834\u306f2018\u5e74\u3068\u540c\u3058\u682a\u4fa1\u66b4\u843d\u3078<\/a><\/li><\/ul>\n\n\n\n<p>\u3057\u304b\u3057\u3001\u554f\u984c\u306f\u682a\u5f0f\u5e02\u5834\u306b\u3068\u3063\u3066\u306f\u53b3\u3057\u3044\u5229\u4e0a\u3052\u3067\u3082\u30a4\u30f3\u30d5\u30ec\u3092\u6291\u5236\u3067\u304d\u308b\u304b\u3069\u3046\u304b\u3068\u3044\u3046\u3053\u3068\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u306f\u8cc3\u91d1\u4e0a\u6607\u7387\u3068\u653f\u7b56\u91d1\u5229\u3092\u4e26\u3079\u305f\u30c1\u30e3\u30fc\u30c8\u3092\u6301\u3061\u51fa\u3057\u3001Fed\u306f\u304b\u306a\u308a\u9045\u308c\u3066\u3044\u308b\u3068\u4e3b\u5f35\u3059\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\/2021-federal-funds-rate-and-enployment-cost-index-chart.png\"><img loading=\"lazy\" decoding=\"async\" width=\"517\" height=\"468\" src=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2022\/03\/2021-federal-funds-rate-and-enployment-cost-index-chart.png\" alt=\"\" class=\"wp-image-21631\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2022\/03\/2021-federal-funds-rate-and-enployment-cost-index-chart.png 517w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2022\/03\/2021-federal-funds-rate-and-enployment-cost-index-chart-300x272.png 300w\" sizes=\"auto, (max-width: 517px) 100vw, 517px\" \/><\/a><\/figure>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>\u3053\u308c\u307e\u3067Fed\u306f\u8cc3\u91d1\u4e0a\u6607\u306b\u5f93\u3063\u3066\u5229\u4e0a\u3052\u3092\u3057\u3066\u304d\u305f\u3002\u305d\u306e\u8a18\u9332\u306f1985\u5e74\u307e\u3067\u9061\u308b\u3053\u3068\u304c\u3067\u304d\u308b\u3002<\/p><p>\u3057\u304b\u3057\u4eca\u56de\u3001\u8cc3\u91d1\u306e\u4e0a\u6607\u7387\u306f\u7206\u767a\u7684\u306b\u52a0\u901f\u3057\u3066\u3044\u308b\u306e\u306b\u3001Fed\u304c\u3069\u308c\u3060\u3051\u9045\u308c\u3066\u3044\u308b\u304b\u306f\u30c1\u30e3\u30fc\u30c8\u3092\u898b\u308c\u3070\u5206\u304b\u308b\u3002<\/p><\/blockquote>\n\n\n\n<p>\u30c1\u30e3\u30fc\u30c8\u3092\u898b\u3066\u5206\u304b\u308b\u3088\u3046\u306b\u8cc3\u91d1\u4e0a\u6607\u306f\u7206\u767a\u7684\u3067\u3042\u308b\u306e\u306b\u3001\u653f\u7b56\u91d1\u5229\u306e\u4e0a\u6607\u306f\u50c5\u304b\u306b\u59cb\u307e\u3063\u305f\u3070\u304b\u308a\u3060\u3002\u3053\u308c\u306f\u540c\u6642\u306b\u5f8c\u3067\u3069\u308c\u3060\u3051\u5927\u304d\u306a\u5229\u4e0a\u3052\u3092\u884c\u308f\u306a\u3051\u308c\u3070\u306a\u3089\u306a\u3044\u304b\u3092\u793a\u5506\u3057\u3066\u3044\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>\u30de\u30af\u30ed\u7d4c\u6e08\u5b66\u306e\u4e16\u754c\u3067\u306f\u8cc3\u91d1\u30a4\u30f3\u30d5\u30ec\u306f\u59cb\u307e\u3063\u3066\u3057\u307e\u3048\u3070\u306a\u304b\u306a\u304b\u6b62\u307e\u3089\u306a\u3044\u3053\u3068\u3067\u77e5\u3089\u308c\u3066\u3044\u308b\u3002\u4f01\u696d\u306b\u3068\u3063\u3066\u7d66\u6599\u3092\u4e0a\u3052\u308b\u3053\u3068\u306f\u5bb9\u6613\u3060\u304c\u3001\u5f93\u696d\u54e1\u3092\u6012\u3089\u305b\u305a\u306b\u8cc3\u4e0b\u3052\u3059\u308b\u3053\u3068\u306f\u5bb9\u6613\u3067\u306f\u306a\u3044\u304b\u3089\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p><strong>\u7d50\u8ad6<\/strong><\/p>\n\n\n\n<p>\u30a4\u30f3\u30d5\u30ec\u306f\u307e\u3059\u307e\u3059\u9177\u304f\u306a\u308b\u3060\u308d\u3046\u3002\u4f55\u5ea6\u3082\u8a00\u3063\u3066\u3044\u308b\u3088\u3046\u306b\u3001\u30a4\u30f3\u30d5\u30ec\u7387\u304c7.9%\u306e\u72b6\u6cc1\u3067\u91d1\u5229\u30922%\u524d\u5f8c\u306b\u4e0a\u3052\u305f\u3068\u3053\u308d\u3067\u3001\u3069\u3046\u8003\u3048\u3066\u3082\u305d\u308c\u306f\u3080\u3057\u308d\u7de9\u548c\u7684\u306a\u91d1\u878d\u653f\u7b56\u3060\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\/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>\u307e\u305f\u3001\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u306f\u682a\u5f0f\u5e02\u5834\u306e\u4eca\u5f8c\u306b\u3064\u3044\u3066\u3082\u8a9e\u3063\u3066\u3044\u308b\u304c\u3001\u305d\u3061\u3089\u306f\u5225\u306e\u8a18\u4e8b\u306b\u7e8f\u3081\u3088\u3046\u3068\u601d\u3046\u3002\u4ed6\u306e\u8457\u540d\u6295\u8cc7\u5bb6\u306e\u610f\u898b\u3082\u898b\u306a\u304c\u3089\u697d\u3057\u307f\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\/21416\" data-type=\"post\" data-id=\"21416\">\u30b8\u30e0\u30fb\u30ed\u30b8\u30e3\u30fc\u30ba\u6c0f: 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