{"id":35173,"date":"2023-03-30T20:01:00","date_gmt":"2023-03-30T11:01:00","guid":{"rendered":"https:\/\/www.globalmacroresearch.org\/jp\/?p=35173"},"modified":"2023-03-30T17:23:42","modified_gmt":"2023-03-30T08:23:42","slug":"%e3%82%ac%e3%83%b3%e3%83%89%e3%83%a9%e3%83%83%e3%82%af%e6%b0%8f-%e9%8a%80%e8%a1%8c%e5%8d%b1%e6%a9%9f%e3%81%af%e7%b5%82%e3%82%8f%e3%81%a3%e3%81%a6%e3%81%84%e3%81%aa%e3%81%84%e3%80%81%e9%a0%90%e9%87%91","status":"publish","type":"post","link":"https:\/\/www.globalmacroresearch.org\/jp\/archives\/35173","title":{"rendered":"\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f: \u9280\u884c\u5371\u6a5f\u306f\u7d42\u308f\u3063\u3066\u3044\u306a\u3044\u3001\u9810\u91d1\u306f\u66f4\u306b\u9003\u3052\u51fa\u3059"},"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\u3067\u30b7\u30ea\u30b3\u30f3\u30d0\u30ec\u30fc\u9280\u884c\u306e\u7834\u7dbb\u306b\u59cb\u307e\u308b\u4e16\u754c\u7684\u306a\u9280\u884c\u5371\u6a5f\u306b\u3064\u3044\u3066\u8a9e\u3063\u3066\u3044\u308b\u3002\u5f7c\u306b\u3088\u308c\u3070\u3001\u4ed6\u306e\u8ab0\u3082\u304c\u305d\u3046\u8a00\u3063\u3066\u3044\u308b\u304c\u3001\u307e\u3060\u4f55\u3082\u7d42\u308f\u3063\u3066\u3044\u306a\u3044\u3088\u3046\u3060\u3002<\/p>\n\n\n\n<!--more-->\n\n\n\n<p><strong>\u4e16\u754c\u7684\u306a\u9280\u884c\u5371\u6a5f<\/strong><\/p>\n\n\n\n<p>\u30a2\u30e1\u30ea\u30ab\u53f2\u4e0a2\u756a\u76ee\u306e\u898f\u6a21\u306e\u9280\u884c\u7834\u7dbb\u3068\u306a\u3063\u305f\u30b7\u30ea\u30b3\u30f3\u30d0\u30ec\u30fc\u9280\u884c\u306e\u7834\u7dbb\u306f\u3001Fed\uff08\u9023\u90a6\u6e96\u5099\u5236\u5ea6\uff09\u306e\u91d1\u878d\u5f15\u304d\u7de0\u3081\u3067\u82e6\u5883\u306b\u9665\u3063\u305f\u30b7\u30ea\u30b3\u30f3\u30d0\u30ec\u30fc\u306e\u30b9\u30bf\u30fc\u30c8\u30a2\u30c3\u30d7\u305f\u3061\u304c\u9810\u91d1\u3092\u5f15\u304d\u51fa\u3057\u305f\u3053\u3068\u304c\u767a\u7aef\u3067\u8d77\u3053\u3063\u305f\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/34498\" data-type=\"post\" data-id=\"34498\">\u30b7\u30ea\u30b3\u30f3\u30d0\u30ec\u30fc\u9280\u884c\u306e\u6c7a\u7b97\u66f8\u304b\u3089\u7834\u7dbb\u306e\u7406\u7531\u3092\u89e3\u8aac\u3059\u308b<\/a><\/li>\n<\/ul>\n\n\n\n<p>\u30a4\u30f3\u30d5\u30ec\u6291\u5236\u306e\u305f\u3081\u306e\u91d1\u878d\u5f15\u304d\u7de0\u3081\u3067\u5143\u3005\u81ea\u8ee2\u8eca\u64cd\u696d\u3060\u3063\u305f\u30cf\u30a4\u30c6\u30af\u4f01\u696d\u304c\u771f\u3063\u5148\u306b\u82e6\u5883\u306b\u9665\u3063\u3066\u3044\u305f\u306e\u306f\u3001\u91d1\u878d\u696d\u754c\u3067\u306f\u3088\u304f\u77e5\u3089\u308c\u3066\u3044\u305f\u3002\u53bb\u5e74\u306e\u59cb\u3081\u306b\u306f\u30b8\u30e7\u30fc\u30b8\u30fb\u30bd\u30ed\u30b9\u6c0f\u304c\u305d\u308c\u3092\u898b\u8d8a\u3057\u3066Nasdaq\u3092\u7a7a\u58f2\u308a\u3057\u3066\u3044\u305f\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/19860\" data-type=\"post\" data-id=\"19860\">\u30b8\u30e7\u30fc\u30b8\u30fb\u30bd\u30ed\u30b9\u6c0f\u3001\u682a\u4fa1\u6025\u843d\u524d\u306bNasdaq\u3092\u7a7a\u58f2\u308a\u6210\u529f (2022\/2\/13)<\/a><\/li>\n<\/ul>\n\n\n\n<p>\u3060\u304b\u3089\u30b7\u30ea\u30b3\u30f3\u30d0\u30ec\u30fc\u9280\u884c\u306e\u7834\u7dbb\u3067\u660e\u3089\u304b\u306b\u306a\u3063\u305f\u3053\u3068\u306f\u30cb\u30e5\u30fc\u30b9\u3067\u3082\u4f55\u3067\u3082\u306a\u3044\u3002\u91d1\u878d\u5f15\u304d\u7de0\u3081\u3068\u3044\u3046\u53bb\u5e74\u304b\u3089\u8ab0\u3082\u304c\u77e5\u3063\u3066\u3044\u308b\u4e8b\u5b9f\u306e\u7d50\u679c\u306e\u4e00\u7aef\u304c\u8868\u308c\u305f\u3060\u3051\u306b\u904e\u304e\u306a\u3044\u3002<\/p>\n\n\n\n<p><strong>\u53d6\u308a\u4ed8\u3051\u9a12\u304e\u306f\u59cb\u307e\u3063\u305f\u3070\u304b\u308a<\/strong><\/p>\n\n\n\n<p>\u3060\u304c\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u306f\u3080\u3057\u308d\u4eca\u5f8c\u306e\u3053\u3068\u306b\u3064\u3044\u3066\u8a9e\u3063\u3066\u3044\u308b\u3002\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u306b\u3088\u308c\u3070\u3001\u6b21\u306b\u9810\u91d1\u3092\u5f15\u304d\u51fa\u3057\u59cb\u3081\u308b\u306e\u306f\u30b9\u30bf\u30fc\u30c8\u30a2\u30c3\u30d7\u3067\u306f\u306a\u304f\u30a2\u30e1\u30ea\u30ab\u56fd\u6c11\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u5f7c\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\">\n<p>\u591a\u304f\u306e\u4eba\u304c6\u30f6\u6708\u7269\u306e\u7c73\u56fd\u50b5\u306b5%\u306e\u91d1\u5229\u304c\u4ed8\u3044\u3066\u3044\u308b\u3068\u3044\u3046\u4e8b\u5b9f\u306b\u6c17\u4ed8\u304b\u305a\u306b\u3001\u81ea\u5206\u306e\u9810\u91d1\u306b\u3064\u3044\u3066\u4f55\u3082\u8003\u3048\u305a\u306b\u5c45\u7720\u308a\u3057\u3066\u3044\u305f\u3002<\/p>\n<\/blockquote>\n\n\n\n<p>Fed\u306f\u5229\u4e0a\u3052\u3092\u884c\u306a\u3063\u305f\u3002\u305d\u308c\u306f\u5f53\u305f\u308a\u524d\u3060\u304c\u91d1\u5229\u304c\u4e0a\u304c\u3063\u305f\u3068\u3044\u3046\u610f\u5473\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u3060\u304c\u3001\u30a2\u30e1\u30ea\u30ab\u306b\u53e3\u5ea7\u3092\u6301\u3063\u3066\u3044\u308b\u4eba\u306a\u3089\u3070\u5206\u304b\u308b\u3053\u3068\u3060\u304c\u3001\u591a\u304f\u306e\u9280\u884c\u306f\u5b9a\u671f\u3067\u306f\u306a\u3044\u9810\u91d1\u306b\u5bfe\u3059\u308b\u91d1\u5229\u3092\u4e0a\u3052\u3066\u3044\u306a\u3044\u3002\u653f\u7b56\u91d1\u5229\u306f4.75%\u307e\u3067\u4e0a\u304c\u3063\u3066\u3044\u308b\u306e\u306b\u3001\u30a2\u30e1\u30ea\u30ab\u306e\u9280\u884c\u53e3\u5ea7\u306b\u304a\u91d1\u3092\u9810\u3051\u3066\u3044\u3066\u3082\u91d1\u5229\u304c\u4ed8\u304b\u306a\u3044\u306e\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u306e\u8a00\u3046\u3088\u3046\u306b6\u30f6\u6708\u3067\u306a\u304f\u3068\u3082\u3001\u666e\u901a\u306e\u9810\u91d1\u306b\u30824%\u7a0b\u5ea6\u306e\u91d1\u5229\u306f\u4ed8\u3044\u3066\u3082\u826f\u3044\u306f\u305a\u3060\u3002\u3060\u304c\u3001\u591a\u304f\u306e\u9280\u884c\u306f\u91d1\u5229\u3092\u4ed8\u3051\u306a\u304f\u3068\u3082\u9867\u5ba2\u306f\u96e2\u308c\u306a\u3044\u3060\u308d\u3046\u3068\u305f\u304b\u3092\u304f\u304f\u3063\u3066\u91d1\u5229\u3092\u4e0a\u3052\u3066\u3044\u306a\u304b\u3063\u305f\u3002<\/p>\n\n\n\n<p><strong>\u9280\u884c\u306e\u82e6\u5883\u306f\u7d9a\u304f<\/strong><\/p>\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\">\n<p>\u3060\u304c\u3053\u306e\u4e8b\u5b9f\u306f\u4eca\u3084\u65b0\u805e\u3084\u30c6\u30ec\u30d3\u756a\u7d44\u3067\u8ab0\u3082\u304c\u77e5\u3063\u3066\u3044\u308b\u3002\u3060\u304b\u3089GDP\u6bd4\u3067\u898b\u305f\u9810\u91d1\u306e\u898f\u6a21\u304c\u3053\u308c\u304b\u3089\u5927\u304d\u304f\u6e1b\u5c11\u3057\u3066\u3082\u307e\u3063\u305f\u304f\u9a5a\u304b\u306a\u3044\u3060\u308d\u3046\u3002<\/p>\n\n\n\n<p>\u4eba\u3005\u306f\u9280\u884c\u306b\u304a\u91d1\u3092\u9810\u3051\u308b\u3053\u3068\u30674%\u306e\u91d1\u5229\u3092\u6368\u3066\u3066\u3044\u308b\u3068\u3044\u3046\u3053\u3068\u306b\u3088\u3046\u3084\u304f\u6c17\u4ed8\u304d\u59cb\u3081\u3066\u3044\u308b\u3002\u3053\u308c\u306f\u9280\u884c\u306b\u3068\u3063\u3066\u8cc7\u91d1\u96e3\u306b\u7e4b\u304c\u308b\u3002<\/p>\n<\/blockquote>\n\n\n\n<p>\u4f8b\u3048\u3070\u9280\u884c\u53e3\u5ea7\u3067\u306f\u306a\u304f\u8a3c\u5238\u53e3\u5ea7\u306b\u304a\u91d1\u3092\u9810\u3051\u308c\u3070\u3001\u653f\u7b56\u91d1\u5229\u306b\u8fd1\u3044\u91d1\u5229\u304c\u4ed8\u304f\u3053\u3068\u306b\u306a\u308b\u3002<\/p>\n\n\n\n<p>\u3042\u308b\u3044\u306f\u4eee\u306b\u91d1\u5229\u304c\u4ed8\u304b\u306a\u3044\u8a3c\u5238\u53e3\u5ea7\u3060\u3063\u305f\u3068\u3057\u3066\u3082\u3001MMF\u306b\u9023\u52d5\u3059\u308bETF\u306b\u6295\u8cc7\u3059\u308b\u65b9\u6cd5\u3092\u4ee5\u4e0b\u306e\u8a18\u4e8b\u3067\u7d39\u4ecb\u3057\u3066\u304a\u3044\u305f\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/28935\" data-type=\"post\" data-id=\"28935\">\u30a4\u30f3\u30d5\u30ec\u76f8\u5834\u3067\u306e\u6700\u826f\u306e\u6295\u8cc7\u65b9\u6cd5\u306f\u682a\u306e\u7a7a\u58f2\u308a\u3092\u9664\u3051\u3070\u682a\u5f0f\u6295\u8cc7\u3067\u306f\u306a\u304f\u9810\u91d1<\/a><\/li>\n<\/ul>\n\n\n\n<p>\u3053\u3046\u3057\u305f\u8a18\u4e8b\u3067\u7d39\u4ecb\u3057\u3066\u3044\u305f\u6295\u8cc7\u6cd5\u306b\u3001\u30a2\u30e1\u30ea\u30ab\u56fd\u6c11\u3082\u3088\u3046\u3084\u304f\u6c17\u4ed8\u304d\u59cb\u3081\u308b\u3002\u305d\u3057\u3066\u9280\u884c\u304b\u3089\u304a\u91d1\u304c\u306a\u304f\u306a\u3063\u3066\u3086\u304f\u3002<\/p>\n\n\n\n<p>\u305d\u3057\u3066\u9280\u884c\u304b\u3089\u304a\u91d1\u304c\u306a\u304f\u306a\u308b\u3068\u3044\u3046\u3053\u3068\u306f\u3001\u9280\u884c\u304c\u304a\u91d1\u3092\u8cb8\u305b\u306a\u304f\u306a\u308b\u3068\u3044\u3046\u3053\u3068\u3067\u3042\u308b\u3002\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\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\">\n<p>\u5730\u65b9\u9280\u884c\u306f\u5c0f\u898f\u6a21\u4e8b\u696d\u8005\u3078\u306e\u878d\u8cc7\u306e\u4f9b\u7d66\u6e90\u3068\u306a\u3063\u3066\u3044\u308b\u3002\u305d\u3057\u3066\u660e\u3089\u304b\u306b\u305d\u308c\u306f\u6e1b\u5c11\u3057\u3066\u3086\u304f\u3060\u308d\u3046\u3002<\/p>\n<\/blockquote>\n\n\n\n<p>\u305d\u3057\u3066\u5c0f\u898f\u6a21\u4e8b\u696d\u8005\u306e\u9810\u91d1\u304c\u6e1b\u308a\u3001\u9280\u884c\u304c\u66f4\u306b\u82e6\u5883\u306b\u9665\u308b\u3002\u3053\u308c\u304c\u30ec\u30a4\u30fb\u30c0\u30ea\u30aa\u6c0f\u304c\u8a00\u3063\u3066\u3044\u305f\u3053\u3068\u306e\u610f\u5473\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/34648\" data-type=\"post\" data-id=\"34648\">\u4e16\u754c\u6700\u5927\u306e\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9: \u30b7\u30ea\u30b3\u30f3\u30d0\u30ec\u30fc\u9280\u884c\u7834\u7dbb\u306f\u30c9\u30df\u30ce\u5012\u3057\u306e\u3088\u3046\u306b\u4f1d\u67d3\u3059\u308b<\/a><\/li>\n<\/ul>\n\n\n\n<p><strong>\u9280\u884c\u5371\u6a5f\u306e\u539f\u56e0<\/strong><\/p>\n\n\n\n<p>\u4f55\u6545\u9280\u884c\u5371\u6a5f\u304c\u8d77\u3053\u3063\u3066\u3057\u307e\u3063\u305f\u306e\u304b\uff1f\u3000\u3069\u3046\u3059\u308c\u3070\u9632\u3052\u305f\u306e\u304b\uff1f\u3000\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u306f\u6b21\u306e\u3088\u3046\u306b\u8aac\u660e\u3059\u308b\u3002<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>Fed\u304c\u672c\u5f53\u306b\u9045\u3059\u304e\u305f\u3002<\/p>\n\n\n\n<p>Fed\u306f\u3082\u3063\u3068\u65e9\u304f\u5229\u4e0a\u3052\u3059\u3079\u304d\u3060\u3063\u305f\u3002\u305d\u3046\u3057\u306a\u304b\u3063\u305f\u306e\u3067\u30a4\u30f3\u30d5\u30ec\u304c\u6765\u3066\u3057\u307e\u3063\u305f\u3002<\/p>\n<\/blockquote>\n\n\n\n<p>\u30b7\u30ea\u30b3\u30f3\u30d0\u30ec\u30fc\u9280\u884c\u306f\u4fdd\u6709\u50b5\u5238\u3092\u3059\u3079\u3066\u58f2\u5374\u3057\u3066\u73fe\u91d1\u3092\u96c6\u3081\u3088\u3046\u3068\u3057\u305f\u304c\u3001\u4fdd\u6709\u50b5\u5238\u306e\u4fa1\u683c\u304c\u5927\u304d\u304f\u4e0b\u843d\u3057\u3066\u3044\u305f\u3053\u3068\u304c\u554f\u984c\u3068\u306a\u3063\u305f\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/34498\" data-type=\"post\" data-id=\"34498\">\u30b7\u30ea\u30b3\u30f3\u30d0\u30ec\u30fc\u9280\u884c\u306e\u6c7a\u7b97\u66f8\u304b\u3089\u7834\u7dbb\u306e\u7406\u7531\u3092\u89e3\u8aac\u3059\u308b<\/a><\/li>\n<\/ul>\n\n\n\n<p>\u3060\u304c\u50b5\u5238\u306b\u3068\u3063\u3066\u91d1\u5229\u4e0a\u6607\u306f\u4fa1\u683c\u4e0b\u843d\u3092\u610f\u5473\u3059\u308b\u306e\u3067\u3001\u76f4\u63a5\u7684\u306b\u306f\u5229\u4e0a\u3052\u304c\u50b5\u5238\u4fa1\u683c\u3092\u4e0b\u843d\u3055\u305b\u305f\u306e\u3067\u3042\u308b\u3002\u3057\u304b\u3057\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\">\n<p>Fed\u304c\u5229\u4e0a\u3052\u3057\u305f\u304b\u3089\u30b7\u30ea\u30b3\u30f3\u30d0\u30ec\u30fc\u9280\u884c\u306e\u4fdd\u6709\u3059\u308b\u9577\u671f\u56fd\u50b5\u306b\u640d\u5931\u304c\u751f\u3058\u305f\u308f\u3051\u3067\u306f\u306a\u3044\u3002\u5229\u4e0a\u3052\u3057\u306a\u304b\u3063\u305f\u304b\u3089\u305d\u3046\u306a\u3063\u305f\u306e\u3060\u3002<\/p>\n\n\n\n<p>\u3082\u3057\u3082\u3063\u3068\u65e9\u304f\u5229\u4e0a\u3052\u3057\u3066\u3044\u305f\u3089\u3001\u9577\u671f\u56fd\u50b5\u306e\u640d\u5931\u306f\u3082\u3063\u3068\u5c11\u306a\u304b\u3063\u305f\u3060\u308d\u3046\u3002\u9577\u671f\u50b5\u306f\u30a4\u30f3\u30d5\u30ec\u61f8\u5ff5\u3067\u4e0b\u843d\u3057\u305f\u3002Fed\u304c\u30a4\u30f3\u30d5\u30ec\u3068\u6226\u308f\u306a\u304b\u3063\u305f\u304b\u3089\u3060\u3002<\/p>\n<\/blockquote>\n\n\n\n<p>\u610f\u5473\u304c\u5206\u304b\u308b\u3060\u308d\u3046\u304b\u30022021\u5e74\u3001\u30a4\u30f3\u30d5\u30ec\u306f\u65e2\u306b\u554f\u984c\u3068\u306a\u3063\u3066\u3044\u305f\u3002\u305d\u3057\u3066\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u3084\u7b46\u8005\u306e\u3088\u3046\u306a\u91d1\u878d\u696d\u754c\u306e\u4eba\u9593\u306f\u3001\u300c\u30a4\u30f3\u30d5\u30ec\u306f\u4e00\u6642\u7684\u300d\u3067\u3042\u308b\u3068\u6839\u62e0\u306a\u304f\u4e3b\u5f35\u3057\u3066\u5229\u4e0a\u3052\u3092\u3057\u306a\u304b\u3063\u305f\u30d1\u30a6\u30a8\u30eb\u8b70\u9577\u3092\u6279\u5224\u3057\u305f\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/14522\" data-type=\"post\" data-id=\"14522\">\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f: \u30d1\u30a6\u30a8\u30eb\u8b70\u9577\u306f\u305f\u3060\u30a4\u30f3\u30d5\u30ec\u304c\u7d9a\u304b\u306a\u3044\u3088\u3046\u306b\u7948\u3063\u3066\u3044\u308b\u3060\u3051 (2021\/7\/18)<\/a><\/li>\n<\/ul>\n\n\n\n<p>\u57fa\u672c\u7684\u306b\u653f\u5e9c\u95a2\u4fc2\u8005\u306e\u767a\u8a00\u306b\u306f\u6839\u62e0\u304c\u306a\u3044\u3002<\/p>\n\n\n\n<p>\u4f8b\u3048\u3070\u30a4\u30f3\u30d5\u30ec\u304c2022\u5e742\u6708\u306e\u30ed\u30b7\u30a2\u306b\u3088\u308b\u30a6\u30af\u30e9\u30a4\u30ca\u4fb5\u653b\u3067\u751f\u3058\u305f\u3068\u3044\u3046\u5984\u60f3\uff08\u3088\u308a\u6b63\u78ba\u306b\u306f\u653f\u6cbb\u7684\u30d7\u30ed\u30d1\u30ac\u30f3\u30c0\uff09\u3082\u540c\u3058\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/30188\" data-type=\"post\" data-id=\"30188\">\u30c9\u30e9\u30c3\u30b1\u30f3\u30df\u30e9\u30fc\u6c0f: \u30d7\u30fc\u30c1\u30f3\u6c0f\u304c\u5f15\u304d\u8d77\u3053\u3057\u305f\u308f\u3051\u3067\u306f\u306a\u3044\u30a4\u30f3\u30d5\u30ec\u306e\u672c\u5f53\u306e\u7406\u7531<\/a><\/li>\n<\/ul>\n\n\n\n<p>\u305d\u3046\u3044\u3046\u5984\u60f3\u3092\u7121\u6279\u5224\u306b\u4fe1\u3058\u3066\u3044\u308b\u4eba\u3005\u306b\u306f2021\u5e74\u306e\u30a4\u30f3\u30d5\u30ec\uff08\u751f\u7523\u8005\u7269\u4fa1\u6307\u6570\u3092\u898b\u308c\u3070\u65e5\u672c\u3067\u3082\u8d77\u304d\u3066\u3044\u305f\uff09\u306e\u8a71\u306f\u610f\u5473\u4e0d\u660e\u3060\u308d\u3046\u304c\u3001\u305d\u308c\u304c\u4e8b\u5b9f\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/33013\" data-type=\"post\" data-id=\"33013\">\u4e16\u754c\u6700\u9ad8\u306e\u7d4c\u6e08\u5b66\u8005\u30b5\u30de\u30fc\u30ba\u6c0f\u304c\u8aac\u660e\u3059\u308b\u30a4\u30f3\u30d5\u30ec\u306e\u672c\u5f53\u306e\u7406\u7531<\/a><\/li>\n<\/ul>\n\n\n\n<p>\u30de\u30b9\u30b3\u30df\u3084\u653f\u6cbb\u5bb6\u306e\u8a00\u3046\u3053\u3068\u3092\u4f55\u3082\u8003\u3048\u305a\u306b\u9d5c\u5451\u307f\u306b\u3059\u308b\u304b\u3089\u4ed6\u4eba\u306e\u5275\u4f5c\u3057\u305f\u5b8c\u5168\u306a\u51fa\u9c48\u76ee\u3092\u982d\u306e\u4e2d\u306b\u8a70\u3081\u8fbc\u3080\u3053\u3068\u306b\u306a\u308b\u3002<\/p>\n\n\n\n<p><strong>\u7d50\u8ad6<\/strong><\/p>\n\n\n\n<p>\u30b3\u30ed\u30ca\u5f8c\u306e\u73fe\u91d1\u7d66\u4ed8\u306b\u3088\u3063\u30662021\u5e74\u306b\u306f\u65e2\u306b\u751f\u3058\u3066\u3044\u305f\u7269\u4fa1\u9ad8\u9a30\u3092\u653f\u5e9c\u3068\u4e2d\u592e\u9280\u884c\u304c\u7121\u8996\u3057\u305f\u7d50\u679c\u3001\u73fe\u5728\u306e\u72b6\u6cc1\u304c\u8d77\u304d\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<p>\u7269\u4fa1\u306f\u9ad8\u9a30\u3057\u3001\u653f\u7b56\u91d1\u5229\u306f\u3082\u3063\u3068\u65e9\u304f\u5bfe\u51e6\u3057\u3066\u3044\u308c\u3070\u5fc5\u8981\u306a\u304b\u3063\u305f\u3067\u3042\u308d\u3046\u6c34\u6e96\u307e\u3067\u4e0a\u3052\u306a\u3051\u308c\u3070\u306a\u3089\u306a\u304f\u306a\u3063\u305f\u3002\u305d\u3057\u3066\u9280\u884c\u5371\u6a5f\u304c\u8d77\u304d\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<p>\u4f55\u5ea6\u3082\u8a00\u3046\u304c\u3001\u73fe\u91d1\u7d66\u4ed8\u3084\u7d19\u5e63\u5370\u5237\u306f\u73fe\u5b9f\u306e\u554f\u984c\u3092\u4e00\u5207\u89e3\u6c7a\u3057\u306a\u3044\u3002\u3080\u3057\u308d\u5f8c\u3067\u5fc5\u305a\u6b6a\u307f\u3092\u5f15\u304d\u8d77\u3053\u3057\u3066\u30c8\u30fc\u30bf\u30eb\u3067\u306f\u5927\u640d\u3068\u306a\u308b\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/24345\" data-type=\"post\" data-id=\"24345\">\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u306e\u666f\u6c17\u5f8c\u9000\u4e88\u60f3: \u73fe\u91d1\u7d66\u4ed8\u306e\u30c4\u30b1\u3092\u6255\u3046\u3053\u3068\u306b\u306a\u308b<\/a><\/li>\n<\/ul>\n\n\n\n<p>\u3060\u304c\u4eba\u9593\u306f\u5927\u640d\u3092\u3059\u308b\u3053\u3068\u304c\u5927\u597d\u304d\u306a\u3088\u3046\u3060\u3002\u3064\u307f\u305f\u3066NISA\u306a\u3069\u3068\u3044\u3046\u6700\u521d\u304b\u3089\u8a70\u3093\u3067\u3044\u308b\u5546\u54c1\u306b\u597d\u304d\u597d\u3093\u3067\u91d1\u3092\u6255\u3046\u306e\u3060\u304b\u3089\u3001\u5f7c\u3089\u306f\u81ea\u8650\u304c\u8da3\u5473\u306a\u306e\u3060\u308d\u3046\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/27644\" data-type=\"post\" data-id=\"27644\">\u300c\u682a\u5f0f\u6295\u8cc7\u306f\u9577\u671f\u7684\u306b\u306f\u307b\u307c\u5132\u304b\u308b\u300d\u3068\u3044\u3046\u4e3b\u5f35\u304c\u5b8c\u5168\u306b\u9593\u9055\u3063\u3066\u3044\u308b\u7406\u7531<\/a><\/li>\n<\/ul>\n\n\n\n<p>2021\u5e74\u306b\u3053\u3046\u3057\u305f\u99ac\u9e7f\u3052\u305f\u6295\u8cc7\u6cd5\u304c\u6d41\u884c\u3063\u3066\u304b\u3089\u682a\u4fa1\u306f\u4e0b\u843d\u3057\u3066\u3044\u308b\u304c\u3001\u307e\u3060\u30a4\u30f3\u30d5\u30ec\u306b\u3088\u308b\u4e16\u754c\u6050\u614c\u306f\u59cb\u307e\u3063\u3066\u3059\u3089\u3044\u306a\u3044\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/33781\" data-type=\"post\" data-id=\"33781\">\u4e16\u754c\u6700\u5927\u306e\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9: \u91d1\u878d\u5f15\u304d\u7de0\u3081\u3067\u7d4c\u6e08\u6050\u614c\u304b\u30a4\u30f3\u30d5\u30ec\u7b2c2\u6ce2\u3067\u7d4c\u6e08\u30ea\u30bb\u30c3\u30c8\u3001\u3069\u3061\u3089\u306b\u306a\u308b\u304b\uff1f<\/a><\/li>\n<\/ul>\n\n\n\n<p>\u3064\u307f\u305f\u3066NISA\u306f\u307e\u3055\u306b\u8a70\u307f\u305f\u3066\u3067\u3042\u308b\u3002\u81ea\u5206\u3067\u8003\u3048\u308b\u3053\u3068\u3092\u653e\u68c4\u3057\u3066\u982d\u3092\u4ed6\u4eba\u306b\u9810\u3051\u305f\u4eba\u3005\u306f\u3001\u4f55\u3082\u305b\u305a\u306b\u5bdd\u3066\u3044\u308c\u3070\u91d1\u304c\u5132\u304b\u308b\u3068\u3044\u3046\u5984\u60f3\u306e\u4ee3\u511f\u306b\u5927\u640d\u3092\u98df\u3089\u3046\u3060\u308d\u3046\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<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>\n<\/ul>\n\n\n\n<p>\u305d\u3093\u306a\u65b9\u6cd5\u304c\u5b58\u5728\u3057\u306a\u3044\u3053\u3068\u306f\u3001\u91d1\u878d\u696d\u754c\u306e\u4eba\u9593\u304c\u8ab0\u3088\u308a\u3082\u3088\u304f\u77e5\u3063\u3066\u3044\u308b\u3002\u3060\u304c\u5f7c\u3089\u306b\u306f\u305d\u308c\u304c\u5206\u304b\u3089\u306a\u3044\u306e\u3067\u3042\u308b\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"<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\u3067\u30b7\u30ea\u30b3\u30f3\u30d0\u30ec\u30fc\u9280\u884c\u306e\u7834\u7dbb\u306b\u59cb\u307e\u308b\u4e16\u754c\u7684\u306a\u9280\u884c\u5371\u6a5f\u306b\u3064\u3044\u3066\u8a9e\u3063\u3066\u3044\u308b\u3002\u5f7c\u306b\u3088\u308c\u3070\u3001\u4ed6\u306e\u8ab0\u3082\u304c\u305d\u3046\u8a00\u3063\u3066\u3044\u308b\u304c\u3001\u307e\u3060\u4f55\u3082\u7d42\u308f\u3063\u3066\u3044\u306a\u3044 &hellip; <a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/35173\" class=\"more-link\">\u7d9a\u304d\u3092\u8aad\u3080 <span class=\"screen-reader-text\">\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f: \u9280\u884c\u5371\u6a5f\u306f\u7d42\u308f\u3063\u3066\u3044\u306a\u3044\u3001\u9810\u91d1\u306f\u66f4\u306b\u9003\u3052\u51fa\u3059<\/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":[131],"class_list":["post-35173","post","type-post","status-publish","format-standard","hentry","category-us-bond-market","category-bond-markets","tag-jeffrey-gundlach"],"_links":{"self":[{"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/35173","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=35173"}],"version-history":[{"count":47,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/35173\/revisions"}],"predecessor-version":[{"id":35220,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/35173\/revisions\/35220"}],"wp:attachment":[{"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/media?parent=35173"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/categories?post=35173"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/tags?post=35173"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}