{"id":4020,"date":"2016-08-08T09:04:22","date_gmt":"2016-08-08T00:04:22","guid":{"rendered":"http:\/\/www.globalmacroresearch.org\/jp\/?p=4020"},"modified":"2016-10-05T13:32:04","modified_gmt":"2016-10-05T04:32:04","slug":"2017%e5%b9%b4%e3%81%b8%e3%81%ae%e9%87%91%e4%be%a1%e6%a0%bc%e3%81%ae%e6%8e%a8%e7%a7%bb%e4%ba%88%e6%83%b3-%e9%95%b7%e6%9c%9f%e7%9a%84%e3%81%ab%e3%81%af%e3%83%90%e3%83%96%e3%83%ab%e3%81%ab%e3%81%aa","status":"publish","type":"post","link":"https:\/\/www.globalmacroresearch.org\/jp\/archives\/4020","title":{"rendered":"2017\u5e74\u3078\u306e\u91d1\u4fa1\u683c\u306e\u63a8\u79fb\u4e88\u60f3: \u9577\u671f\u7684\u306b\u306f\u30d0\u30d6\u30eb\u306b\u306a\u308b\u304c\u3001\u77ed\u671f\u7684\u306b\u306f\u5c71\u3092\u8d8a\u3048\u308b\u5fc5\u8981\u3042\u308a"},"content":{"rendered":"<p>\u4e45\u3005\u306e\u91d1\u76f8\u5834\u898b\u901a\u3057\u3067\u3042\u308b\u3002\u91d1\u306b\u3064\u3044\u3066\u306f2015\u5e74\u3088\u308a\u30d5\u30a9\u30ed\u30fc\u3057\u3066\u3044\u308b\u304c\u3001\u4ee5\u4e0b\u306f\u6700\u8fd1\u306e\u7d4c\u6e08\u30c7\u30fc\u30bf\u3092\u8e0f\u307e\u3048\u305f\u6700\u65b0\u7248\u3067\u3042\u308a\u3001\u7279\u306b\u77ed\u671f\u7684\u306b\u91d1\u4fa1\u683c\u304c\u4e0b\u843d\u3059\u308b\u30ea\u30b9\u30af\u306b\u7126\u70b9\u3092\u5f53\u3066\u3066\u4eca\u5f8c\u306e\u52d5\u5411\u3092\u4e88\u6e2c\u3057\u3066\u3044\u308b\u3002\u3084\u3084\u9577\u3044\u8a18\u4e8b\u306b\u306a\u3063\u305f\u304c\u3001\u305d\u306e\u5206\u8a73\u3057\u304f\u8aac\u660e\u3067\u304d\u305f\u306e\u3067\u306f\u306a\u3044\u304b\u3068\u601d\u3046\u3002<\/p>\n<p><!--more--><strong>\u3053\u308c\u307e\u3067\u306e\u91d1\u76f8\u5834\u306e\u63a8\u79fb<\/strong><\/p>\n<p>\u5148\u305a\u3053\u308c\u307e\u3067\u306e\u6d41\u308c\u3092\u7e8f\u3081\u3066\u304a\u3053\u3046\u30022008\u5e74\u306e\u91d1\u878d\u5371\u6a5f\u5f8c\u306b\u884c\u308f\u308c\u305f\u30a2\u30e1\u30ea\u30ab\u306e\u91cf\u7684\u7de9\u548c\u306f\u91d1\u4fa1\u683c\u3092\u30d0\u30d6\u30eb\u3078\u3068\u62bc\u3057\u4e0a\u3052\u305f\u30022011\u5e74\u306b\u306f1,800\u30c9\u30eb\u307e\u3067\u4e0a\u304c\u308a\u3001\u91d1\u878d\u5371\u6a5f\u5f8c\u306e\u5b89\u5024\u304b\u3089\u500d\u4ee5\u4e0a\u3068\u306a\u3063\u305f\u3002\u4ee5\u4e0b\u306f\u91d1\u76f8\u5834\u306e\u9577\u671f\u30c1\u30e3\u30fc\u30c8\u3067\u3042\u308b\u3002<\/p>\n<p><a href=\"http:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2016\/08\/2016-8-7-gold-long-term-chart.png\" rel=\"attachment wp-att-4028\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-4028\" src=\"http:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2016\/08\/2016-8-7-gold-long-term-chart.png\" alt=\"2016-8-7-gold-long-term-chart\" width=\"599\" height=\"403\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2016\/08\/2016-8-7-gold-long-term-chart.png 599w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2016\/08\/2016-8-7-gold-long-term-chart-300x202.png 300w\" sizes=\"auto, (max-width: 599px) 100vw, 599px\" \/><\/a><\/p>\n<p>\u3057\u304b\u3057\u3001\u305d\u306e\u5f8c\u30a2\u30e1\u30ea\u30ab\u306e\u4e2d\u592e\u9280\u884c\u3067\u3042\u308bFed\uff08\u9023\u90a6\u6e96\u5099\u5236\u5ea6\uff09\u304c\u91cf\u7684\u7de9\u548c\u3092\u505c\u6b62\u3059\u308b\u3068\u3001\u91d1\u76f8\u5834\u306e\u30d0\u30d6\u30eb\u306f\u5d29\u58ca\u3057\u3001\u91d1\u4fa1\u683c\u306f1,000\u30c9\u30eb\u8fd1\u304f\u307e\u3067\u4e0b\u843d\u3057\u305f\u3002<\/p>\n<p>\u91cf\u7684\u7de9\u548c\u505c\u6b62\u5f8c\u3001Fed\u306f\u91d1\u878d\u653f\u7b56\u6b63\u5e38\u5316\u3092\u63b2\u3052\u3001\u5229\u4e0a\u3052\u3092\u7d9a\u3051\u308b\u3068\u5ba3\u8a00\u3057\u3066\u3044\u308b\u3002\u91d1\u878d\u5f15\u304d\u7de0\u3081\u3092\u6050\u308c\u305f\u6295\u8cc7\u5bb6\u305f\u3061\u304c\u91d1\u4fa1\u683c\u3092\u62bc\u3057\u4e0b\u3052\u305f\u304c\u3001\u308f\u305f\u3057\u306f\u30a2\u30e1\u30ea\u30ab\u306e\u5229\u4e0a\u3052\u306f\u5931\u6557\u3059\u308b\u3068\u5224\u65ad\u3057\u30012015\u5e7412\u6708\u306b\u91d1\u306e\u8cb7\u3044\u4ed8\u3051\u3092\u958b\u59cb\u3057\u305f\u3002\u8aad\u8005\u306b\u306f\u5468\u77e5\u306e\u901a\u308a\u3067\u3042\u308b\u3002<\/p>\n<ul>\n<li><a href=\"http:\/\/www.globalmacroresearch.org\/jp\/archives\/2196\">2016\u5e74\u91d1\u4fa1\u683c\u306e\u63a8\u79fb\u4e88\u60f3: \u91d1\u306f\u66b4\u9a30\u3059\u308b\u304c\u3044\u3064\u8cb7\u3046\u3079\u304d\u304b\uff1f\u3000\u5229\u4e0a\u3052\u306e\u5f71\u97ff\u3068\u7c73\u56fd\u7d4c\u6e08\u306e\u52d5\u5411\uff082015\/12\/26\uff09<\/a><\/li>\n<\/ul>\n<p>\u305d\u306e\u5f8c\u3001\u30a2\u30e1\u30ea\u30ab\u7d4c\u6e08\u3078\u306e\u61f8\u5ff5\u304c\u60f3\u5b9a\u3088\u308a\u65e9\u304f\u660e\u3089\u304b\u306b\u306a\u308b\u3068\u3001<a href=\"http:\/\/www.globalmacroresearch.org\/jp\/archives\/2356\">1\u670825\u65e5<\/a>\u3068<a href=\"http:\/\/www.globalmacroresearch.org\/jp\/archives\/2444\">2\u67082\u65e5<\/a>\u306b\u8cb7\u3044\u5897\u3057\u3092\u884c\u3044\u3001\u7d50\u679c\u3068\u3057\u3066\u5e73\u5747\u4fa1\u683c1,100\u30c9\u30eb\u7a0b\u5ea6\u3067\u8cb7\u3044\u5165\u308c\u5b8c\u4e86\u3068\u306a\u3063\u305f\u3002\u3053\u306e\u8cb7\u3044\u5165\u308c\u4fa1\u683c\u306f\u7d50\u679c\u3068\u3057\u3066\u307b\u3068\u3093\u3069\u5f53\u6642\u306e\u5e95\u5024\u3067\u91d1\u3092\u62fe\u3048\u305f\u3053\u3068\u306b\u306a\u3063\u305f\u304c\u3001\u3053\u308c\u304c\u3053\u3053\u307e\u3067\u306e\u6d41\u308c\u3067\u3042\u308b\u3002<\/p>\n<p><strong>\u91d1\u4fa1\u683c\u306f\u4eca\u5f8c\u3069\u3046\u306a\u308b\u304b\uff1f<\/strong><\/p>\n<p>\u672c\u984c\u306f\u91d1\u76f8\u5834\u304c\u3053\u308c\u304b\u3089\u3069\u3046\u306a\u308b\u304b\u3067\u3042\u308b\u3002\u91d1\u76f8\u5834\u3092\u4e88\u60f3\u3059\u308b\u305f\u3081\u306b\u306f\u3001\u4e3b\u306b\u30a4\u30f3\u30d5\u30ec\u7387\u3068\u540d\u76ee\u91d1\u5229\u304c\u3069\u3046\u306a\u308b\u304b\u3092\u4e88\u60f3\u3059\u308c\u3070\u826f\u3044\u3002\u91d1\u4fa1\u683c\u306f\u3053\u308c\u3089\u4e8c\u3064\u306e\u8981\u7d20\u306b\u5f71\u97ff\u3055\u308c\u308b\u304b\u3089\u3067\u3042\u308b\u3002\u30a4\u30f3\u30d5\u30ec\u306f\u901a\u8ca8\u306e\u4fa1\u5024\u304c\u4e0b\u304c\u308b\u3053\u3068\u3067\u3042\u308a\u3001\u305d\u308c\u306f\u91d1\u4fa1\u683c\u3092\u76f8\u5bfe\u7684\u306b\u62bc\u3057\u4e0a\u3052\u308b\u3002\u91d1\u306f\u4e3b\u306b\u30c9\u30eb\u5efa\u3066\u3067\u53d6\u5f15\u3055\u308c\u3066\u3044\u308b\u304c\u3001\u4f8b\u3048\u3070\u30c9\u30eb\u304c\u4e0b\u843d\u3059\u308c\u3070\u30c9\u30eb\u5efa\u3066\u306e\u91d1\u4fa1\u683c\u304c\u4e0a\u6607\u3059\u308b\u3068\u3044\u3046\u3053\u3068\u3067\u3042\u308b\u3002<\/p>\n<p>\u4e00\u65b9\u3067\u3001\u901a\u8ca8\u306e\u91d1\u5229\u304c\u91d1\u4fa1\u683c\u306b\u5f71\u97ff\u3059\u308b\u306e\u306f\u3001\u91d1\u306b\u306f\u91d1\u5229\u304c\u4ed8\u304b\u306a\u3044\u304b\u3089\u3067\u3042\u308b\u3002\u91d1\u5229\u304c\u9ad8\u3051\u308c\u3070\u4eba\u3005\u306f\u91d1\u5229\u306e\u4ed8\u304b\u306a\u3044\u91d1\u3088\u308a\u901a\u8ca8\u3092\u9810\u91d1\u3059\u308b\u3053\u3068\u3092\u597d\u3080\u3060\u308d\u3046\u3002\u9006\u306b\u91d1\u5229\u304c\u4f4e\u3051\u308c\u3070\u901a\u8ca8\u306e\u9b45\u529b\u304c\u8584\u308c\u3001\u76f8\u5bfe\u7684\u306b\u91d1\u6295\u8cc7\u306e\u9b45\u529b\u304c\u5897\u3059\u3068\u3044\u3046\u308f\u3051\u3067\u3042\u308b\u3002<\/p>\n<p>\u3057\u305f\u304c\u3063\u3066\u3001\u91d1\u306e\u6295\u8cc7\u5bb6\u306f\u30a4\u30f3\u30d5\u30ec\u7387\u3068\u540d\u76ee\u91d1\u5229\u3092\u8ffd\u3063\u3066\u3044\u304b\u306a\u3051\u308c\u3070\u306a\u3089\u306a\u3044\u308f\u3051\u3060\u304c\u3001\u3053\u308c\u3089\u4e8c\u3064\u3092\u4e00\u3064\u306b\u5408\u308f\u305b\u305f\u6307\u6a19\u304c\u5b58\u5728\u3059\u308b\u3002\u5b9f\u8cea\u91d1\u5229\u3067\u3042\u308b\u3002<\/p>\n<p><strong>\u5b9f\u8cea\u91d1\u5229\u3068\u91d1\u4fa1\u683c<\/strong><\/p>\n<p>\u5b9f\u8cea\u91d1\u5229\u3068\u306f\u3001\u540d\u76ee\u91d1\u5229\uff08\u30a4\u30f3\u30d5\u30ec\u306b\u3088\u308b\u5b9f\u8cea\u7684\u306a\u6e1b\u4fa1\u3092\u8003\u616e\u305b\u305a\u306b\u3001\u5358\u306b\u8cc7\u91d1\u306b\u3069\u308c\u3060\u3051\u306e\u91d1\u5229\u304c\u4ed8\u304f\u304b\u3068\u3044\u3046\u3053\u3068\uff09\u304b\u3089\u30a4\u30f3\u30d5\u30ec\u7387\u3092\u5f15\u3044\u305f\u3082\u306e\u3067\u3042\u308b\u3002<\/p>\n<ul>\n<li>\u5b9f\u8cea\u91d1\u5229 = \u540d\u76ee\u91d1\u5229 &#8211; \u30a4\u30f3\u30d5\u30ec\u7387<\/li>\n<\/ul>\n<p>\u30a2\u30e1\u30ea\u30ab\u306e\u5b9f\u8cea\u91d1\u5229\u3068\u91d1\u4fa1\u683c\u306e\u63a8\u79fb\u306e\u30b0\u30e9\u30d5\u306f\u4ee5\u4e0b\u306e\u3088\u3046\u306b\u306a\u3063\u3066\u3044\u308b\u3002<\/p>\n<p><a href=\"http:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2016\/08\/2016-jul-gold-price-and-10-year-treasury-inflation-protected-security.png\" rel=\"attachment wp-att-4029\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-4029\" src=\"http:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2016\/08\/2016-jul-gold-price-and-10-year-treasury-inflation-protected-security.png\" alt=\"2016-jul-gold-price-and-10-year-treasury-inflation-protected-security\" width=\"441\" height=\"397\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2016\/08\/2016-jul-gold-price-and-10-year-treasury-inflation-protected-security.png 441w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2016\/08\/2016-jul-gold-price-and-10-year-treasury-inflation-protected-security-300x270.png 300w\" sizes=\"auto, (max-width: 441px) 100vw, 441px\" \/><\/a><\/p>\n<p>\u5b9f\u8cea\u91d1\u5229\u304c\u4e0a\u304c\u308c\u3070\u91d1\u4fa1\u683c\u304c\u4e0b\u304c\u308a\u3001\u5b9f\u8cea\u91d1\u5229\u304c\u4e0b\u304c\u308c\u3070\u91d1\u4fa1\u683c\u304c\u4e0a\u304c\u308b\u30c1\u30e3\u30fc\u30c8\u3068\u306a\u3063\u3066\u3044\u308b\u3002\u3064\u307e\u308a\u3001\u4f4e\u91d1\u5229\u3068\u9ad8\u30a4\u30f3\u30d5\u30ec\u304c\u91d1\u4fa1\u683c\u306b\u3068\u3063\u3066\u30d7\u30e9\u30b9\u3068\u306a\u308b\u306e\u3067\u3001\u5b9f\u8cea\u91d1\u5229\u304c\u4f4e\u3044\u307b\u3069\u91d1\u76f8\u5834\u306b\u306f\u6709\u5229\u3060\u3068\u3044\u3046\u3053\u3068\u3067\u3042\u308b\u3002<\/p>\n<p><strong>\u91d1\u5229\u3068\u30a4\u30f3\u30d5\u30ec\u7387<\/strong><\/p>\n<p>\u3067\u306f\u30a2\u30e1\u30ea\u30ab\u306e\u5b9f\u8cea\u91d1\u5229\u306f\u4eca\u5f8c\u3069\u3046\u306a\u3063\u3066\u3086\u304f\u306e\u304b\uff1f\u3000\u305d\u308c\u3092\u8003\u3048\u308b\u305f\u3081\u306b\u306f\u3001\u30a2\u30e1\u30ea\u30ab\u7d4c\u6e08\u306e\u898b\u901a\u3057\u3092\u5168\u4f53\u7684\u306b\u898b\u3066\u3086\u304f\u5fc5\u8981\u304c\u3042\u308b\u3002GDP\u30c7\u30fc\u30bf\u306b\u3088\u308c\u3070\u3001\u30a2\u30e1\u30ea\u30ab\u306e\u7d4c\u6e08\u6210\u9577\u7387\u306f2016\u5e74\u306b\u5165\u3063\u3066\u304b\u3089\u6e1b\u901f\u3057\u3066\u3044\u308b\u30022015\u5e74\u306b\u306f2%\u3092\u8d85\u3048\u3066\u3044\u305f\u7d4c\u6e08\u6210\u9577\u7387\u30821%\u53f0\u306b\u843d\u3061\u8fbc\u3093\u3060\u3002<\/p>\n<ul>\n<li><a href=\"http:\/\/www.globalmacroresearch.org\/jp\/archives\/3981\">\u30c9\u30eb\u66b4\u843d\u4e88\u60f3\u3092\u88cf\u4ed8\u3051\u308b\u7c73\u56fdGDP: 4-6\u6708\u671f\u306f\u843d\u3061\u8fbc\u307f\u52a0\u901f\u3001\u60aa\u5316\u3059\u308b\u30a2\u30e1\u30ea\u30ab\u7d4c\u6e08\u898b\u901a\u3057<\/a><\/li>\n<\/ul>\n<p>\u3053\u308c\u306f2015\u5e74\u672b\u306b\u308f\u305f\u3057\u304c\u4e88\u60f3\u3057\u305f\u901a\u308a\u3067\u3042\u308b\u3002<\/p>\n<ul>\n<li><a href=\"http:\/\/www.globalmacroresearch.org\/jp\/archives\/2165\">2016\u5e74\u30a2\u30e1\u30ea\u30ab\u7d4c\u6e08\u306f\u6e1b\u901f\u3059\u308b: \u5229\u4e0a\u3052\u3068\u30c9\u30eb\u9ad8\u306e\u5f71\u97ff\u3001\u30a8\u30cd\u30eb\u30ae\u30fc\u4fa1\u683c\u306e\u63a8\u79fb\u3001\u8cc3\u91d1\u306e\u4e0a\u6607\uff082015\/12\/24\uff09<\/a><\/li>\n<\/ul>\n<p>\u7d4c\u6e08\u6210\u9577\u7387\u3060\u3051\u3092\u898b\u308c\u3070\u3001\u30a2\u30e1\u30ea\u30ab\u7d4c\u6e08\u306b\u91cf\u7684\u7de9\u548c\u306e\u652f\u3048\u304c\u518d\u3073\u5fc5\u8981\u3067\u3042\u308b\u3053\u3068\u306f\u65e2\u306b\u660e\u3089\u304b\u3067\u3042\u308b\u3002\u3053\u308c\u306f\u308f\u305f\u3057\u3092\u542b\u3081\u3001\u591a\u304f\u306e\u5e02\u5834\u53c2\u52a0\u8005\u304c\u9577\u3089\u304f\u4e88\u60f3\u3057\u3066\u3044\u305f\u72b6\u6cc1\u3067\u3042\u308b\u3002<\/p>\n<ul>\n<li><a href=\"http:\/\/www.globalmacroresearch.org\/jp\/archives\/2946\">\u30b8\u30e7\u30fc\u30b8\u30fb\u30bd\u30ed\u30b9\u6c0f: \u30a2\u30e1\u30ea\u30ab\u7d4c\u6e08\u306f\u6e1b\u901f\u3059\u308b\u3001\u5229\u4e0a\u3052\u306f\u5931\u6557\u3059\u308b\u3001\u30de\u30a4\u30ca\u30b9\u91d1\u5229\u306f\u52b9\u304b\u306a\u3044<\/a><\/li>\n<li><a href=\"http:\/\/www.globalmacroresearch.org\/jp\/archives\/2610\">\u30ec\u30a4\u30fb\u30c0\u30ea\u30aa\u6c0f: \u5e74\u5185\u5229\u4e0a\u3052\u306f\u6df1\u523b\u306a\u8aa4\u308a\u306b\u3001\u305d\u3057\u3066\u7c73\u56fd\u306f\u91cf\u7684\u7de9\u548c\u3092\u518d\u958b\u3059\u308b<\/a><\/li>\n<\/ul>\n<p>Fed\u304c\u91cf\u7684\u7de9\u548c\u3092\u518d\u958b\u3059\u308c\u3070\u3001\u30a2\u30e1\u30ea\u30ab\u306e\u9577\u671f\u91d1\u5229\u306f\u5287\u7684\u306b\u4e0b\u304c\u308b\u3053\u3068\u306b\u306a\u308b\u3002\u305d\u308c\u306f\u91d1\u76f8\u5834\u306e\u9ad8\u9a30\u3092\u610f\u5473\u3059\u308b\u3002\u3057\u304b\u3057\u306a\u304c\u3089\u30012016\u5e74\u5f8c\u534a\u306b\u306a\u3063\u3066\u304b\u3089Fed\u304c\u5358\u7d14\u306b\u306f\u7de9\u548c\u3092\u518d\u958b\u51fa\u6765\u306a\u3044\u4e8b\u60c5\u304c\u6d6e\u4e0a\u3057\u3066\u3044\u308b\u3002\u8cc3\u91d1\u9ad8\u9a30\u306b\u3088\u308b\u30a4\u30f3\u30d5\u30ec\u7387\u306e\u9ad8\u6b62\u307e\u308a\u3067\u3042\u308b\u3002<\/p>\n<p><strong>\u6e1b\u901f\u3059\u308b\u7d4c\u6e08\u3068\u4e0b\u304c\u3089\u306a\u3044\u30a4\u30f3\u30d5\u30ec\u7387<\/strong><\/p>\n<p>\u4f4e\u8ff7\u3059\u308bGDP\u3068\u306f\u5bfe\u7167\u7684\u306b\u3001\u30a2\u30e1\u30ea\u30ab\u306e\u30b3\u30a2\u30a4\u30f3\u30d5\u30ec\u7387\uff08\u98df\u6599\u3068\u30a8\u30cd\u30eb\u30ae\u30fc\u3092\u9664\u304f\uff09\u306f2%\u3092\u8d85\u3048\u3066\u63a8\u79fb\u3057\u3066\u3044\u308b\u3002\u3053\u306e\u80cc\u666f\u306b\u306f\u540c\u3058\u304f2%\u3092\u8d85\u3048\u3066\u63a8\u79fb\u3059\u308b\u8cc3\u91d1\u306e\u4e0a\u6607\u304c\u3042\u308b\u3002<\/p>\n<p><a href=\"http:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2016\/08\/2016-jul-us-core-cpi-and-labour-compensation-wages-salaries-and-benefits.png\" rel=\"attachment wp-att-4031\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-4031\" src=\"http:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2016\/08\/2016-jul-us-core-cpi-and-labour-compensation-wages-salaries-and-benefits.png\" alt=\"2016-jul-us-core-cpi-and-labour-compensation-wages-salaries-and-benefits\" width=\"390\" height=\"361\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2016\/08\/2016-jul-us-core-cpi-and-labour-compensation-wages-salaries-and-benefits.png 390w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2016\/08\/2016-jul-us-core-cpi-and-labour-compensation-wages-salaries-and-benefits-300x278.png 300w\" sizes=\"auto, (max-width: 390px) 100vw, 390px\" \/><\/a><\/p>\n<p>\u96c7\u7528\u7d71\u8a08\u306b\u95a2\u3057\u3066\u3082\u5f37\u3044\u6570\u5b57\u304c\u7d9a\u3044\u3066\u304a\u308a\u3001\u5e02\u5834\u3067\u306f\u4f4e\u6210\u9577\u3068\u9ad8\u30a4\u30f3\u30d5\u30ec\u304c\u540c\u6642\u306b\u8d77\u3053\u308b\u30b9\u30bf\u30b0\u30d5\u30ec\u30fc\u30b7\u30e7\u30f3\u3092\u61f8\u5ff5\u3059\u308b\u58f0\u304c\u51fa\u3066\u3044\u308b\u3002\u6709\u540d\u3069\u3053\u308d\u3067\u306fFed\u306e\u5143\u8b70\u9577\u30a2\u30e9\u30f3\u30fb\u30b0\u30ea\u30fc\u30f3\u30b9\u30d1\u30f3\u6c0f\u304cBloomberg\uff08<a href=\"http:\/\/www.bloomberg.com\/news\/articles\/2016-07-28\/greenspan-nervous-bond-prices-too-high-sees-stagflation-ahead\" target=\"_blank\">\u539f\u6587\u82f1\u8a9e<\/a>\uff09\u306e\u30a4\u30f3\u30bf\u30d3\u30e5\u30fc\u3067\u7269\u4fa1\u9ad8\u9a30\u306b\u8a00\u53ca\u3057\u3001\u300c\u30b9\u30bf\u30b0\u30d5\u30ec\u30fc\u30b7\u30e7\u30f3\u3068\u306a\u308c\u3070\u9577\u671f\u91d1\u5229\u306f1%\u30842%\u3067\u306f\u6e08\u307e\u306a\u3044\u300d\u3068\u8b66\u544a\u3057\u305f\u3002<\/p>\n<p>\u30b9\u30bf\u30b0\u30d5\u30ec\u30fc\u30b7\u30e7\u30f3\u3067\u601d\u3044\u51fa\u3055\u308c\u308b\u306e\u306f\u30cb\u30af\u30bd\u30f3\u30fb\u30b7\u30e7\u30c3\u30af\u4ee5\u5f8c\u306e1970\u5e74\u4ee3\u306e\u30a2\u30e1\u30ea\u30ab\u7d4c\u6e08\u3067\u3042\u308b\u3002\u5f53\u6642Fed\u306f\u666f\u6c17\u5f8c\u9000\u3059\u308b\u30a2\u30e1\u30ea\u30ab\u7d4c\u6e08\u306b\u3082\u304b\u304b\u308f\u3089\u305a\u3001\u30a4\u30f3\u30d5\u30ec\u3092\u6291\u5236\u3059\u308b\u305f\u3081\u306b\u5229\u4e0a\u3052\u3092\u5f37\u884c\u305b\u3056\u308b\u3092\u5f97\u306a\u304b\u3063\u305f\u3002\u4ee5\u4e0b\u306e\u30b0\u30e9\u30d5\u306f\u5f53\u6642\u306e\u7d4c\u6e08\u30c7\u30fc\u30bf\u3060\u304c\u3001\u30de\u30a4\u30ca\u30b9\u6210\u9577\u306eGDP\u306b\u3082\u304b\u304b\u308f\u3089\u305a\u3001\u653f\u7b56\u91d1\u5229\u304c\u30b3\u30a2\u30a4\u30f3\u30d5\u30ec\u7387\u3092\u4e0a\u56de\u3063\u3066\u63a8\u79fb\u3057\u3066\u3044\u308b\u306e\u304c\u898b\u3066\u53d6\u308c\u308b\u3002<\/p>\n<p><a href=\"http:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2016\/08\/1980-us-gdp-growth-inflation-and-interest-rates.png\" rel=\"attachment wp-att-4033\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-4033\" src=\"http:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2016\/08\/1980-us-gdp-growth-inflation-and-interest-rates.png\" alt=\"1980-us-gdp-growth-inflation-and-interest-rates\" width=\"495\" height=\"423\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2016\/08\/1980-us-gdp-growth-inflation-and-interest-rates.png 495w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2016\/08\/1980-us-gdp-growth-inflation-and-interest-rates-300x256.png 300w\" sizes=\"auto, (max-width: 495px) 100vw, 495px\" \/><\/a><\/p>\n<p>\u30b0\u30ea\u30fc\u30f3\u30b9\u30d1\u30f3\u6c0f\u306e\u6307\u6458\u304c\u6b63\u3057\u3051\u308c\u3070\u3001Fed\u306f\u6025\u3044\u3067\u91d1\u5229\u3092\u4e0a\u3052\u306a\u3051\u308c\u3070\u306a\u3089\u306a\u304f\u306a\u308a\u3001\u9ad8\u91d1\u5229\u306f\u30a4\u30f3\u30d5\u30ec\u3092\u6291\u5236\u3001\u91d1\u4fa1\u683c\u306f\u6025\u843d\u3057\u3066\u3086\u304f\u3053\u3068\u306b\u306a\u308b\u3060\u308d\u3046\u3002\u3053\u308c\u306f\u4e0a\u8a18\u306b\u60f3\u5b9a\u3057\u305f\u91cf\u7684\u7de9\u548c\u306e\u518d\u958b\u3068\u306f\u771f\u9006\u306e\u30b7\u30ca\u30ea\u30aa\u3067\u3042\u308b\u3002<\/p>\n<p><strong>\u30c7\u30d5\u30ec\u304b\u30b9\u30bf\u30b0\u30d5\u30ec\u30fc\u30b7\u30e7\u30f3\u304b\uff1f<\/strong><\/p>\n<p>\u91d1\u306e\u6295\u8cc7\u5bb6\u306b\u3068\u3063\u3066\u30d9\u30b9\u30c8\u306a\u30b7\u30ca\u30ea\u30aa\u306f\u3001\u30a4\u30f3\u30d5\u30ec\u7387\u304c1.5%-2.0%\u306e\u7de9\u3084\u304b\u306a\u6c34\u6e96\u306b\u7559\u307e\u308a\u3001Fed\u304c\u7de9\u548c\u518d\u958b\u3092\u884c\u3048\u308b\u74b0\u5883\u304c\u6574\u3046\u3053\u3068\u3067\u3042\u308b\u3002\u305d\u3046\u3057\u3066\u73fe\u57281.5%\u7a0b\u5ea6\u3067\u63a8\u79fb\u3057\u3066\u3044\u308b\u30a2\u30e1\u30ea\u30ab\u306e\u9577\u671f\u91d1\u5229\u304c\u65e5\u672c\u3084\u30c9\u30a4\u30c4\u306e\u3088\u3046\u306b\u30bc\u30ed\u8fd1\u508d\u307e\u3067\u843d\u3061\u3066\u3086\u3051\u3070\u3001\u540d\u76ee\u91d1\u5229\u3068\u30a4\u30f3\u30d5\u30ec\u7387\u306e\u5dee\u3067\u3042\u308b\u5b9f\u8cea\u91d1\u5229\u306f-1.5%\u524d\u5f8c\u3067\u63a8\u79fb\u3059\u308b\u3053\u3068\u306b\u306a\u308b\u3002<\/p>\n<p><a href=\"http:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2016\/08\/2016-jul-gold-price-and-10-year-treasury-inflation-protected-security.png\" rel=\"attachment wp-att-4029\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-4029\" src=\"http:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2016\/08\/2016-jul-gold-price-and-10-year-treasury-inflation-protected-security.png\" alt=\"2016-jul-gold-price-and-10-year-treasury-inflation-protected-security\" width=\"441\" height=\"397\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2016\/08\/2016-jul-gold-price-and-10-year-treasury-inflation-protected-security.png 441w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2016\/08\/2016-jul-gold-price-and-10-year-treasury-inflation-protected-security-300x270.png 300w\" sizes=\"auto, (max-width: 441px) 100vw, 441px\" \/><\/a><\/p>\n<p>\u305d\u3046\u306a\u308c\u3070\u91d1\u4fa1\u683c\u304c\u3069\u3046\u306a\u308b\u304b\u306f\u3001\u30b0\u30e9\u30d5\u3092\u898b\u308c\u3070\u660e\u3089\u304b\u3067\u3042\u308b\u3002\u91d1\u4fa1\u683c\u304c1,800\u30c9\u30eb\u306b\u9054\u3057\u305f2011\u5e74\u3067\u3055\u3048\u3001\u5b9f\u8cea\u91d1\u5229\u306f-1%\u3092\u4e0b\u56de\u3063\u3066\u3044\u306a\u3044\u3002\u305d\u308c\u304c-1.5%\u307e\u3067\u4e0b\u304c\u308b\u306e\u3067\u3042\u308c\u3070\u3001\u91d1\u4fa1\u683c\u306f2,000\u30c9\u30eb\u3092\u8d85\u3048\u3066\u9ad8\u9a30\u3057\u3066\u3086\u304f\u3060\u308d\u3046\u3002\u3057\u304b\u3057\u305d\u306e\u30b7\u30ca\u30ea\u30aa\u3092\u60f3\u5b9a\u3059\u308b\u524d\u306b\u3001\u3088\u308a\u77ed\u671f\u7684\u306a\u5229\u4e0a\u3052\u306e\u53ef\u80fd\u6027\u306b\u5bfe\u51e6\u3059\u308b\u5fc5\u8981\u304c\u3042\u308b\u3002<\/p>\n<p><strong>\u8cc3\u91d1\u3068\u500b\u4eba\u6d88\u8cbb\u4ee5\u5916\u4f4e\u8ff7\u3059\u308b\u30a2\u30e1\u30ea\u30ab\u7d4c\u6e08<\/strong><\/p>\n<p>\u7e70\u308a\u8fd4\u3059\u304c\u3001\u30a2\u30e1\u30ea\u30ab\u7d4c\u6e08\u306e\u306a\u304b\u3067\u597d\u8abf\u3067\u3042\u308b\u306e\u306f\u8cc3\u91d1\u3068\u500b\u4eba\u6d88\u8cbb\u306e\u307f\u3067\u3042\u308b\u3002GDP\u30c7\u30fc\u30bf\u3067\u306f\u3001\u4e0a\u304c\u308a\u7d9a\u3051\u308b\u8cc3\u91d1\u3092\u80cc\u666f\u306b\u500b\u4eba\u6d88\u8cbb\u304c\u6bd4\u8f03\u7684\u597d\u8abf\u3067\u3042\u308b\u4e00\u65b9\u3067\u3001\u56fa\u5b9a\u6295\u8cc7\u306f\u307b\u307c\u30bc\u30ed\u6210\u9577\u3078\u3068\u843d\u3061\u8fbc\u307f\u3001\u5168\u4f53\u3068\u3057\u3066\u306f\u6e1b\u901f\u3092\u7d9a\u3051\u3066\u3044\u308b\u3002\u4ee5\u4e0b\u306e\u8a18\u4e8b\u3067\u306f\u3053\u3046\u8aac\u660e\u3057\u3066\u3044\u308b\u3002<\/p>\n<ul>\n<li><a href=\"http:\/\/www.globalmacroresearch.org\/jp\/archives\/3981\">\u30c9\u30eb\u66b4\u843d\u4e88\u60f3\u3092\u88cf\u4ed8\u3051\u308b\u7c73\u56fdGDP: 4-6\u6708\u671f\u306f\u843d\u3061\u8fbc\u307f\u52a0\u901f\u3001\u60aa\u5316\u3059\u308b\u30a2\u30e1\u30ea\u30ab\u7d4c\u6e08\u898b\u901a\u3057<\/a><\/li>\n<\/ul>\n<blockquote><p>\u4f01\u696d\u3068\u52b4\u50cd\u8005\u306f\u540c\u3058\u30d1\u30a4\u3092\u53d6\u308a\u5408\u3063\u3066\u3044\u308b\u306e\u3067\u3042\u308a\u3001\u305d\u3057\u3066\u5931\u696d\u7387\u304c\u5b8c\u5168\u96c7\u7528\u306b\u8fd1\u3044\u6c34\u6e96\u307e\u3067\u4f4e\u4e0b\u3057\u3066\u3044\u308b\u72b6\u6cc1\u4e0b\u3067\u306f\u3001\u52b4\u50cd\u8005\u304c\u7af6\u308a\u52dd\u3063\u3066\u3044\u308b\u306e\u3067\u3042\u308b\u3002\u4f01\u696d\u306b\u3068\u3063\u3066\u306f\u4eba\u4ef6\u8cbb\u306e\u4e0a\u304c\u308b\u30b3\u30b9\u30c8\u30d7\u30c3\u30b7\u30e5\u30a4\u30f3\u30d5\u30ec\u3068\u306a\u308b\u3002<\/p><\/blockquote>\n<p>\u3064\u307e\u308a\u3001\u4f01\u696d\u306f\u7d4c\u6e08\u306e\u5c55\u671b\u306b\u60b2\u89b3\u7684\u3067\u3042\u308a\u3001\u65b0\u305f\u306a\u6295\u8cc7\u3092\u63a7\u3048\u3066\u3044\u308b\u304c\u3001\u305d\u308c\u3067\u3082\u52b4\u50cd\u5e02\u5834\u306f\u52a0\u71b1\u3057\u3066\u304a\u308a\u3001\u5f93\u696d\u54e1\u306b\u591a\u984d\u306e\u8cc3\u91d1\u3092\u6255\u308f\u306a\u3051\u308c\u3070\u306a\u3089\u306a\u3044\u72b6\u614b\u3060\u3068\u3044\u3046\u3053\u3068\u3067\u3042\u308b\u3002<\/p>\n<p>\u307e\u305f\u3001\u4f4e\u8ff7\u3057\u3066\u3044\u308b\u306e\u306f\u6295\u8cc7\u3060\u3051\u3067\u306f\u306a\u3044\u3002\u8f38\u51fa\u3068\u8f38\u5165\u304c\u540c\u6642\u306b\u6e1b\u901f\u3057\u3066\u304a\u308a\u3001\u6d77\u5916\u306b\u76ee\u3092\u5411\u3051\u308c\u3070\u30e6\u30fc\u30ed\u570f\u3082\u4e2d\u56fd\u3082\u7d4c\u6e08\u304c\u826f\u597d\u3068\u306f\u8a00\u3048\u306a\u3044\u72b6\u6cc1\u3067\u3042\u308b\u3002\u3053\u3053\u307e\u3067\u66f8\u3051\u3070\u3001\u308f\u305f\u3057\u306e\u7d50\u8ad6\u306f\u4e88\u6e2c\u3067\u304d\u308b\u3060\u308d\u3046\u3002\u4f01\u696d\u3082\u6d77\u5916\u3082\u82b3\u3057\u304f\u306a\u3044\u72b6\u6cc1\u3067\u3001\u30a2\u30e1\u30ea\u30ab\u306e\u8cc3\u91d1\u3068\u500b\u4eba\u6d88\u8cbb\u3060\u3051\u304c\u4e0a\u304c\u308a\u7d9a\u3051\u308b\u306e\u306f\u4e0d\u53ef\u80fd\u3060\u3068\u3044\u3046\u3053\u3068\u3067\u3042\u308b\u3002<\/p>\n<p><strong>\u73fe\u5728\u306e\u72b6\u6cc1\u306f\u30b9\u30bf\u30b0\u30d5\u30ec\u30fc\u30b7\u30e7\u30f3\u3067\u306f\u306a\u3044<\/strong><\/p>\n<p>\u73fe\u5728\u306e\u72b6\u6cc1\u306f\u30b9\u30bf\u30b0\u30d5\u30ec\u30fc\u30b7\u30e7\u30f3\u3067\u306f\u306a\u304f\u30c7\u30d5\u30ec\u3067\u3042\u308b\u3002\u3064\u307e\u308a\u306f\u30e9\u30ea\u30fc\u30fb\u30b5\u30de\u30fc\u30ba\u6c0f\u306e\u9577\u671f\u505c\u6ede\u8ad6\u3084\u30ec\u30a4\u30fb\u30c0\u30ea\u30aa\u6c0f\u306e\u50b5\u52d9\u306e\u9577\u671f\u30b5\u30a4\u30af\u30eb\u7406\u8ad6\u3067\u3042\u308a\u3001\u77ed\u671f\u7684\u306a\u30a4\u30f3\u30d5\u30ec\u306e\u4e0a\u6607\u3067\u9577\u671f\u7684\u306a\u8996\u91ce\u3092\u898b\u5931\u3063\u3066\u306f\u306a\u3089\u306a\u3044\u3002<\/p>\n<ul>\n<li><a href=\"http:\/\/www.globalmacroresearch.org\/jp\/archives\/2489\">\u5143\u7c73\u56fd\u8ca1\u52d9\u9577\u5b98\u30e9\u30ea\u30fc\u30fb\u30b5\u30de\u30fc\u30ba\u6c0f\u304c\u9577\u671f\u505c\u6ede\u8ad6\u3068\u306f\u4f55\u304b\u3092\u8a9e\u308b<\/a><\/li>\n<li><a href=\"http:\/\/www.globalmacroresearch.org\/jp\/archives\/3398\">\u4e16\u754c\u6700\u5927\u306e\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u904b\u7528\u8005\u306b\u3088\u308b\u7d4c\u6e08\u5165\u9580: \u30ec\u30a4\u30fb\u30c0\u30ea\u30aa\u6c0f\u306e\u300c30\u5206\u3067\u5224\u308b\u7d4c\u6e08\u306e\u4ed5\u7d44\u307f\u300d<\/a><\/li>\n<\/ul>\n<p>\u4e0a\u8a18\u306b\u8ff0\u3079\u305f\u30cb\u30af\u30bd\u30f3\u30fb\u30b7\u30e7\u30c3\u30af\u4ee5\u964d\u306e1970\u5e74\u4ee3\u306e\u72b6\u6cc1\u3067\u306f\u3001\u78ba\u304b\u306b\u30a4\u30f3\u30d5\u30ec\u3068\u666f\u6c17\u5f8c\u9000\u304c\u9577\u3089\u304f\u5171\u5b58\u3057\u305f\u304c\u3001\u3053\u308c\u306f\u30c9\u30eb\u9ad8\u306b\u3088\u308b\u8f38\u5165\u4fa1\u683c\u306e\u9ad8\u9a30\u3068\u30aa\u30a4\u30eb\u30b7\u30e7\u30c3\u30af\u306b\u3088\u308b\u539f\u6cb9\u4fa1\u683c\u9ad8\u9a30\u3068\u3044\u3046\u7279\u6b8a\u8981\u56e0\u304c\u3042\u3063\u305f\u306e\u3067\u3042\u308a\u3001\u901a\u5e38\u305d\u3046\u3057\u305f\u8981\u56e0\u304c\u306a\u3051\u308c\u3070\u666f\u6c17\u5f8c\u9000\u6642\u306b\u306f\u9700\u8981\u6e1b\u306b\u3088\u308a\u30a4\u30f3\u30d5\u30ec\u7387\u306f\u4e0b\u304c\u3063\u3066\u3086\u304f\u3082\u306e\u3067\u3042\u308b\u3002<\/p>\n<p>\u3057\u305f\u304c\u3063\u3066\u7d4c\u6e08\u306e\u4ed6\u306e\u8981\u7d20\u304c\u6e1b\u901f\u3057\u7d9a\u3051\u308b\u9650\u308a\u3001\u30a2\u30e1\u30ea\u30ab\u306e\u8cc3\u91d1\u3084\u500b\u4eba\u6d88\u8cbb\u3082\u3044\u305a\u308c\u306f\u8db3\u4e26\u307f\u3092\u63c3\u3048\u306a\u3051\u308c\u3070\u306a\u3089\u306a\u304f\u306a\u308b\u3002\u3057\u304b\u3057\u306a\u304c\u3089\u3001\u91d1\u306e\u6295\u8cc7\u5bb6\u306b\u3068\u3063\u3066\u306e\u554f\u984c\u70b9\u306f\u3001\u8cc3\u91d1\u304c\u7d4c\u6e08\u505c\u6ede\u306b\u8db3\u4e26\u307f\u3092\u5408\u308f\u305b\u308b\u306b\u306f\u4e00\u5b9a\u306e\u6642\u9593\u304c\u304b\u304b\u308b\u3068\u3044\u3046\u3053\u3068\u3067\u3042\u308b\u3002<\/p>\n<p>\u52b4\u50cd\u5e02\u5834\u306f\u6d41\u52d5\u6027\u304c\u6975\u3081\u3066\u4f4e\u3044\u3002\u54c1\u7269\u3067\u3042\u308c\u3070\u4e00\u65e5\u3067\u5024\u4e0b\u3052\u304c\u51fa\u6765\u308b\u304c\u3001\u7d66\u6599\u306f\u305d\u3046\u7c21\u5358\u306b\u4e0b\u3052\u308b\u3053\u3068\u304c\u51fa\u6765\u305a\u3001\u89e3\u96c7\u3082\u7269\u54c1\u306e\u58f2\u8cb7\u3068\u306f\u8a33\u304c\u9055\u3046\u3002\u3060\u304b\u3089\u8cc3\u91d1\u306e\u30c8\u30ec\u30f3\u30c9\u306f\u3059\u3050\u306b\u306f\u5909\u308f\u3089\u306a\u3044\u306e\u3067\u3042\u308b\u3002<\/p>\n<p><strong>\u30a4\u30a8\u30ec\u30f3\u8b70\u9577\u306e\u898b\u8b58\u3092\u6e2c\u308b<\/strong><\/p>\n<p>2015\u5e74\u307e\u3067\u306e\u30a2\u30e1\u30ea\u30ab\u306e\u597d\u666f\u6c17\u3092\u53cd\u6620\u3057\u305f\u8cc3\u91d1\u306e\u4e0a\u6607\u304c\u30012016\u5e74\u306e\u30a2\u30e1\u30ea\u30ab\u7d4c\u6e08\u6e1b\u901f\u3092\u53cd\u6620\u3057\u3066\u4e0b\u843d\u306b\u8ee2\u3058\u308b\u307e\u3067\u306b\u306f\u3001\u304a\u304a\u3088\u305d\u306e\u898b\u7a4d\u3082\u308a\u3067\u534a\u5e74\u524d\u5f8c\u304b\u304b\u308b\u53ef\u80fd\u6027\u304c\u3042\u308b\u3002\u91d1\u306e\u6295\u8cc7\u5bb6\u306b\u3068\u3063\u3066\u306e\u6700\u5927\u306e\u554f\u984c\u306f\u3001\u305d\u306e\u9593Fed\u304c\u3069\u3046\u3059\u308b\u304b\u3068\u3044\u3046\u3053\u3068\u3067\u3042\u308b\u3002<\/p>\n<p>\u6050\u3089\u304fFed\u306e\u30a4\u30a8\u30ec\u30f3\u8b70\u9577\u306f\u3001\u3053\u306e\u30b9\u30bf\u30b0\u30d5\u30ec\u30fc\u30b7\u30e7\u30f3\u306b\u898b\u3048\u308b\u72b6\u6cc1\u306b\u5bfe\u3057\u3066\u78ba\u56fa\u305f\u308b\u610f\u898b\u3092\u6301\u3063\u3066\u3044\u306a\u3044\u3002Fed\u306e\u4f1d\u7d71\u7684\u306a\u7d4c\u6e08\u5b66\u3067\u8003\u3048\u308c\u3070\u3001\u52b4\u50cd\u5e02\u5834\u304c\u6539\u5584\u3057\u305f\u304b\u3089\u30a4\u30f3\u30d5\u30ec\u7387\u304c\u4e0a\u304c\u3063\u3066\u3044\u308b\u306e\u3067\u3042\u308a\u3001\u3053\u308c\u306f\u5229\u4e0a\u3052\u3092\u884c\u3046\u3079\u304d\u72b6\u6cc1\u3067\u3042\u308b\u3002<\/p>\n<p>\u3057\u305f\u304c\u3063\u3066\u3001Fed\u304c\u9577\u671f\u505c\u6ede\u3068\u3044\u3046\u30c7\u30d5\u30ec\u3092\u539f\u56e0\u4e0d\u660e\u306e\u30b9\u30bf\u30b0\u30d5\u30ec\u30fc\u30b7\u30e7\u30f3\u3068\u8aa4\u89e3\u3057\u3001\u5229\u4e0a\u3052\u3092\u5f37\u884c\u3059\u308b\u53ef\u80fd\u6027\u306f\u304b\u306a\u308a\u8003\u3048\u3089\u308c\u308b\u3068\u60f3\u5b9a\u3057\u3066\u3044\u308b\u3002\u3053\u308c\u306f\u77ed\u671f\u7684\u306b\u306f\u91d1\u4fa1\u683c\u306b\u5bfe\u3057\u5927\u304d\u304f\u30cd\u30ac\u30c6\u30a3\u30d6\u3067\u3042\u308b\u3002<\/p>\n<p>\u4e00\u65b9\u3067\u30a4\u30a8\u30ec\u30f3\u8b70\u9577\u304c\u8ce2\u660e\u306b\u3082\u4e8b\u614b\u306e\u672c\u8cea\u3092\u898b\u629c\u304d\u3001\u5229\u4e0a\u3052\u3092\u8e0f\u307f\u3068\u3069\u307e\u3063\u305f\u5834\u5408\u3001\u91d1\u4fa1\u683c\u306f\u305d\u306e\u307e\u307e\u9ad8\u9a30\u3057\u3066\u3086\u304f\u304c\u3001\u3053\u308c\u306f\u3069\u3061\u3089\u304b\u3068\u8a00\u3048\u3070\u308f\u305f\u3057\u306e\u30e1\u30a4\u30f3\u30b7\u30ca\u30ea\u30aa\u3067\u306f\u306a\u3044\u3002\u3084\u306f\u308a\u77ed\u671f\u7684\u306a\u4e0b\u843d\u306b\u5099\u3048\u308b\u3079\u304d\u3060\u308d\u3046\u3002<\/p>\n<p><strong>\u5229\u4e0a\u3052\u306f\u91cf\u7684\u7de9\u548c\u518d\u958b\u306e\u539f\u56e0\u306b\u306a\u308b<\/strong><\/p>\n<p>\u3057\u304b\u3057\u306a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href=\"http:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2016\/08\/2008-financial-crisis-us-gdp-growth-inflation-and-interest-rates.png\" rel=\"attachment wp-att-4036\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-4036\" src=\"http:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2016\/08\/2008-financial-crisis-us-gdp-growth-inflation-and-interest-rates.png\" alt=\"2008-financial-crisis-us-gdp-growth-inflation-and-interest-rates\" width=\"502\" height=\"417\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2016\/08\/2008-financial-crisis-us-gdp-growth-inflation-and-interest-rates.png 502w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2016\/08\/2008-financial-crisis-us-gdp-growth-inflation-and-interest-rates-300x249.png 300w\" sizes=\"auto, (max-width: 502px) 100vw, 502px\" 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&hellip; <a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/4020\" class=\"more-link\">\u7d9a\u304d\u3092\u8aad\u3080 <span class=\"screen-reader-text\">2017\u5e74\u3078\u306e\u91d1\u4fa1\u683c\u306e\u63a8\u79fb\u4e88\u60f3: \u9577\u671f\u7684\u306b\u306f\u30d0\u30d6\u30eb\u306b\u306a\u308b\u304c\u3001\u77ed\u671f\u7684\u306b\u306f\u5c71\u3092\u8d8a\u3048\u308b\u5fc5\u8981\u3042\u308a<\/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":[118,57,108,110],"tags":[64,113],"class_list":["post-4020","post","type-post","status-publish","format-standard","hentry","category-us-bond-market","category-commodity-markets","category-bond-markets","category-gold","tag-fed","tag-gold-price-prediction"],"_links":{"self":[{"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/4020","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=4020"}],"version-history":[{"count":17,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/4020\/revisions"}],"predecessor-version":[{"id":4388,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/4020\/revisions\/4388"}],"wp:attachment":[{"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/media?parent=4020"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/categories?post=4020"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/tags?post=4020"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}