{"id":4354,"date":"2016-10-04T20:12:03","date_gmt":"2016-10-04T11:12:03","guid":{"rendered":"http:\/\/www.globalmacroresearch.org\/jp\/?p=4354"},"modified":"2016-10-04T20:12:03","modified_gmt":"2016-10-04T11:12:03","slug":"%e5%85%83%e7%b1%b3%e5%9b%bd%e8%b2%a1%e5%8b%99%e9%95%b7%e5%ae%98%e3%82%b5%e3%83%9e%e3%83%bc%e3%82%ba%e6%b0%8f-%e3%82%a2%e3%83%a1%e3%83%aa%e3%82%ab%e3%81%ae%e5%88%a9%e4%b8%8a%e3%81%92%e3%81%af%e4%b8%8d","status":"publish","type":"post","link":"https:\/\/www.globalmacroresearch.org\/jp\/archives\/4354","title":{"rendered":"\u5143\u7c73\u56fd\u8ca1\u52d9\u9577\u5b98\u30b5\u30de\u30fc\u30ba\u6c0f: \u30a2\u30e1\u30ea\u30ab\u306e\u5229\u4e0a\u3052\u306f\u4e0d\u8981\u3001\u73fe\u884c\u306e\u91d1\u878d\u653f\u7b56\u306f\u77db\u76fe\u3057\u3066\u3044\u308b"},"content":{"rendered":"<p>\u5143\u7c73\u56fd\u8ca1\u52d9\u9577\u5b98\u3067\u7d4c\u6e08\u5b66\u8005\u306e\u30e9\u30ea\u30fc\u30fb\u30b5\u30de\u30fc\u30ba\u6c0f\u304c\u81ea\u8eab\u306e\u30d6\u30ed\u30b0\uff08<a href=\"http:\/\/larrysummers.com\/2016\/09\/30\/four-modifications-to-feds-current-posture\/\" target=\"_blank\">\u539f\u6587\u82f1\u8a9e<\/a>\uff09\u3067\u30a2\u30e1\u30ea\u30ab\u306e\u91d1\u878d\u653f\u7b56\u3092\u62c5\u3046Fed\uff08\u9023\u90a6\u6e96\u5099\u5236\u5ea6\uff09\u306b\u5bfe\u3057\u3066\u82e6\u8a00\u3092\u5448\u3057\u3066\u3044\u308b\u3002Fed\u306f\u9577\u3089\u304f\u5229\u4e0a\u3052\u3092\u884c\u3046\u3068\u4e3b\u5f35\u3057\u3066\u304d\u3066\u3044\u308b\u304c\u3001\u305d\u306e\u76ee\u7684\u306f2015\u5e7412\u6708\u306b\u4e00\u5ea6\u5229\u4e0a\u3052\u3092\u3057\u305f\u306e\u3092\u6700\u5f8c\u306b\u679c\u305f\u3055\u308c\u3066\u3044\u306a\u3044\u3002<\/p>\n<p>\u30b5\u30de\u30fc\u30ba\u6c0f\u306f\u4ee5\u524d\u3088\u308aFed\u306e\u7d4c\u6e08\u30e2\u30c7\u30eb\u304c\u6642\u4ee3\u9045\u308c\u306e\u3082\u306e\u3067\u3042\u308a\u3001\u4e16\u754c\u7d4c\u6e08\u306b\u5b58\u5728\u3059\u308b\u30c7\u30d5\u30ec\u30ea\u30b9\u30af\u3092\u9069\u5207\u306b\u8003\u616e\u3057\u3066\u3044\u306a\u3044\u3068\u3057\u3066\u6279\u5224\u3092\u7d9a\u3051\u3066\u304d\u305f\u304c\u3001\u4eca\u56de\u306e\u8a18\u4e8b\u3067\u306fFed\u306e\u62b1\u3048\u308b\u77db\u76fe\u3092\u3088\u308a\u3042\u304b\u3089\u3055\u307e\u306b\u6307\u6458\u3057\u3066\u3044\u308b\u3002<\/p>\n<p>\u8a18\u4e8b\u3067\u306f\u30b5\u30de\u30fc\u30ba\u6c0f\u306fFed\u306b\u5bfe\u3057\u30664\u3064\u306e\u6ce8\u6587\u3092\u4ed8\u3051\u3066\u3044\u308b\u3002\u4ee5\u4e0b\u3001\u9806\u306b\u898b\u3066\u3086\u3053\u3046\u3068\u601d\u3046\u3002<\/p>\n<p><!--more--><strong>\u4e16\u754c\u7684\u306b\u4f4e\u8ff7\u3059\u308b\u6f5c\u5728\u6210\u9577\u7387<\/strong><\/p>\n<p>\u30b5\u30de\u30fc\u30ba\u6c0f\u306e\u6700\u521d\u306e\u6ce8\u6587\u306f\u4e16\u754c\u7684\u306b\u4f4e\u8ff7\u3059\u308b\u6210\u9577\u7387\u3068\u91d1\u5229\u306b\u95a2\u3059\u308b\u3082\u306e\u3067\u3042\u308b\u3002\u4e16\u754c\u7684\u306a\u4f4e\u6210\u9577\u3068\u30a4\u30f3\u30d5\u30ec\u306f\u4e16\u754c\u306e\u512a\u308c\u305f\u6295\u8cc7\u5bb6\u305f\u3061\u304c\u305a\u3063\u3068\u4e3b\u5f35\u3057\u3066\u304d\u305f\u30c6\u30fc\u30de\u3067\u3042\u308a\u3001\u4e16\u754c\u7d4c\u6e08\u3092\u5360\u3046\u4e0a\u3067\u4e00\u756a\u91cd\u8981\u306a\u5927\u524d\u63d0\u3067\u3042\u308b\u3002\u30b5\u30de\u30fc\u30ba\u6c0f\u306f\u7d4c\u6e08\u5b66\u8005\u3068\u3057\u3066\u3053\u306e\u8b70\u8ad6\u3092\u5e38\u306b\u5148\u5c0e\u3057\u3066\u304d\u305f\u3002\u30b5\u30de\u30fc\u30ba\u6c0f\u306f\u4ee5\u4e0b\u306e\u3088\u3046\u306b\u4e3b\u5f35\u3059\u308b\u3002<\/p>\n<blockquote><p>\u7b2c\u4e00\u306b\u3001Fed\u306f\u4e2d\u7acb\u91d1\u5229\u304c\u3044\u307e\u3084\u30bc\u30ed\u8fd1\u508d\u3067\u3042\u308a\u3001\u5c06\u6765\u7684\u306b\u3082\u5f53\u9762\u306e\u95932%\u4ee5\u4e0b\u306b\u7559\u307e\u308b\u3068\u3044\u3046\u3053\u3068\u3092\u8a8d\u3081\u306a\u3051\u308c\u3070\u306a\u3089\u306a\u3044\u3002<\/p><\/blockquote>\n<p>\u4e2d\u7acb\u91d1\u5229\uff08\u5747\u8861\u5b9f\u8cea\u91d1\u5229\uff09\u3068\u306f\u3001\u9700\u8981\u3068\u4f9b\u7d66\u304c\u5747\u8861\u3057\u3001\u7d4c\u6e08\u8cc7\u6e90\u304c\u7121\u99c4\u306a\u304f\u6d3b\u7528\u3055\u308c\u308b\u4e2d\u7acb\u7684\u306a\u91d1\u5229\u306e\u3053\u3068\u3067\u3042\u308b\u3002\u4e2d\u592e\u9280\u884c\u306f\u91d1\u5229\u304c\u4e2d\u7acb\u306b\u306a\u308b\u3088\u3046\u306b\u5229\u4e0a\u3052\u3084\u5229\u4e0b\u3052\u3092\u884c\u3046\u306e\u304c\u826f\u3044\u3068\u3055\u308c\u3066\u3044\u308b\u3002\u4e2d\u7acb\u91d1\u5229\u306b\u3064\u3044\u3066\u306fFed\u306e\u524d\u8b70\u9577\u306e\u30d0\u30fc\u30ca\u30f3\u30ad\u6c0f\u304c\u8a73\u3057\u304f\u8aac\u660e\u3057\u3066\u3044\u308b\u3002<\/p>\n<ul>\n<li><a href=\"http:\/\/www.globalmacroresearch.org\/jp\/archives\/1023\">\u30d0\u30fc\u30ca\u30f3\u30ad\u6c0f\u30d6\u30ed\u30b0: \u3069\u3046\u3057\u3066\u91d1\u5229\u306f\u305d\u308c\u307b\u3069\u4f4e\u3044\u306e\u304b<\/a><\/li>\n<\/ul>\n<p>\u30d0\u30fc\u30ca\u30f3\u30ad\u6c0f\u306e\u8aac\u660e\u306b\u3088\u308c\u3070\u3001Fed\u304c\u3053\u308c\u307e\u3067\u91d1\u5229\u3092\u4e0b\u3052\u7d9a\u3051\u3066\u6765\u306a\u3051\u308c\u3070\u306a\u3089\u306a\u304b\u3063\u305f\u306e\u306f\u3001\u30a2\u30e1\u30ea\u30ab\u7d4c\u6e08\u306e\u4e2d\u7acb\u91d1\u5229\u304c\u4e0b\u304c\u308a\u7d9a\u3051\u3066\u304d\u305f\u304b\u3089\u3067\u3042\u308b\u3002\u305d\u3046\u3067\u3042\u308b\u3068\u3059\u308c\u3070\u3001Fed\u306f\u4f55\u6545\u4eca\u5229\u4e0a\u3052\u3092\u3057\u306a\u3051\u308c\u3070\u306a\u3089\u306a\u3044\u306e\u304b\uff1f\u3000\u5148\u9032\u56fd\u306e\u6f5c\u5728\u6210\u9577\u7387\u304c\u4e0b\u304c\u308a\u7d9a\u3051\u3066\u3044\u308b\u4eca\u3001\u4e2d\u7acb\u91d1\u5229\u3082\u540c\u69d8\u306b\u4e0b\u304c\u308a\u7d9a\u3051\u3066\u304a\u308a\u3001\u305d\u306e\u4e8b\u5b9f\u3092\u8a8d\u3081\u308b\u306e\u3067\u3042\u308c\u3070Fed\u306f\u91d1\u5229\u3092\u4f4e\u304f\u4fdd\u3063\u3066\u304a\u304f\u3079\u304d\u3060\u3068\u3044\u3046\u306e\u304c\u30b5\u30de\u30fc\u30ba\u6c0f\u306e\u4e3b\u5f35\u3067\u3042\u308b\u3002<\/p>\n<p>\u4e8b\u5b9f\u3001Fed\u306f\u3053\u308c\u307e\u3067\u306b\u3082\u91d1\u5229\u3092\u9ad8\u304f\u3059\u308b\u3068\u4e3b\u5f35\u3057\u7d9a\u3051\u3066\u304d\u305f\u304c\u3001\u305d\u306e\u59ff\u52e2\u3092\u4fee\u6b63\u3057\u3066\u91d1\u5229\u3092\u4e0b\u3052\u3066\u3053\u306a\u3051\u308c\u3070\u306a\u3089\u306a\u304b\u3063\u305f\u6b74\u53f2\u304c\u3042\u308b\u3002\u3053\u308c\u304c\u30b5\u30de\u30fc\u30ba\u6c0f\u306e\u7b2c\u4e8c\u306e\u6307\u6458\u3067\u3042\u308b\u3002<\/p>\n<p><strong>Fed\u306f\u9593\u9055\u3044\u7d9a\u3051\u3066\u3044\u308b<\/strong><\/p>\n<p>\u6b21\u306b\u30b5\u30de\u30fc\u30ba\u6c0f\u304c\u6307\u6458\u3059\u308b\u306e\u306f\u3001Fed\u306f\u91d1\u5229\u306e\u63a8\u79fb\u898b\u901a\u3057\u306b\u3064\u3044\u3066\u5e38\u306b\u9593\u9055\u3044\u7d9a\u3051\u3066\u304d\u305f\u3068\u3044\u3046\u3053\u3068\u3067\u3042\u308b\u3002<\/p>\n<blockquote><p>\u7b2c\u4e8c\u306b\u3001Fed\u306f\u3053\u308c\u307e\u3067\u5e02\u5834\u304c\u4e88\u671f\u3059\u308b\u3088\u308a\u3082\u304b\u306a\u308a\u5f37\u3044\u91d1\u878d\u5f15\u304d\u7de0\u3081\u306e\u4e88\u60f3\u3092\u793a\u3057\u7d9a\u3051\u3001\u305d\u3057\u3066\u5e02\u5834\u306b\u7121\u8996\u3055\u308c\u3001\u3057\u304b\u3082\u7d50\u679c\u7684\u306b\u306f\u3044\u3064\u3082\u5e02\u5834\u306e\u307b\u3046\u304c\u6b63\u3057\u3044\u3068\u3044\u3046\u3053\u3068\u3092\u9577\u5e74\u7d9a\u3051\u305f\u3053\u3068\u306b\u3088\u3063\u3066\u5e02\u5834\u306e\u4fe1\u983c\u3092\u5931\u3063\u3066\u3044\u308b\u3068\u3044\u3046\u4e8b\u5b9f\u3092\u3001\u516c\u306b\u3067\u306f\u306a\u304f\u3068\u3082\u81ea\u5206\u306b\u5bfe\u3057\u3066\u306f\u8a8d\u3081\u3066\u3044\u306a\u3051\u308c\u3070\u306a\u3089\u306a\u3044\u3002<\/p><\/blockquote>\n<p>\u5e02\u5834\u306b\u5b8c\u5168\u306b\u7121\u8996\u3055\u308c\u3066\u3044\u308b\u65e5\u9280\u307b\u3069\u3067\u306f\u306a\u3044\u304c\u3001\u91d1\u878d\u5e02\u5834\u306fFed\u306e\u5229\u4e0a\u3052\u3092\u5f90\u3005\u306b\u4fe1\u3058\u306a\u304f\u306a\u3063\u3066\u3044\u308b\u30022015\u5e74\u672b\u306b\u306f2016\u5e74\u5185\u306b4\u5ea6\u5229\u4e0a\u3052\u3092\u884c\u3046\u3068\u4e3b\u5f35\u3057\u3001\u5e02\u5834\u3082\u305d\u308c\u3092\u304b\u306a\u308a\u306e\u7a0b\u5ea6\u4fe1\u3058\u3066\u3044\u305f\u305f\u3081\u306b\u91d1\u4fa1\u683c\u304c\u66b4\u843d\u3057\u3066\u3044\u305f\u304c\u3001\u305d\u306e\u5f8c\u306e\u4e16\u754c\u540c\u6642\u682a\u5b89\u306b\u3088\u3063\u30664\u5ea6\u306e\u5229\u4e0a\u3052\u304c\u4e0d\u53ef\u80fd\u3067\u3042\u308b\u3053\u3068\u304c\u660e\u3089\u304b\u306b\u306a\u308b\u3068\u3001\u305d\u306e\u5f8c\u306fFed\u304c\u5229\u4e0a\u3052\u3092\u3059\u308b\u3068\u8a00\u3063\u3066\u3082\u91d1\u5229\u304c\u52d5\u304b\u306a\u304f\u306a\u3063\u3066\u304a\u308a\u3001\u91d1\u4fa1\u683c\u3082\u4e0b\u304c\u308a\u306b\u304f\u304f\u306a\u3063\u3066\u3044\u308b\u3002<\/p>\n<p>\u3061\u306a\u307f\u306b\u73fe\u72b6\u306e\u91d1\u5229\u5148\u7269\u5e02\u5834\u3067\u306f12\u6708\u307e\u3067\u306b\u3082\u3046\u4e00\u5ea6\u5229\u4e0a\u3052\u304c\u884c\u308f\u308c\u3066\u3044\u308b\u53ef\u80fd\u6027\u304c61.6%\u3068\u3044\u3046\u7e54\u308a\u8fbc\u307f\u3067\u3042\u308a\u3001\u305d\u306e\u5f8c2017\u5e74\u5185\u306e\u5229\u4e0a\u3052\u306f\u307b\u3068\u3093\u3069\u306a\u3044\u3082\u306e\u3068\u4e88\u60f3\u3055\u308c\u3066\u3044\u308b\u3002Fed\u306f\u6bb5\u968e\u7684\u306a\u5229\u4e0a\u3052\u3092\u4e3b\u5f35\u3057\u7d9a\u3051\u3066\u3044\u308b\u304c\u3001\u305d\u306e\u30c8\u30fc\u30f3\u306f\u5f90\u3005\u306b\u5f31\u3005\u3057\u304f\u306a\u3063\u3066\u304a\u308a\u3001\u5e74\u51851\u56de\u306e\u5229\u4e0a\u3052\u3055\u3048\u58f0\u9ad8\u306b\u4e3b\u5f35\u3057\u306a\u3051\u308c\u3070\u805e\u304d\u5165\u308c\u3066\u3082\u3089\u3048\u306a\u3044\u73fe\u72b6\u3068\u306a\u3063\u3066\u3044\u308b\u3002<\/p>\n<p>\u30b5\u30de\u30fc\u30ba\u6c0f\u306e\u30d6\u30ed\u30b0\u306b\u306fFed\u306e\u91d1\u5229\u4e88\u60f3\u3068\u5e02\u5834\u306e\u91d1\u5229\u4e88\u60f3\u306e\u63a8\u79fb\u3092\u6bd4\u3079\u305f\u30b0\u30e9\u30d5\u304c\u63b2\u8f09\u3055\u308c\u3066\u304a\u308a\u3001Fed\u306e\u4e88\u60f3\u306f\u5e02\u5834\u306e\u4e88\u60f3\u3088\u308a\u3082\u5e38\u306b\u9ad8\u304f\u3001\u305d\u3057\u3066\u3088\u308a\u4f4e\u3044\u5e02\u5834\u306e\u4e88\u60f3\u306b\u5e38\u306b\u53ce\u6582\u3059\u308b\u5f62\u3067\u4e0b\u65b9\u4fee\u6b63\u3092\u5f37\u3044\u3089\u308c\u3066\u304d\u305f\u69d8\u5b50\u304c\u826f\u304f\u5206\u304b\u308b\u3002\u3053\u3053\u306b\u8ee2\u8f09\u3059\u308b\u3053\u3068\u306f\u3057\u306a\u3044\u306e\u3067\u3001\u8208\u5473\u306e\u3042\u308b\u8aad\u8005\u306f<a href=\"http:\/\/larrysummers.com\/2016\/09\/30\/four-modifications-to-feds-current-posture\/\">\u539f\u6587<\/a>\u306e\u65b9\u3067\u78ba\u8a8d\u3059\u308b\u3053\u3068\u3092\u304a\u52e7\u3081\u3057\u305f\u3044\u3002<\/p>\n<p><strong>Fed\u306e\u77db\u76fe<\/strong><\/p>\n<p>\u66f4\u306b\u30b5\u30de\u30fc\u30ba\u6c0f\u306f\u3001Fed\u306e\u4e3b\u5f35\u3059\u308b\u5229\u4e0a\u3052\u306e\u5fc5\u8981\u6027\u306fFed\u306e\u4e88\u60f3\u3059\u308b\u30a4\u30f3\u30d5\u30ec\u7387\u306e\u63a8\u79fb\u3068\u77db\u76fe\u3057\u3066\u3044\u308b\u3068\u6307\u6458\u3059\u308b\u3002<\/p>\n<blockquote><p>\u7b2c\u4e09\u306b\u3001\u666f\u6c17\u5f8c\u9000\u304c\u6765\u308c\u3070\u30a4\u30f3\u30d5\u30ec\u7387\u306f\u3059\u3050\u306b\u4e0b\u304c\u308b\u306e\u3060\u304b\u3089\u3001Fed\u306f\u4f4e\u3044\u5931\u696d\u7387\u3068\u3068\u3082\u306b\u9577\u3089\u304f\u7d9a\u3044\u3066\u304d\u305f\u7de9\u548c\u7684\u653f\u7b56\u306e\u7d42\u76e4\u306b\u304a\u3044\u3066\u30a4\u30f3\u30d5\u30ec\u7387\u304c2%\u3092\u5c11\u3057\u4e0a\u56de\u3063\u305f\u3068\u3057\u3066\u3082\u305d\u308c\u3092\u8a8d\u3081\u308b\u59ff\u52e2\u3092\u793a\u3059\u3053\u3068\u3067\u3001\u30a4\u30f3\u30d5\u30ec\u30bf\u30fc\u30b2\u30c3\u30c8\u304c\u4e0a\u4e0b\u5bfe\u79f0\u3067\u3042\u308b\u3053\u3068\u3092\u793a\u3059\u3079\u304d\u3067\u3042\u308b\u3002\u4e8b\u5b9f\u3001Fed\u306f2018\u5e74\u307e\u3067\u30a4\u30f3\u30d5\u30ec\u7387\u304c2%\u306b\u9054\u3059\u308b\u3053\u3068\u306a\u304f\u7de9\u3084\u304b\u306b\u63a8\u79fb\u3059\u308b\u3068\u4e88\u60f3\u3057\u3066\u3044\u308b\u3002\u305d\u3046\u3067\u3042\u308c\u3070\u7d4c\u6e08\u3092\u6e1b\u901f\u3055\u305b\u308b\u5fc5\u8981\u3082\u306a\u3044\u3068\u3044\u3046\u3053\u3068\u3092\u8868\u660e\u3059\u3079\u304d\u3060\u3002<\/p><\/blockquote>\n<p>\u565b\u307f\u7815\u3044\u3066\u8a00\u3048\u3070\u3001Fed\u306f\u30a4\u30f3\u30d5\u30ec\u7387\u304c\u4e0a\u6607\u3057\u306a\u3044\u3068\u4e88\u60f3\u3057\u3066\u3044\u308b\u306b\u3082\u304b\u304b\u308f\u3089\u305a\u3001\u5229\u4e0a\u3052\u3092\u3059\u308b\u3068\u8868\u660e\u3057\u3066\u3044\u308b\u3068\u3044\u3046\u3053\u3068\u3067\u3042\u308b\u3002Fed\u304c\u305d\u3053\u307e\u3067\u5229\u4e0a\u3052\u3092\u3057\u305f\u304b\u3063\u305f\u7406\u7531\u306f\u3001\u6050\u3089\u304f\u306f\u30a4\u30f3\u30d5\u30ec\u3067\u306f\u306a\u304f\u91d1\u878d\u5e02\u5834\u306e\u30d0\u30d6\u30eb\u3067\u3042\u308a\u3001\u5de8\u5927\u306a\u91d1\u878d\u7de9\u548c\u306e\u51fa\u53e3\u6226\u7565\u3067\u3042\u308b\u30022015\u5e74\u590f\u306e\u53e4\u3044\u8a18\u4e8b\u3060\u304c\u4ee5\u4e0b\u3067\u8aac\u660e\u3057\u3066\u3044\u308b\u3002<\/p>\n<ul>\n<li><a href=\"http:\/\/www.globalmacroresearch.org\/jp\/archives\/1384\">\u7c73\u56fd\u304c\u5229\u4e0a\u3052\u3092\u6025\u3050\u7406\u7531: \u30d0\u30d6\u30eb\u5d29\u58ca\u5f8c\u306e\u76f8\u5834\u306b\u5411\u3051\u305f\u5229\u4e0a\u3052\u7af6\u4e89\u306f\u3082\u3046\u59cb\u307e\u3063\u3066\u3044\u308b<\/a><\/li>\n<\/ul>\n<p>\u3057\u304b\u3057\u305d\u306e\u5f8c\u3001\u30a2\u30e1\u30ea\u30ab\u7d4c\u6e08\u304c\u6025\u6fc0\u306b\u6e1b\u901f\u3057\u305f\u305f\u3081\u306b\u3001Fed\u306f\u5229\u4e0a\u3052\u304c\u3057\u305f\u3044\u306b\u3082\u304b\u304b\u308f\u3089\u305a\u51fa\u6765\u306a\u304f\u306a\u3063\u305f\u306e\u3067\u3042\u308b\u3002\u3053\u306e\u6e1b\u901f\u306f\u308f\u305f\u3057\u30822015\u5e74\u672b\u306b\u4e88\u60f3\u3057\u3066\u3044\u305f\u304c\u3001\u5b9f\u969b\u306b\u306f\u305d\u308c\u3088\u308a\u3082\u66f4\u306b\u901f\u3044\u6e1b\u901f\u3068\u306a\u3063\u3066\u3044\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<\/a><\/li>\n<\/ul>\n<p>\u4eca\u3067\u306f\u30a2\u30e1\u30ea\u30ab\u306e\u4f4e\u3044\u5931\u696d\u7387\u306f\u307b\u307c\u5b8c\u5168\u96c7\u7528\u306e\u6c34\u6e96\u306b\u8fd1\u304f\u3001Fed\u304c\u81ea\u5206\u3067\u4e3b\u5f35\u3059\u308b\u3088\u3046\u306b\u52b4\u50cd\u5e02\u5834\u3092\u91cd\u8996\u3057\u3066\u8003\u3048\u308c\u3070\u3068\u3046\u306b\u4f55\u5ea6\u3082\u5229\u4e0a\u3052\u3092\u3057\u3066\u3044\u306a\u3051\u308c\u3070\u7406\u5c48\u306b\u5408\u308f\u306a\u3044\u304c\u3001Fed\u306f\u5229\u4e0a\u3052\u3092\u51fa\u6765\u3066\u3044\u306a\u3044\u3002<\/p>\n<p>\u8457\u540d\u6295\u8cc7\u5bb6\u306e\u30b8\u30e7\u30fc\u30b8\u30fb\u30bd\u30ed\u30b9\u6c0f\u306b\u8a00\u308f\u305b\u308c\u3070\u5229\u4e0a\u3052\u306f\u9045\u3059\u304e\u305f\u306e\u3067\u3042\u308b\u3002\u30c0\u30dc\u30b9\u4f1a\u8b70\u306b\u304a\u3051\u308b\u4ee5\u4e0b\u306e\u767a\u8a00\u3092\u601d\u3044\u51fa\u3057\u305f\u3044\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<\/ul>\n<blockquote><p>Fed\u306f\u6b63\u3057\u3044\u65b9\u5411\u3078\u8ecc\u9053\u4fee\u6b63\u3059\u308b\u6bb5\u968e\u306b\u9054\u3057\u3001\u5229\u4e0a\u3052\u306b\u3064\u3044\u3066\u8a71\u3057\u59cb\u3081\u305f\u3002\u3060\u304c\u5f7c\u3089\u306f\u884c\u52d5\u3057\u306a\u304b\u3063\u305f\u3002\u305d\u3057\u3066\u5b9f\u969b\u306b\u884c\u52d5\u3057\u305f\u6642\u306b\u306f\u3001\u3082\u3046\u6a5f\u4f1a\u3092\u5931\u3063\u3066\u3044\u305f\u306e\u3060\u3002\u5f7c\u3089\u306f1\u5e74\u9045\u304b\u3063\u305f\u3002\u5f7c\u3089\u304c\u5229\u4e0a\u3052\u3092\u958b\u59cb\u3057\u305f\u6642\u306b\u306f\u3082\u3046\u7c73\u56fd\u7d4c\u6e08\u306e\u6e1b\u901f\u306f\u59cb\u307e\u3063\u3066\u3044\u305f\u3002<\/p><\/blockquote>\n<p>\u30a4\u30a8\u30ec\u30f3\u8b70\u9577\u304c\u4f55\u3092\u5f85\u3063\u3066\u3044\u308b\u306e\u304b\u306f\u77e5\u3089\u306a\u3044\u304c\u3001\u6642\u9593\u304c\u7d4c\u3066\u3070\u7d4c\u3064\u307b\u3069\u30a2\u30e1\u30ea\u30ab\u7d4c\u6e08\u306e\u6e1b\u901f\u30ea\u30b9\u30af\u306f\u9ad8\u304f\u306a\u308a\u3001\u5229\u4e0a\u3052\u3069\u3053\u308d\u304b\u5229\u4e0b\u3052\u3068\u91cf\u7684\u7de9\u548c\u518d\u958b\u304c\u73fe\u5b9f\u7684\u306a\u53ef\u80fd\u6027\u3068\u3057\u3066\u59ff\u3092\u8868\u3057\u3066\u304f\u308b\u3060\u308d\u3046\u3002<\/p>\n<ul>\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><strong>\u30a4\u30f3\u30d5\u30ec\u904e\u71b1\u306e\u30ea\u30b9\u30af\u306f\u5c11\u306a\u3044<\/strong><\/p>\n<p>\u30b5\u30de\u30fc\u30ba\u6c0f\u304c\u6700\u5f8c\u306b\u6307\u6458\u3059\u308b\u306e\u306f\u30ea\u30b9\u30af\u306e\u975e\u5bfe\u79f0\u6027\u3067\u3042\u308b\u3002\u30a4\u30f3\u30d5\u30ec\u904e\u71b1\u306e\u30ea\u30b9\u30af\u306f\u5c11\u306a\u3044\u304c\u3001\u30c7\u30d5\u30ec\u306e\u30ea\u30b9\u30af\u306f\u5927\u304d\u3044\u3068\u3044\u3046\u3053\u3068\u3067\u3042\u308b\u3002\u30b5\u30de\u30fc\u30ba\u6c0f\u306f\u4ee5\u4e0b\u306e\u3088\u3046\u306b\u8ff0\u3079\u308b\u3002<\/p>\n<blockquote><p>\u7b2c\u56db\u306b\u3001Fed\u306f\u7d4c\u6e08\u306e\u904e\u71b1\u3068\u6e1b\u901f\u306e\u30ea\u30b9\u30af\u306f\u975e\u5bfe\u79f0\u3067\u3042\u308b\u3068\u3044\u3046\u3053\u3068\u3092\u8a8d\u3081\u306a\u3051\u308c\u3070\u306a\u3089\u306a\u3044\u3002\u666f\u6c17\u5f8c\u9000\u306b\u9665\u3063\u305f\u5834\u5408\u3001\u65e5\u672c\u7d4c\u6e08\u306e\u3088\u3046\u306a\u72b6\u6cc1\u306b\u9665\u308b\u73fe\u5b9f\u7684\u306a\u30ea\u30b9\u30af\u304c\u5b58\u5728\u3057\u3001\u305d\u306e\u5834\u5408\u30c7\u30d5\u30ec\u3092\u9000\u6cbb\u3059\u308b\u3053\u3068\u304c\u975e\u5e38\u306b\u96e3\u3057\u304f\u306a\u308b\u3002\u305d\u306e\u4e00\u65b9\u3067\u3001\u30a4\u30f3\u30d5\u30ec\u7387\u304c2%\u3092\u4e0a\u56de\u3063\u305f\u5834\u5408\u306e\u30ea\u30b9\u30af\u306f\u307b\u3068\u3093\u3069\u306a\u3044\u3002\u3053\u308c\u307e\u3067\u4e3b\u5f35\u3057\u3066\u304d\u305f\u901a\u308a\u3001\u305d\u306e\u72b6\u614b\u306f\u3080\u3057\u308d\u597d\u307e\u3057\u3044\u304b\u3082\u3057\u308c\u306a\u3044\u3002\u305d\u3057\u3066\u3082\u3057\u305d\u3046\u3067\u306a\u3044\u3068\u3057\u3066\u3082\u3001\u904e\u53bb\u4f55\u5ea6\u3082\u6210\u529f\u3057\u305f\u901a\u308a\u3001\u305d\u306e\u5834\u5408\u306b\u3053\u305d\u91d1\u878d\u5f15\u304d\u7de0\u3081\u3092\u884c\u3063\u3066\u904e\u71b1\u3092\u6291\u3048\u308c\u3070\u826f\u3044\u306e\u3067\u3042\u308b\u3002<\/p><\/blockquote>\n<p>\u30a4\u30f3\u30d5\u30ec\u306e\u30ea\u30b9\u30af\u306f\u5c11\u306a\u3044\u3060\u308d\u3046\u3002\u30b5\u30de\u30fc\u30ba\u6c0f\u306e\u8a00\u8449\u3067\u8a00\u3048\u3070\u4e16\u754c\u7d4c\u6e08\u306f\u9577\u671f\u505c\u6ede\u306b\u9665\u3063\u3066\u3044\u308b\u304b\u3089\u3067\u3042\u308a\u3001\u4e16\u754c\u6700\u5927\u306e\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u3092\u904b\u7528\u3059\u308b\u30ec\u30a4\u30fb\u30c0\u30ea\u30aa\u6c0f\u306e\u8a00\u8449\u3067\u8a00\u3048\u3070\u3001\u50b5\u52d9\u306e\u9577\u671f\u30b5\u30a4\u30af\u30eb\u304c\u7d42\u7109\u306b\u5dee\u3057\u639b\u304b\u3063\u3066\u3044\u308b\u304b\u3089\u3067\u3042\u308b\u3002\u8457\u540d\u306a\u30a8\u30b3\u30ce\u30df\u30b9\u30c8\u306f\u305d\u308c\u305e\u308c\u306e\u8a00\u8449\u3067\u505c\u6ede\u3092\u8868\u73fe\u3059\u308b\u304c\u3001\u672c\u8cea\u7684\u306b\u306f\u7686\u540c\u3058\u3082\u306e\u3092\u898b\u3066\u3044\u308b\u306e\u3067\u3042\u308b\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>\u3057\u304b\u3057\u4e00\u65b9\u3067\u3001\u9577\u3089\u304f\u4f4e\u91d1\u5229\u3092\u7d9a\u3051\u305f\u305f\u3081\u306b\u91cf\u7684\u7de9\u548c\u30d0\u30d6\u30eb\u5d29\u58ca\u306e\u30ea\u30b9\u30af\u306f\u5dee\u3057\u8feb\u3063\u3066\u3044\u308b\u3002\u30bd\u30ed\u30b9\u6c0f\u3068\u3068\u3082\u306b\u30af\u30a9\u30f3\u30bf\u30e0\u30fb\u30d5\u30a1\u30f3\u30c9\u3092\u7acb\u3061\u4e0a\u3052\u305f\u30b8\u30e0\u30fb\u30ed\u30b8\u30e3\u30fc\u30ba\u6c0f\u306e\u8a00\u8449\u3092\u601d\u3044\u51fa\u3057\u305f\u3044\u3002<\/p>\n<ul>\n<li><a href=\"http:\/\/www.globalmacroresearch.org\/jp\/archives\/2172\">\u30b8\u30e0\u30fb\u30ed\u30b8\u30e3\u30fc\u30ba\u6c0f\u304c\u5229\u4e0a\u3052\u5f8c\u306e\u76f8\u5834\u3092\u8a9e\u308b: 2016\u5e74\u306e\u30c9\u30eb\u3001\u682a\u5f0f\u3001\u50b5\u5238\u3001\u91d1\u3001\u539f\u6cb9\u3001\u30cf\u30a4\u30a4\u30fc\u30eb\u30c9\u50b5<\/a><\/li>\n<\/ul>\n<blockquote><p>\u4e00\u5ea6\u76ee\u306e\u5229\u4e0a\u3052\u306f\u5927\u3057\u305f\u610f\u5473\u3092\u6301\u305f\u306a\u3044\u304c\u3001\u4e09\u5ea6\u76ee\u306e\u5229\u4e0a\u3052\u304b\u3089\u306f\u5fc3\u914d\u3057\u306a\u3051\u308c\u3070\u306a\u3089\u306a\u304f\u306a\u308b\u3060\u308d\u3046\u3002\u4e09\u5ea6\u304b\u56db\u5ea6\u5229\u4e0a\u3052\u304c\u884c\u308f\u308c\u308c\u3070\u3001\u901a\u5e38\u682a\u5f0f\u5e02\u5834\u306f\u7d42\u308f\u308a\u3060\u3002\uff08\u4e2d\u7565\uff09\u4e09\u5ea6\u76ee\u306e\u5229\u4e0a\u3052\u304c\u6765\u308c\u3070\u3001\u308f\u305f\u3057\u306f\u4e16\u754c\u4e2d\u3067\u682a\u3092\u58f2\u308b\u3060\u308d\u3046\u3002\u7c73\u56fd\u306e\u30b8\u30e3\u30f3\u30af\u50b5\u306f\u65e2\u306b\u58f2\u3063\u305f\u3002\u4ed6\u306e\u50b5\u5238\u3082\u305d\u306e\u6642\u306b\u306f\u5927\u91cf\u306b\u7a7a\u58f2\u308a\u3059\u308b\u3053\u3068\u306b\u306a\u308b\u3002<\/p><\/blockquote>\n<p>\u3060\u304b\u3089Fed\u306b\u3068\u3063\u3066\u554f\u984c\u3067\u3042\u308b\u306e\u306f\u30a4\u30f3\u30d5\u30ec\u7387\u3067\u3082\u52b4\u50cd\u5e02\u5834\u3067\u3082\u306a\u3044\u3002\u6e1b\u901f\u3059\u308b\u30a2\u30e1\u30ea\u30ab\u306eGDP\u6210\u9577\u7387\u3068\u81e8\u754c\u70b9\u3092\u8d85\u3048\u3066\u81a8\u5f35\u3057\u3066\u3086\u304f\u91cf\u7684\u7de9\u548c\u30d0\u30d6\u30eb\u306e\u677f\u631f\u307f\u3068\u306a\u3063\u3066\u52d5\u3051\u306a\u3044\u306e\u3067\u3042\u308b\u3002<\/p>\n<ul>\n<li><a href=\"http:\/\/www.globalmacroresearch.org\/jp\/archives\/2219\">\u91cf\u7684\u7de9\u548c\u30d0\u30d6\u30eb\u3092\u5d29\u58ca\u3055\u305b\u308b\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u30fb\u30ea\u30d0\u30e9\u30f3\u30b9\u306e\u9006\u6d41<\/a><\/li>\n<\/ul>\n<p>\u3057\u305f\u304c\u3063\u3066Fed\u5185\u306b\u5b58\u5728\u3059\u308b\u5229\u4e0a\u3052\u3059\u3079\u304d\u3068\u3044\u3046\u4e3b\u5f35\u3082\u3001\u4f4e\u91d1\u5229\u3092\u4fdd\u3064\u3079\u304d\u3060\u3068\u3044\u3046\u4e3b\u5f35\u3082\u3001\u305d\u306e\u610f\u5473\u3067\u306f\u4e21\u65b9\u304c\u6b63\u3057\u3044\u306e\u3067\u3042\u308b\u3002\u554f\u984c\u306f\u305d\u306e\u3069\u3061\u3089\u306e\u6b63\u89e3\u3092\u9078\u3093\u3067\u3082\u4e16\u754c\u7d4c\u6e08\u306b\u306f\u9177\u3044\u7d50\u679c\u3068\u306a\u308b\u3060\u308d\u3046\u3068\u3044\u3046\u3053\u3068\u3067\u3042\u308b\u3002\u6295\u8cc7\u5bb6\u306f\u3069\u3061\u3089\u306e\u5834\u5408\u306b\u3082\u5bfe\u5fdc\u3067\u304d\u308b\u3088\u3046\u306b\u91d1\u306e\u8cb7\u3044\u3084\u682a\u306e\u7a7a\u58f2\u308a\u306a\u3069\u3092\u6a5f\u52d5\u7684\u306b\u884c\u3063\u3066\u3086\u304f\u3079\u304d\u3060\u304c\u3001\u77ed\u671f\u7684\u306b\u306f\u3044\u305a\u308c\u306b\u305b\u3088\u30a2\u30e1\u30ea\u30ab\u306e\u7d4c\u6e08\u6307\u6a19\u6b21\u7b2c\u3067\u3042\u308b\u300211\u6708\u306e\u59cb\u3081\u306b\u516c\u8868\u3055\u308c\u308b7-9\u6708\u671f\u306eGDP\u3092\u697d\u3057\u307f\u306b\u3057\u305f\u3044\u3002\u3053\u3053\u3067\u3082\u5f53\u7136\u5206\u6790\u3092\u516c\u958b\u3059\u308b\u4e88\u5b9a\u3067\u3042\u308b\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u5143\u7c73\u56fd\u8ca1\u52d9\u9577\u5b98\u3067\u7d4c\u6e08\u5b66\u8005\u306e\u30e9\u30ea\u30fc\u30fb\u30b5\u30de\u30fc\u30ba\u6c0f\u304c\u81ea\u8eab\u306e\u30d6\u30ed\u30b0\uff08\u539f\u6587\u82f1\u8a9e\uff09\u3067\u30a2\u30e1\u30ea\u30ab\u306e\u91d1\u878d\u653f\u7b56\u3092\u62c5\u3046Fed\uff08\u9023\u90a6\u6e96\u5099\u5236\u5ea6\uff09\u306b\u5bfe\u3057\u3066\u82e6\u8a00\u3092\u5448\u3057\u3066\u3044\u308b\u3002Fed\u306f\u9577\u3089\u304f\u5229\u4e0a\u3052\u3092\u884c\u3046\u3068\u4e3b\u5f35\u3057\u3066\u304d\u3066\u3044\u308b\u304c\u3001\u305d\u306e\u76ee\u7684\u306f2015\u5e7412\u6708\u306b &hellip; <a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/4354\" class=\"more-link\">\u7d9a\u304d\u3092\u8aad\u3080 <span class=\"screen-reader-text\">\u5143\u7c73\u56fd\u8ca1\u52d9\u9577\u5b98\u30b5\u30de\u30fc\u30ba\u6c0f: \u30a2\u30e1\u30ea\u30ab\u306e\u5229\u4e0a\u3052\u306f\u4e0d\u8981\u3001\u73fe\u884c\u306e\u91d1\u878d\u653f\u7b56\u306f\u77db\u76fe\u3057\u3066\u3044\u308b<\/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":[118,108],"tags":[64,72,98],"class_list":["post-4354","post","type-post","status-publish","format-standard","hentry","category-us-bond-market","category-bond-markets","tag-fed","tag-rate-hike","tag-larry-summers"],"_links":{"self":[{"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/4354","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=4354"}],"version-history":[{"count":19,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/4354\/revisions"}],"predecessor-version":[{"id":4373,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/4354\/revisions\/4373"}],"wp:attachment":[{"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/media?parent=4354"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/categories?post=4354"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/tags?post=4354"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}