{"id":5038,"date":"2016-12-16T20:05:05","date_gmt":"2016-12-16T11:05:05","guid":{"rendered":"http:\/\/www.globalmacroresearch.org\/jp\/?p=5038"},"modified":"2016-12-16T20:05:05","modified_gmt":"2016-12-16T11:05:05","slug":"%e3%82%ac%e3%83%b3%e3%83%88%e3%83%a9%e3%83%83%e3%82%af%e6%b0%8f-%e9%95%b7%e6%9c%9f%e9%87%91%e5%88%a93%e3%81%a7%e3%82%b8%e3%83%a3%e3%83%b3%e3%82%af%e5%82%b5%e6%9a%b4%e8%90%bd%e3%80%81%e7%b1%b3","status":"publish","type":"post","link":"https:\/\/www.globalmacroresearch.org\/jp\/archives\/5038","title":{"rendered":"\u30ac\u30f3\u30c8\u30e9\u30c3\u30af\u6c0f: \u9577\u671f\u91d1\u52293%\u3067\u30b8\u30e3\u30f3\u30af\u50b5\u66b4\u843d\u3001\u7c73\u56fd\u682a\u3082\u4e0b\u843d\u3078"},"content":{"rendered":"<p>DoubleLine Capital\u3092\u904b\u7528\u3059\u308b\u30b8\u30a7\u30d5\u30ea\u30fc\u30fb\u30ac\u30f3\u30c8\u30e9\u30c3\u30af\u6c0f\u304c\u30a2\u30e1\u30ea\u30ab\u306b\u304a\u3051\u308b\u91d1\u5229\u9ad8\u306e\u5371\u967a\u6027\u306b\u3064\u3044\u3066\u8b66\u9418\u3092\u9cf4\u3089\u3057\u7d9a\u3051\u3066\u3044\u308b\u3002\u591a\u304f\u306e\u6295\u8cc7\u5bb6\u304c\u30c8\u30e9\u30f3\u30d7\u76f8\u5834\u306b\u3088\u308b\u682a\u9ad8\u3001\u91d1\u5229\u9ad8\u306b\u6cb8\u304f\u306a\u304b\u3067\u3001\u50b5\u5238\u738b\u306f\u30ea\u30b9\u30af\u306b\u7126\u70b9\u3092\u5f53\u3066\u3066\u3044\u308b\u3002<\/p>\n<p><!--more--><strong>\u9577\u671f\u91d1\u5229\u9ad8\u9a30<\/strong><\/p>\n<p>\u30c9\u30ca\u30eb\u30c9\u30fb\u30c8\u30e9\u30f3\u30d7\u6c0f\u304c\u30a2\u30e1\u30ea\u30ab\u5927\u7d71\u9818\u9078\u6319\u306b\u52dd\u5229\u3057\u305f\u5f8c\u3001\u3082\u3063\u3068\u3082\u9855\u8457\u306a\u5e02\u5834\u306e\u5909\u52d5\u306f\u9577\u671f\u91d1\u5229\u306e\u4e0a\u6607\u3067\u3042\u308b\u3002\u30c8\u30e9\u30f3\u30d7\u6b21\u671f\u5927\u7d71\u9818\u306e\u6e1b\u7a0e\u3068\u516c\u5171\u4e8b\u696d\u306a\u3069\u306e\u7d4c\u6e08\u653f\u7b56\u306b\u3088\u3063\u3066\u3001\u7d4c\u6e08\u6210\u9577\u3068\u30a4\u30f3\u30d5\u30ec\u304c\u53d6\u308a\u623b\u3055\u308c\u308b\u3068\u5e02\u5834\u304c\u4e88\u60f3\u3057\u3066\u3044\u308b\u306e\u3067\u3042\u308b\u3002<\/p>\n<ul>\n<li><a href=\"http:\/\/www.globalmacroresearch.org\/jp\/archives\/4679\">\u30c9\u30e9\u30c3\u30b1\u30f3\u30df\u30e9\u30fc\u6c0f\u304c\u91d1\u58f2\u5374\u3001\u4e16\u754c\u7d4c\u6e08\u306b\u300c\u975e\u5e38\u306b\u3001\u975e\u5e38\u306b\u5f37\u6c17\u300d<\/a><\/li>\n<li><a href=\"http:\/\/www.globalmacroresearch.org\/jp\/archives\/4739\">\u30b8\u30e0\u30fb\u30ed\u30b8\u30e3\u30fc\u30ba\u6c0f: \u91d1\u5229\u306f\u9593\u9055\u3044\u306a\u304f\u4e0a\u304c\u308b\u3001\u3057\u304b\u3082\u4e16\u754c\u7684\u306b<\/a><\/li>\n<\/ul>\n<p>\u591a\u304f\u306e\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u30de\u30cd\u30fc\u30b8\u30e3\u30fc\u304c\u91d1\u5229\u4e0a\u6607\u3092\u4e88\u60f3\u3059\u308b\u4e2d\u3001\u30ac\u30f3\u30c8\u30e9\u30c3\u30af\u6c0f\u306f\u91d1\u5229\u4e0a\u6607\u304c\u91d1\u878d\u5e02\u5834\u306b\u4e0e\u3048\u308b\u60aa\u5f71\u97ff\u3092\u61f8\u5ff5\u3057\u3066\u3044\u308b\u3002Reuters\uff08<a href=\"http:\/\/www.reuters.com\/article\/us-funds-doubleline-gundlach-idUSKBN1422N8\" target=\"_blank\">\u539f\u6587\u82f1\u8a9e<\/a>\uff09\u306b\u3088\u308b\u30a4\u30f3\u30bf\u30d3\u30e5\u30fc\u3067\u5f7c\u306f\u4ee5\u4e0b\u306e\u3088\u3046\u306b\u8ff0\u3079\u3066\u3044\u308b\u3002<\/p>\n<blockquote><p>3%\u3092\u8d85\u3048\u308c\u3070\u554f\u984c\u3068\u306a\u308b\u3060\u308d\u3046\u3002\u9577\u671f\u91d1\u5229\u304c3%\u3092\u8d85\u3048\u308c\u3070\u3001\u50b5\u5238\u306e\u4e0a\u3052\u76f8\u5834\u306f\u7d42\u308f\u3063\u305f\u3068\u5ba3\u8a00\u305b\u3056\u308b\u3092\u5f97\u306a\u304f\u306a\u308b\u3002<\/p><\/blockquote>\n<p>\u50b5\u5238\u306e\u4e0a\u3052\u76f8\u5834\u3068\u306f\u3001\u904e\u53bb30\u5e74\u9593\u306b\u308f\u305f\u3063\u3066\u91d1\u5229\u304c\u6052\u5e38\u7684\u306b\u4e0b\u843d\u3057\u7d9a\u3051\u3066\u304d\u305f\u72b6\u6cc1\u3092\u6307\u3057\u3066\u3044\u308b\u3002\u91d1\u5229\u306e\u4e0b\u843d\u306f\u50b5\u5238\u4fa1\u683c\u306e\u4e0a\u6607\u3092\u610f\u5473\u3059\u308b\u304b\u3089\u3067\u3042\u308b\u3002\u4ee5\u4e0b\u306f\u30a2\u30e1\u30ea\u30ab\u306e\u653f\u7b56\u91d1\u5229\u306e\u9577\u671f\u30c1\u30e3\u30fc\u30c8\u3067\u3042\u308b\u3002<\/p>\n<p><a href=\"http:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2016\/02\/2015-11-us-federal-funds-rate-historical-chart.png\" rel=\"attachment wp-att-2503\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-2503\" src=\"http:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2016\/02\/2015-11-us-federal-funds-rate-historical-chart.png\" alt=\"2015-11-us-federal-funds-rate-historical-chart\" width=\"427\" height=\"346\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2016\/02\/2015-11-us-federal-funds-rate-historical-chart.png 427w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2016\/02\/2015-11-us-federal-funds-rate-historical-chart-300x243.png 300w\" sizes=\"auto, (max-width: 427px) 100vw, 427px\" \/><\/a><\/p>\n<p>\u30ac\u30f3\u30c8\u30e9\u30c3\u30af\u6c0f\u306f\u30c8\u30e9\u30f3\u30d7\u6b21\u671f\u653f\u6a29\u306e\u7d4c\u6e08\u653f\u7b56\u306f\u300c\u50b5\u5238\u306b\u512a\u3057\u304f\u306a\u3044\u300d\u3068\u3057\u3066\u3001\u4eca\u5f8c4-5\u5e74\u3067\u9577\u671f\u91d1\u5229\u306f6%\u307b\u3069\u307e\u3067\u4e0a\u6607\u3059\u308b\u3068\u4e88\u60f3\u3057\u305f\u3002\u5927\u7d71\u9818\u9078\u6319\u5f8c\u306e\u9577\u671f\u91d1\u5229\u306e\u30c1\u30e3\u30fc\u30c8\u306f\u4ee5\u4e0b\u306e\u3088\u3046\u306b\u306a\u3063\u3066\u3044\u308b\u3002<\/p>\n<p><a href=\"http:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2016\/12\/2016-12-16-10-year-treasury-note-yield-chart.png\" rel=\"attachment wp-att-5039\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-5039\" src=\"http:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2016\/12\/2016-12-16-10-year-treasury-note-yield-chart.png\" alt=\"2016-12-16-10-year-treasury-note-yield-chart\" width=\"600\" height=\"402\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2016\/12\/2016-12-16-10-year-treasury-note-yield-chart.png 600w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2016\/12\/2016-12-16-10-year-treasury-note-yield-chart-300x201.png 300w\" sizes=\"auto, (max-width: 600px) 100vw, 600px\" \/><\/a><\/p>\n<p><strong>\u9ad8\u91d1\u5229\u306e\u60aa\u5f71\u97ff<\/strong><\/p>\n<p>\u3067\u306f\u3001\u91d1\u5229\u304c\u4e0a\u304c\u308c\u3070\u5177\u4f53\u7684\u306b\u3069\u3046\u3044\u3046\u5f0a\u5bb3\u304c\u751f\u3058\u308b\u306e\u304b\uff1f\u3000\u30ac\u30f3\u30c8\u30e9\u30c3\u30af\u6c0f\u304c\u7b2c\u4e00\u306b\u61f8\u5ff5\u3059\u308b\u306e\u306f\u5229\u56de\u308a\u306e\u9ad8\u3044\u3044\u308f\u3086\u308b\u30b8\u30e3\u30f3\u30af\u50b5\u3078\u306e\u5f71\u97ff\u3067\u3042\u308b\u3002\u3082\u30572017\u5e74\u306b\u9577\u671f\u91d1\u5229\u304c3%\u3092\u8d85\u3048\u308b\u4e8b\u614b\u3068\u306a\u308c\u3070\u3001\u9ad8\u5229\u56de\u308a\u306e\u300c\u30b8\u30e3\u30f3\u30af\u50b5\u306f\u6d41\u52d5\u6027\u4e0d\u8db3\u306e\u30d6\u30e9\u30c3\u30af\u30db\u30fc\u30eb\u306b\u98f2\u307f\u8fbc\u307e\u308c\u308b\u3053\u3068\u306b\u306a\u308b\u300d\u3068\u3057\u305f\u3002<\/p>\n<p>\u5229\u4e0a\u3052\u306f\u91d1\u878d\u5f15\u304d\u7de0\u3081\u3067\u3042\u308a\u3001\u91d1\u878d\u5f15\u304d\u7de0\u3081\u3068\u306f\u6d41\u52d5\u6027\u7e2e\u5c0f\u3067\u3042\u308b\u3002\u4e2d\u592e\u9280\u884c\u304c\u91cf\u7684\u7de9\u548c\u3067\u8cc7\u91d1\u3092\u3070\u3089\u6492\u3044\u305f\u5f8c\u3001\u5e02\u5834\u304b\u3089\u305d\u306e\u6d41\u52d5\u6027\u304c\u5f15\u304d\u4e0a\u3052\u3089\u308c\u308c\u3070\u3001\u901a\u5e38\u30ea\u30b9\u30af\u306e\u9ad8\u3044\u8cc7\u7523\u304b\u3089\u9806\u756a\u306b\u4e0b\u843d\u3057\u3066\u3086\u304f\u3002\u30a2\u30e1\u30ea\u30ab\u56fd\u5185\u306e\u5e02\u5834\u306b\u76ee\u3092\u5411\u3051\u308c\u3070\u3001\u305d\u308c\u306f\u682a\u5f0f\u3068\u30b8\u30e3\u30f3\u30af\u50b5\u3067\u3042\u308b\u3002<\/p>\n<p>\u8aad\u8005\u306b\u306f\u5468\u77e5\u306e\u901a\u308a\u3001\u682a\u5f0f\u5e02\u5834\u3067\u306f\u5229\u4e0a\u3052\u306e\u60aa\u5f71\u97ff\u3068\u65b0\u653f\u6a29\u306e\u653f\u7b56\u306e\u597d\u5f71\u97ff\u304c\u4e92\u3044\u306b\u4e89\u3063\u3066\u3044\u308b\u3002\u73fe\u72b6\u3067\u306f\u5f8c\u8005\u304c\u52dd\u3063\u3066\u3044\u308b\u3088\u3046\u3067\u3042\u308b\u304c\u3001\u500b\u4eba\u7684\u306b\u306f\u3053\u306e\u52d5\u304d\u306b\u61d0\u7591\u7684\u3067\u3042\u308b\u3002\u4e00\u65b9\u3067\u3001\u30b8\u30e3\u30f3\u30af\u50b5\u306b\u3068\u3063\u3066\u306f\u5358\u306b\u60aa\u5f71\u97ff\u3060\u3051\u304c\u5927\u304d\u304f\u3001\u306b\u3082\u304b\u304b\u308f\u3089\u305a\u30b8\u30e3\u30f3\u30af\u50b5\u304c\u4e0b\u843d\u3057\u3066\u3044\u306a\u3044\u72b6\u6cc1\u306f\u4e0d\u81ea\u7136\u3067\u3042\u308b\u3068\u4ee5\u524d\u306b\u3082\u6307\u6458\u3057\u3066\u304a\u3044\u305f\u3002\u30ac\u30f3\u30c8\u30e9\u30c3\u30af\u6c0f\u3082\u540c\u69d8\u306b\u8003\u3048\u3066\u3044\u308b\u3088\u3046\u3067\u3042\u308b\u3002<\/p>\n<p><strong>\u4e0b\u843d\u3057\u306a\u3044\u30b8\u30e3\u30f3\u30af\u50b5<\/strong><\/p>\n<p>\u5927\u7d71\u9818\u9078\u6319\u5f8c\u3001\u30b8\u30e3\u30f3\u30af\u50b5\u3092\u96c6\u3081\u305fETF\u306e\u682a\u4fa1\u306f\u4ee5\u4e0b\u306e\u3088\u3046\u306b\u63a8\u79fb\u3057\u3066\u3044\u308b\u3002<\/p>\n<p><a href=\"http:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2016\/12\/2016-12-16-ishares-iboxx-high-yield-corporate-bond-etf-nysearca-hyg-chart.png\" rel=\"attachment wp-att-5040\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-5040\" src=\"http:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2016\/12\/2016-12-16-ishares-iboxx-high-yield-corporate-bond-etf-nysearca-hyg-chart.png\" alt=\"2016-12-16-ishares-iboxx-high-yield-corporate-bond-etf-nysearca-hyg-chart\" width=\"600\" height=\"402\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2016\/12\/2016-12-16-ishares-iboxx-high-yield-corporate-bond-etf-nysearca-hyg-chart.png 600w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2016\/12\/2016-12-16-ishares-iboxx-high-yield-corporate-bond-etf-nysearca-hyg-chart-300x201.png 300w\" sizes=\"auto, (max-width: 600px) 100vw, 600px\" 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href=\"http:\/\/www.globalmacroresearch.org\/jp\/archives\/4848\">\u30c8\u30e9\u30f3\u30d7\u76f8\u5834: \u30a2\u30e1\u30ea\u30ab\u306e\u9577\u671f\u91d1\u5229\u306f\u9ad8\u3044\u306e\u304b\u4f4e\u3044\u306e\u304b\uff1f<\/a><\/li>\n<\/ul>\n<p><strong>\u7d50\u8ad6<\/strong><\/p>\n<p>\u3053\u3053\u3067\u3082\u4ee5\u524d\u3001\u9ad8\u91d1\u5229\u304c\u91d1\u878d\u5e02\u5834\u306b\u60aa\u5f71\u97ff\u3092\u53ca\u307c\u3059\u81e8\u754c\u70b9\u306b\u3064\u3044\u3066\u306f2.7%-3.0%\u3068\u4e88\u60f3\u3057\u3066\u304a\u3044\u305f\u304c\u3001\u30ac\u30f3\u30c8\u30e9\u30c3\u30af\u6c0f\u30823%\u3068\u4f3c\u305f\u6c34\u6e96\u3092\u4e88\u60f3\u3057\u3066\u3044\u308b\u3088\u3046\u3067\u3042\u308b\u3002\u73fe\u5728\u3001\u9577\u671f\u91d1\u5229\u306f2.6%\u3067\u3042\u308a\u3001\u305d\u3046\u3057\u305f\u6c34\u6e96\u306b\u304b\u306a\u308a\u8fd1\u3065\u304d\u3064\u3064\u3042\u308b\u3002<\/p>\n<ul>\n<li><a href=\"http:\/\/www.globalmacroresearch.org\/jp\/archives\/4984\">\u30c8\u30e9\u30f3\u30d7\u76f8\u5834\u3067\u682a\u4fa1\u9ad8\u9a30\u3001\u91cf\u7684\u7de9\u548c\u30d0\u30d6\u30eb\u306f\u3044\u3064\u5d29\u58ca\u3059\u308b\u306e\u304b\uff1f<\/a><\/li>\n<\/ul>\n<p>\u4e00\u65b9\u3067\u3001\u3069\u306e\u3088\u3046\u306a\u5e02\u5834\u304b\u3089\u5148\u306b\u5f71\u97ff\u304c\u51fa\u59cb\u3081\u308b\u304b\u306b\u306f\u8b70\u8ad6\u306e\u4f59\u5730\u304c\u3042\u308b\u3002\u3057\u304b\u3057\u6ce8\u76ee\u3059\u3079\u304d\u8cc7\u7523\u30af\u30e9\u30b9\u306f\u5927\u4f53\u6c7a\u307e\u3063\u3066\u304a\u308a\u3001\u682a\u5f0f\u5e02\u5834\u3001\u30b8\u30e3\u30f3\u30af\u50b5\u3001\u305d\u3057\u3066\u30c9\u30eb\u5efa\u3066\u8ca0\u50b5\u3092\u591a\u304f\u62b1\u3048\u305f\u65b0\u8208\u5e02\u5834\u3067\u3042\u308b\u3002\u4eca\u5f8c\u3082\u3053\u3046\u3057\u305f\u5e02\u5834\u306e\u898b\u901a\u3057\u306b\u3064\u3044\u3066\u512a\u5148\u7684\u306b\u4f1d\u3048\u3066\u3086\u304f\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"<p>DoubleLine Capital\u3092\u904b\u7528\u3059\u308b\u30b8\u30a7\u30d5\u30ea\u30fc\u30fb\u30ac\u30f3\u30c8\u30e9\u30c3\u30af\u6c0f\u304c\u30a2\u30e1\u30ea\u30ab\u306b\u304a\u3051\u308b\u91d1\u5229\u9ad8\u306e\u5371\u967a\u6027\u306b\u3064\u3044\u3066\u8b66\u9418\u3092\u9cf4\u3089\u3057\u7d9a\u3051\u3066\u3044\u308b\u3002\u591a\u304f\u306e\u6295\u8cc7\u5bb6\u304c\u30c8\u30e9\u30f3\u30d7\u76f8\u5834\u306b\u3088\u308b\u682a\u9ad8\u3001\u91d1\u5229\u9ad8\u306b\u6cb8\u304f\u306a\u304b\u3067\u3001\u50b5\u5238\u738b\u306f\u30ea\u30b9\u30af\u306b\u7126\u70b9\u3092\u5f53\u3066 &hellip; <a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/5038\" class=\"more-link\">\u7d9a\u304d\u3092\u8aad\u3080 <span class=\"screen-reader-text\">\u30ac\u30f3\u30c8\u30e9\u30c3\u30af\u6c0f: \u9577\u671f\u91d1\u52293%\u3067\u30b8\u30e3\u30f3\u30af\u50b5\u66b4\u843d\u3001\u7c73\u56fd\u682a\u3082\u4e0b\u843d\u3078<\/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":[131],"class_list":["post-5038","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\/5038","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=5038"}],"version-history":[{"count":11,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/5038\/revisions"}],"predecessor-version":[{"id":5051,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/5038\/revisions\/5051"}],"wp:attachment":[{"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/media?parent=5038"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/categories?post=5038"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/tags?post=5038"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}