{"id":28780,"date":"2022-09-30T20:04:00","date_gmt":"2022-09-30T11:04:00","guid":{"rendered":"https:\/\/www.globalmacroresearch.org\/jp\/?p=28780"},"modified":"2022-09-30T08:02:55","modified_gmt":"2022-09-29T23:02:55","slug":"%e3%83%89%e3%83%a9%e3%83%83%e3%82%b1%e3%83%b3%e3%83%9f%e3%83%a9%e3%83%bc%e6%b0%8f-%e3%82%a4%e3%83%b3%e3%83%95%e3%83%ac%e3%82%92%e5%bc%95%e3%81%8d%e8%b5%b7%e3%81%93%e3%81%97%e3%81%9f%e6%94%bf%e5%ba%9c","status":"publish","type":"post","link":"https:\/\/www.globalmacroresearch.org\/jp\/archives\/28780","title":{"rendered":"\u30c9\u30e9\u30c3\u30b1\u30f3\u30df\u30e9\u30fc\u6c0f: \u30a4\u30f3\u30d5\u30ec\u3092\u5f15\u304d\u8d77\u3053\u3057\u305f\u653f\u5e9c\u306e\u9593\u9055\u3044\u306f\u9577\u671f\u306b\u308f\u305f\u3063\u3066\u8ca7\u56f0\u5c64\u3092\u82e6\u3057\u3081\u308b"},"content":{"rendered":"\n<p>\u30b8\u30e7\u30fc\u30b8\u30fb\u30bd\u30ed\u30b9\u6c0f\u306e\u30af\u30a9\u30f3\u30bf\u30e0\u30fb\u30d5\u30a1\u30f3\u30c9\u3092\u7387\u3044\u305f\u3053\u3068\u3067\u6709\u540d\u306a\u30b9\u30bf\u30f3\u30ec\u30fc\u30fb\u30c9\u30e9\u30c3\u30b1\u30f3\u30df\u30e9\u30fc\u6c0f\u304cCNBC\u306eDelivering Alpha Investor Summit\u3067\u3001\u30b3\u30ed\u30ca\u5f8c\u306b\u30a4\u30f3\u30d5\u30ec\u3092\u5f15\u304d\u8d77\u3053\u3057\u305f\u653f\u5e9c\u3068\u4e2d\u592e\u9280\u884c\u306e\u7d4c\u6e08\u653f\u7b56\u306b\u3064\u3044\u3066\u8a9e\u3063\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<!--more-->\n\n\n\n<p><strong>\u300c\u30a4\u30f3\u30d5\u30ec\u306f\u4e00\u6642\u7684\u300d<\/strong><\/p>\n\n\n\n<p>2021\u5e74\u3001\u30a2\u30e1\u30ea\u30ab\u306e\u30a4\u30f3\u30d5\u30ec\u7387\u306f\u65e2\u306b\u4e2d\u592e\u9280\u884c\u306e\u76ee\u6a19\u5024\u3067\u3042\u308b2%\u3092\u5927\u304d\u304f\u8d85\u3048\u3066\u63a8\u79fb\u3057\u3066\u3044\u305f\u306b\u3082\u304b\u304b\u308f\u3089\u305a\u3001Fed\uff08\u9023\u90a6\u6e96\u5099\u5236\u5ea6\uff09\u306e\u30d1\u30a6\u30a8\u30eb\u8b70\u9577\u3084\u30d0\u30a4\u30c7\u30f3\u653f\u6a29\u306f\u3001\u4f55\u306e\u6839\u62e0\u3082\u306a\u304f\u305d\u306e\u30a4\u30f3\u30d5\u30ec\u3092\u4e00\u6642\u7684\u306a\u3082\u306e\u3067\u3042\u308b\u3068\u4e3b\u5f35\u3057\u3001\u5927\u898f\u6a21\u306a\u91d1\u878d\u7de9\u548c\u3068\u8ca1\u653f\u7de9\u548c\u3092\u7d99\u7d9a\u3057\u3066\u304d\u305f\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\u4e00\u6642\u7684\u300d\u3068\u3044\u3046\u99ac\u9e7f\u3052\u305f\u7406\u8ad6\u306b\u3088\u3063\u3066\u30015\u5146\u30c9\u30eb\u306e\u8ca1\u653f\u523a\u6fc0\u30685\u5146\u30c9\u30eb\u306e\u91cf\u7684\u7de9\u548c\u304c\u884c\u308f\u308c\u305f\u3002<\/p><\/blockquote>\n\n\n\n<p>\u3060\u304c\u5b9f\u969b\u306b\u306f\u30a4\u30f3\u30d5\u30ec\u306e\u82bd\u306f2021\u5e74\u3088\u308a\u3082\u524d\u306b\u65e2\u306b\u5b58\u5728\u3057\u3066\u3044\u305f\u3002\u305d\u3057\u3066\u4e2d\u592e\u9280\u884c\u306e\u7121\u8cac\u4efb\u3082\u305d\u308c\u3088\u308a\u3082\u4ee5\u524d\u306b\u65e2\u306b\u5b58\u5728\u3057\u3066\u3044\u305f\u3002<\/p>\n\n\n\n<p>\u30c9\u30e9\u30c3\u30b1\u30f3\u30df\u30e9\u30fc\u6c0f\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>2020\u5e74\u79cb\u306e\u91d1\u878d\u653f\u7b56\u3092\u899a\u3048\u3066\u3044\u308b\u3060\u308d\u3046\u304b\uff1f\u3000Fed\u306f\u3082\u306f\u3084\u7d4c\u6e08\u3092\u4e88\u60f3\u3059\u308b\u306e\u3092\u6b62\u3081\u305f\u3002<\/p><\/blockquote>\n\n\n\n<p>\u6b63\u78ba\u306b\u306f2020\u5e748\u6708\u672b\u3060\u304c\u3001\u30d1\u30a6\u30a8\u30eb\u8b70\u9577\u306f\u4e2d\u592e\u9280\u884c\u306e\u30b9\u30bf\u30f3\u30b9\u3092\u5909\u66f4\u3057\u30012%\u306e\u7269\u4fa1\u76ee\u6a19\u3092\u4fee\u6b63\u3001\u30b3\u30ed\u30ca\u6d41\u884c\u306b\u3088\u308b\u30ed\u30c3\u30af\u30c0\u30a6\u30f3\u3067\u30a4\u30f3\u30d5\u30ec\u7387\u306f\u30c7\u30d5\u30ec\u5074\u306b\u52d5\u3044\u305f\u306e\u3060\u304b\u3089\u3001\u30a4\u30f3\u30d5\u30ec\u7387\u304c\u300c\u4e00\u6642\u7684\u300d\u306b2%\u3092\u8d85\u3048\u3066\u63a8\u79fb\u3059\u308b\u3068\u3057\u3066\u3082\u5e73\u5747\u30672%\u306b\u306a\u308c\u3070\u826f\u3044\u3068\u4e3b\u5f35\u3057\u305f\u3002\u30a4\u30f3\u30d5\u30ec\u7387\u304c\u4e0a\u3076\u308c\u3059\u308b\u3053\u3068\u3092\u5b9f\u8cea\u7684\u306b\u4e2d\u592e\u9280\u884c\u306e\u76ee\u6a19\u3068\u3057\u305f\u306e\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u3057\u304b\u3057\u300c\u4e00\u6642\u7684\u306a\u4e0a\u3076\u308c\u300d\u3068\u306f\u3069\u306e\u304f\u3089\u3044\u306e\u671f\u9593\u3092\u610f\u5473\u3057\u3066\u3044\u308b\u306e\u304b\uff1f\u3000\u30d1\u30a6\u30a8\u30eb\u6c0f\u306f\u300c\u4e00\u6642\u7684\u3068\u306f\u9577\u671f\u9593\u3067\u306f\u306a\u3044\u300d\u306a\u3069\u306e\u7985\u554f\u7b54\u3092\u7e70\u308a\u8fd4\u3057\u306f\u3050\u3089\u304b\u3057\u305f\u3002\u8981\u3059\u308b\u306b\u5f7c\u306b\u306f\u81ea\u5206\u306e\u653f\u7b56\u306e\u7d50\u679c\u30a4\u30f3\u30d5\u30ec\u7387\u304c\u3069\u3046\u306a\u308b\u304b\u5206\u304b\u3089\u306a\u304b\u3063\u305f\u306e\u3067\u3042\u308b\u3002\u306b\u3082\u304b\u304b\u308f\u3089\u305a\u7d19\u5e63\u5370\u5237\u7d99\u7d9a\u3092\u8868\u660e\u3057\u3066\u30a4\u30f3\u30d5\u30ec\u7387\u4e0a\u6607\u3092\u652f\u63f4\u3057\u305f\u3002<\/p>\n\n\n\n<p>\u305d\u306e\u5f8c\u30d1\u30a6\u30a8\u30eb\u6c0f\u304c\u76ee\u6307\u3057\u305f\u300c\u4e00\u6642\u7684\u306a\u30a4\u30f3\u30d5\u30ec\u7387\u306e\u4e0a\u3076\u308c\u300d\u306f\u3069\u3046\u306a\u3063\u305f\u304b\uff1f\u3000\u30a2\u30e1\u30ea\u30ab\u306e\u30a4\u30f3\u30d5\u30ec\u7387\u306e\u30c1\u30e3\u30fc\u30c8\u3092\u898b\u308c\u3070\u3059\u3050\u306b\u5206\u304b\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\/09\/2022-aug-us-cpi-growth-chart.png\"><img loading=\"lazy\" decoding=\"async\" width=\"473\" height=\"466\" src=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2022\/09\/2022-aug-us-cpi-growth-chart.png\" alt=\"\" class=\"wp-image-28792\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2022\/09\/2022-aug-us-cpi-growth-chart.png 473w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2022\/09\/2022-aug-us-cpi-growth-chart-300x296.png 300w\" sizes=\"auto, (max-width: 473px) 100vw, 473px\" \/><\/a><\/figure>\n\n\n\n<p>\u30c9\u30e9\u30c3\u30b1\u30f3\u30df\u30e9\u30fc\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>Fed\u306f\u3059\u3079\u3066\u306f\u30c7\u30fc\u30bf\u6b21\u7b2c\u3060\u3068\u8a00\u3044\u3001\u30a4\u30f3\u30d5\u30ec\u304c\u767d\u76ee\u3092\u3080\u3044\u3066\u5012\u308c\u308b\u306e\u3092\u5f85\u3064\u3068\u8a00\u3063\u305f\u3002\u305d\u308c\u3067\u3069\u3046\u306a\u3063\u305f\u304b\uff1f\u3000\u5f7c\u3089\u304c\u767d\u76ee\u3092\u3080\u3044\u3066\u5012\u308c\u305f\u3002<\/p><\/blockquote>\n\n\n\n<p>\u30a4\u30f3\u30d5\u30ec\u304c\u30a6\u30af\u30e9\u30a4\u30ca\u60c5\u52e2\u306e\u305b\u3044\u3060\u3068\u3044\u3046\u653f\u5e9c\u3068\u5927\u624b\u30e1\u30c7\u30a3\u30a2\u306e\u5b8c\u5168\u306b\u9593\u9055\u3063\u305f\u51fa\u9c48\u76ee\u3092\u3044\u307e\u3060\u306b\u4fe1\u3058\u3066\u3044\u308b\u4eba\u3005\u306b\u8a00\u3063\u3066\u304a\u304f\u304c\u30012020\u5e748\u6708\u306e\u6642\u70b9\u3067\u30d1\u30a6\u30a8\u30eb\u8b70\u9577\u306f\u7269\u4fa1\u9ad8\u9a30\u306e\u53ef\u80fd\u6027\u3092\u8a8d\u8b58\u3057\u3066\u304a\u308a\u3001\u3057\u304b\u30822%\u306e\u30a4\u30f3\u30d5\u30ec\u76ee\u6a19\u306e\u610f\u5473\u3092\u5909\u66f4\u3057\u3066\u5b9f\u8cea\u7684\u306b\u30a4\u30f3\u30d5\u30ec\u306e\u4e0a\u3076\u308c\u3092\u76ee\u6307\u3057\u305f\u91d1\u878d\u7de9\u548c\u3092\u884c\u306a\u3063\u305f\u3002\u5f7c\u3089\u304c\u30a4\u30f3\u30d5\u30ec\u306e\u539f\u56e0\u306a\u306e\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p><strong>\u30a4\u30f3\u30d5\u30ec\u4e3b\u7fa9\u3068\u3044\u3046\u5984\u60f3<\/strong><\/p>\n\n\n\n<p>\u3060\u304c\u305d\u3082\u305d\u3082\u30a4\u30f3\u30d5\u30ec\u30bf\u30fc\u30b2\u30c3\u30c8\u3068\u306f\u4f55\u3060\u3063\u305f\u306e\u304b\uff1f\u3000\u4f55\u6545\u653f\u5e9c\u306f\u30a4\u30f3\u30d5\u30ec\u3092\u76ee\u6307\u3057\u3066\u3044\u305f\u306e\u304b\uff1f\u3000\u3044\u305a\u308c\u306b\u305b\u3088\u4e16\u754c\u4e2d\u306e\u653f\u5e9c\u304c\u30a4\u30f3\u30d5\u30ec\u76ee\u6a19\u3092\u53e3\u5b9f\u306b\u3070\u3089\u6492\u304d\u3092\u884c\u306a\u3044\u3001\u305d\u3057\u3066\u5b9f\u969b\u306b\u30a4\u30f3\u30d5\u30ec\u304c\u8d77\u3053\u3063\u305f\u3002<\/p>\n\n\n\n<p>\u304a\u304b\u3057\u306a\u3053\u3068\u3060\u304c\u305d\u308c\u3067\u4eba\u3005\u306f\u6587\u53e5\u3092\u8a00\u3063\u3066\u3044\u308b\u3002\u3053\u3053\u306b\u81f3\u3063\u3066\u4eba\u3005\u306f\u3088\u3046\u3084\u304f\u3001\u30a4\u30f3\u30d5\u30ec\u3068\u306f\u7269\u4fa1\u4e0a\u6607\u306e\u3053\u3068\u3060\u3068\u6c17\u4ed8\u3044\u305f\u3089\u3057\u3044\u3002\u5f7c\u3089\u306f\u8f9e\u66f8\u3092\u6301\u3063\u3066\u3044\u306a\u304b\u3063\u305f\u306e\u3060\u308d\u3046\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>\u3060\u304c\u305d\u3082\u305d\u3082\u653f\u5e9c\u3068\u4e2d\u592e\u9280\u884c\u306f\u4f55\u3092\u76ee\u6307\u3057\u3066\u3044\u305f\u306e\u304b\uff1f\u3000\u30c9\u30e9\u30c3\u30b1\u30f3\u30df\u30e9\u30fc\u6c0f\u306f\u305d\u3053\u306b\u7591\u554f\u3092\u5448\u3059\u308b\u3002\u30a2\u30e1\u30ea\u30ab\u3067\u306f\u30a4\u30f3\u30d5\u30ec\u7387\u304c1%\u53f0\u306e\u6642\u4ee3\u306b\u3001\u305d\u308c\u30922%\u306b\u3059\u308b\u305f\u3081\u306b\u83ab\u5927\u306a\u91d1\u984d\u306e\u7d19\u5e63\u5370\u5237\u3092\u884c\u306a\u3063\u3066\u304d\u305f\u3002\u305d\u308c\u306b\u3064\u3044\u3066\u30c9\u30e9\u30c3\u30b1\u30f3\u30df\u30e9\u30fc\u6c0f\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>Fed\u304c\u30a4\u30f3\u30d5\u30ec\u7387\u30921.7%\u304b\u30892%\u307e\u30670.3%\u4e0a\u3052\u308b\u305f\u3081\u306b\u884c\u306a\u3063\u305f\u7121\u8b00\u306a\u30ae\u30e3\u30f3\u30d6\u30eb\u306f\u3001\u30ea\u30b9\u30af\u30ea\u30ef\u30fc\u30c9\u6bd4\u3092\u8003\u3048\u308b\u3068\u30011\u30c9\u30eb\u5f97\u308b\u305f\u3081\u306e\u30ae\u30e3\u30f3\u30d6\u30eb\u306b40\u30c9\u30eb\u8ced\u3051\u305f\u3088\u3046\u306a\u3082\u306e\u3060\u3002<\/p><p>\u305d\u3057\u3066\u5f7c\u3089\u306f\u8ca0\u3051\u305f\u3002\u3060\u304c\u305d\u306e\u30ae\u30e3\u30f3\u30d6\u30eb\u3067\u672c\u5f53\u306b\u8ca0\u3051\u305f\u306e\u306f\u8ab0\u304b\uff1f\u3000\u30a4\u30f3\u30d5\u30ec\u3067\u82e6\u3057\u3080\u30a2\u30e1\u30ea\u30ab\u306e\u8ca7\u56f0\u5c64\u3084\u4e2d\u6d41\u968e\u7d1a\u3060\u3002<\/p><p>\u305d\u3057\u3066\u305d\u306e\u7d4c\u6e08\u306b\u5bfe\u3059\u308b\u53cd\u52d5\u306f\u672c\u5f53\u306b\u9577\u671f\u306b\u308f\u305f\u3063\u3066\u7d9a\u304f\u3053\u3068\u306b\u306a\u308b\u3002<\/p><\/blockquote>\n\n\n\n<p>\u30a4\u30f3\u30d5\u30ec\u3068\u306f\u7269\u4fa1\u4e0a\u6607\u306e\u3053\u3068\u3060\u3068\u3044\u3046\u3001\u8f9e\u66f8\u3092\u5f15\u3051\u3070\u8ab0\u3067\u3082\u5206\u304b\u308b\u3088\u3046\u306a\u3053\u3068\u3055\u3048\u7406\u89e3\u305b\u305a\u306b\u30a4\u30f3\u30d5\u30ec\u653f\u7b56\u3092\u652f\u6301\u3057\u3066\u304d\u305f\u99ac\u9e7f\u305f\u3061\u306f\u81ea\u696d\u81ea\u5f97\u3060\u304c\u3001\u53ef\u54c0\u60f3\u306a\u306e\u306f\u30a4\u30f3\u30d5\u30ec\u653f\u7b56\u3092\u652f\u6301\u3057\u306a\u304b\u3063\u305f\u306b\u3082\u304b\u304b\u308f\u3089\u305a\u99ac\u9e7f\u305f\u3061\u306e\u304a\u9670\u3067\u30a4\u30f3\u30d5\u30ec\u3092\u98df\u3089\u3063\u305f\u4eba\u3005\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u7b46\u8005\u306e\u3088\u3046\u306a\u6295\u8cc7\u5bb6\u306f\u3069\u306e\u3088\u3046\u306a\u72b6\u6cc1\u3067\u3082\u91d1\u878d\u5e02\u5834\u3092\u5229\u7528\u3057\u3066\u5229\u76ca\u3092\u7a3c\u3050\u3053\u3068\u304c\u51fa\u6765\u308b\u304c\u3001\u5f7c\u3089\u306b\u3068\u3063\u3066\u30a4\u30f3\u30d5\u30ec\u306f\u3069\u3046\u3057\u3088\u3046\u3082\u306a\u3044\u3002\u591a\u304f\u306e\u4eba\u304c\u4ed6\u4eba\u306e\u653f\u6cbb\u7684\u5984\u60f3\u306e\u304a\u304b\u3052\u3067\u56f0\u7aae\u3057\u3066\u3086\u304f\u3002<\/p>\n\n\n\n<p><strong>\u7d4c\u6e08\u306f\u666f\u6c17\u5f8c\u9000\u3078<\/strong><\/p>\n\n\n\n<p>\u3044\u304f\u3089\u7d19\u5e63\u3092\u3070\u3089\u6492\u3044\u3066\u3082\u30a4\u30f3\u30d5\u30ec\u306b\u306a\u3089\u306a\u3044\u3053\u3068\u3060\u3051\u304c\u3001\u3064\u307e\u308a\u306f\u30c7\u30d5\u30ec\u3060\u3051\u304c\u983c\u308a\u3060\u3063\u305f\u306e\u306b\u3001\u305d\u306e\u30c7\u30d5\u30ec\u306f\u3082\u306f\u3084\u5b58\u5728\u3057\u306a\u3044\u3002\u305d\u3057\u3066\u4e2d\u592e\u9280\u884c\u306f\u30a4\u30f3\u30d5\u30ec\u306b\u3088\u3063\u3066\u5f37\u529b\u306a\u91d1\u878d\u5f15\u304d\u7de0\u3081\u3092\u4f59\u5100\u306a\u304f\u3055\u308c\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<p>\u30c9\u30e9\u30c3\u30b1\u30f3\u30df\u30e9\u30fc\u6c0f\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>\u3053\u308c\u307e\u3067\u4e0a\u3052\u76f8\u5834\u3092\u5f15\u304d\u8d77\u3053\u3057\u3066\u3044\u305f\u3059\u3079\u3066\u306e\u8ffd\u3044\u98a8\u306f\u3001\u7121\u304f\u306a\u3063\u305f\u3060\u3051\u3067\u306f\u306a\u304f\u9006\u8ee2\u3057\u3066\u3044\u308b\u3002<\/p><\/blockquote>\n\n\n\n<p>\u30a4\u30f3\u30d5\u30ec\u4e3b\u7fa9\u8005\u306e\u983c\u307f\u306e\u7db1\u304c\u30c7\u30d5\u30ec\u3060\u3063\u305f\u3068\u3044\u3046\u306e\u306f\u3001\u3042\u307e\u308a\u306b\u3082\u76ae\u8089\u306a\u8a71\u3067\u306f\u306a\u3044\u304b\u3002\u3060\u304c\u91d1\u878d\u7de9\u548c\u3092\u983c\u308a\u306b\u4f55\u5341\u5e74\u3082\u4e0a\u6607\u3057\u3066\u304d\u305f\u7c73\u56fd\u682a\u306f\u3082\u3046\u7d42\u308f\u308a\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/24577\" data-type=\"post\" data-id=\"24577\">\u4e16\u754c\u6700\u5927\u306e\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9: 40\u5e74\u7d9a\u3044\u305f\u7c73\u56fd\u682a\u5f37\u6c17\u76f8\u5834\u304c\u5d29\u58ca\u3059\u308b<\/a><\/li><\/ul>\n\n\n\n<p>\u5b9f\u4f53\u7d4c\u6e08\u306f\u3069\u3046\u306a\u308b\u3060\u308d\u3046\u304b\u3002\u30c9\u30e9\u30c3\u30b1\u30f3\u30df\u30e9\u30fc\u6c0f\u306f\u6b21\u306e\u3088\u3046\u306b\u4e88\u60f3\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>2023\u5e74\u306b\u666f\u6c17\u5f8c\u9000\u306b\u9665\u3089\u306a\u3044\u3068\u3059\u308c\u3070\u9a5a\u6115\u3060\u3002\u30bf\u30a4\u30df\u30f3\u30b0\u306f\u5206\u304b\u3089\u306a\u3044\u304c\u30012023\u5e74\u306e\u672b\u307e\u3067\u306b\u306f\u9593\u9055\u3044\u306a\u304f\u305d\u3046\u306a\u308b\u3002<\/p><p>\u3053\u308c\u307e\u3067\u306e\u8cc7\u7523\u4fa1\u683c\u304c\u30d0\u30d6\u30eb\u306b\u306a\u3063\u3066\u3044\u308b\u72b6\u614b\u3067\u83ab\u5927\u306a\u91cf\u7684\u7de9\u548c\u304b\u3089\u91cf\u7684\u5f15\u304d\u7de0\u3081\u306b\u79fb\u884c\u3059\u308b\u3068\u3044\u3046\u3001\u3053\u306e\u72b6\u6cc1\u3092\u5f15\u304d\u8d77\u3053\u3057\u305f\u8cc7\u91d1\u306e\u5927\u304d\u306a\u6d41\u308c\u3092\u8003\u3048\u308b\u3068\u3001\u7d4c\u6e08\u304c\u672c\u5f53\u306b\u6df1\u523b\u306a\u72b6\u614b\u306b\u306a\u308b\u53ef\u80fd\u6027\u3082\u6392\u9664\u3067\u304d\u306a\u3044\u3002<\/p><p>\u308f\u305f\u3057\u306b\u3068\u3063\u3066\u306e\u30e1\u30a4\u30f3\u30b7\u30ca\u30ea\u30aa\u306f2023\u5e74\u306e\u672b\u307e\u3067\u306b\u7d4c\u6e08\u306f\u30cf\u30fc\u30c9\u30e9\u30f3\u30c7\u30a3\u30f3\u30b0\u3092\u8fce\u3048\u308b\u3068\u3044\u3046\u3082\u306e\u3060\u3002<\/p><\/blockquote>\n\n\n\n<p>\u30c9\u30e9\u30c3\u30b1\u30f3\u30df\u30e9\u30fc\u6c0f\u306f\u682a\u4fa1\u306b\u3064\u3044\u3066\u3082\u9670\u9b31\u306a\u4e88\u60f3\u3092\u7acb\u3066\u3066\u3044\u308b\u3002\u305d\u308c\u306b\u3064\u3044\u3066\u306f\u4ee5\u4e0b\u306e\u8a18\u4e8b\u3092\u53c2\u8003\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\/28426\" data-type=\"post\" data-id=\"28426\">\u30c9\u30e9\u30c3\u30b1\u30f3\u30df\u30e9\u30fc\u6c0f: \u682a\u5f0f\u5e02\u5834\u306f40\u5e74\u524d\u306e\u7269\u4fa1\u9ad8\u9a30\u6642\u4ee3\u3088\u308a\u9177\u3044\u60e8\u72b6\u306b<\/a><\/li><\/ul>\n\n\n\n<p>\u307e\u3042\u653f\u5e9c\u306e\u8a00\u3046\u3053\u3068\u3092\u76f2\u76ee\u7684\u306b\u4fe1\u3058\u3066\u7d19\u5e63\u5370\u5237\u3092\u652f\u6301\u3057\u305f\u99ac\u9e7f\u305f\u3061\u306f\u3001\u540c\u3058\u3088\u3046\u306b\u91d1\u878d\u5e81\u3092\u76f2\u76ee\u7684\u306b\u4fe1\u3058\u3066\u3064\u307f\u305f\u3066NISA\u3067\u7c73\u56fd\u682a\u3092\u8cb7\u3044\u8fbc\u3093\u3067\u3044\u308b\u3060\u308d\u3046\u304b\u3089\u3001\u5f7c\u3089\u306b\u306f\u5f7c\u3089\u306b\u76f8\u5fdc\u3057\u3044\u56e0\u679c\u5fdc\u5831\u304c\u5f85\u3063\u3066\u3044\u308b\u3068\u3044\u3046\u3053\u3068\u306b\u306a\u308b\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/24460\" data-type=\"post\" data-id=\"24460\">2022\u5e74\u30a4\u30f3\u30d5\u30ec\u682a\u4fa1\u66b4\u843d\u306f\u500b\u4eba\u6295\u8cc7\u5bb6\u304c\u5168\u54e1\u9000\u5834\u3059\u308b\u307e\u3067\u7d9a\u304f<\/a><\/li><\/ul>\n\n\n\n<p>\u91d1\u878d\u5e02\u5834\u3068\u306f\u672c\u5f53\u306b\u7d20\u6674\u3089\u3057\u3044\u5834\u6240\u3067\u3042\u308b\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u30b8\u30e7\u30fc\u30b8\u30fb\u30bd\u30ed\u30b9\u6c0f\u306e\u30af\u30a9\u30f3\u30bf\u30e0\u30fb\u30d5\u30a1\u30f3\u30c9\u3092\u7387\u3044\u305f\u3053\u3068\u3067\u6709\u540d\u306a\u30b9\u30bf\u30f3\u30ec\u30fc\u30fb\u30c9\u30e9\u30c3\u30b1\u30f3\u30df\u30e9\u30fc\u6c0f\u304cCNBC\u306eDelivering Alpha Investor Summit\u3067\u3001\u30b3\u30ed\u30ca\u5f8c\u306b\u30a4\u30f3\u30d5\u30ec\u3092\u5f15\u304d\u8d77\u3053\u3057\u305f\u653f\u5e9c\u3068\u4e2d\u592e\u9280\u884c\u306e\u7d4c &hellip; <a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/28780\" class=\"more-link\">\u7d9a\u304d\u3092\u8aad\u3080 <span class=\"screen-reader-text\">\u30c9\u30e9\u30c3\u30b1\u30f3\u30df\u30e9\u30fc\u6c0f: \u30a4\u30f3\u30d5\u30ec\u3092\u5f15\u304d\u8d77\u3053\u3057\u305f\u653f\u5e9c\u306e\u9593\u9055\u3044\u306f\u9577\u671f\u306b\u308f\u305f\u3063\u3066\u8ca7\u56f0\u5c64\u3092\u82e6\u3057\u3081\u308b<\/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":[118,108],"tags":[130,167],"class_list":["post-28780","post","type-post","status-publish","format-standard","hentry","category-us-bond-market","category-bond-markets","tag-stanley-druckenmiller","tag-inflation"],"_links":{"self":[{"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/28780","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=28780"}],"version-history":[{"count":78,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/28780\/revisions"}],"predecessor-version":[{"id":28859,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/28780\/revisions\/28859"}],"wp:attachment":[{"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/media?parent=28780"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/categories?post=28780"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/tags?post=28780"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}