{"id":26774,"date":"2022-07-31T20:05:00","date_gmt":"2022-07-31T11:05:00","guid":{"rendered":"https:\/\/www.globalmacroresearch.org\/jp\/?p=26774"},"modified":"2022-07-31T16:58:10","modified_gmt":"2022-07-31T07:58:10","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%81%8c%e8%a1%8c%e3%81%8d%e9%81%8e%e3%81%8e%e3%82%8b%e3%81%a8%e9%80%86%e3%81%ab%e3%83%8f%e3%82%a4%e3%83%91","status":"publish","type":"post","link":"https:\/\/www.globalmacroresearch.org\/jp\/archives\/26774","title":{"rendered":"\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f: \u5229\u4e0a\u3052\u304c\u884c\u304d\u904e\u304e\u308b\u3068\u9006\u306b\u30cf\u30a4\u30d1\u30fc\u30a4\u30f3\u30d5\u30ec\u306b\u306a\u308b"},"content":{"rendered":"\n<p>\u5f15\u304d\u7d9a\u304dDoubleLine Capital\u306e\u30b8\u30a7\u30d5\u30ea\u30fc\u30fb\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u306eCNBC\u306b\u3088\u308b\u30a4\u30f3\u30bf\u30d3\u30e5\u30fc\u3067\u3042\u308b\u3002\u4eca\u56de\u306f\u5229\u4e0a\u3052\u3068\u91d1\u5229\u6c34\u6e96\u306b\u3064\u3044\u3066\u8a9e\u3063\u305f\u90e8\u5206\u3092\u53d6\u308a\u4e0a\u3052\u305f\u3044\u3002<\/p>\n\n\n\n<!--more-->\n\n\n\n<p><strong>\u30a2\u30e1\u30ea\u30ab\u306e\u4e2d\u7acb\u91d1\u5229<\/strong><\/p>\n\n\n\n<p>\u524d\u56de\u306e\u8a18\u4e8b\u3067\u3082\u305d\u3046\u3060\u3063\u305f\u304c\u3001\u4eca\u56de\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u306f\u30d1\u30a6\u30a8\u30eb\u8b70\u9577\u306e\u3053\u3068\u3092\u8912\u3081\u3066\u3044\u308b\u3002\u5f7c\u306f\u6b21\u306e\u3088\u3046\u306b\u8a00\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>\u4f1a\u898b\u3067\u306f\u30d1\u30a6\u30a8\u30eb\u6c0f\u306f\u3044\u304f\u3064\u304b\u306e\u4e8b\u9805\u306b\u3064\u3044\u3066\u304b\u306a\u308a\u6b63\u78ba\u306a\u8a8d\u8b58\u3092\u793a\u3057\u305f\u3002\u305d\u308c\u3092\u8912\u3081\u305f\u3044\u3068\u601d\u3046\u3002<\/p><p>\u7b2c\u4e00\u306b\u3001\u5f7c\u306f\u57fa\u672c\u7684\u306b2.5%\u304c\u4e2d\u7acb\u91d1\u5229\u3060\u3068\u8a8d\u8b58\u3057\u3066\u3044\u308b\u3068\u8a00\u3063\u305f\u3002<\/p><\/blockquote>\n\n\n\n<p>\u3053\u308c\u306f\u306a\u304b\u306a\u304b\u9762\u767d\u3044\u767a\u8a00\u3060\u3002\u4f55\u6545\u306a\u3089\u3070\u3001\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u306f2.5%\u3092\u5b9f\u4f53\u7d4c\u6e08\u306b\u3068\u3063\u3066\u9ad8\u3059\u304e\u305a\u4f4e\u3059\u304e\u306a\u3044\u4e2d\u7acb\u91d1\u5229\u3060\u3068\u8003\u3048\u3066\u3044\u308b\u3068\u3044\u3046\u3053\u3068\u3060\u304b\u3089\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p><strong>2.5%\u306e\u91d1\u5229\u306f\u5341\u5206\u304b<\/strong><\/p>\n\n\n\n<p>\u6839\u62e0\u306f\u4f55\u3060\u308d\u3046\u304b\uff1f\u3000\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u306f\u6b21\u306e\u3088\u3046\u306b\u7d9a\u3051\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>Fed\u304c\u5229\u4e0a\u3052\u3092\u59cb\u3081\u308b\u524d\u3001\u308f\u305f\u3057\u306fFed\u306f2\u5e74\u7269\u56fd\u50b5\u306e\u91d1\u5229\u4e0a\u6607\u306b\u5f93\u3063\u3066\u5229\u4e0a\u3052\u3059\u3079\u304d\u3060\u3068\u8a00\u3063\u305f\u3002<\/p><\/blockquote>\n\n\n\n<p>\u53bb\u5e74\u3001\u30d1\u30a6\u30a8\u30eb\u6c0f\u304c\u307e\u3060\u300c\u30a4\u30f3\u30d5\u30ec\u306f\u4e00\u6642\u7684\u300d\u3068\u8a00\u3044\u5f35\u3063\u3066\u30bc\u30ed\u91d1\u5229\u3092\u7dad\u6301\u3057\u3066\u3044\u305f\u9803\u3001\u5e02\u5834\u3067\u306fFed\u304c\u3044\u305a\u308c\u5229\u4e0a\u3052\u3092\u3057\u306a\u3051\u308c\u3070\u306a\u3089\u306a\u304f\u306a\u308b\u3068\u306e\u4e88\u60f3\u304b\u30892\u5e74\u7269\u56fd\u50b5\u306e\u91d1\u5229\u304c\u5148\u306b\u4e0a\u6607\u3057\u3066\u3044\u305f\u3002<\/p>\n\n\n\n<p>\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u306f\u5e02\u5834\u306e\u65b9\u304c\u6b63\u3057\u3044\u3068\u3057\u3066\u3001Fed\u306f\u5229\u4e0a\u3052\u3067\u8ffd\u3044\u3064\u304f\u5fc5\u8981\u304c\u3042\u308b\u3068\u4e3b\u5f35\u3057\u3066\u304d\u305f\u3002\u305d\u306e\u5f8c\u30012\u5e74\u7269\u56fd\u50b5\u306e\u91d1\u5229\u3068\u653f\u7b56\u91d1\u5229\u3092\u4e26\u3079\u305f\u30c1\u30e3\u30fc\u30c8\u306f\u6b21\u306e\u3088\u3046\u306b\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\/07\/2022-7-31-us-2-year-treasury-bond-yield-and-federal-funds-rate-chart.png\"><img loading=\"lazy\" decoding=\"async\" width=\"448\" height=\"466\" src=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2022\/07\/2022-7-31-us-2-year-treasury-bond-yield-and-federal-funds-rate-chart.png\" alt=\"\" class=\"wp-image-26783\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2022\/07\/2022-7-31-us-2-year-treasury-bond-yield-and-federal-funds-rate-chart.png 448w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2022\/07\/2022-7-31-us-2-year-treasury-bond-yield-and-federal-funds-rate-chart-288x300.png 288w\" sizes=\"auto, (max-width: 448px) 100vw, 448px\" \/><\/a><\/figure>\n\n\n\n<p>\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u306f\u6b21\u306e\u3088\u3046\u306b\u8a00\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>\u3053\u306e6\u9031\u9593\u30672\u5e74\u7269\u56fd\u50b5\u306e\u91d1\u5229\u306f0.5%\u4e0b\u304c\u3063\u305f\u3002\u4e00\u65b9\u3067\u653f\u7b56\u91d1\u5229\u306f1.5%\u4e0a\u304c\u3063\u305f\u3002\u3060\u304b\u3089\u5dee\u306f2%\u7e2e\u307e\u3063\u305f\u3002Fed\u306f\u3082\u3046\u5e02\u5834\u306b\u9045\u308c\u3092\u53d6\u3063\u3066\u3044\u306a\u3044\u3002<\/p><p>\u3053\u308c\u306f\u6050\u3089\u304f\u5e02\u5834\u306e\u6025\u843d\u304c\u843d\u3061\u7740\u3044\u3066\u304d\u305f\u7406\u7531\u3060\u3002<\/p><\/blockquote>\n\n\n\n<p>\u6700\u8fd1\u53cd\u767a\u3057\u305f\u682a\u4fa1\u306b\u3064\u3044\u3066\u306f\u524d\u56de\u306e\u8a18\u4e8b\u304c\u53c2\u8003\u306b\u306a\u308b\u3060\u308d\u3046\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/26730\" data-type=\"post\" data-id=\"26730\">\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f: \u5229\u4e0a\u3052\u306e\u304a\u9670\u3067\u682a\u4fa1\u53cd\u767a\u306e\u4e0b\u5730\u304c\u6574\u3063\u305f<\/a><\/li><\/ul>\n\n\n\n<p><strong>\u3053\u3053\u304b\u3089\u306f\u6025\u6fc0\u306a\u5229\u4e0a\u3052\u306f\u306a\u3044<\/strong><\/p>\n\n\n\n<p>\u4f55\u6545\u682a\u4fa1\u304c\u843d\u3061\u7740\u3044\u305f\u304b\u3068\u8a00\u3048\u3070\u30012\u5e74\u7269\u56fd\u50b5\u306f\u3053\u3053\u304b\u3089\u6025\u6fc0\u306a\u5229\u4e0a\u3052\u304c\u306a\u3044\u3053\u3068\u3092\u793a\u3057\u3066\u3044\u308b\u304b\u3089\u3060\u3002<\/p>\n\n\n\n<p>\u305d\u3057\u3066\u3053\u308c\u307e\u3067\u7269\u4fa1\u9ad8\u9a30\u306e\u8105\u5a01\u3092\u8b66\u544a\u3057\u7d9a\u3051\u3066\u304d\u305f\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u304c\u3001\u305d\u308c\u306f\u826f\u3044\u3053\u3068\u3060\u3068\u8003\u3048\u3066\u3044\u308b\u3002\u5f7c\u306f\u6b21\u306e\u3088\u3046\u306b\u8a00\u3046\u3002<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\"><p>\u6b21\u306b\u666f\u6c17\u5f8c\u9000\u304c\u6765\u308b\u3068\u304d\u3001\u305d\u308c\u306f\u5927\u304d\u306a\u3082\u306e\u306b\u306a\u308b\u3060\u308d\u3046\u3002\u305d\u308c\u306fFed\u306b\u3068\u3063\u3066\u907f\u3051\u305f\u3044\u3082\u306e\u3060\u304c\u3001\u4f55\u6545\u907f\u3051\u305f\u3044\u304b\u3068\u8a00\u3048\u3070\u3001\u305d\u3046\u306a\u308c\u3070\u7d19\u5e63\u5370\u5237\u3092\u3082\u3046\u4e00\u5ea6\u884c\u308f\u306a\u3051\u308c\u3070\u306a\u3089\u306a\u304f\u306a\u308b\u304b\u3089\u3060\u3002Fed\u3082\u305d\u308c\u3092\u5206\u304b\u3063\u3066\u3044\u308b\u3068\u601d\u3046\u3002<\/p><p>\u3060\u304b\u3089\u76ae\u8089\u306a\u3053\u3068\u306b\u3001\u30a4\u30f3\u30d5\u30ec\u7387\u3092\u9577\u671f\u3067\u4f4e\u304f\u6291\u3048\u305f\u3051\u308c\u3070\u3001\u91d1\u878d\u5f15\u304d\u7de0\u3081\u3092\u3084\u308a\u904e\u304e\u3066\u6df1\u3044\u666f\u6c17\u5f8c\u9000\u3092\u62db\u304f\u3053\u3068\u3092\u907f\u3051\u306a\u3051\u308c\u3070\u306a\u3089\u306a\u3044\u3002<\/p><\/blockquote>\n\n\n\n<p>\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u306f\u3001\u660e\u3089\u304b\u306b\u666f\u6c17\u5f8c\u9000\u5f8c\u306b\u7d19\u5e63\u5370\u5237\u306b\u9006\u623b\u308a\u3059\u308b\u3053\u3068\u306b\u3088\u308b\u30a4\u30f3\u30d5\u30ec\u7b2c2\u6ce2\u3092\u6c17\u306b\u3057\u3066\u3044\u308b\u3002\u305d\u308c\u306f\u7b46\u8005\u304c\u53bb\u5e74\u304b\u3089\u4e3b\u5f35\u3057\u7d9a\u3051\u3001\u7d4c\u6e08\u5b66\u8005\u306e\u30e9\u30ea\u30fc\u30fb\u30b5\u30de\u30fc\u30ba\u6c0f\u304c\u305d\u306e\u5f8c\u306b\u540c\u8abf\u3057\u305f\u30b7\u30ca\u30ea\u30aa\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/24285\" data-type=\"post\" data-id=\"24285\">\u30b5\u30de\u30fc\u30ba\u6c0f: \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\u308c\u306f1970\u5e74\u4ee3\u306b\u5b9f\u969b\u306b\u8d77\u304d\u305f\u3053\u3068\u3067\u3042\u308b\u3002\u5f53\u6642\u306e\u30a4\u30f3\u30d5\u30ec\u7387\u306e\u30c1\u30e3\u30fc\u30c8\u3092\u518d\u63b2\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\/2022\/01\/1970s-us-cpi-growth-chart.png\"><img loading=\"lazy\" decoding=\"async\" width=\"489\" height=\"468\" src=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2022\/01\/1970s-us-cpi-growth-chart.png\" alt=\"\" class=\"wp-image-18864\" 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