{"id":40227,"date":"2023-09-28T20:00:00","date_gmt":"2023-09-28T11:00:00","guid":{"rendered":"https:\/\/www.globalmacroresearch.org\/jp\/?p=40227"},"modified":"2023-09-28T13:54:23","modified_gmt":"2023-09-28T04:54:23","slug":"%e3%82%ac%e3%83%b3%e3%83%89%e3%83%a9%e3%83%83%e3%82%af%e6%b0%8f%e3%82%82%e7%b1%b3%e5%9b%bd%e3%81%ae%e3%82%b9%e3%82%bf%e3%82%b0%e3%83%95%e3%83%ac%e3%83%bc%e3%82%b7%e3%83%a7%e3%83%b3%e3%82%92%e4%ba%88","status":"publish","type":"post","link":"https:\/\/www.globalmacroresearch.org\/jp\/archives\/40227","title":{"rendered":"\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u3082\u7c73\u56fd\u306e\u30b9\u30bf\u30b0\u30d5\u30ec\u30fc\u30b7\u30e7\u30f3\u3092\u4e88\u60f3"},"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\u30a4\u30f3\u30d5\u30ec\u3068\u666f\u6c17\u5f8c\u9000\u304c\u540c\u6642\u306b\u8d77\u3053\u308b\u30b9\u30bf\u30b0\u30d5\u30ec\u30fc\u30b7\u30e7\u30f3\u306e\u53ef\u80fd\u6027\u306b\u3064\u3044\u3066\u8a9e\u3063\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<!--more-->\n\n\n\n<p><strong>\u30d1\u30a6\u30a8\u30eb\u8b70\u9577\u306e\u30a4\u30f3\u30d5\u30ec\u9000\u6cbb<\/strong><\/p>\n\n\n\n<p>\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u306f2024\u5e74\u524d\u534a\u306b\u30a2\u30e1\u30ea\u30ab\u7d4c\u6e08\u304c\u666f\u6c17\u5f8c\u9000\u5165\u308a\u3059\u308b\u3068\u4e88\u60f3\u3057\u3066\u3044\u308b\u3002\u30b3\u30ed\u30ca\u5f8c\u306e\u7de9\u548c\u52b9\u679c\u306b\u3088\u308b\u597d\u666f\u6c17\u304c\u7d42\u308f\u308a\u59cb\u3081\u308b\u5146\u5019\u304c\u898b\u3089\u308c\u3066\u3044\u308b\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\/39733\" data-type=\"post\" data-id=\"39733\">\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f: \u30b3\u30ed\u30ca\u5f8c\u306e\u7de9\u548c\u306b\u3088\u308b\u597d\u666f\u6c17\u306f\u305d\u308d\u305d\u308d\u7d42\u308f\u308a\u3001\u7c73\u56fd\u7d4c\u6e08\u306f\u6e1b\u901f\u3059\u308b<\/a><\/li>\n<\/ul>\n\n\n\n<p>\u554f\u984c\u306f\u3001\u6b21\u306b\u666f\u6c17\u5f8c\u9000\u304c\u8d77\u3053\u3063\u305f\u6642\u3001Fed\uff08\u9023\u90a6\u6e96\u5099\u5236\u5ea6\uff09\u306e\u30d1\u30a6\u30a8\u30eb\u8b70\u9577\u304c\u3069\u3046\u3059\u308b\u304b\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u30d1\u30a6\u30a8\u30eb\u6c0f\u81ea\u8eab\u306f\u3001\u30a4\u30f3\u30d5\u30ec\u9000\u6cbb\u3092\u3084\u308a\u5207\u308b\u3068\u4e3b\u5f35\u3057\u3066\u3044\u308b\u3002\u3060\u304c\u3001\u4e00\u90e8\u306e\u5c02\u9580\u5bb6\u306f\u30d1\u30a6\u30a8\u30eb\u6c0f\u306e\u6c7a\u610f\u3092\u7591\u3063\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/30291\" data-type=\"post\" data-id=\"30291\">\u30c9\u30e9\u30c3\u30b1\u30f3\u30df\u30e9\u30fc\u6c0f: \u7d4c\u6e08\u304c\u5f37\u3044\u6642\u306b\u5f15\u304d\u7de0\u3081\u3092\u7d9a\u3051\u308b\u306e\u306f\u7c21\u5358\u3060\u304c<\/a><\/li>\n\n\n\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<\/ul>\n\n\n\n<p>\u30a4\u30f3\u30d5\u30ec\u9000\u6cbb\u306b\u306f\u75db\u307f\u3092\u4f34\u3046\u3002\u305d\u3057\u3066\u75db\u307f\u3092\u4f34\u3046\u306e\u306f\u30a4\u30f3\u30d5\u30ec\u304c\u53ce\u307e\u3063\u305f\u5f8c\u3067\u3042\u308b\u3002\u305d\u308c\u304c2024\u5e74\u306b\u8a2a\u308c\u3088\u3046\u3068\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\/31421\" data-type=\"post\" data-id=\"31421\">\u30cf\u30a4\u30a8\u30af: \u30a4\u30f3\u30d5\u30ec\u6e1b\u901f\u5f8c\u306e\u5931\u696d\u5897\u52a0\u306f\u907f\u3051\u3089\u308c\u306a\u3044<\/a><\/li>\n<\/ul>\n\n\n\n<p><strong>\u666f\u6c17\u5f8c\u9000\u3068\u91d1\u5229\u4e88\u60f3<\/strong><\/p>\n\n\n\n<p>\u73fe\u5728\u65e2\u306b\u30a2\u30e1\u30ea\u30ab\u306e\u5931\u696d\u7387\u306f\u4e0a\u304c\u308a\u59cb\u3081\u3066\u3044\u308b\u304c\u3001\u554f\u984c\u306f\u5931\u696d\u7387\u304c\u66f4\u306b\u4e0a\u304c\u3063\u305f\u5f8c\u306e\u30d1\u30a6\u30a8\u30eb\u6c0f\u306e\u5bfe\u5fdc\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/39464\" data-type=\"post\" data-id=\"39464\">8\u6708\u96c7\u7528\u7d71\u8a08\u306f\u9042\u306b\u5931\u696d\u7387\u306e\u4e0a\u6607\u958b\u59cb\u3001\u30a4\u30f3\u30d5\u30ec\u5f8c\u306e\u5927\u91cf\u5931\u696d\u306e\u59cb\u307e\u308a<\/a><\/li>\n<\/ul>\n\n\n\n<p>\u666f\u6c17\u5f8c\u9000\u306e\u524d\u5f8c\u306b\u91d1\u5229\u306f\u3069\u3046\u306a\u308b\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>\u666f\u6c17\u5f8c\u9000\u304c\u8d77\u3053\u308c\u3070\u3001\u901a\u5e38\u50b5\u5238\u306e\u91d1\u5229\u306f\u4e0b\u304c\u308b\u3068\u4e88\u60f3\u3059\u308b\u3002<\/p>\n\n\n\n<p>\u5b9f\u969b\u3001\u3053\u308c\u304b\u3089\u666f\u6c17\u5f8c\u9000\u306b\u306a\u308c\u3070\u91d1\u5229\u306f\u307e\u305a\u4e0b\u304c\u308b\u3068\u4e88\u60f3\u3057\u3066\u3044\u308b\u304c\u3001\u666f\u6c17\u5f8c\u9000\u306b\u5bfe\u3059\u308b\u653f\u5e9c\u306e\u5bfe\u5fdc\u304c\u3001\u3053\u3053\u6570\u5341\u5e74\u306e\u666f\u6c17\u5f8c\u9000\u3067\u305d\u3046\u6709\u308a\u7d9a\u3051\u3066\u3044\u308b\u3088\u3046\u306b\u904e\u6fc0\u306a\u3082\u306e\u306b\u306a\u308b\u306e\u3067\u306f\u306a\u3044\u304b\u3068\u8003\u3048\u3066\u3044\u308b\u3002\u305d\u3057\u3066\u305d\u308c\u304c\u30a4\u30f3\u30d5\u30ec\u3092\u5f15\u304d\u8d77\u3053\u3059\u3002\u666f\u6c17\u5f8c\u9000\u3068\u540c\u6642\u306b\u30a4\u30f3\u30d5\u30ec\u306b\u306a\u308b\u3002<\/p>\n<\/blockquote>\n\n\n\n<p>\u305d\u308c\u306f\u30b9\u30bf\u30b0\u30d5\u30ec\u30fc\u30b7\u30e7\u30f3\u3067\u3042\u308b\u3002\u30b5\u30de\u30fc\u30ba\u6c0f\u306b\u7d9a\u304d\u3001\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u3082\u540c\u3058\u4e88\u60f3\u3092\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\/40157\" data-type=\"post\" data-id=\"40157\">\u30b5\u30de\u30fc\u30ba\u6c0f\u3001\u7c73\u56fd\u306e\u30b9\u30bf\u30b0\u30d5\u30ec\u30fc\u30b7\u30e7\u30f3\u306e\u53ef\u80fd\u6027\u3092\u793a\u5506<\/a><\/li>\n<\/ul>\n\n\n\n<p><strong>\u30b9\u30bf\u30b0\u30d5\u30ec\u30fc\u30b7\u30e7\u30f3\u306b\u304a\u3051\u308b\u91d1\u878d\u653f\u7b56<\/strong><\/p>\n\n\n\n<p>\u4e2d\u592e\u9280\u884c\u306f\u3053\u308c\u304b\u3089\u96e3\u3057\u3044\u8235\u53d6\u308a\u3092\u5f37\u3044\u3089\u308c\u308b\u30022024\u5e74\u306b\u666f\u6c17\u5f8c\u9000\u304c\u5f85\u3061\u53d7\u3051\u3066\u3044\u308b\u4e2d\u3001\u539f\u6cb9\u4fa1\u683c\u304c\u4e0a\u304c\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\/2023-9-28-wti-crude-oil-chart.png\"><img loading=\"lazy\" decoding=\"async\" width=\"618\" height=\"389\" src=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2023\/09\/2023-9-28-wti-crude-oil-chart.png\" alt=\"\" class=\"wp-image-40233\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2023\/09\/2023-9-28-wti-crude-oil-chart.png 618w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2023\/09\/2023-9-28-wti-crude-oil-chart-300x189.png 300w\" sizes=\"auto, (max-width: 618px) 100vw, 618px\" \/><\/a><\/figure>\n\n\n\n<p>\u30a4\u30f3\u30d5\u30ec\u7387\u306f\u305d\u308c\u307b\u3069\u4e0b\u304c\u3089\u306a\u3044\u304c\u5931\u696d\u7387\u304c\u6025\u5897\u3059\u308b\u5834\u5408\u3001\u4e2d\u592e\u9280\u884c\u306f\u5f15\u304d\u7de0\u3081\u3092\u7d9a\u3051\u3066\u30a4\u30f3\u30d5\u30ec\u9000\u6cbb\u3092\u7d99\u7d9a\u3059\u308b\u306e\u304b\u3001\u305d\u308c\u3068\u3082\u7de9\u548c\u3092\u3057\u3066\u5931\u696d\u7387\u3092\u62bc\u3057\u4e0b\u3052\u308b\u306e\u304b\uff1f\u3000\u3057\u304b\u3057\u7de9\u548c\u3092\u3059\u308b\u3068\u30a4\u30f3\u30d5\u30ec\u306f\u9177\u304f\u306a\u308b\u3002<\/p>\n\n\n\n<p>\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u306f\u6b21\u306e\u3088\u3046\u306b\u8ff0\u3079\u308b\u3002<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u30a4\u30f3\u30d5\u30ec\u304c\u623b\u3063\u3066\u304f\u308b\u30ea\u30b9\u30af\u304c\u9593\u9055\u3044\u306a\u304f\u3042\u308b\u3002\u308f\u305f\u3057\u304c\u4e88\u60f3\u3059\u308b\u3088\u3046\u306b\u50b5\u5238\u304c\u4e0a\u6607\uff08\u8a33\u6ce8\uff1a\u91d1\u5229\u306f\u4f4e\u4e0b\uff09\u3057\u305f\u5f8c\u3001\u666f\u6c17\u5f8c\u9000\u304c\u59cb\u307e\u308b\u9803\u306b\u3001\u30a4\u30f3\u30d5\u30ec\u3068\u666f\u6c17\u5f8c\u9000\u304c\u540c\u6642\u306b\u8d77\u3053\u308a\u3001\u91d1\u5229\u304c\u4e0a\u6607\u3059\u308b\u3068\u3044\u3046\u898b\u6163\u308c\u306a\u3044\u72b6\u6cc1\u3092\u898b\u308b\u3053\u3068\u306b\u306a\u308b\u304b\u3082\u3057\u308c\u306a\u3044\u3002\u653f\u5e9c\u306e\u653f\u7b56\u306e\u304a\u9670\u3060\u3002<\/p>\n<\/blockquote>\n\n\n\n<p>\u30ea\u30fc\u30de\u30f3\u30b7\u30e7\u30c3\u30af\u4ee5\u5f8c\u306e\u7de9\u548c\u304c2018\u5e74\u306e\u91d1\u878d\u5f15\u304d\u7de0\u3081\u3067\u5f3e\u3051\u304b\u3051\u305f\u305f\u3081\u306b\u3001\u30a2\u30e1\u30ea\u30ab\u306f\u91d1\u878d\u6b63\u5e38\u5316\u304c\u51fa\u6765\u306a\u304b\u3063\u305f\u3002\u30d0\u30d6\u30eb\u306f\u7d99\u7d9a\u3057\u3001\u305d\u306e\u571f\u58cc\u306e\u4e0a\u3067\u30b3\u30ed\u30ca\u5f8c\u306e\u73fe\u91d1\u7d66\u4ed8\u3092\u884c\u306a\u3063\u305f\u305f\u3081\u306b\u3064\u3044\u306b\u7269\u4fa1\u304c\u9ad8\u9a30\u3057\u305f\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/33890\" data-type=\"post\" data-id=\"33890\">\u30dd\u30fc\u30eb\u30bd\u30f3\u6c0f: \u91cf\u7684\u7de9\u548c\u304c\u30a4\u30f3\u30d5\u30ec\u3092\u5f15\u304d\u8d77\u3053\u3057\u305f<\/a><\/li>\n\n\n\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>\u653f\u5e9c\u306e\u7de9\u548c\u306e\u304a\u9670\u3067\u72b6\u6cc1\u306f\u6bb5\u968e\u7684\u306b\u60aa\u304f\u306a\u3063\u3066\u3044\u308b\u3002\u305d\u308c\u3067\u3082\u4eba\u3005\u306f\u653f\u5e9c\u304b\u3089\u73fe\u91d1\u304c\u964d\u3063\u3066\u304f\u308b\u3053\u3068\u3092\u9858\u3046\u3002<\/p>\n\n\n\n<p>\u3082\u3046\u3069\u3046\u3057\u3088\u3046\u3082\u306a\u3044\u306e\u3067\u3042\u308b\u3002\u884c\u304d\u7740\u304f\u6240\u307e\u3067\u884c\u304f\u4ee5\u5916\u306b\u7d50\u672b\u306f\u6709\u308a\u5f97\u306a\u3044\u3002\u6700\u7d42\u7684\u306b\u7d19\u5e63\u3067\u306f\u3082\u306e\u306f\u8cb7\u3048\u306a\u304f\u306a\u308a\u3001\u70ba\u66ff\u30ec\u30fc\u30c8\u306f\u4e0b\u304c\u3063\u3066\u81ea\u56fd\u6c11\u306b\u306f\u53b3\u3057\u3044\u304c\u5916\u56fd\u4eba\u89b3\u5149\u5ba2\u306b\u306f\u512a\u3057\u3044\u56fd\u306e\u51fa\u6765\u4e0a\u304c\u308a\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/30931\" data-type=\"post\" data-id=\"30931\">\u4e16\u754c\u6700\u5927\u306e\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9: \u7121\u7bc0\u64cd\u306b\u652f\u51fa\u3057\u7d9a\u3051\u308b\u30e1\u30f3\u30bf\u30ea\u30c6\u30a3\u306e\u304a\u9670\u3067\u30b9\u30bf\u30b0\u30d5\u30ec\u30fc\u30b7\u30e7\u30f3\u3078<\/a><\/li>\n<\/ul>\n\n\n\n<p>\u65e5\u672c\u3082\u305d\u3046\u306a\u308a\u3064\u3064\u3042\u308b\u3002\u65e5\u672c\u56fd\u6c11\u304c\u81ea\u5206\u3067\u5f53\u9078\u3055\u305b\u305f\u653f\u6cbb\u5bb6\u306e\u3082\u305f\u3089\u3057\u305f\u7d50\u672b\u3067\u3042\u308b\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\" 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