{"id":43688,"date":"2024-01-25T20:00:00","date_gmt":"2024-01-25T11:00:00","guid":{"rendered":"https:\/\/www.globalmacroresearch.org\/jp\/?p=43688"},"modified":"2024-01-25T15:48:42","modified_gmt":"2024-01-25T06:48:42","slug":"%e3%82%ac%e3%83%b3%e3%83%89%e3%83%a9%e3%83%83%e3%82%af%e6%b0%8f-%e3%82%a2%e3%83%a1%e3%83%aa%e3%82%ab%e3%81%ae%e3%82%a4%e3%83%b3%e3%83%95%e3%83%ac%e7%8e%87%e3%81%af2-5%e3%81%be%e3%81%a7%e6%9b%b4","status":"publish","type":"post","link":"https:\/\/www.globalmacroresearch.org\/jp\/archives\/43688","title":{"rendered":"\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f: \u30a2\u30e1\u30ea\u30ab\u306e\u30a4\u30f3\u30d5\u30ec\u7387\u306f2.5%\u307e\u3067\u66f4\u306b\u4e0b\u843d\u3059\u308b"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">DoubleLine Capital\u306e\u30b8\u30a7\u30d5\u30ea\u30fc\u30fb\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u304c\u81ea\u793e\u30a6\u30a7\u30d6\u30ad\u30e3\u30b9\u30c8\u3067\u30a2\u30e1\u30ea\u30ab\u306e\u30a4\u30f3\u30d5\u30ec\u7387\u306e\u52d5\u5411\u3092\u4e88\u60f3\u3057\u3066\u3044\u308b\u306e\u3067\u7d39\u4ecb\u3057\u305f\u3044\u3002\u30a4\u30f3\u30d5\u30ec\u7387\u306f\u3069\u3046\u306a\u308b\u3060\u308d\u3046\u304b\u3002<\/p>\n\n\n\n<!--more-->\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u30a2\u30e1\u30ea\u30ab\u306e\u30a4\u30f3\u30d5\u30ec\u52d5\u5411<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u30a2\u30e1\u30ea\u30ab\u306e\u30a4\u30f3\u30d5\u30ec\u7387\u306fFed\uff08\u9023\u90a6\u6e96\u5099\u5236\u5ea6\uff09\u304c2022\u5e74\u304b\u3089\u59cb\u3081\u305f\u5229\u4e0a\u3052\u306e\u304a\u9670\u3067\u304b\u306a\u308a\u4e0b\u304c\u3063\u3066\u304d\u305f\u3002\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u306f\u30a4\u30f3\u30d5\u30ec\u7387\u306b\u3064\u3044\u3066\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 class=\"wp-block-paragraph\">Fed\u306e\u5229\u4e0a\u3052\u958b\u59cb\u304c\u304b\u306a\u308a\u9045\u308c\u305f\u306e\u3067\u3001\u30a4\u30f3\u30d5\u30ec\u7387\u306f9.1%\u307e\u3067\u4e0a\u304c\u308a\u3001\u305d\u308c\u304b\u30893.1%\u307e\u3067\u4e0b\u304c\u3063\u305f\u3002<\/p>\n<\/blockquote>\n\n\n\n<p class=\"wp-block-paragraph\">\u6700\u65b0\u306e\u30a4\u30f3\u30d5\u30ec\u7d71\u8a08\u306b\u3064\u3044\u3066\u306f\u4ee5\u4e0b\u306e\u8a18\u4e8b\u3067\u5831\u3058\u3066\u3044\u308b\u304c\u3001\u524d\u5e74\u540c\u6708\u6bd4\u3067\u898b\u305f\u30a4\u30f3\u30d5\u30ec\u7387\u306e\u30b0\u30e9\u30d5\u306f\u6b21\u306e\u3088\u3046\u306b\u306a\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\/43394\" data-type=\"post\" data-id=\"43394\">\u30a4\u30f3\u30d5\u30ec\u52a0\u901f\u3092\u793a\u5506\u3059\u308b12\u6708\u7c73\u30a4\u30f3\u30d5\u30ec\u7387<\/a><\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image size-full\"><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2024\/01\/2023-dec-us-cpi-growth-chart.png\"><img loading=\"lazy\" decoding=\"async\" width=\"448\" height=\"466\" src=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2024\/01\/2023-dec-us-cpi-growth-chart.png\" alt=\"\" class=\"wp-image-43395\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2024\/01\/2023-dec-us-cpi-growth-chart.png 448w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2024\/01\/2023-dec-us-cpi-growth-chart-288x300.png 288w\" sizes=\"auto, (max-width: 448px) 100vw, 448px\" \/><\/a><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u30a4\u30f3\u30d5\u30ec\u7387\u3068\u91d1\u5229\u306e\u898b\u901a\u3057<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3053\u306e\u30a4\u30f3\u30d5\u30ec\u7387\u304c\u3069\u3046\u306a\u308b\u304b\u3068\u3044\u3046\u3053\u3068\u304c\u8b70\u8ad6\u306e\u7684\u306b\u306a\u3063\u3066\u3044\u308b\u3002\u682a\u5f0f\u5e02\u5834\u3067\u306f\u30a4\u30f3\u30d5\u30ec\u4f4e\u4e0b\u306b\u3088\u308b\u5229\u4e0b\u3052\u671f\u5f85\u304c\u7e54\u308a\u8fbc\u307e\u308c\u3066\u304a\u308a\u3001\u305d\u308c\u304c\u682a\u9ad8\u306e\u8981\u56e0\u3068\u306a\u3063\u3066\u3044\u308b\u304b\u3089\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u524d\u56de\u306e\u8a18\u4e8b\u3067\u30ec\u30a4\u30fb\u30c0\u30ea\u30aa\u6c0f\u306f\u305d\u308c\u306b\u7570\u3092\u5531\u3048\u3001\u30a4\u30f3\u30d5\u30ec\u7387\u306f\u305d\u308c\u307b\u3069\u4e0b\u304c\u3089\u305a\u5e02\u5834\u304c\u4e88\u60f3\u3059\u308b\u307b\u3069\u306e\u5229\u4e0b\u3052\u306f\u306a\u3044\u3068\u4e3b\u5f35\u3057\u3066\u3044\u305f\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/43667\" data-type=\"post\" data-id=\"43667\">\u30ec\u30a4\u30fb\u30c0\u30ea\u30aa\u6c0f: \u91d1\u878d\u5e02\u5834\u306e\u30a2\u30e1\u30ea\u30ab\u5229\u4e0b\u3052\u7e54\u308a\u8fbc\u307f\u306f\u904e\u5270<\/a><\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">3%\u4ed8\u8fd1\u3067\u505c\u6ede\u3057\u3066\u3044\u308b\u30a4\u30f3\u30d5\u30ec\u7387\u306f\u3069\u3046\u306a\u308b\u304b\uff1f\u3000\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u306f\u6b21\u306e\u3088\u3046\u306b\u4e88\u60f3\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 class=\"wp-block-paragraph\">\u30a4\u30f3\u30d5\u30ec\u7387\u306f\u3053\u308c\u304b\u30893\u30f6\u6708\u307b\u3069\u306f\u6050\u3089\u304f\u3053\u306e\u6c34\u6e96\u306b\u7559\u307e\u308b\u3060\u308d\u3046\u304c\u3001\u30a2\u30e1\u30ea\u30ab\u306e\u666f\u6c17\u5f8c\u9000\u3092\u4e88\u60f3\u3057\u3066\u3044\u308b\u308f\u308c\u308f\u308c\u306e\u898b\u65b9\u3067\u306f\u3001\u30a4\u30f3\u30d5\u30ec\u7387\u306fFed\u306e\u76ee\u6a19\u3068\u3057\u3066\u3044\u308b\u6c34\u6e96\u307e\u3067\u305d\u3053\u304b\u3089\u66f4\u306b\u4e0b\u304c\u308b\u3060\u308d\u3046\u30022.5%\u304b\u3001\u3082\u3057\u304b\u3057\u305f\u3089\u305d\u308c\u3088\u308a\u3082\u4f4e\u304f\u306a\u308b\u304b\u3082\u3057\u308c\u306a\u3044\u3002<\/p>\n<\/blockquote>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u30a4\u30f3\u30d5\u30ec\u7387\u4e0b\u843d\u4e88\u60f3\u306e\u7406\u7531<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u30c0\u30ea\u30aa\u6c0f\u304c\u30a4\u30f3\u30d5\u30ec\u7387\u306e\u5e95\u6253\u3061\u3092\u4e88\u60f3\u3057\u3066\u3044\u308b\u4e00\u65b9\u3067\u3001\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u306f\u66f4\u306a\u308b\u4e0b\u843d\u3092\u4e88\u60f3\u3057\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u306e\u4e88\u60f3\u306e\u6839\u62e0\u306f\u4f55\u304b\uff1f\u3000\u5f7c\u306f\u6b21\u306e\u3088\u3046\u306b\u7d9a\u3051\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 class=\"wp-block-paragraph\">\u4eca\u306e\u3068\u3053\u308d\u5168\u4f53\u306e\u30a4\u30f3\u30d5\u30ec\u7387\u306f6%\u4e0b\u843d\u3057\u305f\u3042\u30683%\u53f0\u524d\u534a\u3067\u505c\u6ede\u3057\u6a2a\u3070\u3044\u3067\u63a8\u79fb\u3057\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3060\u304c\u98df\u54c1\u3068\u30a8\u30cd\u30eb\u30ae\u30fc\u3092\u9664\u304f\u30b3\u30a2\u30a4\u30f3\u30d5\u30ec\u7387\u306f\u6025\u6fc0\u306b\u4e0a\u4e0b\u3057\u306a\u3044\u3088\u3046\u306b\u8a2d\u8a08\u3055\u308c\u3066\u3044\u308b\u306e\u3067\u3001\u5168\u4f53\u306e\u30a4\u30f3\u30d5\u30ec\u7387\u3088\u308a\u3082\u4e0a\u4e0b\u52d5\u304c\u9045\u308c\u308b\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u305d\u306e\u30b3\u30a2\u30a4\u30f3\u30d5\u30ec\u7387\u306f\u73fe\u57284%\u3060\u304c\u3001\u3082\u3046\u5c11\u3057\u4e0b\u304c\u3063\u3066\u304f\u308b\u3060\u308d\u3046\u3002<\/p>\n<\/blockquote>\n\n\n\n<p class=\"wp-block-paragraph\">\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u306f1\u5e74\u524d\u306e\u540c\u3058\u6708\u3068\u6bd4\u3079\u308b\u524d\u5e74\u540c\u6708\u6bd4\u306e\u6570\u5b57\u306e\u8a71\u3092\u3057\u3066\u3044\u308b\u3002\u524d\u5e74\u540c\u6708\u6bd4\u306e\u6570\u5b57\u3092\u4e88\u60f3\u3059\u308b\u306b\u306f\u3088\u308a\u76f4\u8fd1\u306e\u5909\u5316\u7387\u3092\u898b\u308c\u3070\u826f\u3044\u30021\u30f6\u6708\u306e\u5909\u5316\u3092\u5e74\u7387\u306b\u76f4\u3057\u305f\u524d\u6708\u6bd4\u5e74\u7387\u306e\u30b3\u30a2\u30a4\u30f3\u30d5\u30ec\u7387\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\/2024\/01\/2023-dec-us-cpi-less-food-and-energy-growth-chart.png\"><img loading=\"lazy\" decoding=\"async\" width=\"448\" height=\"466\" src=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2024\/01\/2023-dec-us-cpi-less-food-and-energy-growth-chart.png\" alt=\"\" class=\"wp-image-43407\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2024\/01\/2023-dec-us-cpi-less-food-and-energy-growth-chart.png 448w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2024\/01\/2023-dec-us-cpi-less-food-and-energy-growth-chart-288x300.png 288w\" sizes=\"auto, (max-width: 448px) 100vw, 448px\" \/><\/a><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">\u78ba\u304b\u306b\u30b3\u30a2\u30a4\u30f3\u30d5\u30ec\u306e\u4e0a\u6607\u7387\u306f\u5f90\u3005\u306b\u4e0b\u304c\u3063\u3066\u304d\u3066\u3044\u308b\u306e\u3067\u3001\u30c7\u30fc\u30bf\u304c\u65b0\u3057\u304f\u306a\u308c\u3070\u306a\u308b\u307b\u3069\u524d\u5e74\u6bd4\u306e\u6570\u5b57\u306f\u30c7\u30a3\u30b9\u30a4\u30f3\u30d5\u30ec\u5074\u306b\u5bc4\u3063\u3066\u304f\u308b\u3060\u308d\u3046\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u3060\u304c\u7d50\u5c40\u91cd\u8981\u306a\u306e\u306f\u4eca\u5f8c\u306e\u52d5\u5411\u3067\u3042\u308b\u3002\u7b46\u8005\u306f\u3080\u3057\u308d\u30012023\u5e74\u534a\u3070\u306b\u524d\u6708\u6bd4\u306e\u30b3\u30a2\u30a4\u30f3\u30d5\u30ec\u7387\u304c\u4e0b\u304c\u3063\u3066\u304b\u3089\u3001\u305d\u306e\u5f8c\u534a\u5e74\u307b\u3069\u3080\u3057\u308d\u4e0a\u6607\u30c8\u30ec\u30f3\u30c9\u306b\u306a\u3063\u3066\u3044\u308b\u3053\u3068\u306b\u6ce8\u76ee\u3057\u305f\u3044\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u305d\u306e\u539f\u56e0\u306f\u4f4f\u5b85\u30ed\u30fc\u30f3\u91d1\u5229\u3084\u30b5\u30fc\u30d3\u30b9\u4fa1\u683c\u306a\u3069\u306e\u4f4e\u4e0b\u304c\u843d\u3061\u7740\u3044\u3066\u304d\u305f\u3053\u3068\u306b\u3042\u308a\u3001\u524d\u8005\u306f\u30ed\u30fc\u30f3\u91d1\u5229\u306e\u4f4e\u4e0b\u3001\u5f8c\u8005\u306f\u306a\u304b\u306a\u304b\u5f31\u307e\u3089\u306a\u3044\u52b4\u50cd\u5e02\u5834\u304c\u539f\u56e0\u306b\u3042\u308b\u3002\u96c7\u7528\u7d71\u8a08\u306b\u3064\u3044\u3066\u306f\u4ee5\u4e0b\u306e\u8a18\u4e8b\u3067\u89e6\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\/43188\" data-type=\"post\" data-id=\"43188\">12\u6708\u96c7\u7528\u7d71\u8a08\u306f\u30a4\u30f3\u30d5\u30ec\u52a0\u901f\u3068\u7d4c\u6e08\u6e1b\u901f\u3092\u793a\u5506<\/a><\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">\u3055\u3066\u30a4\u30f3\u30d5\u30ec\u7387\u306f\u3069\u3046\u306a\u308b\u3060\u308d\u3046\u304b\u3002\u7b46\u8005\u306e\u898b\u65b9\u306f\u3001\u5c11\u306a\u304f\u3068\u3082\u4eca\u5e746\u56de\u306e\u5229\u4e0b\u3052\u3092\u7e54\u308a\u8fbc\u3080\u73fe\u5728\u306e\u91d1\u878d\u5e02\u5834\u306e\u898b\u65b9\u3092\u66f4\u306b\u30cf\u30c8\u6d3e\u306b\u63a8\u3057\u9032\u3081\u308b\u3088\u3046\u306a\u7d71\u8a08\u30c7\u30fc\u30bf\u304c\u4eca\u5f8c\u6570\u30f6\u6708\u3067\u51fa\u308b\u3053\u3068\u3092\u671f\u5f85\u3059\u308b\u306e\u306f\u5206\u306e\u826f\u304f\u306a\u3044\u8ced\u3051\u3067\u306f\u306a\u304b\u308d\u3046\u304b\u3068\u3044\u3046\u3082\u306e\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u305d\u306e\u76f8\u5834\u89b3\u306b\u57fa\u3065\u3044\u3066\u30dd\u30b8\u30b7\u30e7\u30f3\u3092\u9069\u5b9c\u8abf\u6574\u3057\u3066\u3044\u308b\u3002\u30a4\u30f3\u30d5\u30ec\u7387\u306f\u6700\u7d42\u7684\u306b\u306f\u4e0b\u304c\u3063\u3066\u304f\u308b\u3060\u308d\u3046\u304c\u3001\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u306e\u4e88\u60f3\u3059\u308b\u307b\u3069\u30b9\u30e0\u30fc\u30ba\u306b\u884c\u304f\u3060\u308d\u3046\u304b\u3002\u30c0\u30ea\u30aa\u6c0f\u306e\u898b\u65b9\u3068\u3082\u6bd4\u3079\u3066\u307f\u3066\u3082\u3089\u3044\u305f\u3044\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/43667\" data-type=\"post\" data-id=\"43667\">\u30ec\u30a4\u30fb\u30c0\u30ea\u30aa\u6c0f: \u91d1\u878d\u5e02\u5834\u306e\u30a2\u30e1\u30ea\u30ab\u5229\u4e0b\u3052\u7e54\u308a\u8fbc\u307f\u306f\u904e\u5270<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/43540\" data-type=\"post\" data-id=\"43540\">\u30ec\u30a4\u30fb\u30c0\u30ea\u30aa\u6c0f\u3001\u30a4\u30f3\u30d5\u30ec\u7387\u306e\u4f4e\u4e0b\u3092\u4e88\u60f3\u305b\u305a<\/a><\/li>\n<\/ul>\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\u30a6\u30a7\u30d6\u30ad\u30e3\u30b9\u30c8\u3067\u30a2\u30e1\u30ea\u30ab\u306e\u30a4\u30f3\u30d5\u30ec\u7387\u306e\u52d5\u5411\u3092\u4e88\u60f3\u3057\u3066\u3044\u308b\u306e\u3067\u7d39\u4ecb\u3057\u305f\u3044\u3002\u30a4\u30f3\u30d5\u30ec\u7387\u306f\u3069\u3046\u306a\u308b\u3060\u308d\u3046\u304b\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":[131],"class_list":["post-43688","post","type-post","status-publish","format-standard","hentry","category-us-bond-market","category-bond-markets","tag-jeffrey-gundlach"],"_links":{"self":[{"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/43688","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=43688"}],"version-history":[{"count":23,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/43688\/revisions"}],"predecessor-version":[{"id":43711,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/43688\/revisions\/43711"}],"wp:attachment":[{"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/media?parent=43688"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/categories?post=43688"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/tags?post=43688"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}