{"id":44470,"date":"2024-02-15T20:00:00","date_gmt":"2024-02-15T11:00:00","guid":{"rendered":"https:\/\/www.globalmacroresearch.org\/jp\/?p=44470"},"modified":"2024-02-15T14:27:01","modified_gmt":"2024-02-15T05:27:01","slug":"%e3%82%ac%e3%83%b3%e3%83%89%e3%83%a9%e3%83%83%e3%82%af%e6%b0%8f-%e4%bb%8a%e5%b9%b4%e5%89%8d%e5%8d%8a%e3%81%ab%e7%b1%b3%e5%9b%bd%e5%88%a9%e4%b8%8b%e3%81%92%e3%81%af%e3%81%aa%e3%81%84","status":"publish","type":"post","link":"https:\/\/www.globalmacroresearch.org\/jp\/archives\/44470","title":{"rendered":"\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f: \u4eca\u5e74\u524d\u534a\u306b\u7c73\u56fd\u5229\u4e0b\u3052\u306f\u306a\u3044"},"content":{"rendered":"\n<p>DoubleLine Capital\u306e\u30b8\u30a7\u30d5\u30ea\u30fc\u30fb\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u304cCNBC\u306e\u30a4\u30f3\u30bf\u30d3\u30e5\u30fc\u3067\u5148\u65e5\u767a\u8868\u3055\u308c\u305fCPI\uff08\u6d88\u8cbb\u8005\u7269\u4fa1\u6307\u6570\uff09\u7d71\u8a08\u306b\u30b3\u30e1\u30f3\u30c8\u3057\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<!--more-->\n\n\n\n<p><strong>1\u6708\u7c73\u56fdCPI<\/strong><\/p>\n\n\n\n<p>\u767a\u8868\u3055\u308c\u305f1\u6708\u306eCPI\u7d71\u8a08\u3067\u306f\u3001\u4f4f\u5b85\u3084\u30b5\u30fc\u30d3\u30b9\u306e\u30a4\u30f3\u30d5\u30ec\u304c\u52a0\u901f\u3057\u3066\u3044\u308b\u3053\u3068\u304c\u793a\u3055\u308c\u305f\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/44430\" data-type=\"post\" data-id=\"44430\">\u30a4\u30f3\u30d5\u30ec\u518d\u52a0\u901f\u3067\u5229\u4e0b\u3052\u3069\u3053\u308d\u304b\u5229\u4e0a\u3052\u518d\u958b\u304b\u30011\u6708\u306e\u7c73\u56fdCPI<\/a><\/li>\n<\/ul>\n\n\n\n<p>\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u306f\u4eca\u56de\u306e\u30a4\u30f3\u30d5\u30ec\u7d71\u8a08\u306b\u3064\u3044\u3066\u6b21\u306e\u3088\u3046\u306b\u8a9e\u3063\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\uff08\u9023\u90a6\u6e96\u5099\u5236\u5ea6\uff09\u306b\u3068\u3063\u3066\u3053\u306e\u30c7\u30fc\u30bf\u306f\u6b8b\u5ff5\u3060\u3063\u305f\u3060\u308d\u3046\u3002\u30a4\u30f3\u30d5\u30ec\u7387\u306e\u7de9\u3084\u304b\u306a\u4f4e\u4e0b\u304c\u7d9a\u304f\u3053\u3068\u306b\u5bfe\u3059\u308b\u671f\u5f85\u306f\u5927\u304d\u304b\u3063\u305f\u3002\u3060\u304c\u4eca\u56de\u306e\u30c7\u30fc\u30bf\u306f\u305d\u308c\u3092\u88cf\u5207\u3063\u305f\u3002<\/p>\n<\/blockquote>\n\n\n\n<p>\u5143\u3005Fed\u306f\u4eca\u5e743\u56de\u306e\u5229\u4e0b\u3052\u3092\u8868\u660e\u3057\u3066\u304a\u308a\u3001\u305d\u308c\u4ee5\u4e0a\u306e\u5229\u4e0b\u3052\u3092\u671f\u5f85\u3057\u3066\u3044\u305f\u91d1\u878d\u5e02\u5834\u306f\u4eca\u5e746\u56de\u306e\u5229\u4e0b\u3052\u3092\u7e54\u308a\u8fbc\u3093\u3067\u3044\u305f\u3002<\/p>\n\n\n\n<p>\u305d\u308c\u3067\u7c73\u56fd\u682a\u306f\u4e0a\u6607\u3057\u3066\u304d\u305f\u306e\u3060\u304c\u3001\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u306f\u7b46\u8005\u3084\u4ed6\u306e\u8457\u540d\u6295\u8cc7\u5bb6\u540c\u69d8\u3001\u305d\u308c\u304c\u5e02\u5834\u306e\u5e0c\u671b\u7684\u89b3\u6e2c\u3060\u3068\u8a00\u3044\u7d9a\u3051\u3066\u304d\u305f\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/43960\" data-type=\"post\" data-id=\"43960\">\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f: \u5e02\u5834\u306e\u71b1\u72c2\u7684\u306a\u5229\u4e0b\u3052\u671f\u5f85\u306f\u4fee\u6b63\u3055\u308c\u308b<\/a><\/li>\n<\/ul>\n\n\n\n<p>\u305d\u308c\u304c\u4eca\u56de\u306e\u30a4\u30f3\u30d5\u30ec\u7d71\u8a08\u3067\u793a\u3055\u308c\u305f\u3053\u3068\u306b\u306a\u308b\u3002<\/p>\n\n\n\n<p><strong>\u5e02\u5834\u306e\u5229\u4e0b\u3052\u671f\u5f85<\/strong><\/p>\n\n\n\n<p>\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u306f\u5e02\u5834\u306e\u5229\u4e0b\u3052\u671f\u5f85\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>\u5e02\u5834\u306f\u4eca\u5e74\u306e\u5229\u4e0b\u3052\u56de\u6570\u3092\u5927\u5e45\u306b\u904e\u5270\u306b\u898b\u7a4d\u3082\u3063\u3066\u3044\u305f\u3002<\/p>\n\n\n\n<p>\u30d1\u30a6\u30a8\u30eb\u8b70\u9577\u306fFed\u304c3\u6708\u306b\u306f\u52d5\u304b\u306a\u3044\u3068\u8a00\u3063\u3066\u3044\u305f\u304b\u3089\u3001\u305d\u308c\u306f5\u6708\u306b\u958b\u59cb\u3059\u308b\u3068\u3044\u3046\u3053\u3068\u3092\u610f\u5473\u3059\u308b\u3002<\/p>\n\n\n\n<p>\u5143\u3005\u305d\u308c\u304c\u610f\u56f3\u3055\u308c\u3066\u3044\u305f\u308f\u3051\u3067\u306f\u306a\u3044\u306e\u3060\u308d\u3046\u304c\u30015\u6708\u304b\u3089\u5e74\u672b\u307e\u3067\u306e\u9593\u306b6\u56de\u3082\u306e\u5229\u4e0b\u3052\u304c\u3042\u308b\u3053\u3068\u306b\u306a\u308b\u3002\u305d\u306e\u305f\u3081\u306b\u306f\u30a4\u30f3\u30d5\u30ec\u306e\u72b6\u6cc1\u304c\u975e\u5e38\u306b\u5927\u304d\u304f\u6539\u5584\u3057\u306a\u3051\u308c\u3070\u306a\u3089\u306a\u3044\u304c\u3001\u305d\u308c\u306f\u4eca\u306e\u3068\u3053\u308d\u8d77\u3053\u3063\u3066\u3044\u306a\u3044\u3002<\/p>\n<\/blockquote>\n\n\n\n<p>\u3060\u304b\u3089\u91d1\u878d\u5e02\u5834\u306f\u305d\u306e\u898b\u901a\u3057\u306e\u4fee\u6b63\u3092\u8feb\u3089\u308c\u3066\u3044\u308b\u3002\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u306f\u6b21\u306e\u3088\u3046\u306b\u7d9a\u3051\u308b\u3002<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>2\u5e74\u7269\u56fd\u50b5\u306e\u91d1\u5229\u306f\u3001\u4eca\u5f8c2\u5e74\u306e\u9593\u306b\u5e73\u5747\u30671%\u306e\u5229\u4e0b\u3052\u304c\u3042\u308b\u3053\u3068\u3092\u793a\u5506\u3057\u3066\u3044\u308b\u3002\u3064\u307e\u308a\u4eca\u5e74\u306f\u304a\u3088\u305d0.5%\u3060\u3068\u3044\u3046\u3053\u3068\u3060\u3002<\/p>\n<\/blockquote>\n\n\n\n<p>\u3061\u306a\u307f\u306b\u91d1\u5229\u5148\u7269\u5e02\u5834\u3092\u898b\u308b\u3068\u3001\u3084\u3084\u9055\u3063\u305f\u30c7\u30fc\u30bf\u304c\u5f97\u3089\u308c\u308b\u3002\u91d1\u5229\u5148\u7269\u5e02\u5834\u306f\u5143\u30056\u56de\u306e\u5229\u4e0b\u3052\u3092\u7e54\u308a\u8fbc\u3093\u3067\u3044\u305f\u304c\u3001\u4eca\u3067\u306f4\u56de\uff08\u3064\u307e\u308a1%\u5206\uff09\u306e\u5229\u4e0b\u3052\u3092\u7e54\u308a\u8fbc\u3093\u3067\u3044\u308b\u3002<\/p>\n\n\n\n<p>\u3060\u304c\u3044\u305a\u308c\u306b\u305b\u3088\u5229\u4e0b\u3052\u7e54\u308a\u8fbc\u307f\u306f\u7e2e\u5c0f\u3057\u3066\u3044\u308b\u3002\u7b46\u8005\u3084\u4ed6\u306e\u6295\u8cc7\u5bb6\u306e\u4e88\u60f3\u901a\u308a\u5229\u4e0b\u3052\u671f\u5f85\u306f\u4fee\u6b63\u3055\u308c\u3064\u3064\u3042\u308b\u3002<\/p>\n\n\n\n<p><strong>\u30a4\u30f3\u30d5\u30ec\u7387\u306f\u3069\u3046\u306a\u308b\u304b<\/strong><\/p>\n\n\n\n<p>\u91cd\u8981\u306a\u306e\u306f\u4eca\u5f8c\u306e\u30a4\u30f3\u30d5\u30ec\u7387\u306e\u63a8\u79fb\u3060\u308d\u3046\u3002\u3053\u306e\u70b9\u306b\u95a2\u3057\u3066\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u306e\u4e88\u60f3\u306f\u3084\u3084\u5b64\u7acb\u3057\u3066\u3044\u305f\u3002<\/p>\n\n\n\n<p>\u7b46\u8005\u3084\u30ec\u30a4\u30fb\u30c0\u30ea\u30aa\u6c0f\u306a\u3069\u304c\u30a4\u30f3\u30d5\u30ec\u7387\u304c\u306a\u304b\u306a\u304b\u4e0b\u304c\u3089\u306a\u3044\u306e\u3067\u306f\u306a\u3044\u304b\u3068\u4e3b\u5f35\u3057\u3066\u304d\u305f\u4e00\u65b9\u3067\u3001\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u306f\u30a4\u30f3\u30d5\u30ec\u7387\u306e\u7d99\u7d9a\u7684\u4f4e\u4e0b\u3092\u4e88\u60f3\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\/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\n\n\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/43688\" data-type=\"post\" data-id=\"43688\">\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<\/a><\/li>\n<\/ul>\n\n\n\n<p>\u305d\u306e\u6839\u62e0\u304cCPI\u4ee5\u5916\u306e\u4f4f\u5b85\u5e02\u5834\u306e\u7d71\u8a08\u3060\u3063\u305f\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>\uff08CPI\u306e\uff09\u5efa\u7269\u306e\u30a4\u30f3\u30d5\u30ec\u306e\u30c7\u30fc\u30bf\u306f\u5947\u5999\u3060\u3063\u305f\u3002<\/p>\n\n\n\n<p>\u524d\u5e74\u540c\u6708\u6bd4\u30676%\u306e\u4e0a\u6607\u3068\u306a\u3063\u305f\u304c\u3001\u5bb6\u8cc3\u3082\u4f4f\u5b85\u4fa1\u683c\u3082\u306f\u305d\u308c\u307b\u3069\u306e\u4e0a\u6607\u7387\u3068\u306f\u306a\u3063\u3066\u3044\u306a\u3044\u3002<\/p>\n\n\n\n<p>\u30de\u30f3\u30b7\u30e7\u30f3\u306e\u5bb6\u8cc3\u3084Zillow\u306e\u6307\u6570\u306a\u3069\u306f\u5927\u5e45\u306a\u6e1b\u901f\u3068\u306a\u3063\u3066\u3044\u308b\u3002\u306b\u3082\u304b\u304b\u308f\u3089\u305a\u3001CPI\u306e\u5efa\u7269\u306e\u8981\u7d20\u306f\u3053\u3046\u3057\u305f\u6307\u6570\u304b\u3089\u5f53\u7136\u4e88\u60f3\u3055\u308c\u308b\u30c8\u30ec\u30f3\u30c9\u304b\u3089\u5916\u308c\u3066\u3044\u308b\u3002<\/p>\n<\/blockquote>\n\n\n\n<p>\u3060\u304c\u7b46\u8005\u306f\u4f4f\u5b85\u95a2\u9023\u306e\u7d71\u8a08\u304c\u305d\u308c\u307b\u3069\u30c7\u30d5\u30ec\u7684\u3060\u3068\u306f\u601d\u308f\u306a\u3044\u3002\u30a4\u30f3\u30d5\u30ec\u7387\u306f\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u306e\u4e88\u60f3\u304b\u3089\u305a\u308c\u59cb\u3081\u3066\u3044\u308b\u306e\u3060\u308d\u3046\u304b\u3002<\/p>\n\n\n\n<p><strong>\u7d50\u8ad6<\/strong><\/p>\n\n\n\n<p>\u3044\u305a\u308c\u306b\u305b\u3088\u5e02\u5834\u306f\u5229\u4e0b\u3052\u306e\u7e54\u308a\u8fbc\u307f\u3092\u7e2e\u5c0f\u3057\u3066\u3044\u308b\u3002\u30a2\u30e1\u30ea\u30ab\u306e\u5229\u4e0b\u3052\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 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