{"id":2219,"date":"2016-01-03T08:30:30","date_gmt":"2016-01-02T23:30:30","guid":{"rendered":"http:\/\/www.globalmacroresearch.org\/jp\/?p=2219"},"modified":"2016-03-20T18:05:24","modified_gmt":"2016-03-20T09:05:24","slug":"%e9%87%8f%e7%9a%84%e7%b7%a9%e5%92%8c%e3%83%90%e3%83%96%e3%83%ab%e3%82%92%e5%b4%a9%e5%a3%8a%e3%81%95%e3%81%9b%e3%82%8b%e3%83%9d%e3%83%bc%e3%83%88%e3%83%95%e3%82%a9%e3%83%aa%e3%82%aa%e3%83%bb%e3%83%aa","status":"publish","type":"post","link":"https:\/\/www.globalmacroresearch.org\/jp\/archives\/2219","title":{"rendered":"\u91cf\u7684\u7de9\u548c\u30d0\u30d6\u30eb\u3092\u5d29\u58ca\u3055\u305b\u308b\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u30fb\u30ea\u30d0\u30e9\u30f3\u30b9\u306e\u9006\u6d41"},"content":{"rendered":"<p>2016\u5e74\u6700\u521d\u306e\u8a18\u4e8b\u306f\u30012016\u5e74\u3067\u4e00\u756a\u91cd\u8981\u306a\u8a71\u984c\u304b\u3089\u59cb\u3081\u3088\u3046\u3002<\/p>\n<p>2008\u5e74\u3001\u30b5\u30d6\u30d7\u30e9\u30a4\u30e0\u30fb\u30ed\u30fc\u30f3\u5371\u6a5f\u306b\u6652\u3055\u308c\u305f\u7d4c\u6e08\u3092\u652f\u3048\u308b\u305f\u3081\u3001Fed\uff08\u9023\u90a6\u6e96\u5099\u5236\u5ea6\uff09\u306f\u4e16\u754c\u5927\u6226\u6642\u4ee5\u6765\u306e\u30bc\u30ed\u91d1\u5229\u3092\u6562\u884c\u3057\u305f\u3002\u7c73\u56fd\u306b\u304a\u3044\u3066\u3001\u3053\u308c\u306f1929\u5e74\u306e\u4e16\u754c\u6050\u614c\u304b\u30891945\u5e74\u306e\u7d42\u6226\u306e\u524d\u5f8c\u306b\u304b\u3051\u3066\u884c\u308f\u308c\u305f\u30bc\u30ed\u91d1\u5229\u4ee5\u6765\u3067\u3042\u308a\u3001\u5b9f\u306b\u7d0460\u5e74\u3076\u308a\u306e\u3053\u3068\u3067\u3042\u3063\u305f\u3002\u7c73\u56fd\u306e\u653f\u7b56\u91d1\u5229\u306e\u9577\u671f\u30c1\u30e3\u30fc\u30c8\u306f\u4ee5\u4e0b\u306e\u901a\u308a\u3067\u3042\u308b\u3002<\/p>\n<p><a href=\"http:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2016\/01\/2015-11-us-federal-funds-rate-historical-chart.png\" rel=\"attachment wp-att-2223\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-2223\" src=\"http:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2016\/01\/2015-11-us-federal-funds-rate-historical-chart.png\" alt=\"2015-11-us-federal-funds-rate-historical-chart\" width=\"427\" height=\"346\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2016\/01\/2015-11-us-federal-funds-rate-historical-chart.png 427w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2016\/01\/2015-11-us-federal-funds-rate-historical-chart-300x243.png 300w\" sizes=\"auto, (max-width: 427px) 100vw, 427px\" \/><\/a><!--more--><\/p>\n<p>\u7c73\u56fd\u306e\u653f\u7b56\u91d1\u5229\u306f\u7d42\u6226\u5f8c\u306e\u30bc\u30ed\u304b\u3089\u59cb\u307e\u308a\u300160\u5e74\u304b\u3051\u3066\u307e\u305f\u30bc\u30ed\u306b\u623b\u3063\u3066\u304d\u305f\u308f\u3051\u3067\u3042\u308b\u3002\u3053\u308c\u306f\u3042\u308b\u5de8\u5927\u30d0\u30d6\u30eb\u306e\u9577\u671f\u30b5\u30a4\u30af\u30eb\u3092\u793a\u3057\u3066\u3044\u308b\u306e\u3060\u304c\u3001\u305d\u306e\u8a71\u306f\u307e\u305f\u4eca\u5ea6\u306b\u3057\u3088\u3046\u3002<\/p>\n<p>\u4eca\u56de\u306e\u8ad6\u984c\u306f\u30bc\u30ed\u91d1\u5229\u5f8c\u306e\u91d1\u878d\u7de9\u548c\u3067\u3042\u308b\u3002\u91d1\u5229\u306f\u30bc\u30ed\u306b\u4e0b\u304c\u3063\u3066\u3057\u307e\u3048\u3070\u3001\u305d\u308c\u4ee5\u4e0a\u4e0b\u3052\u308b\u3053\u3068\u304c\u51fa\u6765\u306a\u3044\u3002\uff08\u30de\u30a4\u30ca\u30b9\u91d1\u5229\u306f\u5225\u306e\u554f\u984c\u3092\u751f\u3058\u3055\u305b\u308b\u306e\u3067\u3001\u3053\u306e\u8a18\u4e8b\u3067\u306f\u8003\u3048\u306a\u3044\u3002\uff09\u3067\u306f\u3069\u3046\u3059\u308b\u304b\uff1f\u3000\u4e2d\u592e\u9280\u884c\u306b\u51fa\u6765\u308b\u3053\u3068\u306f\u4ee5\u4e0b\u306e2\u3064\u3057\u304b\u306a\u3044\u3002<\/p>\n<ul>\n<li>\u91d1\u5229\u3092\u64cd\u4f5c\u3059\u308b<\/li>\n<li>\u8ca8\u5e63\u3092\u767a\u884c\u3059\u308b<\/li>\n<\/ul>\n<p>\u3057\u305f\u304c\u3063\u3066\u3001\u91d1\u5229\u304c\u64cd\u4f5c\u51fa\u6765\u306a\u304f\u306a\u3063\u305f\u306e\u3067\u3001\u8ca8\u5e63\u3092\u767a\u884c\u3057\u56fd\u50b5\u3092\u8cb7\u3044\u5165\u308c\u305f\u306e\u3067\u3042\u308b\u3002\u3053\u308c\u304c\u91cf\u7684\u7de9\u548c\u3067\u3042\u308b\u3002<\/p>\n<p><strong>\u91cf\u7684\u7de9\u548c\u306e\u52b9\u679c<\/strong><\/p>\n<p>\u3067\u306f\u3001\u5229\u4e0b\u3052\u306b\u4ee3\u308f\u3063\u3066\u884c\u308f\u308c\u308b\u91cf\u7684\u7de9\u548c\u306f\u3069\u306e\u3088\u3046\u306a\u610f\u5473\u3092\u6301\u3064\u306e\u3060\u308d\u3046\u304b\uff1f\u3000\u91cf\u7684\u7de9\u548c\u306e\u7d4c\u6e08\u306b\u5bfe\u3059\u308b\u52b9\u679c\u306f\u4ee5\u4e0b\u306e\u901a\u308a\u3067\u3042\u308b\u3002<\/p>\n<ul>\n<li>\u9577\u671f\u56fd\u50b5\u8cb7\u3044\u5165\u308c\u306b\u3088\u308b\u9577\u671f\u91d1\u5229\u306e\u62bc\u3057\u4e0b\u3052<\/li>\n<li>\u4f4e\u91d1\u5229\u306b\u3088\u308b\u4e0d\u52d5\u7523\u5e02\u5834\u306e\u6d3b\u6027\u5316\u3068\u5efa\u8a2d\u96c7\u7528\u306e\u5897\u52a0<\/li>\n<li>\u901a\u8ca8\u5b89\u306b\u3088\u308b\u8f38\u51fa\u5897<\/li>\n<li>\u50b5\u5238\u5e02\u5834\u304b\u3089\u30cf\u30a4\u30ea\u30b9\u30af\u8cc7\u7523\u3078\u306e\u8cc7\u91d1\u306e\u6d41\u5165<\/li>\n<\/ul>\n<p>\u5148\u305a\u3001\u8ca8\u5e63\u306e\u8ffd\u52a0\u767a\u884c\u306f\u901a\u8ca8\u306e\u4fe1\u7528\u3092\u5931\u308f\u305b\u3001\u901a\u8ca8\u5b89\u3068\u306a\u308a\u3001\u8f38\u51fa\u696d\u3092\u52a9\u3051\u308b\u3002\u66f4\u306b\u4e2d\u592e\u9280\u884c\u306f\u4e3b\u306b\u9577\u671f\u56fd\u50b5\u3092\u8cb7\u3046\u308f\u3051\u3060\u304b\u3089\u3001\u9577\u671f\u91d1\u5229\u304c\u4f4e\u4e0b\u3057\u3001\u4f4f\u5b85\u30ed\u30fc\u30f3\u91d1\u5229\u3082\u4f4e\u4e0b\u3059\u308b\u3053\u3068\u3067\u4e0d\u52d5\u7523\u5e02\u5834\u304c\u6d3b\u6027\u5316\u3059\u308b\u3002\u4f4f\u5b85\u9700\u8981\u304c\u5897\u3048\u308c\u3070\u65b0\u898f\u306e\u5efa\u8a2d\u304c\u5897\u3048\u3001\u5efa\u8a2d\u696d\u306e\u96c7\u7528\u304c\u5897\u3048\u308b\u308f\u3051\u3067\u3042\u308b\u3002<\/p>\n<p>\u305d\u3057\u3066\u3053\u3053\u304b\u3089\u304c\u6700\u3082\u91cd\u8981\u306a\u90e8\u5206\u3067\u3042\u308b\u3002\u50b5\u5238\u306e\u91d1\u5229\u304c\u4e0b\u304c\u308b\u3068\u304d\u3001\u50b5\u5238\u306e\u4fdd\u6709\u8005\u306f\u3069\u3046\u3059\u308b\u3060\u308d\u3046\u304b\uff1f\u3000\u56fd\u50b5\u3092\u4fdd\u6709\u3057\u3066\u3044\u3066\u3082\u96c0\u306e\u6d99\u307b\u3069\u306e\u91d1\u5229\u3057\u304b\u4ed8\u304b\u306a\u3044\u3068\u306a\u308c\u3070\u3001\u56fd\u50b5\u3092\u4fdd\u6709\u3059\u308b\u30a4\u30f3\u30bb\u30f3\u30c6\u30a3\u30d6\u304c\u5c11\u306a\u304f\u306a\u308a\u3001\u3088\u308a\u9ad8\u3044\u30ea\u30b9\u30af\u3092\u53d6\u3063\u3066\u3067\u3082\u3001\u3088\u308a\u91d1\u5229\u306e\u9ad8\u3044\u8a3c\u5238\u3001\u4f8b\u3048\u3070\u793e\u50b5\u3092\u8cfc\u5165\u3057\u3088\u3046\u3068\u601d\u3046\u3060\u308d\u3046\u3002<\/p>\n<p>\u305d\u3046\u3059\u308c\u3070\u4eca\u5ea6\u306f\u793e\u50b5\u306e\u91d1\u5229\u304c\u4e0b\u304c\u308b\u3002\u793e\u50b5\u306e\u4fdd\u6709\u8005\u306f\u3053\u308c\u307e\u3067\u3068\u540c\u3058\u91d1\u5229\u304c\u53d7\u3051\u53d6\u308c\u306a\u304f\u306a\u308a\u3001\u4ee3\u308f\u308a\u3068\u306a\u308b\u3088\u308a\u30ea\u30b9\u30af\u3068\u30ea\u30bf\u30fc\u30f3\u306e\u9ad8\u3044\u6295\u8cc7\u5148\u3092\u63a2\u3059\u3060\u308d\u3046\u3002\u4f8b\u3048\u3070\u4e0d\u52d5\u7523\u3084\u682a\u5f0f\u3067\u3042\u308b\u3002<\/p>\n<p>\u3053\u3046\u3057\u3066\u4e2d\u592e\u9280\u884c\u304c\u56fd\u50b5\u3092\u8cb7\u3044\u5165\u308c\u308b\u3053\u3068\u3067\u3001\u6295\u8cc7\u5bb6\u304c\u56fd\u50b5\u304b\u3089\u793e\u50b5\u3001\u793e\u50b5\u304b\u3089\u4e0d\u52d5\u7523\u3084\u682a\u5f0f\u3078\u3068\u3001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500\u306e\u9577\u671f\u30c1\u30e3\u30fc\u30c8\u3067\u3042\u308b\u3002<\/p>\n<p><a href=\"http:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2015\/12\/2015-12-15-s-and-p-500-long-term-chart.png\" rel=\"attachment wp-att-2133\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-2133\" src=\"http:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2015\/12\/2015-12-15-s-and-p-500-long-term-chart.png\" alt=\"2015-12-15-s-and-p-500-long-term-chart\" width=\"599\" height=\"403\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2015\/12\/2015-12-15-s-and-p-500-long-term-chart.png 599w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2015\/12\/2015-12-15-s-and-p-500-long-term-chart-300x202.png 300w\" sizes=\"auto, (max-width: 599px) 100vw, 599px\" \/><\/a><\/p>\n<p>\u30a2\u30e1\u30ea\u30ab\u7d4c\u6e08\u3082\u307b\u3069\u307b\u3069\u306e\u7d4c\u6e08\u6210\u9577\u3092\u7d9a\u3051\u3066\u304a\u308a\u3001\u3053\u308c\u306b\u5b89\u5fc3\u3057\u305fFed\u306f\u30bc\u30ed\u91d1\u5229\u3092\u89e3\u9664\u3057\u3001\u5229\u4e0a\u3052\u3092\u6562\u884c\u3057\u3066\u3044\u308b\u3002\u682a\u5f0f\u5e02\u5834\u3082\u4e00\u6642\u306f\u6025\u843d\u3057\u305f\u304c\u3001\u66b4\u843d\u3068\u306f\u306a\u3089\u305a\u307b\u3069\u307b\u3069\u3067\u63a8\u79fb\u3057\u3066\u3044\u308b\u3002<\/p>\n<p>\u3053\u308c\u3067\u3059\u3079\u3066\u89e3\u6c7a\u3057\u305f\u306e\u304b\uff1f\u3000\u3053\u306e\u307e\u307e\u3059\u3079\u3066\u304c\u9806\u8abf\u306b\u9032\u3080\u306e\u304b\uff1f\u3000Fed\u306f\u305d\u3046\u7948\u3063\u3066\u3044\u308b\u304c\u3001\u73fe\u5b9f\u306b\u306f\u305d\u3046\u306a\u308b\u3053\u3068\u306f\u306a\u3044\u3002\u91d1\u5229\u304c\u4e0a\u6607\u3059\u308c\u3070\u3069\u3046\u306a\u308b\u304b\u3068\u3044\u3046\u3053\u3068\u3092\u3001\u3042\u307e\u308a\u306b\u591a\u304f\u306e\u4eba\u304c\u5fd8\u308c\u3066\u3044\u308b\u306e\u3067\u3042\u308b\u3002<\/p>\n<p><strong>\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u30fb\u30ea\u30d0\u30e9\u30f3\u30b9\u306f\u9006\u6d41\u3059\u308b<\/strong><\/p>\n<p>\u56fd\u50b5\u4fdd\u6709\u8005\u304c\u793e\u50b5\u3092\u3001\u793e\u50b5\u4fdd\u6709\u8005\u304c\u4e0d\u52d5\u7523\u3084\u682a\u5f0f\u3092\u8cb7\u3063\u305f\u306e\u306f\u3069\u3046\u3044\u3046\u7406\u7531\u3060\u3063\u305f\u304b\uff1f\u3000\u56fd\u50b5\u3084\u793e\u50b5\u306e\u91d1\u5229\u304c\u4f4e\u304b\u3063\u305f\u304b\u3089\u3067\u3042\u308b\u3002\u3067\u306f\u56fd\u50b5\u3084\u793e\u50b5\u306e\u91d1\u5229\u304c\u623b\u308c\u3070\u5f7c\u3089\u306f\u3069\u3046\u3059\u308b\u304b\uff1f\u3000\u5f7c\u3089\u306b\u30ea\u30b9\u30af\u306e\u9ad8\u3044\u8cc7\u7523\u3092\u4fdd\u6709\u3057\u7d9a\u3051\u308b\u7406\u7531\u306f\u3082\u306f\u3084\u306a\u3044\u3002\u30ea\u30b9\u30af\u306e\u4f4e\u3044\u8cc7\u7523\u3067\u6e80\u8db3\u306a\u91d1\u5229\u304c\u5f97\u3089\u308c\u308b\u306e\u3067\u3042\u308c\u3070\u3001\u5f7c\u3089\u306f\u5143\u306e\u68f2\u5bb6\u3078\u3068\u623b\u3063\u3066\u3086\u304f\u3060\u308d\u3046\u3002<\/p>\n<p>\u3053\u306e\u3088\u3046\u306b\u3001\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u30fb\u30ea\u30d0\u30e9\u30f3\u30b9\u306b\u3088\u3063\u3066\u30ea\u30b9\u30af\u8cc7\u7523\u306b\u6d41\u5165\u3057\u305f\u8cc7\u91d1\u306f\u3001\u305d\u306e\u9006\u6d41\u306b\u3088\u3063\u3066\u6d41\u51fa\u3057\u3066\u3086\u304f\u3060\u308d\u3046\u3002\u554f\u984c\u306f\u305d\u306e\u30bf\u30a4\u30df\u30f3\u30b0\u3067\u3042\u308b\u3002Fed\u306f\u77ed\u671f\u91d1\u5229\u3092\u4e0a\u3052\u3066\u3044\u308b\u304c\u3001\u3067\u306f\u7c73\u56fd\u306e\u9577\u671f\u91d1\u5229\u306f\u3069\u3046\u306a\u3063\u3066\u3044\u308b\u306e\u304b\uff1f\u3000\u4ee5\u4e0b\u306f10\u5e74\u7269\u7c73\u56fd\u50b5\u306e\u91d1\u5229\u306e\u91d1\u878d\u5371\u6a5f\u524d\u304b\u3089\u306e\u30c1\u30e3\u30fc\u30c8\u3067\u3042\u308b\u3002<\/p>\n<p><a href=\"http:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2016\/01\/2016-1-2-10-year-treasury-note-yield-long-term-chart.png\" rel=\"attachment wp-att-2225\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-2225\" src=\"http:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2016\/01\/2016-1-2-10-year-treasury-note-yield-long-term-chart.png\" alt=\"2016-1-2-10-year-treasury-note-yield-long-term-chart\" width=\"599\" height=\"403\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2016\/01\/2016-1-2-10-year-treasury-note-yield-long-term-chart.png 599w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2016\/01\/2016-1-2-10-year-treasury-note-yield-long-term-chart-300x202.png 300w\" sizes=\"auto, (max-width: 599px) 100vw, 599px\" \/><\/a><\/p>\n<p>\u9577\u671f\u91d1\u5229\u306f\u4e0a\u304c\u3063\u3066\u3044\u306a\u3044\u3002\u3053\u308c\u304c\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u30fb\u30ea\u30d0\u30e9\u30f3\u30b9\u304c\u307e\u3060\u9006\u6d41\u3057\u3066\u3044\u306a\u3044\u7406\u7531\u3067\u3042\u308b\u3002\u3067\u306f\u4f55\u6545\u9577\u671f\u91d1\u5229\u306f\u4e0a\u6607\u3057\u3066\u3044\u306a\u3044\u306e\u304b\uff1f\u3000ECB\uff08\u6b27\u5dde\u4e2d\u592e\u9280\u884c\uff09\u3084\u65e5\u9280\u306e\u91cf\u7684\u7de9\u548c\u306b\u3088\u308a\u3001\u307b\u304b\u306e\u5148\u9032\u56fd\u306e\u9577\u671f\u91d1\u5229\u304c\u4f4e\u304f\u6291\u3048\u3089\u308c\u3066\u3044\u308b\u304b\u3089\u3067\u3042\u308b\u3002<\/p>\n<p>\u30b9\u30da\u30a4\u30f3\u56fd\u50b5\u306e\u91d1\u5229\u304c\u7c73\u56fd\u50b5\u306e\u91d1\u5229\u3088\u308a\u3082\u8457\u3057\u304f\u4f4e\u3044\u3068\u3044\u3046\u3053\u3068\u306f\u901a\u5e38\u8003\u3048\u306b\u304f\u304f\u3001\u6b27\u5dde\u306e\u56fd\u50b5\u304c\u8cb7\u308f\u308c\u308c\u3070\u7c73\u56fd\u50b5\u3082\u8cb7\u308f\u308c\u308b\u3002\u7c73\u56fd\u304c\u8cbf\u6613\u76f8\u624b\u306e\u901a\u8ca8\u5b89\u3092\u8a31\u5bb9\u3057\u3066\u3067\u3082\u65e5\u672c\u3068\u30e6\u30fc\u30ed\u570f\u306b\u91cf\u7684\u7de9\u548c\u3092\u85a6\u3081\u305f\u7406\u7531\u304c\u3053\u3053\u306b\u3042\u308b\u3002<\/p>\n<ul>\n<li><a href=\"http:\/\/www.globalmacroresearch.org\/jp\/archives\/1384\">\u7c73\u56fd\u304c\u5229\u4e0a\u3052\u3092\u6025\u3050\u7406\u7531: \u30d0\u30d6\u30eb\u5d29\u58ca\u5f8c\u306e\u76f8\u5834\u306b\u5411\u3051\u305f\u5229\u4e0a\u3052\u7af6\u4e89\u306f\u3082\u3046\u59cb\u307e\u3063\u3066\u3044\u308b<\/a><\/li>\n<\/ul>\n<p>\u7c73\u56fd\u306f\u7de9\u548c\u3092\u65e5\u672c\u3068\u30e6\u30fc\u30ed\u570f\u306b\u62bc\u3057\u4ed8\u3051\u3066\u5229\u4e0a\u3052\u3092\u6562\u884c\u3057\u3066\u3044\u308b\u3002\u7c73\u56fd\u306f\u682a\u5f0f\u5e02\u5834\u3092\u66b4\u843d\u3055\u305b\u308b\u3053\u3068\u306a\u304f\u3053\u306e\u307e\u307e\u9003\u3052\u5207\u308c\u308b\u306e\u304b\uff1f\u3000\u9003\u3052\u304d\u308c\u306a\u3044\u3060\u308d\u3046\u3002\u65e5\u672c\u3068\u30e6\u30fc\u30ed\u570f\u304c\u91cf\u7684\u7de9\u548c\u3092\u8f9e\u3081\u308b\u65e5\u304c\u6765\u308b\u3002<\/p>\n<p>\u65e5\u672c\u3084\u7c73\u56fd\u3068\u306f\u9055\u3044\u3001\u6b27\u5dde\u306e\u56fd\u50b5\u306f\u660e\u3089\u304b\u306a\u30d0\u30d6\u30eb\u3067\u3042\u308a\u3001\u3053\u306e\u30d0\u30d6\u30eb\u304c\u5f3e\u3051\u308b\u6642\u3001\u7c73\u56fd\u306e\u9577\u671f\u91d1\u5229\u3082\u4e0a\u6607\u3059\u308b\u3002\u9577\u671f\u91d1\u5229\u304c\u4e0a\u6607\u3059\u308c\u3070\u3001\u3053\u308c\u307e\u3067\u4e0d\u52d5\u7523\u3084\u682a\u5f0f\u3092\u4fdd\u6709\u3057\u3066\u3044\u305f\u6295\u8cc7\u5bb6\u304c\u91d1\u5229\u306e\u4e0a\u304c\u3063\u305f\u5b89\u5168\u8cc7\u7523\u306b\u62bc\u3057\u5bc4\u305b\u3066\u304f\u308b\u3002\u3053\u306e\u77ac\u9593\u3001\u9577\u3089\u304f\u7d9a\u3044\u305f\u682a\u5f0f\u5e02\u5834\u306e\u30d0\u30d6\u30eb\u304c\u9042\u306b\u5d29\u58ca\u3059\u308b\u306e\u3067\u3042\u308b\u3002<\/p>\n<p><strong>\u30d0\u30d6\u30eb\u5d29\u58ca\u3092\u3069\u3046\u30c8\u30ec\u30fc\u30c9\u3059\u308b\u304b\uff1f<\/strong><\/p>\n<p>\u6295\u8cc7\u5bb6\u306f\u3053\u306e\u30b7\u30ca\u30ea\u30aa\u306b\u3069\u3046\u5099\u3048\u308b\u3079\u304d\u3060\u308d\u3046\u304b\uff1f\u3000\u5148\u305a\u8a00\u3048\u308b\u306e\u306f\u3001\u91d1\u878d\u5e02\u5834\u304c\u5d29\u58ca\u3057\u305f\u3068\u304d\u3001Fed\u306f\u5229\u4e0b\u3052\u3092\u884c\u3044\u3001\u91cf\u7684\u7de9\u548c\u3092\u518d\u958b\u3059\u308b\u3060\u308d\u3046\u3002\u305d\u3046\u3059\u308c\u3070\u682a\u5f0f\u5e02\u5834\u306f\u904b\u304c\u826f\u3051\u308c\u3070\u305d\u308c\u306b\u53cd\u5fdc\u3057\u3001\u518d\u3073\u9ad8\u5024\u3092\u76ee\u6307\u3059\u304b\u3082\u3057\u308c\u306a\u3044\u3002\u3057\u304b\u3057\u91cf\u7684\u7de9\u548c\u3078\u306e\u9006\u623b\u308a\u304c\u4e0d\u53ef\u907f\u3067\u3042\u308c\u3070\u3001\u4e0a\u6607\u3059\u308b\u306e\u306f\u91d1\u3067\u3042\u308b\u3002<\/p>\n<p>\u682a\u5f0f\u3082\u3001\u901a\u8ca8\u3067\u3055\u3048\u3082\u66b4\u843d\u3059\u308b\u3068\u304d\u3001\u8cc7\u91d1\u306e\u9003\u907f\u5148\u3068\u306a\u308b\u91d1\u306f\u4e0a\u6607\u3069\u3053\u308d\u304b\u5927\u66b4\u9a30\u3059\u308b\u3060\u308d\u3046\u3002\u500b\u4eba\u7684\u306b\u306f2017\u5e74\u304b\u30892020\u5e74\u9803\u307e\u3067\u306b\u3001\u91d1\u306f2011\u5e74\u306e\u9ad8\u5024\u3092\u8d85\u3048\u30012,000\u30c9\u30eb\u3092\u76ee\u6307\u3059\u3068\u4e88\u60f3\u3057\u3066\u3044\u308b\u3002<\/p>\n<p><a href=\"http:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2016\/01\/2015-12-26-gold-long-term-chart.png\" rel=\"attachment wp-att-2226\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-2226\" src=\"http:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2016\/01\/2015-12-26-gold-long-term-chart.png\" alt=\"2015-12-26-gold-long-term-chart\" width=\"599\" height=\"403\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2016\/01\/2015-12-26-gold-long-term-chart.png 599w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2016\/01\/2015-12-26-gold-long-term-chart-300x202.png 300w\" sizes=\"auto, (max-width: 599px) 100vw, 599px\" \/><\/a><\/p>\n<p>\u91d1\u306b\u3064\u3044\u3066\u306f\u8a73\u7d30\u306a\u8a18\u4e8b\u3092\u65e2\u306b\u66f8\u3044\u3066\u3042\u308b\u306e\u3067\u3001\u305d\u3061\u3089\u3092\u53c2\u8003\u306b\u3057\u3066\u307b\u3057\u3044\u3002<\/p>\n<ul>\n<li><a href=\"http:\/\/www.globalmacroresearch.org\/jp\/archives\/2196\">2016\u5e74\u91d1\u4fa1\u683c\u306e\u63a8\u79fb\u4e88\u60f3: \u91d1\u306f\u66b4\u9a30\u3059\u308b\u304c\u3044\u3064\u8cb7\u3046\u3079\u304d\u304b\uff1f\u3000\u5229\u4e0a\u3052\u306e\u5f71\u97ff\u3068\u7c73\u56fd\u7d4c\u6e08\u306e\u52d5\u5411<\/a><\/li>\n<\/ul>\n<p><strong>\u4e16\u754c\u7d4c\u6e08\u306e\u5c06\u6765<\/strong><\/p>\n<p>\u91d1\u306e\u898b\u901a\u3057\u306f\u660e\u308b\u3044\u304c\u3001\u4e16\u754c\u7d4c\u6e08\u306e\u898b\u901a\u3057\u306f\u7d76\u671b\u7684\u3067\u3042\u308b\u3002\u4e00\u756a\u6700\u521d\u306e\u653f\u7b56\u91d1\u5229\u306e\u30c1\u30e3\u30fc\u30c8\u306f\u3001\u4e16\u754c\u6050\u614c\u4ee5\u6765\u306e\u4e0b\u9650\u306b\u9054\u3057\u3066\u3044\u308b\u3002\u3053\u3053\u304b\u3089\u8131\u51fa\u3059\u308b\u3053\u3068\u306f\u4e26\u5927\u62b5\u306e\u3053\u3068\u3067\u306f\u306a\u3044\u306e\u3067\u3042\u308b\u3002\u5358\u306b\u5229\u4e0a\u3052\u3092\u884c\u3046\u3060\u3051\u3067\u306f\u3001\u305d\u3053\u304b\u3089\u8131\u51fa\u3059\u308b\u3053\u3068\u306f\u51fa\u6765\u306a\u3044\u3002\u305d\u3053\u304b\u3089\u306e\u8131\u51fa\u306f\u975e\u5e38\u306a\u75db\u307f\u3092\u4f34\u3046\u306e\u3067\u3042\u308b\u3002<\/p>\n<p>\u591a\u304f\u306e\u8ca0\u50b5\u306f\u30c7\u30d5\u30a9\u30eb\u30c8\u3068\u306a\u308a\u3001\u91d1\u878d\u5e02\u5834\u306f\u5d29\u58ca\u3057\u3001\u5bcc\u306e\u518d\u5206\u914d\u304c\u884c\u308f\u308c\u308b\u3060\u308d\u3046\u3002\u3053\u3053\u3067\u72a0\u7272\u3068\u306a\u308b\u306e\u306f\u4e3b\u306b\u5931\u696d\u8005\u3068\u5bcc\u88d5\u5c64\u3067\u3042\u308b\u3002\u904b\u304c\u826f\u3051\u308c\u3070\u3001\u4e16\u754c\u6050\u614c\u5f8c\u306e\u4e8b\u4f8b\u3068\u306f\u7570\u306a\u308a\u3001\u4e16\u754c\u306f\u6226\u4e89\u3092\u56de\u907f\u3067\u304d\u308b\u304b\u3082\u3057\u308c\u306a\u3044\u3002\u3057\u304b\u3057\u30d2\u30c8\u30e9\u30fc\u306e\u53f0\u982d\u3057\u305f\u653f\u6cbb\u7684\u306a\u5730\u5408\u3044\u306f\u3001\u65e2\u306b\u30e8\u30fc\u30ed\u30c3\u30d1\u3067\u80b2\u307e\u308c\u3064\u3064\u3042\u308b\u3002<\/p>\n<p>\u4e88\u8a00\u3081\u3044\u305f\u4e0d\u5409\u306a\u4e88\u60f3\u3060\u3068\u601d\u3046\u8aad\u8005\u3082\u3042\u308b\u3053\u3068\u3060\u308d\u3046\u3002\u3057\u304b\u3057\u3001\u3053\u3046\u66f8\u3044\u305f\u306e\u306b\u306f\u305d\u3046\u8003\u3048\u308b\u306b\u8db3\u308b\u6839\u62e0\u304c\u3042\u3063\u3066\u306e\u3053\u3068\u3067\u3042\u308b\u3002\u305d\u308c\u3092\u8aac\u660e\u3059\u308b\u305f\u3081\u306b\u306f\u30012008\u5e74\u4ee5\u5f8c\u306e\u7d4c\u6e08\u3067\u306f\u306a\u304f\u300150\u5e74\u304b\u3089100\u5e74\u5358\u4f4d\u3067\u306e\u9577\u671f\u306e\u30b5\u30a4\u30af\u30eb\u3092\u8003\u3048\u306a\u3051\u308c\u3070\u306a\u3089\u306a\u3044\u3002\u305d\u306e\u4e00\u4f8b\u304c\u653f\u7b56\u91d1\u5229\u30c1\u30e3\u30fc\u30c8\u306a\u306e\u3067\u3042\u308b\u3002<\/p>\n<p><a href=\"http:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2016\/01\/2015-11-us-federal-funds-rate-historical-chart.png\" rel=\"attachment wp-att-2223\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-2223\" src=\"http:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2016\/01\/2015-11-us-federal-funds-rate-historical-chart.png\" alt=\"2015-11-us-federal-funds-rate-historical-chart\" width=\"427\" height=\"346\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2016\/01\/2015-11-us-federal-funds-rate-historical-chart.png 427w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2016\/01\/2015-11-us-federal-funds-rate-historical-chart-300x243.png 300w\" sizes=\"auto, (max-width: 427px) 100vw, 427px\" \/><\/a><\/p>\n<p>\u3053\u306e\u3053\u3068\u306b\u3064\u3044\u3066\u306f\u3001\u307e\u305f\u5225\u9014\u8a18\u4e8b\u306b\u3057\u3088\u3046\u3002\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u30fb\u30ea\u30d0\u30e9\u30f3\u30b9\u3068\u4e26\u3093\u3067\u975e\u5e38\u306b\u91cd\u8981\u306a\u8ad6\u984c\u3060\u304b\u3089\u3067\u3042\u308b\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"<p>2016\u5e74\u6700\u521d\u306e\u8a18\u4e8b\u306f\u30012016\u5e74\u3067\u4e00\u756a\u91cd\u8981\u306a\u8a71\u984c\u304b\u3089\u59cb\u3081\u3088\u3046\u3002 2008\u5e74\u3001\u30b5\u30d6\u30d7\u30e9\u30a4\u30e0\u30fb\u30ed\u30fc\u30f3\u5371\u6a5f\u306b\u6652\u3055\u308c\u305f\u7d4c\u6e08\u3092\u652f\u3048\u308b\u305f\u3081\u3001Fed\uff08\u9023\u90a6\u6e96\u5099\u5236\u5ea6\uff09\u306f\u4e16\u754c\u5927\u6226\u6642\u4ee5\u6765\u306e\u30bc\u30ed\u91d1\u5229\u3092\u6562\u884c\u3057\u305f\u3002\u7c73\u56fd\u306b\u304a\u3044\u3066\u3001\u3053\u308c\u306f1929\u5e74 &hellip; <a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/2219\" class=\"more-link\">\u7d9a\u304d\u3092\u8aad\u3080 <span class=\"screen-reader-text\">\u91cf\u7684\u7de9\u548c\u30d0\u30d6\u30eb\u3092\u5d29\u58ca\u3055\u305b\u308b\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u30fb\u30ea\u30d0\u30e9\u30f3\u30b9\u306e\u9006\u6d41<\/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":[59,111],"tags":[7,64,65],"class_list":["post-2219","post","type-post","status-publish","format-standard","hentry","category-us-stock-market","category-stock-markets","tag-quantitative-easing","tag-fed","tag-portfolio-rebalancing"],"_links":{"self":[{"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/2219","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=2219"}],"version-history":[{"count":10,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/2219\/revisions"}],"predecessor-version":[{"id":2235,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/2219\/revisions\/2235"}],"wp:attachment":[{"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/media?parent=2219"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/categories?post=2219"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/tags?post=2219"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}