{"id":40210,"date":"2023-09-27T20:00:00","date_gmt":"2023-09-27T11:00:00","guid":{"rendered":"https:\/\/www.globalmacroresearch.org\/jp\/?p=40210"},"modified":"2023-09-27T19:31:38","modified_gmt":"2023-09-27T10:31:38","slug":"%e3%82%ac%e3%83%b3%e3%83%89%e3%83%a9%e3%83%83%e3%82%af%e6%b0%8f-%e7%b1%b3%e5%9b%bd%e6%a0%aa%e3%81%ae%e6%a0%aa%e4%be%a1%e3%81%af%e6%9d%a5%e5%b9%b4%e3%81%ae%e6%99%af%e6%b0%97%e5%be%8c%e9%80%80%e3%82%92","status":"publish","type":"post","link":"https:\/\/www.globalmacroresearch.org\/jp\/archives\/40210","title":{"rendered":"\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f: \u7c73\u56fd\u682a\u306e\u682a\u4fa1\u306f\u6765\u5e74\u306e\u666f\u6c17\u5f8c\u9000\u3092\u7e54\u308a\u8fbc\u3093\u3067\u3044\u306a\u3044"},"content":{"rendered":"\n<p>DoubleLine Capital\u306e\u30b8\u30a7\u30d5\u30ea\u30fc\u30fb\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u304c\u81ea\u793e\u306e\u30a6\u30a7\u30d6\u30ad\u30e3\u30b9\u30c8\u3067\u7c73\u56fd\u682a\u306e\u682a\u4fa1\u6c34\u6e96\u3068\u6765\u5e74\u60f3\u5b9a\u3055\u308c\u3066\u3044\u308b\u30a2\u30e1\u30ea\u30ab\u306e\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>\u6b74\u53f2\u7684\u6c34\u6e96\u3067\u5272\u9ad8\u306a\u7c73\u56fd\u682a<\/strong><\/p>\n\n\n\n<p>\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u3060\u3051\u3067\u306a\u304f\u3001\u7b46\u8005\u3082\u6700\u8fd1\u306e\u682a\u4fa1\u4e0b\u843d\u524d\u304b\u3089\u8a00\u3044\u7d9a\u3051\u3066\u3044\u308b\u304c\u3001\u7c73\u56fd\u682a\u306f\u53f2\u4e0a\u7a00\u306b\u898b\u308b\u6c34\u6e96\u3067\u5272\u9ad8\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u305d\u3046\u8003\u3048\u3089\u308c\u308b\u7406\u7531\u3092\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u306f\u6b21\u306e\u3088\u3046\u306b\u8aac\u660e\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>\u682a\u5f0f\u3092\u597d\u3080\u306e\u306f\u96e3\u3057\u3044\u3002\u30ea\u30b9\u30af\u30d7\u30ec\u30df\u30a2\u30e0\u304c\u904e\u53bb17\u5e74\u3067\u6700\u4f4e\u306b\u306a\u3063\u3066\u3044\u308b\u304b\u3089\u3060\u3002\u30ea\u30b9\u30af\u30d7\u30ec\u30df\u30a2\u30e0\u306f2021\u5e74\u306b\u306f3.5%\u3060\u3063\u305f\u304c\u3001\u4eca\u3067\u306f0.6%\u3060\u3002<\/p>\n<\/blockquote>\n\n\n\n<p>\u30ea\u30b9\u30af\u30d7\u30ec\u30df\u30a2\u30e0\u3068\u306f\u3001\u3042\u308b\u8cc7\u7523\u304c\u7121\u30ea\u30b9\u30af\u8cc7\u7523\u3068\u6bd4\u8f03\u3057\u3066\u3069\u308c\u3060\u3051\u306e\u5229\u76ca\u3092\u4fdd\u6709\u8005\u306b\u3082\u305f\u3089\u3059\u304b\u3092\u8a08\u7b97\u3057\u305f\u3082\u306e\u3067\u3042\u308b\u3002\u7121\u30ea\u30b9\u30af\u8cc7\u7523\u306b\u306f\u5927\u62b5\u56fd\u50b5\u304c\u4f7f\u308f\u308c\u3001\u56fd\u50b5\u306e\u91d1\u5229\u304c4%\u306e\u6642\u306b\u91d1\u5229\u304c6%\u306e\u50b5\u5238\u304c\u3042\u308c\u3070\u3001\u30ea\u30b9\u30af\u30d7\u30ec\u30df\u30a2\u30e0\u306f\u5dee\u3057\u5f15\u304d\u30672%\u3068\u306a\u308b\u3002<\/p>\n\n\n\n<p>\u682a\u5f0f\u306e\u5834\u5408\u3001\u682a\u4fa1\u306b\u5bfe\u3057\u3066\u3069\u308c\u3060\u3051\u306e1\u682a\u5f53\u305f\u308a\u5229\u76ca\u304c\u751f\u307f\u51fa\u3055\u308c\u308b\u304b\u304c\u6ce8\u76ee\u3055\u308c\u308b\u3002\u30ea\u30b9\u30af\u30d7\u30ec\u30df\u30a2\u30e0\u304c0.6%\u3068\u3044\u3046\u3053\u3068\u306f\u3001\u7406\u8ad6\u7684\u306b\u7121\u30ea\u30b9\u30af\u3068\u3055\u308c\u308b\u7c73\u56fd\u50b5\u3067\u306f\u306a\u304f\u4fa1\u683c\u4e0b\u843d\u306e\u30ea\u30b9\u30af\u306e\u3042\u308b\u7c73\u56fd\u682a\u3092\u9078\u3093\u3060\u7d50\u679c\u3001\u56fd\u50b5\u3088\u308a\u30820.6%\u591a\u3044\u30ea\u30bf\u30fc\u30f3\u304c\u5f97\u3089\u308c\u308b\u3068\u3044\u3046\u3053\u3068\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u3053\u306e\u6b74\u53f2\u7684\u306b\u4f4e\u3044\u30ea\u30b9\u30af\u30d7\u30ec\u30df\u30a2\u30e0\u306f\u3001\u5229\u4e0a\u3052\u3067\u56fd\u50b5\u306e\u91d1\u5229\u304c\u5927\u304d\u304f\u4e0a\u304c\u3063\u305f\u306b\u3082\u304b\u304b\u308f\u3089\u305a\u3001\u682a\u4fa1\u304c\u3080\u3057\u308d\u9ad8\u5024\u570f\u3067\u63a8\u79fb\u3057\u3066\u3044\u308b\u3053\u3068\u304c\u539f\u56e0\u3068\u306a\u3063\u3066\u3044\u308b\u3002\u7c73\u56fd\u682a\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\/09\/2023-9-27-s-and-p-500-chart.png\"><img loading=\"lazy\" decoding=\"async\" width=\"618\" height=\"389\" src=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2023\/09\/2023-9-27-s-and-p-500-chart.png\" alt=\"\" class=\"wp-image-40213\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2023\/09\/2023-9-27-s-and-p-500-chart.png 618w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2023\/09\/2023-9-27-s-and-p-500-chart-300x189.png 300w\" sizes=\"auto, (max-width: 618px) 100vw, 618px\" \/><\/a><\/figure>\n\n\n\n<p>\u3053\u306e\u72b6\u6cc1\u3067\u8ab0\u304c\u682a\u3092\u8cb7\u3046\u306e\u304b\u3068\u3044\u3046\u3053\u3068\u3092\u7b46\u8005\u306f\u7e70\u308a\u8fd4\u3057\u8a00\u3063\u3066\u3044\u308b\u3002\u3060\u304c2018\u5e74\u3068\u540c\u69d8\u306b\u3001\u5b9f\u969b\u306b\u682a\u4fa1\u304c\u843d\u3061\u306a\u3051\u308c\u3070\u8ab0\u3082\u6c17\u306b\u3057\u306a\u3044\u3060\u308d\u3046\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\n\n\n<p><strong>\u682a\u4fa1\u63a8\u79fb\u306e\u8981\u56e0<\/strong><\/p>\n\n\n\n<p>\u7c73\u56fd\u682a\u306f\u73fe\u72b6\u3001\u4f55\u6545\u9ad8\u3044\u307e\u307e\u306a\u306e\u304b\u3002\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>\u7c73\u56fd\u682a\u306e\u5024\u52d5\u304d\u306f\u4e3b\u306b\u682a\u4fa1\u53ce\u76ca\u7387\u304c\u539f\u56e0\u3067\u30011\u682a\u5f53\u305f\u308a\u5229\u76ca\u306f\u4eca\u5e74\u307b\u3068\u3093\u3069\u4f55\u3082\u5bc4\u4e0e\u3057\u3066\u3044\u306a\u3044\u3002<\/p>\n<\/blockquote>\n\n\n\n<p>\u682a\u4fa1\u306f\u4ee5\u4e0b\u306e\u8a08\u7b97\u5f0f\u3067\u8a08\u7b97\u3055\u308c\u308b\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u682a\u4fa1 = 1\u682a\u5f53\u305f\u308a\u5229\u76ca x \u682a\u4fa1\u53ce\u76ca\u7387<\/li>\n<\/ul>\n\n\n\n<p>\u682a\u4fa1\u304c\u9ad8\u304f\u306a\u308b\u306b\u306f\u30011\u682a\u5f53\u305f\u308a\u5229\u76ca\u3068\u682a\u4fa1\u53ce\u76ca\u7387\u306e\u5c11\u306a\u304f\u3068\u3082\u3069\u3061\u3089\u304b\u304c\u9ad8\u304f\u306a\u3089\u306a\u3051\u308c\u3070\u306a\u3089\u306a\u3044\u3002\u3060\u304c\u5229\u76ca\u306e\u65b9\u306f\u3080\u3057\u308d\u4e0b\u304c\u3063\u3066\u3044\u308b\u306e\u3067\u3001\u682a\u4fa1\u53ce\u76ca\u7387\u304c\u9ad8\u3044\u3068\u3044\u3046\u3053\u3068\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u305f\u3063\u305f0.6%\u306e\u30d7\u30ec\u30df\u30a2\u30e0\u3092\u5f97\u308b\u305f\u3081\u306b\u682a\u4fa1\u4e0b\u843d\u306e\u30ea\u30b9\u30af\u3092\u53d6\u308b\u307b\u3069\u306b\u8840\u773c\u306b\u306a\u3063\u3066\u682a\u3092\u8cb7\u3063\u3066\u3044\u308b\u682a\u5f0f\u6295\u8cc7\u5bb6\u306e\u8cfc\u8cb7\u610f\u6b32\u306f\u3001\u682a\u4fa1\u53ce\u76ca\u7387\u306b\u8868\u308c\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<p>\u682a\u4fa1\u53ce\u76ca\u7387\u304c\u9ad8\u6b62\u307e\u308a\u3057\u3066\u3044\u308b\u7406\u7531\u306f\u3001\u682a\u5f0f\u6295\u8cc7\u5bb6\u304c\u4f01\u696d\u5229\u76ca\u304c\u3053\u3053\u304b\u3089\u56de\u5fa9\u3059\u308b\u3068\u3044\u3046\u5e0c\u671b\u3092\u62b1\u3044\u3066\u3044\u308b\u304b\u3089\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u3060\u304c\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>1\u682a\u5f53\u305f\u308a\u5229\u76ca\u304c\u6765\u5e7411%\u5897\u52a0\u3059\u308b\u3068\u3044\u3046\u4e88\u60f3\u304c\u3042\u308b\u304c\u3001\u308f\u305f\u3057\u306e\u4e88\u60f3\u306f\u305d\u308c\u3088\u308a\u4e0b\u3060\u3002\u6765\u5e74\u524d\u534a\u306b\u306f\u666f\u6c17\u5f8c\u9000\u306b\u306a\u308b\u3068\u4e88\u60f3\u3057\u3066\u3044\u308b\u306e\u3067\u3001\u7d4c\u6e08\u306f\u305d\u308c\u307b\u3069\u5f37\u304f\u306f\u306a\u3089\u306a\u3044\u3002<\/p>\n<\/blockquote>\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><strong>\u7d50\u8ad6<\/strong><\/p>\n\n\n\n<p>\u660e\u3089\u304b\u306b\u9ad8\u3044\u682a\u4fa1\u53ce\u76ca\u7387\uff08\u3042\u308b\u3044\u306f\u4f4e\u3059\u304e\u308b\u30ea\u30b9\u30af\u30d7\u30ec\u30df\u30a2\u30e0\uff09\u306f\u6765\u5e74\u306e\u4f01\u696d\u5229\u76ca\u5897\u52a0\u3092\u7e54\u308a\u8fbc\u3093\u3067\u3044\u308b\u3002<\/p>\n\n\n\n<p>\u3060\u304c\u3001\u524d\u306b\u3082\u8ff0\u3079\u305f\u3088\u3046\u306b\u4f01\u696d\u5229\u76ca\u3068\u306fGDP\u306e\u8981\u7d20\u306e\u3046\u3061\u6295\u8cc7\u3068\u7d14\u8f38\u51fa\u306b\u5f71\u97ff\u3055\u308c\u308b\u3002\u3060\u304c\u6295\u8cc7\u304c\u3053\u308c\u304b\u3089\u4f38\u3073\u306a\u3044\u7406\u7531\u306b\u3064\u3044\u3066\u306f\u3001\u4ee5\u4e0b\u306e\u8a18\u4e8b\u3067\u65e2\u306b\u8aac\u660e\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\/39671\" data-type=\"post\" data-id=\"39671\">\u7c73\u56fd\u682a\u304c\u5b8c\u5168\u306b\u5272\u9ad8\u3067\u3042\u308b\u7406\u7531\u3068\u682a\u4fa1\u306e\u63a8\u79fb\u4e88\u60f3<\/a><\/li>\n<\/ul>\n\n\n\n<p>\u305d\u3057\u3066\u7d14\u8f38\u51fa\u306b\u3064\u3044\u3066\u8a00\u3048\u3070\u3001\u30a2\u30e1\u30ea\u30ab\u306e\u9867\u5ba2\u3067\u3042\u308b\u4e2d\u56fd\u306e\u7d4c\u6e08\u306f\u6b7b\u306b\u304b\u3051\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/38874\" data-type=\"post\" data-id=\"38874\">\u78a7\u6842\u5712\u306e\u7834\u7dbb\u5371\u6a5f\u3068\u4f55\u3082\u7d42\u308f\u3063\u3066\u3044\u306a\u3044\u4e2d\u56fd\u306e\u4e0d\u52d5\u7523\u30d0\u30d6\u30eb\u5d29\u58ca<\/a><\/li>\n<\/ul>\n\n\n\n<p>\u7c73\u56fd\u682a\u306f\u3069\u3046\u306a\u308b\u3060\u308d\u3046\u304b\u3002\u697d\u3057\u307f\u306b\u7d50\u679c\u3092\u5f85\u3061\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\u81ea\u793e\u306e\u30a6\u30a7\u30d6\u30ad\u30e3\u30b9\u30c8\u3067\u7c73\u56fd\u682a\u306e\u682a\u4fa1\u6c34\u6e96\u3068\u6765\u5e74\u60f3\u5b9a\u3055\u308c\u3066\u3044\u308b\u30a2\u30e1\u30ea\u30ab\u306e\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":[59,111],"tags":[131],"class_list":["post-40210","post","type-post","status-publish","format-standard","hentry","category-us-stock-market","category-stock-markets","tag-jeffrey-gundlach"],"_links":{"self":[{"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/40210","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=40210"}],"version-history":[{"count":15,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/40210\/revisions"}],"predecessor-version":[{"id":40226,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/40210\/revisions\/40226"}],"wp:attachment":[{"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/media?parent=40210"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/categories?post=40210"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/tags?post=40210"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}