{"id":38522,"date":"2023-07-31T20:00:00","date_gmt":"2023-07-31T11:00:00","guid":{"rendered":"https:\/\/www.globalmacroresearch.org\/jp\/?p=38522"},"modified":"2023-07-31T12:56:55","modified_gmt":"2023-07-31T03:56:55","slug":"%e3%82%ac%e3%83%b3%e3%83%89%e3%83%a9%e3%83%83%e3%82%af%e6%b0%8f%e3%80%81%e3%82%a2%e3%83%a1%e3%83%aa%e3%82%ab%e3%81%ae%e6%99%af%e6%b0%97%e5%be%8c%e9%80%80%e3%81%ab%e3%81%a4%e3%81%84%e3%81%a6%e8%aa%9e","status":"publish","type":"post","link":"https:\/\/www.globalmacroresearch.org\/jp\/archives\/38522","title":{"rendered":"\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u3001\u30a2\u30e1\u30ea\u30ab\u306e\u666f\u6c17\u5f8c\u9000\u306b\u3064\u3044\u3066\u8a9e\u308b"},"content":{"rendered":"\n<p>DoubleLine Capital\u306e\u30b8\u30a7\u30d5\u30ea\u30fc\u30fb\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u304c\u3001CNBC\u306e\u30a4\u30f3\u30bf\u30d3\u30e5\u30fc\u3067\u30a2\u30e1\u30ea\u30ab\u7d4c\u6e08\u3068\u666f\u6c17\u5f8c\u9000\u306b\u3064\u3044\u3066\u8a9e\u3063\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<!--more-->\n\n\n\n<p><strong>\u666f\u6c17\u5f8c\u9000\u3068\u9577\u77ed\u91d1\u5229\u9006\u8ee2<\/strong><\/p>\n\n\n\n<p>\u524d\u56de\u306e\u8a18\u4e8b\u3067\u306f\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u306e\u30a4\u30f3\u30d5\u30ec\u7387\u306b\u95a2\u3059\u308b\u4e88\u60f3\u3092\u7d39\u4ecb\u3057\u305f\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/38482\" data-type=\"post\" data-id=\"38482\">\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f: \u30a4\u30f3\u30d5\u30ec\u7387\u304c\u4e0b\u304c\u308a\u904e\u304e\u3066\u30c7\u30d5\u30ec\u306b\u306a\u308b\u53ef\u80fd\u6027<\/a><\/li>\n<\/ul>\n\n\n\n<p>\u53bb\u5e74\u304b\u3089\u306e\u30a2\u30e1\u30ea\u30ab\u306e\u30a4\u30f3\u30d5\u30ec\u7387\u4e0b\u843d\u4e88\u60f3\u3092\u7684\u4e2d\u3055\u305b\u305f\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u306f\u3001\u5f15\u304d\u7d9a\u304d\u30a4\u30f3\u30d5\u30ec\u7387\u3092\u4e0b\u843d\u65b9\u5411\u3067\u4e88\u60f3\u3057\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<p>\u3060\u304c\u7d4c\u6e08\u6210\u9577\u7387\u306f\u3069\u3046\u3060\u308d\u3046\u304b\u3002\u50b5\u5238\u5e02\u5834\u306e\u30a8\u30ad\u30b9\u30d1\u30fc\u30c8\u3067\u3042\u308b\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u304c\u6ce8\u76ee\u3059\u308b\u306e\u306f\u3001\u3084\u306f\u308a\u666f\u6c17\u5f8c\u9000\u306e\u524d\u89e6\u308c\u3068\u3055\u308c\u308b\u9577\u77ed\u91d1\u5229\u5dee\u306e\u9006\u8ee2\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u9577\u77ed\u91d1\u5229\u5dee\u3068\u306f10\u5e74\u7269\u56fd\u50b5\u306e\u91d1\u5229\u304b\u30892\u5e74\u7269\u56fd\u50b5\u306e\u91d1\u5229\u3092\u5f15\u3044\u305f\u3082\u306e\u3067\u3042\u308b\u3002\u50b5\u5238\u306e\u91d1\u5229\u306f\u901a\u5e38\u671f\u9593\u304c\u9577\u3044\u3082\u306e\u307b\u3069\u9ad8\u304f\u306a\u308b\u304c\u3001\u5229\u4e0a\u3052\u306e\u884c\u304d\u904e\u304e\u3067\u666f\u6c17\u5f8c\u9000\u306b\u9665\u308b\u3068\u50b5\u5238\u5e02\u5834\u304c\u4e88\u60f3\u3059\u308b\u5834\u5408\u3001\u77ed\u671f\u91d1\u5229\u306f\u653f\u7b56\u91d1\u5229\u306b\u91e3\u3089\u308c\u3066\u9ad8\u304f\u306a\u308b\u4e00\u65b9\u3067\u3001\u9577\u671f\u91d1\u5229\u306f\u666f\u6c17\u6e1b\u901f\u3092\u7e54\u308a\u8fbc\u3093\u3067\u4f4e\u304f\u306a\u308b\u3002<\/p>\n\n\n\n<p>\u3053\u308c\u304c\u9577\u671f\u91d1\u5229\u304c\u77ed\u671f\u91d1\u5229\u3092\u4e0b\u56de\u308b\u3068\u3053\u308d\u307e\u3067\u9032\u3093\u3060\uff08\u3064\u307e\u308a\u9577\u77ed\u91d1\u5229\u5dee\u304c\u30de\u30a4\u30ca\u30b9\u306b\u306a\u3063\u305f\uff09\u5834\u5408\u3001\u904e\u53bb\u306e\u76f8\u5834\u3067\u306f\u307b\u3068\u3093\u3069\u78ba\u5b9f\u306b\u666f\u6c17\u5f8c\u9000\u304c\u8d77\u3053\u3063\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<p>\u30a2\u30e1\u30ea\u30ab\u3067\u306f2022\u5e74\u304b\u3089\u306e\u5229\u4e0a\u3052\u306b\u3088\u3063\u3066\u9577\u77ed\u91d1\u5229\u5dee\u306f\u65e2\u306b\u30de\u30a4\u30ca\u30b9\u306b\u306a\u3063\u3066\u3044\u308b\u304c\u3001\u9577\u77ed\u91d1\u5229\u5dee\u306b\u3064\u3044\u3066\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\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\">\n<p>\u9577\u77ed\u91d1\u5229\u306f\u3044\u307e\u3060\u306b\u9006\u8ee2\u3057\u305f\u307e\u307e\u3060\u3002\u30b7\u30ea\u30b3\u30f3\u30d0\u30ec\u30fc\u9280\u884c\u306a\u3069\u306e\u5730\u65b9\u9280\u884c\u5371\u6a5f\u306e\u3042\u3068\u9006\u8ee2\u306f\u89e3\u6d88\u3055\u308c\u304b\u304b\u3063\u305f\u3002\u9006\u8ee2\u306e\u89e3\u6d88\u306f\u666f\u6c17\u5f8c\u9000\u306e\u5146\u5019\u3067\u3001\u91d1\u878d\u5e02\u5834\u306f\u61f8\u5ff5\u3092\u8868\u660e\u3057\u3066\u3044\u305f\u3002<\/p>\n<\/blockquote>\n\n\n\n<p>\u9577\u77ed\u91d1\u5229\u5dee\u306e\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\/2023\/07\/2023-7-31-us-10-year-treasury-bond-yield-minus-2-year-chart.png\"><img loading=\"lazy\" decoding=\"async\" width=\"448\" height=\"466\" src=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2023\/07\/2023-7-31-us-10-year-treasury-bond-yield-minus-2-year-chart.png\" alt=\"\" class=\"wp-image-38532\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2023\/07\/2023-7-31-us-10-year-treasury-bond-yield-minus-2-year-chart.png 448w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2023\/07\/2023-7-31-us-10-year-treasury-bond-yield-minus-2-year-chart-288x300.png 288w\" sizes=\"auto, (max-width: 448px) 100vw, 448px\" \/><\/a><\/figure>\n\n\n\n<p>\u9577\u77ed\u91d1\u5229\u306e\u9006\u8ee2\u306f\u3001\u4eca\u5e74\u4e00\u5ea6\u623b\u308a\u304b\u3051\u305f\u3002\u3060\u304c\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u306f\u3053\u306e\u8d77\u3053\u308a\u304b\u3051\u305f\u9577\u77ed\u91d1\u5229\u9006\u8ee2\u306e\u89e3\u6d88\u3053\u305d\u304c\u666f\u6c17\u5f8c\u9000\u306e\u30b5\u30a4\u30f3\u3060\u3068\u8a00\u3063\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<p>\u4f55\u6545\u306a\u3089\u3070\u3001\u6b74\u53f2\u7684\u306b\u306f\u666f\u6c17\u5f8c\u9000\u306f\u9577\u77ed\u91d1\u5229\u304c\u307e\u305a\u9006\u8ee2\u3057\u3001\u305d\u306e\u5f8c\u305d\u308c\u304c\u89e3\u6d88\u306b\u5411\u304b\u3063\u305f\u5f8c\u306e\u30bf\u30a4\u30df\u30f3\u30b0\u3067\u8d77\u3053\u308b\u304b\u3089\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u9006\u306b\u8a00\u3048\u3070\u3001\u666f\u6c17\u5f8c\u9000\u306f\u9577\u77ed\u91d1\u5229\u9006\u8ee2\u304c\u89e3\u6d88\u3055\u308c\u308b\u307e\u3067\u6765\u306a\u3044\u3002<\/p>\n\n\n\n<p>\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\">\n<p>\u3060\u304c\u9280\u884c\u5371\u6a5f\u304c\u843d\u3061\u7740\u304f\u3068\u305d\u308c\u306f\u5143\u306b\u623b\u3063\u305f\u3002\u9577\u77ed\u91d1\u5229\u9006\u8ee2\u306e\u89e3\u6d88\u306f\u6ce8\u76ee\u3057\u3066\u304a\u304f\u3079\u304d\u30b5\u30a4\u30f3\u3060\u304c\u3001\u305d\u308c\u306f\u307e\u3060\u8d77\u304d\u3066\u3044\u306a\u3044\u3002<\/p>\n<\/blockquote>\n\n\n\n<p><strong>\u3044\u307e\u3060\u6b8b\u3063\u3066\u3044\u308b\u30b3\u30ed\u30ca\u5f8c\u306e\u73fe\u91d1\u7d66\u4ed8<\/strong><\/p>\n\n\n\n<p>\u3060\u304c\u3001\u305d\u308c\u306f\u4f55\u6545\u306a\u306e\u304b\u3002\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u306f\u30b3\u30ed\u30ca\u5f8c\u306b\u884c\u308f\u308c\u3001\u7269\u4fa1\u9ad8\u9a30\u3092\u5f15\u304d\u8d77\u3053\u3057\u305f\u73fe\u91d1\u7d66\u4ed8\u306e\u5f71\u97ff\u304c\u307e\u3060\u6b8b\u3063\u3066\u3044\u308b\u3068\u6307\u6458\u3059\u308b\u3002\u5f7c\u306fM2\uff08\u5e02\u4e2d\u306b\u5b58\u5728\u3059\u308b\u73fe\u91d1\u3068\u9810\u91d1\u306e\u7dcf\u91cf\u3001\u30de\u30cd\u30fc\u30b5\u30d7\u30e9\u30a4\uff09\u3092\u53d6\u308a\u4e0a\u3052\u3066\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\">\n<p>\u591a\u304f\u306e\u30a8\u30b3\u30ce\u30df\u30b9\u30c8\u304c\u6b63\u5f53\u306b\u3082\u8a00\u53ca\u3057\u3066\u3044\u308b\u304c\u3001M2\u304c\u524d\u5e74\u6bd4\u3067\u30de\u30a4\u30ca\u30b9\u306b\u306a\u3063\u3066\u3044\u308b\u3002\u3060\u304b\u3089\u305d\u308c\u3092\u898b\u308c\u3070\u3001\u30a4\u30f3\u30d5\u30ec\u7387\u306f\u5927\u304d\u304f\u4e0b\u843d\u3057\u3066\u304f\u308b\u3068\u8003\u3048\u308b\u3002<\/p>\n\n\n\n<p>\u3060\u304c\u3082\u30461\u3064\u6ce8\u610f\u3092\u6255\u308f\u306a\u3051\u308c\u3070\u306a\u3089\u306a\u3044\u306e\u306f\u30012020\u5e74\u30682021\u5e74\u306e\u73fe\u91d1\u7d66\u4ed8\u306e\u5f71\u97ff\u304c\u3044\u307e\u3060\u306b\u6b8b\u3063\u3066\u3044\u308b\u3068\u3044\u3046\u3053\u3068\u3060\u3002<\/p>\n<\/blockquote>\n\n\n\n<p>\u5229\u4e0a\u3052\u3068\u91cf\u7684\u5f15\u304d\u7de0\u3081\u306b\u3088\u3063\u3066\u30de\u30cd\u30fc\u30b5\u30d7\u30e9\u30a4\u304c\u4e0b\u843d\u3057\u3066\u304d\u3066\u3044\u308b\u3053\u3068\u306f\u78ba\u304b\u3067\u3042\u308b\u3002\u5b9f\u8cea\u30de\u30cd\u30fc\u30b5\u30d7\u30e9\u30a4\u306e\u30b0\u30e9\u30d5\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\/2023\/07\/2023-jun-us-real-m2-chart.png\"><img loading=\"lazy\" decoding=\"async\" width=\"448\" height=\"466\" src=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2023\/07\/2023-jun-us-real-m2-chart.png\" alt=\"\" class=\"wp-image-38463\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2023\/07\/2023-jun-us-real-m2-chart.png 448w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2023\/07\/2023-jun-us-real-m2-chart-288x300.png 288w\" sizes=\"auto, (max-width: 448px) 100vw, 448px\" \/><\/a><\/figure>\n\n\n\n<p>\u30b3\u30ed\u30ca\u5f8c\u306e\u73fe\u91d1\u7d66\u4ed8\u306b\u3088\u3063\u3066\u6025\u9a30\u3057\u3001\u4e16\u754c\u7684\u306a\u30a4\u30f3\u30d5\u30ec\u3092\u5f15\u304d\u8d77\u3053\u3057\u305f\u30de\u30cd\u30fc\u30b5\u30d7\u30e9\u30a4\u306f\u540c\u3058\u901f\u3055\u3067\u6025\u6e1b\u5c11\u3057\u3066\u3044\u308b\u3082\u306e\u306e\u3001\u30b3\u30ed\u30ca\u524d\u306e\u6c34\u6e96\u3068\u6bd4\u3079\u308b\u3068\u307e\u3060\u307e\u3060\u591a\u3044\u3002<\/p>\n\n\n\n<p>\u30b9\u30bf\u30f3\u30ec\u30fc\u30fb\u30c9\u30e9\u30c3\u30b1\u30f3\u30df\u30e9\u30fc\u6c0f\u304c\u6b21\u306e\u3088\u3046\u306b\u8a00\u3063\u3066\u3044\u305f\u3053\u3068\u3092\u601d\u3044\u51fa\u3057\u305f\u3044\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/37318\" data-type=\"post\" data-id=\"37318\">\u30c9\u30e9\u30c3\u30b1\u30f3\u30df\u30e9\u30fc\u6c0f: \u305d\u308c\u3067\u3082\u7c73\u56fd\u7d4c\u6e08\u306f\u30cf\u30fc\u30c9\u30e9\u30f3\u30c7\u30a3\u30f3\u30b0\u3059\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>\u30a8\u30c9\u30fb\u30cf\u30a4\u30de\u30f3\u6c0f\u306f\u30de\u30cd\u30fc\u30b5\u30d7\u30e9\u30a4\u304c\u53f2\u4e0a\u6700\u901f\u306e\u901f\u3055\u3067\u7e2e\u5c0f\u3057\u3066\u3044\u308b\u3053\u3068\u3092\u6307\u6458\u3057\u305f\u3002<\/p>\n\n\n\n<p>\u3060\u304c\u8a71\u306f\u305d\u308c\u307b\u3069\u7c21\u5358\u3058\u3083\u306a\u3044\u3002\u30de\u30cd\u30fc\u30b5\u30d7\u30e9\u30a4\u306f\u6570\u5e74\u524d\u3068\u6bd4\u3079\u308b\u306830%\u5f8c\u534a\u304b\u308940%\u307b\u3069\u62e1\u5927\u3057\u3066\u3044\u308b\u3002\u3060\u304b\u3089\u7a4d\u307f\u4e0a\u304c\u3063\u3066\u3044\u308b\u304a\u91d1\u306e\u91cf\u306f\u305d\u308c\u3067\u3082\u6975\u3081\u3066\u591a\u3044\u3068\u3044\u3046\u3053\u3068\u3060\u3002<\/p>\n<\/blockquote>\n\n\n\n<p><strong>\u5b9f\u306f\u5897\u52a0\u3057\u3066\u3044\u308b\u30de\u30cd\u30bf\u30ea\u30fc\u30d9\u30fc\u30b9<\/strong><\/p>\n\n\n\n<p>\u66f4\u306b\u3001\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u304c\u6307\u6458\u3059\u308b\u306e\u306f\u4f01\u696d\u3084\u500b\u4eba\u306e\u9280\u884c\u53e3\u5ea7\u306b\u3042\u308b\u9810\u91d1\u306e\u72b6\u6cc1\u3092\u73fe\u3059\u30de\u30cd\u30fc\u30b5\u30d7\u30e9\u30a4\u3067\u306f\u306a\u304f\u3001\u9280\u884c\u304c\u4e2d\u592e\u9280\u884c\u306e\u53e3\u5ea7\u306b\u4fdd\u6709\u3059\u308b\u9810\u91d1\u306e\u91cf\u3092\u8868\u3059\u30de\u30cd\u30bf\u30ea\u30fc\u30d9\u30fc\u30b9\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u5f7c\u306f\u3053\u3046\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>M2\u306f\u524d\u5e74\u6bd4\u3067\u30de\u30a4\u30ca\u30b9\u3060\u304c\u3001\u30de\u30cd\u30bf\u30ea\u30fc\u30d9\u30fc\u30b9\u306f\u3044\u307e\u3060\u306b\u81a8\u5927\u3060\u3002\u5f53\u6642\u306e\u7de9\u548c\u306e\u8cc7\u91d1\u306f\u3044\u307e\u3060\u306b\u6b8b\u3063\u3066\u3044\u308b\u3002<\/p>\n<\/blockquote>\n\n\n\n<p>\u30a2\u30e1\u30ea\u30ab\u306e\u30de\u30cd\u30bf\u30ea\u30fc\u30d9\u30fc\u30b9\u306e\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\/2023\/07\/2023-jun-us-monetary-base-chart.png\"><img loading=\"lazy\" decoding=\"async\" width=\"463\" height=\"466\" src=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2023\/07\/2023-jun-us-monetary-base-chart.png\" alt=\"\" class=\"wp-image-38542\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2023\/07\/2023-jun-us-monetary-base-chart.png 463w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2023\/07\/2023-jun-us-monetary-base-chart-298x300.png 298w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2023\/07\/2023-jun-us-monetary-base-chart-150x150.png 150w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2023\/07\/2023-jun-us-monetary-base-chart-120x120.png 120w\" sizes=\"auto, (max-width: 463px) 100vw, 463px\" \/><\/a><\/figure>\n\n\n\n<p>\u30de\u30cd\u30bf\u30ea\u30fc\u30d9\u30fc\u30b9\u306f\u91cf\u7684\u7de9\u548c\u3084\u91cf\u7684\u5f15\u304d\u7de0\u3081\u3067\u64cd\u4f5c\u3055\u308c\u308b\u3002\u30a2\u30e1\u30ea\u30ab\u306f\u5229\u4e0a\u3052\u3068\u3068\u3082\u306b\u91cf\u7684\u5f15\u304d\u7de0\u3081\u3092\u3084\u3063\u3066\u3044\u308b\u306e\u3067\u3001\u30de\u30cd\u30bf\u30ea\u30fc\u30d9\u30fc\u30b9\u306f\u4e0b\u304c\u3063\u3066\u3044\u308b\u306f\u305a\u306a\u306e\u3060\u304c\u3001\u4eca\u5e74\u306e3\u6708\u304b\u3089\u4e0a\u6607\u306b\u8ee2\u3058\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<p>\u4eca\u5e74\u306e3\u6708\u306b\u4f55\u304c\u3042\u3063\u305f\u304b\uff1f\u3000\u30b7\u30ea\u30b3\u30f3\u30d0\u30ec\u30fc\u9280\u884c\u306e\u7834\u7dbb\u306b\u59cb\u307e\u308b\u9280\u884c\u5371\u6a5f\u3067\u3042\u308b\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>\u9280\u884c\u3092\u6551\u3046\u305f\u3081\u306bFed\uff08\u9023\u90a6\u6e96\u5099\u5236\u5ea6\uff09\u304c\u9280\u884c\u306b\u8cc7\u91d1\u3092\u6ce8\u5165\u3057\u305f\u3053\u3068\u304b\u3089\u3001\u91cf\u7684\u5f15\u304d\u7de0\u3081\u306e\u52b9\u679c\u306f\u6253\u3061\u6d88\u3055\u308c\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<p>\u30d1\u30a6\u30a8\u30eb\u8b70\u9577\u306f\u3001\u9280\u884c\u5371\u6a5f\u3092\u53d7\u3051\u3066\u5b9f\u8cea\u7684\u306b\u91cf\u7684\u5f15\u304d\u7de0\u3081\u3092\u64a4\u56de\u3057\u305f\u308f\u3051\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u3084\u306f\u308a\u3053\u308c\u306f\u7de9\u548c\u518d\u958b\u306b\u3088\u308b\u30a4\u30f3\u30d5\u30ec\u7b2c2\u6ce2\u3092\u793a\u5506\u3057\u3066\u3044\u308b\u306e\u3067\u306f\u306a\u3044\u304b\uff1f<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/30562\" data-type=\"post\" data-id=\"30562\">\u30b5\u30de\u30fc\u30ba\u6c0f: \u30d1\u30a6\u30a8\u30eb\u8b70\u9577\u306e\u30a4\u30f3\u30d5\u30ec\u9000\u6cbb\u304c\u672c\u6c17\u304b\u3069\u3046\u304b\u7591\u3046\u7406\u7531<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/37330\" data-type=\"post\" data-id=\"37330\">\u30dd\u30b8\u30e3\u30fc\u30eb\u6c0f: \u30a2\u30e1\u30ea\u30ab\u306f\u91cf\u7684\u7de9\u548c\u3092\u518d\u958b\u3057\u30c9\u30eb\u306f\u66b4\u843d\u3059\u308b<\/a><\/li>\n<\/ul>\n\n\n\n<p>\u305d\u3057\u3066\u30c9\u30eb\u306f\u3069\u3046\u306a\u308b\u3060\u308d\u3046\u304b\u3002\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u306f\u30c9\u30eb\u306e\u52d5\u5411\u306b\u3082\u8a00\u53ca\u3057\u3066\u3044\u308b\u306e\u3067\u3001\u305d\u3061\u3089\u3082\u307e\u305f\u65b0\u3057\u3044\u8a18\u4e8b\u3067\u53d6\u308a\u4e0a\u3052\u305f\u3044\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"<p>DoubleLine Capital\u306e\u30b8\u30a7\u30d5\u30ea\u30fc\u30fb\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u304c\u3001CNBC\u306e\u30a4\u30f3\u30bf\u30d3\u30e5\u30fc\u3067\u30a2\u30e1\u30ea\u30ab\u7d4c\u6e08\u3068\u666f\u6c17\u5f8c\u9000\u306b\u3064\u3044\u3066\u8a9e\u3063\u3066\u3044\u308b\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":[131],"class_list":["post-38522","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\/38522","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=38522"}],"version-history":[{"count":28,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/38522\/revisions"}],"predecessor-version":[{"id":38552,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/38522\/revisions\/38552"}],"wp:attachment":[{"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/media?parent=38522"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/categories?post=38522"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/tags?post=38522"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}