{"id":39898,"date":"2023-09-16T20:00:00","date_gmt":"2023-09-16T11:00:00","guid":{"rendered":"https:\/\/www.globalmacroresearch.org\/jp\/?p=39898"},"modified":"2023-09-16T18:47:13","modified_gmt":"2023-09-16T09:47:13","slug":"%e4%b8%96%e7%95%8c%e6%9c%80%e5%a4%a7%e3%81%ae%e3%83%98%e3%83%83%e3%82%b8%e3%83%95%e3%82%a1%e3%83%b3%e3%83%89%e3%80%81%e7%b1%b3%e5%9b%bd%e5%82%b5%e3%81%8b%e3%82%89%e3%81%ae%e8%b3%87%e9%87%91%e6%b5%81","status":"publish","type":"post","link":"https:\/\/www.globalmacroresearch.org\/jp\/archives\/39898","title":{"rendered":"\u4e16\u754c\u6700\u5927\u306e\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u3001\u7c73\u56fd\u50b5\u304b\u3089\u306e\u8cc7\u91d1\u6d41\u51fa\u3092\u8b66\u544a"},"content":{"rendered":"\n<p>\u4e16\u754c\u6700\u5927\u306e\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9Bridgewater\u306e\u5275\u696d\u8005\u30ec\u30a4\u30fb\u30c0\u30ea\u30aa\u6c0f\u304c\u3001Milken Institute\u306e\u4f1a\u8b70\u3067\u91d1\u5229\u3068\u6295\u8cc7\u306b\u3064\u3044\u3066\u8a9e\u3063\u3066\u3044\u308b\u306e\u3067\u7d39\u4ecb\u3057\u305f\u3044\u3002<\/p>\n\n\n\n<!--more-->\n\n\n\n<p><strong>2023\u5e74\u306e\u91d1\u878d\u5e02\u5834<\/strong><\/p>\n\n\n\n<p>2023\u5e74\u3001\u91d1\u878d\u5e02\u5834\u306f\u5fae\u5999\u306a\u72b6\u6cc1\u3060\u3002\u682a\u4fa1\u306f\u53bb\u5e74\u306e\u4e0b\u843d\u304b\u3089\u56de\u5fa9\u3057\u305f\u3082\u306e\u306e\u4e0a\u5024\u3092\u6291\u3048\u3089\u308c\u3066\u3044\u308b\u3002\u91d1\u5229\u306f\u682a\u4fa1\u3068\u540c\u3058\u3088\u3046\u306b\u4e0b\u843d\u3057\u3066\u4e0a\u6607\u3057\u305f\u3002<\/p>\n\n\n\n<p>\u4ee5\u4e0b\u306e\u8a18\u4e8b\u3067\u6307\u6458\u3057\u305f\u3088\u3046\u306b\u30012022\u5e74\u306e\u4e0b\u843d\u304c\u91d1\u5229\u4e0a\u6607\u306b\u3088\u308b\u3082\u306e\u3060\u3063\u305f\u306e\u3060\u304b\u3089\u3001\u91d1\u5229\u304c\u4e0a\u6607\u3057\u3066\u682a\u4fa1\u3082\u4e0a\u6607\u3059\u308b\u72b6\u6cc1\u306f\u304a\u304b\u3057\u3044\u306e\u3060\u304c\u3001\u5c11\u306a\u304f\u3068\u3082\u4eca\u306e\u3068\u3053\u308d\u306f\u8ab0\u3082\u6c17\u306b\u3057\u3066\u3044\u306a\u3044\u3088\u3046\u3060\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/39797\" data-type=\"post\" data-id=\"39797\">\u7c73\u56fd\u30a4\u30f3\u30d5\u30ec\u7387\u304c\u4e0b\u304c\u308c\u3070\u4e0b\u304c\u308b\u307b\u3069\u682a\u4fa1\u306b\u306f\u30de\u30a4\u30ca\u30b9\u3001\u682a\u5f0f\u306e\u8cb7\u3044\u624b\u306f\u9003\u3052\u308b\u3079\u304d<\/a><\/li>\n<\/ul>\n\n\n\n<p>\u307b\u3068\u3093\u3069\u306e\u682a\u5f0f\u6295\u8cc7\u5bb6\u304c\u91d1\u5229\u3068\u682a\u4fa1\u306e\u95a2\u4fc2\u3092\u307e\u3068\u3082\u306b\u8003\u3048\u306a\u3044\u306e\u306f\u3044\u3064\u3082\u306e\u3053\u3068\u3060\u304c\u3001\u660e\u3089\u304b\u306b\u91d1\u5229\u4e0a\u6607\u3092\u6c17\u306b\u3057\u3066\u3044\u308b\u4eba\u304c\u3044\u308b\u3002\u30c0\u30ea\u30aa\u6c0f\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p><strong>\u50b5\u5238\u3068\u91d1\u5229<\/strong><\/p>\n\n\n\n<p>\u30a2\u30e1\u30ea\u30ab\u3067\u306f2021\u5e74\u304b\u3089\u59cb\u307e\u3063\u305f\u30a4\u30f3\u30d5\u30ec\u306b\u3088\u3063\u3066\u91d1\u5229\u304c\u5927\u304d\u304f\u4e0a\u304c\u3063\u305f\u3002Fed\uff08\u9023\u90a6\u6e96\u5099\u5236\u5ea6\uff09\u306f\u653f\u7b56\u91d1\u5229\u3092\u30bc\u30ed\u304b\u30895.25%\u307e\u3067\u5927\u5e45\u4e0a\u6607\u3055\u305b\u305f\u3002<\/p>\n\n\n\n<p>\u91d1\u5229\u304c\u4e0a\u304c\u3063\u305f\u3068\u3044\u3046\u3053\u3068\u306f\u3001\u304a\u91d1\u3092\u501f\u308a\u306b\u304f\u304f\u306a\u3063\u305f\u3068\u3044\u3046\u3053\u3068\u3067\u3042\u308b\u3002\u307e\u305f\u3001\u3053\u308c\u307e\u3067\u65e2\u306b\u501f\u91d1\u3057\u3066\u3044\u305f\u4eba\u3082\u3001\u501f\u308a\u63db\u3048\u306e\u6642\u671f\u304c\u6765\u308c\u3070\u9ad8\u3044\u91d1\u5229\u3092\u6255\u308f\u306a\u3051\u308c\u3070\u306a\u3089\u306a\u304f\u306a\u308b\u3002\u5b9f\u969b\u3001\u30b7\u30ea\u30b3\u30f3\u30d0\u30ec\u30fc\u9280\u884c\u306e\u9867\u5ba2\u306f\u305d\u308c\u3067\u304a\u91d1\u304c\u306a\u304f\u306a\u308a\u3001\u9810\u91d1\u304c\u6d41\u51fa\u3057\u3066\u30b7\u30ea\u30b3\u30f3\u30d0\u30ec\u30fc\u9280\u884c\u306f\u7834\u7dbb\u3057\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>\u304a\u91d1\u306e\u501f\u308a\u624b\u304c\u82e6\u3057\u3044\u72b6\u6cc1\u306b\u7f6e\u304b\u308c\u3066\u3044\u308b\u3002\u3053\u306e\u72b6\u6cc1\u306f\u8cb8\u3059\u5074\u3001\u3064\u307e\u308a\u6295\u8cc7\u5bb6\u306b\u3068\u3063\u3066\u306f\u3069\u3046\u306a\u306e\u304b\u3002\u30c0\u30ea\u30aa\u6c0f\u306f\u6b21\u306e\u3088\u3046\u306b\u30b3\u30e1\u30f3\u30c8\u3057\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>\u50b5\u52d9\u3092\u4fdd\u6709\u3057\u305f\u304f\u306a\u3044\u3002\u50b5\u5238\u306a\u3069\u306e\u3053\u3068\u3060\u3002<\/p>\n<\/blockquote>\n\n\n\n<p>\u50b5\u5238\u306f\u3044\u308f\u3070\u304a\u91d1\u3092\u8cb8\u3057\u305f\u8a3c\u660e\u66f8\u3067\u3042\u308b\u3002\u56fd\u306b\u304a\u91d1\u3092\u8cb8\u305b\u3070\u56fd\u50b5\u3001\u4f1a\u793e\u306b\u304a\u91d1\u3092\u8cb8\u305b\u3070\u793e\u50b5\u3068\u306a\u308b\u3002\u30c0\u30ea\u30aa\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>\u500b\u4eba\u7684\u306b\u306f\u50b5\u5238\u306f\u9577\u671f\u7684\u306b\u306f\u826f\u3044\u6295\u8cc7\u3067\u306f\u306a\u3044\u3068\u8003\u3048\u3066\u3044\u308b\u3002<\/p>\n<\/blockquote>\n\n\n\n<p>\u4f55\u6545\u304b\u3002\u4eca\u306e\u91d1\u878d\u5e02\u5834\u3067\u306f\u3001\u30a2\u30e1\u30ea\u30ab\u306e\u9577\u671f\u91d1\u5229\u304c\u4e0a\u304c\u3063\u3066\u3044\u308b\u3053\u3068\u304c\u8a71\u984c\u306b\u306a\u3063\u3066\u3044\u308b\u3002\u30a2\u30e1\u30ea\u30ab\u306e\u9577\u671f\u91d1\u5229\u306f\u6b21\u306e\u3088\u3046\u306b\u63a8\u79fb\u3057\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\/09\/2023-9-16-us-10-year-treasury-bond-yield-chart.png\"><img loading=\"lazy\" decoding=\"async\" width=\"618\" height=\"389\" src=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2023\/09\/2023-9-16-us-10-year-treasury-bond-yield-chart.png\" alt=\"\" class=\"wp-image-39956\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2023\/09\/2023-9-16-us-10-year-treasury-bond-yield-chart.png 618w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2023\/09\/2023-9-16-us-10-year-treasury-bond-yield-chart-300x189.png 300w\" sizes=\"auto, (max-width: 618px) 100vw, 618px\" \/><\/a><\/figure>\n\n\n\n<p>\u7b46\u8005\u306f\u4ee5\u4e0b\u306e\u8a18\u4e8b\u3067\u3001\u3053\u306e\u9577\u671f\u91d1\u5229\u306e\u4e0a\u6607\u306e\u539f\u56e0\u304c\u7c73\u56fd\u50b5\u304b\u3089\u306e\u8cc7\u91d1\u6d41\u51fa\u3067\u3042\u308b\u3068\u6307\u6458\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\/39098\" data-type=\"post\" data-id=\"39098\">\u7c73\u56fd\u682a\u4e0b\u843d\u306e\u539f\u56e0: \u5229\u4e0b\u3052\u7e54\u308a\u8fbc\u307f\u3067\u3082\u6b62\u307e\u3089\u306a\u3044\u9577\u671f\u91d1\u5229\u6025\u9a30<\/a><\/li>\n<\/ul>\n\n\n\n<p><strong>\u7c73\u56fd\u50b5\u306e\u9700\u7d66\u554f\u984c<\/strong><\/p>\n\n\n\n<p>\u3053\u306e\u554f\u984c\u3092\u4e8b\u524d\u306b\u6307\u6458\u3057\u3066\u3044\u305f\u4eba\u7269\u304c\u3044\u308b\u3002\u305d\u308c\u304c\u30c0\u30ea\u30aa\u6c0f\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u7c73\u56fd\u50b5\u306b\u306f\u5143\u3005\u3001\u7c73\u56fd\u653f\u5e9c\u306b\u3088\u308b\u56fd\u50b5\u306e\u5927\u91cf\u767a\u884c\u3068\u3044\u3046\u554f\u984c\u304c\u6307\u6458\u3055\u308c\u3066\u3044\u305f\u3002\u50b5\u52d9\u4e0a\u9650\u554f\u984c\u304c\u89e3\u6c7a\u3055\u308c\u3066\u4ee5\u6765\u3001\u7c73\u56fd\u653f\u5e9c\u306f\u50b5\u52d9\u4e0a\u9650\u306e\u305f\u3081\u306b\u767a\u884c\u3067\u304d\u3066\u3044\u306a\u304b\u3063\u305f\u5206\u306e\u56fd\u50b5\u3092\u5927\u91cf\u767a\u884c\u3059\u308b\u5fc5\u8981\u304c\u3042\u308b\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/37702\" data-type=\"post\" data-id=\"37702\">\u4e16\u754c\u6700\u5927\u306e\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9: \u30a2\u30e1\u30ea\u30ab\u306e\u50b5\u52d9\u5371\u6a5f\u306f\u7d42\u308f\u3063\u3066\u3044\u306a\u3044<\/a><\/li>\n<\/ul>\n\n\n\n<p>\u56fd\u50b5\u304c\u767a\u884c\u3055\u308c\u308c\u3070\u3001\u5f53\u7136\u305d\u308c\u3092\u8ab0\u304b\u304c\u8cb7\u3046\u5fc5\u8981\u304c\u3042\u308b\u3002\u305d\u3046\u306a\u3089\u306a\u3051\u308c\u3070\u3001\u7c73\u56fd\u50b5\u306f\u5e02\u5834\u306b\u3042\u3075\u308c\u3066\u3001\u4fa1\u683c\u304c\u4e0b\u843d\u3059\u308b\u3002<\/p>\n\n\n\n<p>\u3060\u304c\u30c0\u30ea\u30aa\u6c0f\u304c\u6307\u6458\u3057\u3066\u3044\u305f\u554f\u984c\u306f\u305d\u308c\u3060\u3051\u3067\u306f\u306a\u304b\u3063\u305f\u3002\u3053\u308c\u307e\u3067\u91cf\u7684\u7de9\u548c\u3067\u56fd\u50b5\u3092\u8cfc\u5165\u3057\u3066\u3044\u305fFed\u304c\u91cf\u7684\u5f15\u304d\u7de0\u3081\u3067\u56fd\u50b5\u4fdd\u6709\u3092\u6e1b\u3089\u3057\u3066\u304a\u308a\u3001\u30b7\u30ea\u30b3\u30f3\u30d0\u30ec\u30fc\u9280\u884c\u304c\u9577\u671f\u56fd\u50b5\u306e\u4fa1\u683c\u4e0b\u843d\u306b\u3088\u3063\u3066\u82e6\u3057\u3081\u3089\u308c\u305f\u3053\u3068\u3082\u3042\u308a\u9280\u884c\u3082\u9577\u671f\u56fd\u50b5\u4fdd\u6709\u3092\u305f\u3081\u3089\u3063\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<p>\u305d\u3057\u3066\u30a6\u30af\u30e9\u30a4\u30ca\u60c5\u52e2\u4ee5\u5f8c\u3001\u30c9\u30eb\u3092\u4f7f\u3063\u305f\u7d4c\u6e08\u5236\u88c1\u3092\u6050\u308c\u305f\u4e2d\u56fd\u306a\u3069\u304c\u30c9\u30eb\u8cc7\u7523\u306e\u4fdd\u6709\u3092\u6e1b\u3089\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\/39582\" data-type=\"post\" data-id=\"39582\">\u30b5\u30de\u30fc\u30ba\u6c0f: BRICS\u306e\u53f0\u982d\u306f\u30a2\u30e1\u30ea\u30ab\u304c\u5931\u6557\u3059\u308b\u5146\u5019<\/a><\/li>\n<\/ul>\n\n\n\n<p>\u3082\u3046\u307b\u3068\u3093\u3069\u8ab0\u3082\u7c73\u56fd\u50b5\u3092\u8cb7\u3048\u308b\u72b6\u6cc1\u3067\u306f\u306a\u3044\u306e\u3067\u3042\u308b\u3002\u3067\u306f\u7c73\u56fd\u50b5\u3092\u8ab0\u304c\u8cb7\u3046\u306e\u304b\u3068\u3044\u3046\u554f\u984c\u3092\u3001\u30c0\u30ea\u30aa\u6c0f\u306f\u9577\u3089\u304f\u6307\u6458\u3057\u3066\u304d\u305f\u3002\u305d\u3057\u3066\u6700\u8fd1\u306e\u56fd\u50b5\u5e02\u5834\u306e\u52d5\u5411\u3092\u898b\u308b\u3068\u3001\u30c0\u30ea\u30aa\u6c0f\u306e\u61f8\u5ff5\u304c\u5f53\u305f\u308a\u3064\u3064\u3042\u308b\u3088\u3046\u306b\u601d\u3048\u308b\u3002<\/p>\n\n\n\n<p>\u4eca\u5f8c\u30a2\u30e1\u30ea\u30ab\u7d4c\u6e08\u304c\u30a4\u30f3\u30d5\u30ec\u7d99\u7d9a\u304b\u30c7\u30d5\u30ec\u304b\u3068\u3044\u3046\u554f\u984c\u3082\u3042\u308b\u304c\u3001\u305d\u308c\u3068\u306f\u5225\u306b\u7c73\u56fd\u50b5\u81ea\u4f53\u304c\u5acc\u308f\u308c\u308b\u30ea\u30b9\u30af\u3092\u8003\u3048\u306a\u3051\u308c\u3070\u306a\u3089\u306a\u3044\u72b6\u6cc1\u306b\u306a\u3063\u3066\u304d\u305f\u3002<\/p>\n\n\n\n<p>\u7c73\u56fd\u50b5\u304c\u5acc\u308f\u308c\u308c\u3070\u3001\u30c9\u30eb\u5efa\u3066\u306e\u4ed6\u306e\u50b5\u5238\u3082\u5f53\u7136\u305d\u306e\u5206\u4e0b\u843d\u3059\u308b\u3002\u30c0\u30ea\u30aa\u6c0f\u304c\u50b5\u5238\u3092\u907f\u3051\u3066\u3044\u308b\u306e\u306f\u305d\u308c\u304c\u7406\u7531\u3060\u308d\u3046\u3002\u30c0\u30ea\u30aa\u6c0f\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>\u50b5\u5238\u306e\u9700\u7d66\u306e\u554f\u984c\u306f\u5358\u306b\u65b0\u898f\u767a\u884c\u3055\u308c\u308b\u50b5\u5238\u306e\u91cf\u306e\u554f\u984c\u3067\u306f\u306a\u3044\u3002\u300c\u3042\u306a\u305f\u306f\u50b5\u5238\u3092\u58f2\u308a\u305f\u3044\u3068\u601d\u3044\u307e\u3059\u304b\uff1f\u300d\u3068\u3044\u3046\u554f\u984c\u306a\u306e\u3060\u3002<\/p>\n<\/blockquote>\n\n\n\n<p><strong>\u73fe\u91d1\u3053\u305d\u304c\u30a4\u30f3\u30d5\u30ec\u56de\u907f\u306e\u9053<\/strong><\/p>\n\n\n\n<p>\u3067\u306f\u4f55\u3092\u4fdd\u6709\u3059\u308c\u3070\u826f\u3044\u306e\u304b\u3002\u30c0\u30ea\u30aa\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\">\n<p>\u73fe\u5728\u4e00\u6642\u7684\u306b\u3060\u304c\u3001\u73fe\u91d1\u306f\u826f\u3044\u6295\u8cc7\u3060\u3068\u601d\u3046\u3002\u91d1\u5229\u304c\u826f\u3044\u3002\u305d\u306e\u91d1\u5229\u304c\u9577\u7d9a\u304d\u3059\u308b\u3068\u306f\u601d\u308f\u306a\u3044\u304c\u3002<\/p>\n<\/blockquote>\n\n\n\n<p>\u30c0\u30ea\u30aa\u6c0f\u306f\u5229\u4e0a\u3052\u304c\u59cb\u307e\u308b\u524d\u3001\u30a4\u30f3\u30d5\u30ec\u304c\u6765\u3066\u3044\u305f\u306b\u3082\u304b\u304b\u308f\u3089\u305a\u91d1\u5229\u304c\u30bc\u30ed\u3060\u3063\u305f\u6642\u306b\u3001\u300c\u73fe\u91d1\u306f\u30b4\u30df\u300d\u3068\u767a\u8a00\u3057\u3066\u8a71\u984c\u306b\u306a\u3063\u305f\u3002<\/p>\n\n\n\n<p>\u3060\u304c\u91d1\u5229\u304c\u4e0a\u304c\u308b\u3068\u30c0\u30ea\u30aa\u6c0f\u306f\u4e00\u8ee2\u3057\u3066\u73fe\u91d1\u3092\u8cde\u8cdb\u3057\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<p>\u91d1\u878d\u306b\u3064\u3044\u3066\u4f55\u3082\u77e5\u3089\u306a\u3044\u91d1\u878d\u5e81\u304c\u4e3b\u5c0e\u3059\u308b\u611a\u304b\u306aNISA\u30d6\u30fc\u30e0\u306b\u304a\u3044\u3066\u3088\u304f\u8a00\u308f\u308c\u308b\u306e\u304c\u3001\u30a4\u30f3\u30d5\u30ec\u3092\u907f\u3051\u305f\u3051\u308c\u3070\u682a\u5f0f\u3092\u8cb7\u3048\u3068\u3044\u3046\u30d5\u30ec\u30fc\u30ba\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u305d\u3082\u305d\u3082\u653f\u5e9c\u3068\u65e5\u9280\u304c\u30a4\u30f3\u30d5\u30ec\u3092\u5f15\u304d\u8d77\u3053\u3057\u3066\u304a\u3044\u3066\u3001\u3042\u305f\u304b\u3082\u305d\u308c\u304c\u7a7a\u304b\u3089\u964d\u3063\u3066\u304d\u305f\u304b\u306e\u3088\u3046\u306b\u8a00\u3063\u3066\u3044\u308b\u306e\u3082\u3042\u307e\u308a\u306b\u9177\u3044\u3068\u3053\u308d\u3060\u304c\u3001\u305d\u3082\u305d\u3082\u91d1\u878d\u306e\u6b74\u53f2\u3092\u5c11\u3057\u3067\u3082\u52c9\u5f37\u3057\u3066\u3044\u308c\u3070\u3001\u3053\u3046\u3057\u305f\u7406\u5c48\u306f\u5b8c\u5168\u306b\u99ac\u9e7f\u3052\u3066\u3044\u308b\u3068\u5206\u304b\u308b\u3002<\/p>\n\n\n\n<p>\u4f55\u6545\u304b\u3002\u4ee5\u4e0b\u306e\u8a18\u4e8b\u3067\u8aac\u660e\u3057\u305f\u3088\u3046\u306b\u3001\u30a2\u30e1\u30ea\u30ab\u304c\u7269\u4fa1\u9ad8\u9a30\u306b\u8972\u308f\u308c\u305f1970\u5e74\u4ee3\u306b\u304a\u3044\u3066\u3001\u682a\u5f0f\u306e\u30ea\u30bf\u30fc\u30f3\u306f\u9177\u3044\u3082\u306e\u3060\u3063\u305f\u304b\u3089\u3067\u3042\u308b\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>\u30a4\u30f3\u30d5\u30ec\u3067\u682a\u5f0f\u3092\u8cb7\u3048\u3068\u3044\u3046\u306e\u306f\u7d20\u4eba\u306b\u3088\u308b\u9177\u3044\u5197\u8ac7\u3060\u304c\u3001\u3067\u306f\u3069\u3046\u3059\u308c\u3070\u826f\u3044\u306e\u304b\u3002<\/p>\n\n\n\n<p>\u30a4\u30f3\u30d5\u30ec\u306e\u6642\u4ee3\u306b\u4e00\u822c\u4eba\u306b\u3082\u53ef\u80fd\u306a\u6700\u9ad8\u306e\u6295\u8cc7\u306f\u3001\u76ae\u8089\u3067\u3082\u9810\u91d1\u3067\u3042\u308b\u3053\u3068\u3092\u7b46\u8005\u306f\u6307\u6458\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>\u3057\u304b\u3057\u6761\u4ef6\u304c2\u3064\u3042\u308b\u3002\u653f\u7b56\u91d1\u5229\u306b\u8fd1\u3044\u91d1\u5229\u3092\u63d0\u4f9b\u3057\u3066\u304f\u308c\u308b\u307e\u3068\u3082\u306a\u9280\u884c\u53e3\u5ea7\u3084\u8a3c\u5238\u53e3\u5ea7\u3092\u6301\u3064\u3053\u3068\u3001\u305d\u3057\u3066\u30a4\u30f3\u30d5\u30ec\u5bfe\u7b56\u306e\u305f\u3081\u306b\u5229\u4e0a\u3052\u3092\u3059\u308b\u307e\u3068\u3082\u306a\u4e2d\u592e\u9280\u884c\u3092\u6301\u3064\u3053\u3068\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u305d\u3046\u3059\u308c\u3070\u3069\u3046\u306a\u308b\u304b\u30021970\u5e74\u4ee3\u306e\u30a2\u30e1\u30ea\u30ab\u306b\u304a\u3044\u3066\u3001\u30a4\u30f3\u30d5\u30ec\u7387\u3068\u653f\u7b56\u91d1\u5229\u3092\u4e26\u3079\u308c\u3070\u3053\u3046\u306a\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\/12\/1970s-us-cpi-growth-and-federal-funds-rate-chart.png\"><img loading=\"lazy\" decoding=\"async\" width=\"468\" height=\"466\" src=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2022\/12\/1970s-us-cpi-growth-and-federal-funds-rate-chart.png\" alt=\"\" class=\"wp-image-31922\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2022\/12\/1970s-us-cpi-growth-and-federal-funds-rate-chart.png 468w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2022\/12\/1970s-us-cpi-growth-and-federal-funds-rate-chart-300x300.png 300w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2022\/12\/1970s-us-cpi-growth-and-federal-funds-rate-chart-150x150.png 150w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2022\/12\/1970s-us-cpi-growth-and-federal-funds-rate-chart-120x120.png 120w\" sizes=\"auto, (max-width: 468px) 100vw, 468px\" \/><\/a><\/figure>\n\n\n\n<p>\u91d1\u5229\u306f\u30a4\u30f3\u30d5\u30ec\u7387\u306b\u307b\u307c\u6cbf\u3063\u3066\u3044\u308b\u3002\u3064\u307e\u308a\u3001\u30a4\u30f3\u30d5\u30ec\u306e\u305b\u3044\u3067\u73fe\u91d1\u306e\u4fa1\u5024\u304c\u76ee\u6e1b\u308a\u3057\u3066\u3082\u3001\u4e2d\u592e\u9280\u884c\u304c\u5229\u4e0a\u3052\u3055\u3048\u884c\u3048\u3070\u3001\u56fd\u6c11\u306f\u5358\u306b\u9810\u91d1\u3057\u3066\u3044\u308b\u3060\u3051\u3067\u30a4\u30f3\u30d5\u30ec\u306b\u304a\u3051\u308b\u9810\u91d1\u306e\u6e1b\u4fa1\u3092\u5229\u606f\u3068\u3044\u3046\u5f62\u3067\u88dc\u586b\u3067\u304d\u308b\u306e\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u3061\u306a\u307f\u306b\u65e5\u672c\u4eba\u306f\u65e5\u9280\u306e\u305b\u3044\u3067\u3053\u306e\u6761\u4ef6\u3092\u6e80\u305f\u3059\u3053\u3068\u304c\u3067\u304d\u306a\u3044\u3002\u305d\u306e\u7406\u7531\u306b\u3064\u3044\u3066\u306f\u4ee5\u4e0b\u306e\u8a18\u4e8b\u3092\u53c2\u8003\u306b\u3057\u3066\u307b\u3057\u3044\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/29198\" data-type=\"post\" data-id=\"29198\">\u5229\u4e0a\u3052\u3067\u9810\u91d1\u8005\u306f\u30a4\u30f3\u30d5\u30ec\u304b\u3089\u8cc7\u7523\u9632\u885b\u3067\u304d\u308b\u306b\u3082\u304b\u304b\u308f\u3089\u305a\u65e5\u9280\u304c\u5229\u4e0a\u3052\u3092\u884c\u308f\u306a\u3044\u7406\u7531<\/a><\/li>\n<\/ul>\n\n\n\n<p>\u591a\u984d\u306e\u7a0e\u91d1\u3092\u65e5\u672c\u653f\u5e9c\u306b\u643e\u53d6\u3055\u308c\u306a\u304c\u3089\u3001\u9577\u671f\u7684\u306b\u682a\u9ad8\u306b\u306a\u308b\u30c7\u30d5\u30ec\u3068\u91d1\u878d\u7de9\u548c\u306e\u6642\u4ee3\u306b\u9810\u91d1\u3092\u7a4d\u307f\u4e0a\u3052\u3001\u682a\u5f0f\u306e\u30d1\u30d5\u30a9\u30fc\u30de\u30f3\u30b9\u304c\u843d\u3061\u308b\u30a4\u30f3\u30d5\u30ec\u306e\u6642\u4ee3\u306b\u653f\u5e9c\u306b\u8a00\u308f\u308c\u3066\u305d\u308c\u3092\u682a\u5f0f\u306b\u8ee2\u63db\u3059\u308b\u306e\u3060\u304b\u3089\u3001\u9d28\u3068\u306f\u307e\u3055\u306b\u5f7c\u3089\u306e\u3053\u3068\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p><strong>\u7d50\u8ad6<\/strong><\/p>\n\n\n\n<p>\u3060\u304c\u30a2\u30e1\u30ea\u30ab\u3067\u306f\u4e2d\u592e\u9280\u884c\u306f\u3082\u3046\u5c11\u3057\u307e\u3068\u3082\u3067\u3042\u308b\u3002\u653f\u7b56\u91d1\u5229\u304c5.25%\u306b\u9054\u3057\u3066\u3044\u308b\u4eca\u3001\u9810\u91d1\u306f\u6709\u52b9\u3060\u3068\u3044\u3046\u3053\u3068\u3092\u30c0\u30ea\u30aa\u6c0f\u306f\u6307\u6458\u3057\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<p>\u3057\u304b\u3057\u305d\u306e\u72b6\u6cc1\u304c\u9577\u7d9a\u304d\u3057\u306a\u3044\u3068\u8a00\u3063\u3066\u3044\u308b\u3068\u3053\u308d\u304c\u4eca\u56de\u306e\u30dd\u30a4\u30f3\u30c8\u3067\u306f\u306a\u3044\u304b\u3002\u30c0\u30ea\u30aa\u6c0f\u306f\u653f\u7b56\u91d1\u5229\u304c\u4e0b\u304c\u308b\u3068\u8003\u3048\u3066\u3044\u308b\u3088\u3046\u3067\u3042\u308b\u3002\u6050\u3089\u304f\u305d\u306e\u7406\u7531\u306f\u3001\u3053\u308c\u304b\u3089\u6765\u308b\u30a2\u30e1\u30ea\u30ab\u306e\u666f\u6c17\u5f8c\u9000\u3060\u308d\u3046\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/39722\" data-type=\"post\" data-id=\"39722\">\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f: \u30b3\u30ed\u30ca\u5f8c\u306e\u7de9\u548c\u306b\u3088\u308b\u597d\u666f\u6c17\u306f\u7d42\u308f\u308a\u3001\u7c73\u56fd\u7d4c\u6e08\u306f\u30c7\u30d5\u30ec\u3068\u666f\u6c17\u5f8c\u9000\u3078<\/a><\/li>\n<\/ul>\n\n\n\n<p>\u305d\u3057\u3066\u4eca\u56de\u3001\u50b5\u5238\u3092\u4fdd\u6709\u3057\u305f\u304f\u306a\u3044\u3068\u8a00\u3063\u305f\u30c0\u30ea\u30aa\u6c0f\u3060\u3063\u305f\u304c\u3001\u682a\u5f0f\u306b\u306f\u8a00\u53ca\u3057\u306a\u304b\u3063\u305f\u3002<\/p>\n\n\n\n<p>\u3060\u304c\u30c0\u30ea\u30aa\u6c0f\u306f\u3001\u6700\u8fd1\u306e\u682a\u4fa1\u4e0b\u843d\u306e\u524d\u304b\u3089\u682a\u4fa1\u306b\u5f31\u6c17\u3060\u3063\u305f\u3053\u3068\u304c\u5831\u9053\u3055\u308c\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/39167\" data-type=\"post\" data-id=\"39167\">\u4e16\u754c\u6700\u5927\u306e\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u3001\u682a\u4fa1\u4e0b\u843d\u306e\u76f4\u524d\u304b\u3089\u7c73\u56fd\u682a\u306b\u5f31\u6c17<\/a><\/li>\n<\/ul>\n\n\n\n<p>\u30c0\u30ea\u30aa\u6c0f\u306b\u9650\u3089\u305a\u3001\u682a\u5f0f\u5e02\u5834\u306b\u5f31\u6c17\u306b\u306a\u308b\u30d5\u30a1\u30f3\u30c9\u30de\u30cd\u30fc\u30b8\u30e3\u30fc\u304c\u5897\u3048\u3066\u304d\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/38912\" data-type=\"post\" data-id=\"38912\">\u30bd\u30ed\u30b9\u30d5\u30a1\u30f3\u30c9\u3001\u682a\u9ad8\u3067\u7c73\u56fd\u682a\u3092\u7a7a\u58f2\u308a<\/a><\/li>\n<\/ul>\n\n\n\n<p>\u91d1\u5229\u4e0a\u6607\u3092\u8210\u3081\u3066\u306f\u306a\u3089\u306a\u3044\u30022018\u5e74\u306b\u3082\u305d\u3046\u8a00\u3063\u3066\u304a\u3044\u305f\u3002\u305d\u308c\u3060\u3051\u4ed8\u3051\u8db3\u3057\u3066\u304a\u304f\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/7959\" data-type=\"post\" data-id=\"7959\">\u4e16\u754c\u540c\u6642\u682a\u5b89\u3092\u4e88\u60f3\u3067\u304d\u305f\u7406\u7531\u3068\u682a\u4fa1\u4e0b\u843d\u306e\u539f\u56e0 (2018\/10\/28)<\/a><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>\u4e16\u754c\u6700\u5927\u306e\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9Bridgewater\u306e\u5275\u696d\u8005\u30ec\u30a4\u30fb\u30c0\u30ea\u30aa\u6c0f\u304c\u3001Milken Institute\u306e\u4f1a\u8b70\u3067\u91d1\u5229\u3068\u6295\u8cc7\u306b\u3064\u3044\u3066\u8a9e\u3063\u3066\u3044\u308b\u306e\u3067\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":[102],"class_list":["post-39898","post","type-post","status-publish","format-standard","hentry","category-us-bond-market","category-bond-markets","tag-ray-dalio"],"_links":{"self":[{"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/39898","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=39898"}],"version-history":[{"count":62,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/39898\/revisions"}],"predecessor-version":[{"id":39961,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/39898\/revisions\/39961"}],"wp:attachment":[{"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/media?parent=39898"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/categories?post=39898"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/tags?post=39898"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}