{"id":32243,"date":"2022-12-26T20:01:00","date_gmt":"2022-12-26T11:01:00","guid":{"rendered":"https:\/\/www.globalmacroresearch.org\/jp\/?p=32243"},"modified":"2022-12-26T14:32:45","modified_gmt":"2022-12-26T05:32:45","slug":"%e3%83%9e%e3%82%a4%e3%83%8a%e3%83%bc%e3%83%89%e6%b0%8f%e3%80%81%e5%9b%bd%e5%82%b5%e3%81%a8%e6%8a%95%e8%b3%87%e9%81%a9%e6%a0%bc%e5%82%b5%e3%81%a8%e3%82%b8%e3%83%a3%e3%83%b3%e3%82%af%e5%82%b5%e3%81%ae","status":"publish","type":"post","link":"https:\/\/www.globalmacroresearch.org\/jp\/archives\/32243","title":{"rendered":"\u30de\u30a4\u30ca\u30fc\u30c9\u6c0f\u3001\u56fd\u50b5\u3068\u6295\u8cc7\u9069\u683c\u50b5\u3068\u30b8\u30e3\u30f3\u30af\u50b5\u306e\u9055\u3044\u3092\u8a9e\u308b"},"content":{"rendered":"\n<p>\u5f15\u304d\u7d9a\u304d\u300121\u65e5\u306b\u4ea1\u304f\u306a\u3063\u305fGuggenheim Partners\u306e\u30b9\u30b3\u30c3\u30c8\u30fb\u30de\u30a4\u30ca\u30fc\u30c9\u6c0f\u306e\u81ea\u793e\u30dd\u30c3\u30c9\u30ad\u30e3\u30b9\u30c8\u306b\u304a\u3051\u308b\u6700\u5f8c\u306e\u30a4\u30f3\u30bf\u30d3\u30e5\u30fc\u3067\u3042\u308b\u3002\u4eca\u56de\u306f2023\u5e74\u306e\u50b5\u5238\u6295\u8cc7\u306b\u3064\u3044\u3066\u8a9e\u3063\u305f\u90e8\u5206\u3092\u7d39\u4ecb\u3057\u305f\u3044\u3002<\/p>\n\n\n\n<!--more-->\n\n\n\n<p><strong>\u69d8\u3005\u306a\u50b5\u5238<\/strong><\/p>\n\n\n\n<p>\u30a2\u30e1\u30ea\u30ab\u306e\u30a4\u30f3\u30d5\u30ec\u7387\u304c\u6025\u4f4e\u4e0b\u3059\u308b\u4e2d\u3001Fed\uff08\u9023\u90a6\u6e96\u5099\u5236\u5ea6\uff09\u306f\u5229\u4e0a\u3052\u3092\u5f37\u884c\u3059\u308b\u59ff\u52e2\u3092\u5d29\u3057\u3066\u3044\u306a\u3044\u304c\u3001\u30de\u30a4\u30ca\u30fc\u30c9\u6c0f\u306f2023\u5e74\u306e\u5229\u4e0b\u3052\u3092\u4e88\u60f3\u3057\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/32205\" data-type=\"post\" data-id=\"32205\">\u30de\u30a4\u30ca\u30fc\u30c9\u6c0f: \u30a2\u30e1\u30ea\u30ab\u306f\u3042\u3068\u534a\u5e74\u3067\u5229\u4e0b\u3052\u3092\u4f59\u5100\u306a\u304f\u3055\u308c\u308b<\/a><\/li>\n<\/ul>\n\n\n\n<p>\u91d1\u5229\u4f4e\u4e0b\u306f\u50b5\u5238\u4fa1\u683c\u4e0a\u6607\u3092\u610f\u5473\u3059\u308b\u306e\u3067\u3001\u3053\u308c\u306f\u50b5\u5238\u306b\u3068\u3063\u3066\u306f\u30d7\u30e9\u30b9\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u3060\u304c\u50b5\u5238\u3068\u8a00\u3063\u3066\u3082\u8272\u3005\u3042\u308b\u3002\u7406\u8ad6\u4e0a\u7121\u30ea\u30b9\u30af\u3068\u8003\u3048\u3089\u308c\u3066\u3044\u308b\u56fd\u50b5\uff08\u653f\u5e9c\u304c\u767a\u884c\uff09\u3060\u3051\u3067\u3082\u77ed\u671f\u306e\u3082\u306e\u304b\u308930\u5e74\u7269\u307e\u3067\u3042\u308a\u3001\u56fd\u50b5\u306e\u4ed6\u306b\u306f\u793e\u50b5\uff08\u4f01\u696d\u304c\u767a\u884c\uff09\u304c\u3042\u308b\u304c\u3001\u793e\u50b5\u306b\u3082\u6bd4\u8f03\u7684\u5b89\u5168\u306a\u3082\u306e\uff08\u6295\u8cc7\u9069\u683c\u50b5\uff09\u304b\u3089\u3001\u5012\u7523\u306e\u30ea\u30b9\u30af\u3092\u8003\u3048\u306a\u3051\u308c\u3070\u306a\u3089\u306a\u3044\u3082\u306e\uff08\u30b8\u30e3\u30f3\u30af\u50b5\uff09\u307e\u3067\u69d8\u3005\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u30de\u30a4\u30ca\u30fc\u30c9\u6c0f\u306f\u4eca\u56de\u3001\u7c73\u56fd\u5e02\u5834\u306b\u5b58\u5728\u3059\u308b\u3053\u306e\u69d8\u3005\u306a\u50b5\u5238\u3092\u6bd4\u8f03\u3057\u3066\u305d\u308c\u305e\u308c\u306e2023\u5e74\u306e\u76f8\u5834\u52d5\u5411\u3092\u4e88\u60f3\u3057\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<p><strong>\u30af\u30ec\u30b8\u30c3\u30c8\u30fb\u30b9\u30d7\u30ec\u30c3\u30c9<\/strong><\/p>\n\n\n\n<p>\u50b5\u5238\u3092\u6bd4\u8f03\u3059\u308b\u4e0a\u3067\u8003\u3048\u306a\u3051\u308c\u3070\u306a\u3089\u306a\u3044\u306e\u304c\u30af\u30ec\u30b8\u30c3\u30c8\u30fb\u30b9\u30d7\u30ec\u30c3\u30c9\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u30b9\u30d7\u30ec\u30c3\u30c9\u3068\u306f\u91d1\u5229\u5dee\u306e\u3053\u3068\u3067\u3001\u91d1\u5229\u306f\u307e\u305a\u4e00\u756a\u5b89\u5168\u306a\u56fd\u50b5\u304c\u3082\u3063\u3068\u3082\u4f4e\u3044\u304c\u3001\u653f\u5e9c\u3088\u308a\u3082\u4fe1\u7528\u5ea6\u306e\u4f4e\u3044\u4e00\u822c\u4f01\u696d\u306e\u767a\u884c\u3059\u308b\u793e\u50b5\u306f\u56fd\u50b5\u3088\u308a\u30ea\u30b9\u30af\u304c\u9ad8\u3044\u306e\u3067\u3001\u56fd\u50b5\u4ee5\u4e0a\u306e\u91d1\u5229\u3092\u4e57\u305b\u306a\u3051\u308c\u3070\u58f2\u308c\u306a\u3044\u3002<\/p>\n\n\n\n<p>\u3053\u306e\u91d1\u5229\u306e\u5dee\u306e\u3053\u3068\u3092\u30b9\u30d7\u30ec\u30c3\u30c9\u3068\u8a00\u3046\u306e\u3060\u304c\u3001\u793e\u50b5\u306b\u3082\u8272\u3005\u3042\u308a\u3001\u6bd4\u8f03\u7684\u5b89\u5168\u306a\u6295\u8cc7\u9069\u683c\u50b5\u306e\u91d1\u5229\u306f\u5012\u7523\u30ea\u30b9\u30af\u306e\u3042\u308b\u30b8\u30e3\u30f3\u30af\u50b5\u306e\u91d1\u5229\u3088\u308a\u3082\u4f4e\u3044\u3002<\/p>\n\n\n\n<p>\u305d\u308c\u305e\u308c\u306e\u50b5\u5238\u304c2023\u5e74\u306b\u3069\u3046\u306a\u308b\u304b\u3060\u304c\u3001\u30de\u30a4\u30ca\u30fc\u30c9\u6c0f\u306f\u6b21\u306e\u3088\u3046\u306b\u8a9e\u3063\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u666f\u6c17\u5f8c\u9000\u306b\u306a\u308b\u306a\u3089\u3001\u30b9\u30d7\u30ec\u30c3\u30c9\u306f\u958b\u304f\u3060\u308d\u3046\u3002<\/p>\n<\/blockquote>\n\n\n\n<p>\u30b9\u30d7\u30ec\u30c3\u30c9\u304c\u958b\u304f\u3068\u306f\u3001\u91d1\u5229\u5dee\u304c\u62e1\u5927\u3059\u308b\u3068\u3044\u3046\u3053\u3068\u3067\u3042\u308b\u3002\u4f8b\u3048\u3070\u56fd\u50b5\u306e\u91d1\u5229\u304c4%\u3001\u793e\u50b5\u306e\u91d1\u5229\u304c6%\u3060\u3063\u305f\u6642\u306b\u3001\u793e\u50b5\u306e\u91d1\u5229\u304c8%\u306b\u306a\u308b\u3002\u3042\u308b\u3044\u306f\u56fd\u50b5\u306e\u91d1\u5229\u304c1%\u3001\u793e\u50b5\u306e\u91d1\u5229\u304c4%\u306b\u306a\u3063\u3066\u3082\u30b9\u30d7\u30ec\u30c3\u30c9\u306f3%\u306b\u958b\u3044\u305f\u3053\u3068\u306b\u306a\u308b\u3002<\/p>\n\n\n\n<p>\u91d1\u5229\u306e\u4e0a\u6607\u306f\u50b5\u5238\u4fa1\u683c\u306e\u4e0b\u843d\u3092\u610f\u5473\u3059\u308b\u306e\u3067\u3001\u30b9\u30d7\u30ec\u30c3\u30c9\u306e\u62e1\u5927\u306f\u56fd\u50b5\u306e\u4fa1\u683c\u3092\u57fa\u6e96\u306b\u3059\u308c\u3070\u793e\u50b5\u306e\u4fa1\u683c\u304c\u4e0b\u843d\u3059\u308b\u3068\u3044\u3046\u3053\u3068\u3067\u3042\u308b\u3002\u4e21\u65b9\u306e\u4fa1\u683c\u304c\u4e0a\u6607\u3059\u308b\u306b\u3057\u3066\u3082\u3001\u4e0a\u6607\u5e45\u306f\u56fd\u50b5\u306e\u307b\u3046\u304c\u5927\u304d\u304f\u306a\u308b\u3002<\/p>\n\n\n\n<p>\u3060\u304c\u30de\u30a4\u30ca\u30fc\u30c9\u6c0f\u306f\u6b21\u306e\u3088\u3046\u306b\u3082\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\">\n<p>\u6295\u8cc7\u9069\u683c\u50b5\u306e\u30b9\u30d7\u30ec\u30c3\u30c9\u62e1\u5927\u306f\u6050\u3089\u304f\u56fd\u50b5\u306e\u91d1\u5229\u304c\u4e0b\u304c\u308b\u3053\u3068\u306b\u3088\u3063\u3066\u6253\u3061\u6d88\u3055\u308c\u308b\u3060\u308d\u3046\u3002<\/p>\n<\/blockquote>\n\n\n\n<p>\u793e\u50b5\u306e\u91d1\u5229\u306f\u6b21\u306e\u3088\u3046\u306b\u8a08\u7b97\u3067\u304d\u308b\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u793e\u50b5\u91d1\u5229 = \u56fd\u50b5\u91d1\u5229 + \u30b9\u30d7\u30ec\u30c3\u30c9<\/li>\n<\/ul>\n\n\n\n<p>\u3060\u304b\u3089\u30b9\u30d7\u30ec\u30c3\u30c9\u304c\u958b\u3044\u3066\u3082\u3001\u56fd\u50b5\u306e\u91d1\u5229\u304c\u4e0b\u304c\u308c\u3070\u305d\u308c\u306f\u5e33\u6d88\u3057\u306b\u306a\u308b\u3002\u91d1\u5229\u304c\u4e0a\u304c\u3089\u306a\u3044\u3068\u3044\u3046\u3053\u3068\u306f\u3001\u4fa1\u683c\u304c\u4e0b\u304c\u3089\u306a\u3044\u3068\u3044\u3046\u3053\u3068\u3067\u3042\u308b\u3002\u30de\u30a4\u30ca\u30fc\u30c9\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\">\n<p>\u3060\u304b\u3089\u50b5\u5238\u306e\u4fa1\u683c\u306e\u5909\u5316\u3067\u306f\u306a\u304f\u91d1\u5229\u3060\u3051\u3092\u53d6\u308a\u305f\u3044\u4eba\u3005\u306b\u3068\u3063\u3066\u3082\u3001\u6295\u8cc7\u9069\u683c\u50b5\u306f\u305d\u308c\u307b\u3069\u5927\u304d\u306a\u8a55\u4fa1\u640d\u3092\u8a08\u4e0a\u3057\u306a\u3044\u3060\u308d\u3046\u3002<\/p>\n\n\n\n<p>\u7c73\u56fd\u50b5\u306e\u3088\u3046\u306b\u30c8\u30fc\u30bf\u30eb\u30ea\u30bf\u30fc\u30f3\uff08\u8a33\u6ce8\uff1a\u5229\u606f\u3068\u8a55\u4fa1\u76ca\u306e\u4e21\u65b9\uff09\u306f\u72d9\u3048\u306a\u3044\u3060\u308d\u3046\u304c\u3001\u30b9\u30d7\u30ec\u30c3\u30c9\u304c\u6b63\u5e38\u5316\u3059\u308b\u6642\u306b\u306f\u7d50\u5c40\u3059\u3079\u3066\u8fd4\u3063\u3066\u304f\u308b\u3002<\/p>\n\n\n\n<p>\u6295\u8cc7\u9069\u683c\u50b5\u306f\u6050\u3089\u304f\u826f\u3044\u6295\u8cc7\u5bfe\u8c61\u306b\u306a\u308b\u3060\u308d\u3046\u3002\u30b9\u30d7\u30ec\u30c3\u30c9\u62e1\u5927\u30ea\u30b9\u30af\u306f\u91d1\u5229\u4f4e\u4e0b\u3067\u6253\u3061\u6d88\u3055\u308c\u308b\u306e\u3067\u3001\u4e0b\u843d\u30ea\u30b9\u30af\u3082\u975e\u5e38\u306b\u9650\u3089\u308c\u3066\u3044\u308b\u3002<\/p>\n<\/blockquote>\n\n\n\n<p>\u305d\u3057\u3066\u4fdd\u6709\u671f\u9593\u306e\u3042\u3044\u3060\u56fd\u50b5\u3088\u308a\u9ad8\u3044\u91d1\u5229\u3092\u5f97\u3089\u308c\u308b\u3068\u3044\u3046\u3053\u3068\u3067\u3042\u308b\u3002\u7e8f\u3081\u308b\u3068\u3001\u4fa1\u683c\u306e\u4e0a\u6607\u3060\u3051\u3092\u72d9\u3046\u306e\u3067\u3042\u308c\u3070\u56fd\u50b5\u3060\u308d\u3046\u304c\u3001\u9577\u671f\u7684\u306b\u306f\u91d1\u5229\u306e\u5927\u304d\u3044\u6295\u8cc7\u9069\u683c\u50b5\u3082\u60aa\u304f\u306a\u3044\u3068\u3044\u3063\u305f\u3068\u3053\u308d\u3060\u308d\u3046\u304b\u3002<\/p>\n\n\n\n<p><strong>\u30b8\u30e3\u30f3\u30af\u50b5<\/strong><\/p>\n\n\n\n<p>\u3067\u306f\u793e\u50b5\u306a\u3089\u3070\u4f55\u3067\u3082\u826f\u3044\u306e\u3060\u308d\u3046\u304b\uff1f\u3000\u30de\u30a4\u30ca\u30fc\u30c9\u6c0f\u306f\u6b21\u306e\u3088\u3046\u306b\u8ff0\u3079\u308b\u3002<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u9ad8\u5229\u56de\u308a\u50b5\u306b\u95a2\u3057\u3066\u306f\u5225\u306e\u8a71\u3060\u3002<\/p>\n<\/blockquote>\n\n\n\n<p>\u9ad8\u5229\u56de\u308a\u50b5\u3001\u3044\u308f\u3086\u308b\u30b8\u30e3\u30f3\u30af\u50b5\u3068\u306f\u3001\u5012\u7523\u304c\u5341\u5206\u306b\u6709\u308a\u5f97\u308b\u4ee3\u308f\u308a\u306b\u5229\u56de\u308a\u304c\u4ed6\u306e\u793e\u50b5\u3088\u308a\u3082\u9ad8\u3044\u50b5\u5238\u306e\u3053\u3068\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u91d1\u5229\u4e0a\u6607\u306b\u3088\u308b\u666f\u6c17\u5f8c\u9000\u3067\u4e00\u756a\u306e\u72a0\u7272\u306b\u306a\u308b\u306e\u306f\u30be\u30f3\u30d3\u4f01\u696d\u3067\u3042\u308b\u3002\u5f7c\u3089\u306f\u653f\u5e9c\u306b\u3088\u308b\u4eba\u5de5\u7684\u306a\u30bc\u30ed\u91d1\u5229\u3092\u524d\u63d0\u306b\u81ea\u8ee2\u8eca\u64cd\u696d\u3092\u7d9a\u3051\u3066\u304d\u305f\u3001\u672c\u6765\u306a\u3089\u3070\u53ce\u76ca\u3092\u751f\u307e\u305a\u306b\u3068\u3063\u304f\u306b\u9000\u5834\u3057\u3066\u3044\u308b\u4f01\u696d\u305f\u3061\u306a\u306e\u3067\u3001\u5f7c\u3089\u304c\u9000\u5834\u3059\u308b\u306e\u306f\u826f\u3044\u3053\u3068\u3060\u304c\u3001\u9ad8\u5229\u56de\u308a\u50b5\u306b\u306f\u305d\u3046\u3044\u3046\u4f01\u696d\u304c\u542b\u307e\u308c\u308b\u3002<\/p>\n\n\n\n<p>\u30de\u30a4\u30ca\u30fc\u30c9\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\">\n<p>\u9ad8\u5229\u56de\u308a\u50b5\u306e\u30b9\u30d7\u30ec\u30c3\u30c9\u306f\u62e1\u5927\u306e\u4f59\u5730\u304c\u975e\u5e38\u306b\u5927\u304d\u3044\u3088\u3046\u306b\u898b\u3048\u308b\u3002\u62e1\u5927\u5e45\u306f\u56fd\u50b5\u91d1\u5229\u306e\u4e0b\u843d\u3088\u308a\u3082\u5927\u304d\u304f\u306a\u308b\u3002\u3060\u304b\u3089\u308f\u308c\u308f\u308c\u306f\u9ad8\u5229\u56de\u308a\u50b5\u3092\u30a2\u30f3\u30c0\u30fc\u30a6\u30a7\u30a4\u30c8\u3057\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<p>\u666f\u6c17\u5f8c\u9000\u3067\u6295\u8cc7\u9069\u683c\u50b5\u306e\u30b9\u30d7\u30ec\u30c3\u30c9\u306f0.5%\u304b\u30890.75%\u307b\u3069\u62e1\u5927\u3059\u308b\u3060\u308d\u3046\u304c\u3001\u9ad8\u5229\u56de\u308a\u50b5\u306e\u30b9\u30d7\u30ec\u30c3\u30c9\u306f\u6050\u3089\u304f4%\u307b\u3069\u62e1\u5927\u3059\u308b\u3068\u4e88\u60f3\u3057\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<p>\u3060\u304b\u3089\u9ad8\u5229\u56de\u308a\u50b5\u306e\u30ea\u30b9\u30af\u30fb\u30ea\u30ef\u30fc\u30c9\u306f\u6295\u8cc7\u5bb6\u306b\u3068\u3063\u3066\u660e\u3089\u304b\u306b\u597d\u307e\u3057\u304f\u306a\u3044\u3002<\/p>\n<\/blockquote>\n\n\n\n<p>\u73fe\u5728\u3001\u56fd\u50b5\u306e\u91d1\u5229\u306f\u307b\u307c4%\u3060\u304c\u3001\u7c73\u56fd\u50b5\u304c\u3059\u3079\u3066\u306e\u671f\u9593\u3067\u30bc\u30ed\u91d1\u5229\u306b\u306a\u3063\u305f\u3053\u3068\u306f\u306a\u3044\u306e\u3067\u3001\u30b9\u30d7\u30ec\u30c3\u30c9\u304c4%\u62e1\u5927\u3059\u308c\u3070\u3001\u305d\u308c\u306f\u78ba\u5b9f\u306b\u56fd\u50b5\u91d1\u5229\u306e\u4f4e\u4e0b\u5206\u3092\u4e0a\u56de\u308b\u3060\u308d\u3046\u3002<\/p>\n\n\n\n<p><strong>\u7d50\u8ad6<\/strong><\/p>\n\n\n\n<p>\u3068\u3044\u3046\u3053\u3068\u3067\u3001\u77ed\u671f\u7684\u306a\u5024\u4e0a\u304c\u308a\u3092\u91cd\u8996\u3059\u308b\u306a\u3089\u56fd\u50b5\u3001\u5024\u4e0a\u304c\u308a\u3092\u6368\u3066\u3066\u3082\u826f\u3044\u306a\u3089\u3070\u6295\u8cc7\u9069\u683c\u50b5\u3001\u305d\u3057\u3066\u30b8\u30e3\u30f3\u30af\u50b5\u306f\u907f\u3051\u308b\u3079\u3057\u3068\u3044\u3046\u3053\u3068\u3089\u3057\u3044\u3002<\/p>\n\n\n\n<p>\u7b46\u8005\u306f\u56fd\u50b5\u3092\u8cb7\u3063\u3066\u3044\u308b\u304c\u3001\u56fd\u50b5\u306b\u3082\u8272\u3005\u3042\u308b\u3068\u3044\u3046\u3053\u3068\u3092\u8a00\u3063\u3066\u304a\u304d\u305f\u3044\u3002\u56fd\u50b5\u306e\u91d1\u5229\u306f\u73fe\u5728\u4ee5\u4e0b\u306e\u3088\u3046\u306b\u306a\u3063\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>2\u5e74\u7269\u56fd\u50b5:<\/strong> 4.31%<\/li>\n\n\n\n<li><strong>5\u5e74\u7269\u56fd\u50b5:<\/strong> 3.86%<\/li>\n\n\n\n<li><strong>10\u5e74\u7269\u56fd\u50b5:<\/strong> 3.75%<\/li>\n\n\n\n<li><strong>30\u5e74\u7269\u56fd\u50b5:<\/strong> 3.82%<\/li>\n<\/ul>\n\n\n\n<p>\u901a\u5e38\u3001\u501f\u91d1\u306f\u9577\u304f\u8cb8\u3059\u65b9\u304c\u30ea\u30b9\u30af\u304c\u9ad8\u3044\u306e\u3067\u3001\u671f\u9593\u304c\u9577\u3044\u307b\u3046\u304c\u91d1\u5229\u304c\u9ad8\u304f\u306a\u308b\u50be\u5411\u304c\u3042\u308b\u304c\u3001\u73fe\u5728\u3067\u306f\u9577\u77ed\u306e\u91d1\u5229\u5dee\u304c\u9006\u8ee2\u3057\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<p>\u3053\u306e\u9577\u77ed\u91d1\u5229\u5dee\u306e\u9006\u8ee2\u306f\u30012022\u5e74\u306b\u304a\u3044\u3066\u7b46\u8005\u306b\u5927\u304d\u306a\u5229\u76ca\u3092\u3082\u305f\u3089\u3057\u3066\u304f\u308c\u305f\u4e88\u60f3\u306e1\u3064\u3067\u3042\u308b\u3002\u7b46\u8005\u306f\u3053\u306e\u72b6\u6cc1\u30922021\u5e749\u6708\u306b\u4e88\u60f3\u3057\u3066\u3044\u305f\u3002\u5f53\u6642\u306e\u8a18\u4e8b\u306b\u306f\u6b21\u306e\u3088\u3046\u306b\u66f8\u3044\u3066\u3042\u308b\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/15210\" data-type=\"post\" data-id=\"15210\">\u9577\u671f\u91d1\u5229\u3068\u30c6\u30fc\u30d1\u30ea\u30f3\u30b0\u306e\u95a2\u4fc2\u3001\u4eca\u5f8c\u306e\u63a8\u79fb\u4e88\u60f3 (2021\/9\/5)<\/a><\/li>\n<\/ul>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u30c6\u30fc\u30d1\u30ea\u30f3\u30b0\u304c\u5f37\u884c\u3055\u308c\u3001\u5229\u4e0a\u3052\u304c\u884c\u308f\u308c\u308b\u5834\u5408\u3001\u30a2\u30e1\u30ea\u30ab\u7d4c\u6e08\u306f\u9ad8\u3044\u78ba\u7387\u3067\u305d\u308c\u306b\u8010\u3048\u3089\u308c\u306a\u3044\u3002\u77ed\u671f\u91d1\u5229\u304c\u5229\u4e0a\u3052\u306b\u9023\u52d5\u3057\u3066\u4e0a\u304c\u308b\u4e00\u65b9\u3067\u3001\u9577\u671f\u91d1\u5229\u306f\u305d\u308c\u307b\u3069\u4e0a\u304c\u3089\u306a\u3044\u304b\u3001\u3080\u3057\u308d\u4e0b\u304c\u3063\u3066\u3086\u304f\u3060\u308d\u3046\u3002<\/p>\n\n\n\n<p>\u6050\u3089\u304f1980\u5e74\u3068\u540c\u69d8\u306e\u9577\u77ed\u91d1\u5229\u5dee\u9006\u8ee2\u304c\u8d77\u304d\u308b\u3068\u7b46\u8005\u306f\u63a8\u6e2c\u3057\u3066\u3044\u308b\u3002<\/p>\n<\/blockquote>\n\n\n\n<p>\u305d\u308c\u3067\u77ed\u671f\u91d1\u5229\u304c\u9577\u671f\u91d1\u5229\u3088\u308a\u3082\u9ad8\u304f\u306a\u3063\u305f\u304c\u3001\u4eca\u5f8c\u306e\u30a2\u30e1\u30ea\u30ab\u7d4c\u6e08\u306e\u898b\u901a\u3057\u306f\u30de\u30a4\u30ca\u30fc\u30c9\u6c0f\u304c\u6b21\u306e\u3088\u3046\u306b\u8ff0\u3079\u3066\u3044\u305f\u901a\u308a\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/32205\" data-type=\"post\" data-id=\"32205\">\u30de\u30a4\u30ca\u30fc\u30c9\u6c0f: \u30a2\u30e1\u30ea\u30ab\u306f\u3042\u3068\u534a\u5e74\u3067\u5229\u4e0b\u3052\u3092\u4f59\u5100\u306a\u304f\u3055\u308c\u308b<\/a><\/li>\n<\/ul>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>2023\u5e74\u5f8c\u534a\u306b\u304b\u3051\u3066\u306e\u4f55\u51e6\u304b\u306e\u30bf\u30a4\u30df\u30f3\u30b0\u3067\u3001Fed\u306f\u30a4\u30f3\u30d5\u30ec\u304c\u81ea\u5206\u306e\u4e88\u60f3\u3088\u308a\u3082\u65e9\u304f\u6e1b\u901f\u3057\u3066\u3044\u308b\u3053\u3068\u306b\u6c17\u4ed8\u304f\u3053\u3068\u306b\u306a\u308b\u3002\u305d\u3057\u3066\u5229\u4e0b\u3052\u306b\u50be\u3044\u3066\u3086\u304f\u3002<\/p>\n<\/blockquote>\n\n\n\n<p>\u305d\u3046\u306a\u308c\u3070\u4eca\u5ea6\u306f\u77ed\u671f\u91d1\u5229\u306e\u4e0b\u843d\u901f\u5ea6\u304c\u9577\u671f\u91d1\u5229\u306e\u4e0b\u843d\u901f\u5ea6\u3092\u4e0a\u56de\u308b\u3002\u30de\u30a4\u30ca\u30fc\u30c9\u6c0f\u304c\u91d1\u5229\u306e\u4f4e\u4e0b\u901f\u5ea6\u306b\u3064\u3044\u3066\u793e\u50b5\u3088\u308a\u56fd\u50b5\u3068\u8a00\u3046\u306a\u3089\u3070\u3001\u7b46\u8005\u306f\u9577\u671f\u50b5\u3088\u308a\u77ed\u671f\u50b5\u3068\u8a00\u3063\u3066\u304a\u3053\u3046\u3002\u52ff\u8ad6\u3001\u77ed\u671f\u50b5\u306e\u4fa1\u683c\u5909\u52d5\u306f\u5c0f\u3055\u3044\u306e\u3067\u30ec\u30d0\u30ec\u30c3\u30b8\u3092\u639b\u3051\u308b\u5fc5\u8981\u304c\u3042\u308b\u306e\u3060\u304c\u3002<\/p>\n\n\n\n<p>\u3068\u3044\u3046\u3053\u3068\u3067\u3001\u4eca\u56de\u306f\u30de\u30a4\u30ca\u30fc\u30c9\u6c0f\u306e\u30af\u30ec\u30b8\u30c3\u30c8\u30fb\u30b9\u30d7\u30ec\u30c3\u30c9\u306e\u8a71\u306b\u3001\u7b46\u8005\u306e\u9577\u77ed\u91d1\u5229\u5dee\u306e\u8a71\u3092\u4ed8\u3051\u52a0\u3048\u3066\u307f\u305f\u3002\u50b5\u5238\u6295\u8cc7\u306e\u521d\u6b69\u306a\u306e\u3060\u304c\u3001\u65e5\u672c\u306b\u306f\u50b5\u5238\u306e\u5c02\u9580\u5bb6\u304c\u5c11\u306a\u3044\u306e\u3067\u3001\u3042\u307e\u308a\u4ed6\u306e\u30e1\u30c7\u30a3\u30a2\u3067\u898b\u306a\u3044\u8a71\u306b\u306a\u3063\u305f\u306e\u3067\u306f\u306a\u3044\u304b\u3002<\/p>\n\n\n\n<p>\u4e00\u65b9\u3067\u3001\u30c9\u30eb\u5186\u304c\u3069\u3046\u306a\u308b\u304b\u3068\u3044\u3046\u3053\u3068\u306f\u307e\u3063\u305f\u304f\u5225\u306e\u8a71\u306a\u306e\u3067\u3001\u30c9\u30eb\u5186\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\">\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/32025\" data-type=\"post\" data-id=\"32025\">\u65e5\u9280\u306e\u9577\u671f\u91d1\u5229\u306e\u5b9f\u8cea\u5229\u4e0a\u3052\u3092\u53d7\u3051\u3066\u30c9\u30eb\u5186\u306e\u7a7a\u58f2\u308a\u3092\u958b\u59cb<\/a><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>\u5f15\u304d\u7d9a\u304d\u300121\u65e5\u306b\u4ea1\u304f\u306a\u3063\u305fGuggenheim Partners\u306e\u30b9\u30b3\u30c3\u30c8\u30fb\u30de\u30a4\u30ca\u30fc\u30c9\u6c0f\u306e\u81ea\u793e\u30dd\u30c3\u30c9\u30ad\u30e3\u30b9\u30c8\u306b\u304a\u3051\u308b\u6700\u5f8c\u306e\u30a4\u30f3\u30bf\u30d3\u30e5\u30fc\u3067\u3042\u308b\u3002\u4eca\u56de\u306f2023\u5e74\u306e\u50b5\u5238\u6295\u8cc7\u306b\u3064\u3044\u3066\u8a9e\u3063\u305f\u90e8\u5206\u3092\u7d39\u4ecb\u3057\u305f\u3044\u3002<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[118,108],"tags":[168],"class_list":["post-32243","post","type-post","status-publish","format-standard","hentry","category-us-bond-market","category-bond-markets","tag-scott-minerd"],"_links":{"self":[{"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/32243","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=32243"}],"version-history":[{"count":40,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/32243\/revisions"}],"predecessor-version":[{"id":32283,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/32243\/revisions\/32283"}],"wp:attachment":[{"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/media?parent=32243"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/categories?post=32243"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/tags?post=32243"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}