{"id":44126,"date":"2024-02-09T20:00:00","date_gmt":"2024-02-09T11:00:00","guid":{"rendered":"https:\/\/www.globalmacroresearch.org\/jp\/?p=44126"},"modified":"2024-02-09T00:28:55","modified_gmt":"2024-02-08T15:28:55","slug":"%e3%82%ac%e3%83%b3%e3%83%89%e3%83%a9%e3%83%83%e3%82%af%e6%b0%8f%e3%80%81%e7%b1%b3%e5%9b%bd%e5%88%a9%e4%b8%8b%e3%81%92%e3%81%8c%e5%bf%85%e8%a6%81%e3%81%a8%e3%81%aa%e3%82%8b%e7%90%86%e7%94%b1%e3%82%92","status":"publish","type":"post","link":"https:\/\/www.globalmacroresearch.org\/jp\/archives\/44126","title":{"rendered":"\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u3001\u7c73\u56fd\u5229\u4e0b\u3052\u304c\u5fc5\u8981\u3068\u306a\u308b\u7406\u7531\u3092\u8a9e\u308b"},"content":{"rendered":"\n<p>DoubleLine Capital\u306e\u30b8\u30a7\u30d5\u30ea\u30fc\u30fb\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u304c\u3001Pensions &amp; Investments\u306e\u30a4\u30f3\u30bf\u30d3\u30e5\u30fc\u3067Fed\uff08\u9023\u90a6\u6e96\u5099\u5236\u5ea6\uff09\u304c\u3053\u308c\u304b\u3089\u5229\u4e0b\u3052\u3057\u3066\u3086\u304f\u6839\u62e0\u306b\u3064\u3044\u3066\u8a9e\u3063\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<!--more-->\n\n\n\n<p><strong>\u30a2\u30e1\u30ea\u30ab\u306e\u5229\u4e0b\u3052<\/strong><\/p>\n\n\n\n<p>\u30a2\u30e1\u30ea\u30ab\u3067\u306f\u30a4\u30f3\u30d5\u30ec\u9000\u6cbb\u306e\u305f\u3081\u306b\u91d1\u5229\u304c\u5927\u304d\u304f\u4e0a\u3052\u3089\u308c\u3001\u305d\u306e\u5f8c\u30a4\u30f3\u30d5\u30ec\u7387\u306f\u4e0b\u304c\u3063\u3066\u304d\u305f\u306e\u3067Fed\u306f\u5229\u4e0b\u3052\u3092\u8003\u3048\u3066\u3044\u308b\u3002\u5e02\u5834\u3067\u306f\u4eca\u5e74\u306e\u5229\u4e0b\u3052\u304c\u4f55\u56de\u306b\u306a\u308b\u304b\u304c\u8b70\u8ad6\u3055\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\/44161\" data-type=\"post\" data-id=\"44161\">\u4eca\u5e74\u306e\u7c73\u56fd\u5229\u4e0a\u3052\u306e\u5e02\u5834\u7e54\u308a\u8fbc\u307f\u30016\u56de\u304b\u30895\u56de\u306b\u6e1b\u5c11<\/a><\/li>\n<\/ul>\n\n\n\n<p>\u3060\u304c\u4eca\u56de\u306e\u8a18\u4e8b\u3067\u306f\u5229\u4e0b\u3052\u304c\u5fc5\u8981\u306a\u7406\u7531\u3092\u3082\u3046\u5c11\u3057\u53b3\u5bc6\u306b\u8003\u3048\u3066\u307f\u305f\u3044\u3002\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u306f\u3053\u3046\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>Fed\u304c\u5229\u4e0b\u3052\u3092\u3057\u305f\u304c\u3063\u3066\u3044\u308b\u306e\u306f\u3001\u666f\u6c17\u5f8c\u9000\u304c\u7406\u7531\u3067\u306f\u306a\u3044\u3002\u5b9f\u8cea\u91d1\u5229\u304c\u304b\u306a\u308a\u9ad8\u304f\u306a\u3063\u3066\u3044\u308b\u304b\u3089\u3060\u3002<\/p>\n<\/blockquote>\n\n\n\n<p>\u30a4\u30f3\u30d5\u30ec\u9000\u6cbb\u306e\u305f\u3081\u306b\u5229\u4e0a\u3052\u3057\u305f\u306e\u3067\u3001\u30a4\u30f3\u30d5\u30ec\u7387\u304c\u4e0b\u304c\u3063\u3066\u304d\u305f\u3089\u5229\u4e0b\u3052\u3092\u8003\u3048\u308b\u308f\u3051\u3060\u304c\u3001\u91cd\u8981\u306a\u306e\u306f\u30a4\u30f3\u30d5\u30ec\u7387\u5358\u4f53\u3067\u306f\u306a\u304f\u3001\u30a4\u30f3\u30d5\u30ec\u7387\u3068\u91d1\u5229\u306e\u95a2\u4fc2\u6027\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u305d\u308c\u3092\u8003\u3048\u308b\u306e\u304c\u5b9f\u8cea\u91d1\u5229\u3067\u3042\u308b\u3002\u5b9f\u8cea\u91d1\u5229\u3068\u306f\u540d\u76ee\u306e\u91d1\u5229\u304b\u3089\u30a4\u30f3\u30d5\u30ec\u7387\u3092\u5f15\u3044\u305f\u3082\u306e\u3067\u3042\u308b\u3002\u91d1\u5229\u306f\u6b21\u306e\u3088\u3046\u306a\u5f0f\u3067\u8a08\u7b97\u3055\u308c\u308b\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u5b9f\u8cea\u91d1\u5229 = \u540d\u76ee\u91d1\u5229 &#8211; \u30a4\u30f3\u30d5\u30ec\u7387<\/li>\n<\/ul>\n\n\n\n<p><strong>\u9069\u5207\u306a\u5b9f\u8cea\u91d1\u5229<\/strong><\/p>\n\n\n\n<p>\u30c8\u30eb\u30b3\u3084\u30a2\u30eb\u30bc\u30f3\u30c1\u30f3\u306e\u3088\u3046\u306b\u3001\u91d1\u5229\u304c\u9ad8\u304f\u3068\u3082\u30a4\u30f3\u30d5\u30ec\u7387\u304c\u305d\u308c\u3088\u308a\u9ad8\u3051\u308c\u3070\u91d1\u878d\u653f\u7b56\u3068\u3057\u3066\u306f\u7de9\u548c\u7684\u3068\u3044\u3046\u3053\u3068\u306b\u306a\u3063\u3066\u3057\u307e\u3046\u306e\u3067\u3001\u91d1\u5229\u306e\u5b9f\u4f53\u7d4c\u6e08\u3078\u306e\u5f71\u97ff\u3092\u8003\u3048\u308b\u6642\u306b\u306f\u540d\u76ee\u91d1\u5229\u304c\u30a4\u30f3\u30d5\u30ec\u7387\u3088\u308a\u3069\u308c\u3060\u3051\u9ad8\u3044\u304b\u3001\u3064\u307e\u308a\u5b9f\u8cea\u91d1\u5229\u304c\u3069\u308c\u3060\u3051\u9ad8\u3044\u304b\u3092\u8003\u3048\u308b\u5fc5\u8981\u304c\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u305d\u3057\u3066\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u304c\u6307\u6458\u3059\u308b\u3088\u3046\u306b\u3001\u5b9f\u8cea\u91d1\u5229\u306f\u9ad8\u304f\u306a\u3063\u3066\u3044\u308b\u3002\u73fe\u5728\u306e\u30a2\u30e1\u30ea\u30ab\u306e\u30a4\u30f3\u30d5\u30ec\u7387\u306f3.3%\u307e\u3067\u4e0b\u304c\u3063\u3066\u304d\u3066\u3044\u308b\u304c\u3001\u653f\u7b56\u91d1\u5229\u306f5.25%\u306a\u306e\u3067\u3001\u5dee\u3057\u5f15\u304d\u306e\u5b9f\u8cea\u91d1\u5229\u306f\u73fe\u57282%\u3068\u3044\u3046\u3053\u3068\u306b\u306a\u308b\u3002\u30ea\u30fc\u30de\u30f3\u30fb\u30b7\u30e7\u30c3\u30af\u5f8c\u3001\u5b9f\u8cea\u91d1\u5229\u306f\u9577\u3089\u304f\u30de\u30a4\u30ca\u30b9\u3060\u3063\u305f\u3002<\/p>\n\n\n\n<p>\u3055\u3066\u3001\u554f\u984c\u306f\u30a4\u30f3\u30d5\u30ec\u7387\u304c\u4e0b\u304c\u3063\u3066\u653f\u7b56\u91d1\u5229\u304c\u305d\u306e\u307e\u307e\u306b\u306a\u308b\u5834\u5408\u3001\u4e0a\u306e\u5f0f\u3092\u898b\u308c\u3070\u5206\u304b\u308b\u304c\u5b9f\u8cea\u91d1\u5229\u306f\u30a4\u30f3\u30d5\u30ec\u7387\u306e\u4f4e\u4e0b\u306b\u3088\u3063\u3066\u4e0a\u6607\u3057\u3066\u3057\u307e\u3046\u3068\u3044\u3046\u3053\u3068\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u3064\u307e\u308a\u3001\u653f\u7b56\u91d1\u5229\u3092\u540c\u3058\u6c34\u6e96\u306b\u7dad\u6301\u3057\u7d9a\u3051\u3066\u3082\u30a4\u30f3\u30d5\u30ec\u7387\u304c\u4e0b\u304c\u308c\u3070\u5b9f\u8cea\u91d1\u5229\u304c\u4e0a\u304c\u308a\u3001\u91d1\u878d\u653f\u7b56\u306f\u5f15\u304d\u7de0\u3081\u7684\u306b\u306a\u3063\u3066\u3057\u307e\u3046\u306e\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u3060\u304b\u30891970\u5e74\u4ee3\u306e\u30a2\u30e1\u30ea\u30ab\u306e\u7269\u4fa1\u9ad8\u9a30\u30921980\u5e74\u4ee3\u306b\u9000\u6cbb\u3057\u305f\u30dd\u30fc\u30eb\u30fb\u30dc\u30eb\u30ab\u30fc\u8b70\u9577\u306f\u3001\u30a4\u30f3\u30d5\u30ec\u7387\u304c\u4e0b\u304c\u308c\u3070\u540d\u76ee\u91d1\u5229\u3082\u4e0b\u304c\u308b\u3088\u3046\u306b\u3057\u3001\u653f\u7b56\u91d1\u5229\u3092\u7dad\u6301\u3057\u305f\u306e\u3067\u306f\u306a\u304f\u5b9f\u8cea\u91d1\u5229\u3092\u9ad8\u3044\u6c34\u6e96\u3067\u7dad\u6301\u3057\u305f\u306e\u3067\u3042\u308b\u30021980\u5e74\u4ee5\u964d\u306e\u30a4\u30f3\u30d5\u30ec\u7387\u3068\u653f\u7b56\u91d1\u5229\u3092\u4e26\u3079\u3066\u307f\u308b\u3068\u3001\u30a4\u30f3\u30d5\u30ec\u7387\u306e\u4f4e\u4e0b\u306b\u5f93\u3063\u3066\u653f\u7b56\u91d1\u5229\u3082\u4e0b\u304c\u3063\u3066\u3044\u308b\u3053\u3068\u304c\u5206\u304b\u308b\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2022\/12\/1970s-us-cpi-growth-and-federal-funds-rate-chart.png\"><img loading=\"lazy\" decoding=\"async\" width=\"468\" height=\"466\" src=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2022\/12\/1970s-us-cpi-growth-and-federal-funds-rate-chart.png\" alt=\"\" class=\"wp-image-31922\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2022\/12\/1970s-us-cpi-growth-and-federal-funds-rate-chart.png 468w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2022\/12\/1970s-us-cpi-growth-and-federal-funds-rate-chart-300x300.png 300w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2022\/12\/1970s-us-cpi-growth-and-federal-funds-rate-chart-150x150.png 150w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2022\/12\/1970s-us-cpi-growth-and-federal-funds-rate-chart-120x120.png 120w\" sizes=\"auto, (max-width: 468px) 100vw, 468px\" \/><\/a><\/figure>\n\n\n\n<p><strong>\u30a4\u30f3\u30d5\u30ec\u7387\u306f\u4e0b\u304c\u308b\u306e\u304b<\/strong><\/p>\n\n\n\n<p>\u3060\u304b\u3089\u30a4\u30f3\u30d5\u30ec\u7387\u304c\u4e0b\u304c\u308b\u306e\u3067\u3042\u308c\u3070\u3001\u653f\u7b56\u91d1\u5229\u3082\u4e0b\u3052\u306a\u3051\u308c\u3070\u5f15\u304d\u7de0\u3081\u3059\u304e\u306b\u306a\u3063\u3066\u3057\u307e\u3046\u3002\u305d\u308c\u304c\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u306e\u8ad6\u70b9\u3067\u3042\u308b\u3002\u5f7c\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>\u30a4\u30f3\u30d5\u30ec\u7387\u304c\u4e0b\u304c\u3063\u3066\u304d\u3066\u3044\u308b\u306e\u3067\u3001Fed\u306f\u666f\u6c17\u5f8c\u9000\u3068\u3044\u3046\u7406\u7531\u304c\u306a\u304f\u3068\u3082\u5229\u4e0b\u3052\u3067\u304d\u308b\u3002\u6b74\u53f2\u7684\u6c34\u6e96\u3068\u6bd4\u3079\u3066\u5b9f\u8cea\u91d1\u5229\u304c\u9ad8\u3044\u304b\u3089\u3060\u3002<\/p>\n<\/blockquote>\n\n\n\n<p>\u3060\u304c\u30a4\u30f3\u30d5\u30ec\u7387\u306f\u3053\u308c\u304b\u3089\u3082\u4e0b\u304c\u308b\u306e\u3060\u308d\u3046\u304b\uff1f\u3000\u305d\u308c\u304c\u554f\u984c\u3067\u3042\u308b\u3002\u30a4\u30f3\u30d5\u30ec\u7387\u306f3%\u53f0\u307e\u3067\u4e0b\u843d\u3057\u305f\u5f8c\u3001\u8db3\u8e0f\u307f\u3057\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-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>\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u306f\u3001\u30a4\u30f3\u30d5\u30ec\u7387\u306f\u3053\u308c\u304b\u3089\u4e0b\u304c\u3063\u3066\u3086\u304f\u3068\u4e88\u60f3\u3057\u3066\u3044\u308b\u3002\u5f7c\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>\u539f\u6cb9\u4fa1\u683c\u304c\u4e0a\u304c\u308c\u3070\u8a71\u306f\u5225\u3060\u308d\u3046\u304c\u3001\u539f\u6cb9\u4fa1\u683c\u304c\u5909\u308f\u3089\u306a\u3051\u308c\u3070\u30a4\u30f3\u30d5\u30ec\u7387\u306f\u4e0b\u304c\u308b\u3002\u305d\u3057\u3066\u4e2d\u6771\u60c5\u52e2\u4ee5\u5916\u306b\u539f\u6cb9\u4fa1\u683c\u3092\u4e0a\u3052\u305d\u3046\u306a\u3082\u306e\u306f\u898b\u5f53\u305f\u3089\u306a\u3044\u3002<\/p>\n\n\n\n<p>\u539f\u6cb9\u4fa1\u683c\u304c\u5909\u308f\u3089\u306a\u3051\u308c\u3070\u3001\u30a4\u30f3\u30d5\u30ec\u7387\u306f\u5e74\u672b\u307e\u3067\u306b2%\u53f0\u524d\u534a\u307e\u3067\u4e0b\u304c\u308b\u3060\u308d\u3046\u3002<\/p>\n<\/blockquote>\n\n\n\n<p>\u3057\u304b\u3057\u7b46\u8005\u3084\u30ec\u30a4\u30fb\u30c0\u30ea\u30aa\u6c0f\u306f\u305d\u308c\u3092\u7591\u554f\u8996\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\/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\n\n\n<p>\u7b46\u8005\u304c\u7279\u306b\u6c17\u306b\u3057\u3066\u3044\u308b\u306e\u306f\u6700\u65b0\u306e\u96c7\u7528\u7d71\u8a08\u3067\u8cc3\u91d1\u30a4\u30f3\u30d5\u30ec\u304c\u52a0\u901f\u3057\u3066\u3044\u305f\u3053\u3068\u3067\u3042\u308b\u3002\u8cc3\u91d1\u304c\u30a4\u30f3\u30d5\u30ec\u3057\u3066\u3044\u308b\u72b6\u614b\u3067\u3069\u3046\u3084\u3063\u3066\u8cc3\u91d1\u304c\u30b3\u30b9\u30c8\u3068\u306a\u308b\u30b5\u30fc\u30d3\u30b9\u306e\u30a4\u30f3\u30d5\u30ec\u304c\u6b62\u307e\u308b\u3060\u308d\u3046\u304b\uff1f<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/43990\" data-type=\"post\" data-id=\"43990\">\u7c73\u56fd\u7d4c\u6e08\u306f\u5f37\u70c8\u306a\u30b9\u30bf\u30b0\u30d5\u30ec\u30fc\u30b7\u30e7\u30f3\u3078\u30011\u6708\u96c7\u7528\u7d71\u8a08\u5206\u6790<\/a><\/li>\n<\/ul>\n\n\n\n<p><strong>\u7d50\u8ad6<\/strong><\/p>\n\n\n\n<p>\u30a4\u30f3\u30d5\u30ec\u52d5\u5411\u306b\u3064\u3044\u3066\u306f\u610f\u898b\u304c\u5206\u304b\u308c\u3066\u3044\u308b\u304c\u3001\u7b46\u8005\u3068\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u304c\u5408\u610f\u3067\u304d\u308b\u3053\u3068\u304c1\u3064\u3042\u308b\u300220\u4e16\u7d00\u306e\u5927\u7d4c\u6e08\u5b66\u8005\u30d5\u30ea\u30fc\u30c9\u30ea\u30d2\u30fb\u30d5\u30a9\u30f3\u30fb\u30cf\u30a4\u30a8\u30af\u6c0f\u304c\u300e<a href=\"https:\/\/amzn.to\/3GTBU68\" target=\"_blank\" rel=\"noreferrer noopener\">\u8ca8\u5e63\u8ad6\u96c6<\/a>\u300f\u3067\u89e3\u8aac\u3057\u3066\u3044\u308b\u901a\u308a\u3001\u7d4c\u6e08\u306b\u4f55\u306e\u30c0\u30e1\u30fc\u30b8\u3082\u306a\u304f\u30a4\u30f3\u30d5\u30ec\u3060\u3051\u304c\u90fd\u5408\u3088\u304f\u6e1b\u901f\u3057\u3066\u304f\u308c\u308b\u3053\u3068\u306f\u6709\u308a\u5f97\u306a\u3044\u3068\u3044\u3046\u3053\u3068\u3067\u3042\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>\u4f8b\u3048\u3070\u96c7\u7528\u7d71\u8a08\u3067\u660e\u3089\u304b\u306b\u306a\u3063\u305f\u8cc3\u91d1\u30a4\u30f3\u30d5\u30ec\u306f\u3069\u3046\u3084\u3063\u3066\u53ce\u307e\u308b\u306e\u304b\uff1f\u3000\u4f01\u696d\u304c\u4eba\u3092\u96c7\u3046\u306e\u306b\u304a\u91d1\u3092\u6255\u3048\u306a\u304f\u306a\u308c\u3070\u53ce\u307e\u308b\u3002\u3067\u306f\u4e2d\u592e\u9280\u884c\u306f\u3069\u3046\u3084\u3063\u3066\u4f01\u696d\u304c\u4eba\u3092\u96c7\u3048\u306a\u304f\u3059\u308b\u306e\u304b\uff1f\u3000\u91d1\u5229\u3092\u4e0a\u3052\u3066\u4f01\u696d\u306e\u7d4c\u55b6\u3092\u7acb\u3061\u884c\u304b\u306a\u304f\u3059\u308c\u3070\u3001\u4e2d\u592e\u9280\u884c\u306e\u30a4\u30f3\u30d5\u30ec\u9000\u6cbb\u306f\u5b9f\u73fe\u3055\u308c\u308b\u3002<\/p>\n\n\n\n<p>\u3060\u304c\u91d1\u5229\u3092\u4e0a\u3052\u3066\u30a4\u30f3\u30d5\u30ec\u7387\u304c\u4e0b\u304c\u308b\u3068\u3044\u3046\u3001\u4e00\u756a\u6700\u521d\u306e\u539f\u56e0\u3068\u4e00\u756a\u6700\u5f8c\u306e\u7d50\u679c\u3060\u3051\u3092\u5f97\u308b\u3053\u3068\u306f\u51fa\u6765\u306a\u3044\u3002\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>5.25%\u306e\u5229\u4e0a\u3052\u304c\u3001\u4ed6\u306b\u4f55\u3082\u5f15\u304d\u8d77\u3053\u3055\u305a\u306b\u3069\u3046\u3084\u3063\u3066\u30a4\u30f3\u30d5\u30ec\u7387\u3092\u4e0b\u3052\u305f\u3068\u8a00\u3046\u306e\u304b\uff1f\u3000\u5229\u4e0a\u3052\u3060\u3051\u304c\u5fc5\u8981\u3067\u7d4c\u6e08\u306e\u6e1b\u901f\u306f\u5fc5\u8981\u306a\u3044\u306e\u304b\uff1f\u3000\u5931\u696d\u304c\u8d77\u3053\u3089\u306a\u304f\u3066\u3082\u30a4\u30f3\u30d5\u30ec\u7387\u306f\u4e0b\u304c\u308b\u306e\u304b\uff1f\u3000\u4f01\u696d\u306e\u7d4c\u55b6\u60aa\u5316\u304c\u306a\u304f\u3066\u3082\u30a4\u30f3\u30d5\u30ec\u7387\u306f\u4e0b\u304c\u308b\u306e\u304b\uff1f<\/p>\n<\/blockquote>\n\n\n\n<p>\u30bd\u30d5\u30c8\u30e9\u30f3\u30c7\u30a3\u30f3\u30b0\u304c\u4e0d\u53ef\u80fd\u3060\u3068\u3044\u3046\u306e\u306f\u305d\u3046\u3044\u3046\u610f\u5473\u306a\u306e\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/43803\" data-type=\"post\" data-id=\"43803\">\u30ed\u30fc\u30bc\u30f3\u30d0\u30fc\u30b0\u6c0f: 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class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/27593\" data-type=\"post\" data-id=\"27593\">\u682a\u5f0f\u6295\u8cc7\u30d6\u30fc\u30e0\u306b\u4e57\u3063\u305f\u6642\u70b9\u3067\u500b\u4eba\u6295\u8cc7\u5bb6\u306e\u640d\u5931\u306f\u307b\u307c\u78ba\u5b9a\u3057\u3066\u3044\u308b<\/a><\/li>\n<\/ul>\n\n\n\n<a href=\"https:\/\/www.amazon.co.jp\/%E8%B2%A8%E5%B9%A3%E8%AB%96%E9%9B%86-%E3%83%8F%E3%82%A4%E3%82%A8%E3%82%AF%E5%85%A8%E9%9B%86-%E7%AC%AC2%E6%9C%9F-%E3%83%8F%E3%82%A4%E3%82%A8%E3%82%AF\/dp\/4393621921?__mk_ja_JP=%E3%82%AB%E3%82%BF%E3%82%AB%E3%83%8A&amp;crid=I5KG3H8I6UCA&amp;keywords=%E8%B2%A8%E5%B9%A3%E8%AB%96+%E3%83%8F%E3%82%A4%E3%82%A8%E3%82%AF&amp;qid=1669739028&amp;qu=eyJxc2MiOiIwLjAwIiwicXNhIjoiMC4wMCIsInFzcCI6IjAuMDAifQ%3D%3D&amp;sprefix=%E8%B2%A8%E5%B9%A3%E8%AB%96%E9%9B%86+%E3%83%8F%E3%82%A4%E3%82%A8%E3%82%AF%2Caps%2C198&amp;sr=8-1&amp;linkCode=li2&amp;tag=globalmacrore-22&amp;linkId=49f2152df59c0991bd7d5c961bc06d01&amp;ref_=as_li_ss_il\" target=\"_blank\" rel=\"noopener\"><img decoding=\"async\" src=\"\/\/ws-fe.amazon-adsystem.com\/widgets\/q?_encoding=UTF8&amp;ASIN=4393621921&amp;Format=_SL160_&amp;ID=AsinImage&amp;MarketPlace=JP&amp;ServiceVersion=20070822&amp;WS=1&amp;tag=globalmacrore-22\" border=\"0\"><\/a><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/ir-jp.amazon-adsystem.com\/e\/ir?t=globalmacrore-22&amp;l=li2&amp;o=9&amp;a=4393621921\" alt=\"\" style=\"border:none !important; margin:0px !important;\" width=\"1\" height=\"1\" border=\"0\"><br><a href=\"https:\/\/amzn.to\/3GTBU68\" target=\"_blank\" rel=\"noreferrer noopener\">\u8ca8\u5e63\u8ad6\u96c6<\/a>\n","protected":false},"excerpt":{"rendered":"<p>DoubleLine Capital\u306e\u30b8\u30a7\u30d5\u30ea\u30fc\u30fb\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u304c\u3001Pensions &amp; Investments\u306e\u30a4\u30f3\u30bf\u30d3\u30e5\u30fc\u3067Fed\uff08\u9023\u90a6\u6e96\u5099\u5236\u5ea6\uff09\u304c\u3053\u308c\u304b\u3089\u5229\u4e0b\u3052\u3057\u3066\u3086\u304f\u6839\u62e0\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":[118,108],"tags":[131],"class_list":["post-44126","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\/44126","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=44126"}],"version-history":[{"count":49,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/44126\/revisions"}],"predecessor-version":[{"id":44261,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/44126\/revisions\/44261"}],"wp:attachment":[{"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/media?parent=44126"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/categories?post=44126"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/tags?post=44126"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}