{"id":53792,"date":"2024-09-21T20:00:00","date_gmt":"2024-09-21T11:00:00","guid":{"rendered":"https:\/\/www.globalmacroresearch.org\/jp\/?p=53792"},"modified":"2024-09-21T15:54:23","modified_gmt":"2024-09-21T06:54:23","slug":"%e3%82%ac%e3%83%b3%e3%83%89%e3%83%a9%e3%83%83%e3%82%af%e6%b0%8f-%e7%b1%b3%e5%9b%bd%e7%b5%8c%e6%b8%88%e3%81%ae%e6%99%af%e6%b0%97%e5%be%8c%e9%80%80%e3%81%af%e7%a2%ba%e5%ae%9f%e3%80%81%e7%8c%b6%e4%ba%88","status":"publish","type":"post","link":"https:\/\/www.globalmacroresearch.org\/jp\/archives\/53792","title":{"rendered":"\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f: \u7c73\u56fd\u7d4c\u6e08\u306e\u666f\u6c17\u5f8c\u9000\u306f\u78ba\u5b9f\u3001\u7336\u4e88\u306f\u3042\u30684\u30f6\u6708\u3060"},"content":{"rendered":"\n<p>\u30b3\u30ed\u30ca\u5f8c\u306e\u7269\u4fa1\u9ad8\u9a30\u3068\u305d\u306e\u5f8c\u306e\u30a4\u30f3\u30d5\u30ec\u7387\u4e0b\u843d\u3092\u4e88\u60f3\u3057\u305fDoubleLine Capital\u306e\u30b8\u30a7\u30d5\u30ea\u30fc\u30fb\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u304c\u3001\u81ea\u793e\u914d\u4fe1\u52d5\u753b\u3067\u30a2\u30e1\u30ea\u30ab\u7d4c\u6e08\u3068\u666f\u6c17\u5f8c\u9000\u306b\u3064\u3044\u3066\u8a9e\u3063\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<!--more-->\n\n\n\n<p><strong>\u30a4\u30f3\u30d5\u30ec\u7387\u4e0b\u843d\u3068\u5229\u4e0b\u3052\u958b\u59cb<\/strong><\/p>\n\n\n\n<p>\u30b3\u30ed\u30ca\u5f8c\u306e\u73fe\u91d1\u7d66\u4ed8\u3067\u9ad8\u9a30\u3057\u305f\u30a2\u30e1\u30ea\u30ab\u306e\u30a4\u30f3\u30d5\u30ec\u7387\u306f\u3088\u3046\u3084\u304f2%\u53f0\u307e\u3067\u4e0b\u843d\u3057\u3001\u4eca\u9031Fed\uff08\u9023\u90a6\u6e96\u5099\u5236\u5ea6\uff09\u306f\u3088\u3046\u3084\u304f\u5229\u4e0b\u3052\u3092\u958b\u59cb\u3057\u305f\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/53669\" data-type=\"post\" data-id=\"53669\">FOMC\u4f1a\u5408\u3067\u30bd\u30d5\u30c8\u30e9\u30f3\u30c7\u30a3\u30f3\u30b0\u3092\u697d\u89b3\u3059\u308b\u30d1\u30a6\u30a8\u30eb\u8b70\u9577\u300c\u8d85\u4f4e\u91d1\u5229\u306f\u3082\u3046\u623b\u3063\u3066\u6765\u306a\u3044\u300d<\/a><\/li>\n<\/ul>\n\n\n\n<p>FOMC\u4f1a\u5408\u3067\u306f\u30d1\u30a6\u30a8\u30eb\u8b70\u9577\u306f\u91d1\u5229\u30925.25%\u307e\u3067\u4e0a\u3052\u3066\u3082\u30a2\u30e1\u30ea\u30ab\u306e\u666f\u6c17\u304c\u60aa\u304f\u306a\u3063\u3066\u3044\u306a\u3044\u3053\u3068\u3092\u8a87\u308a\u3001\u30bd\u30d5\u30c8\u30e9\u30f3\u30c7\u30a3\u30f3\u30b0\u306e\u9054\u6210\u306b\u81ea\u4fe1\u3092\u6301\u3063\u3066\u3044\u305f\u3002<\/p>\n\n\n\n<p>\u3060\u304c\u4e00\u65b9\u3067\u3001\u30d1\u30a6\u30a8\u30eb\u8b70\u9577\u3068\u306f\u307e\u3063\u305f\u304f\u9055\u3063\u305f\u7d4c\u6e08\u898b\u901a\u3057\u3092\u6301\u3063\u3066\u3044\u308b\u4eba\u7269\u304c\u3044\u308b\u3002\u30d1\u30a6\u30a8\u30eb\u6c0f\u304c2021\u5e74\u306b\u300c\u30a4\u30f3\u30d5\u30ec\u306f\u4e00\u6642\u7684\u300d\u3068\u4e3b\u5f35\u3057\u3066\u3044\u305f\u6642\u306b\u7269\u4fa1\u304c\u9ad8\u9a30\u3059\u308b\u3068\u4e88\u60f3\u3057\u7684\u4e2d\u3055\u305b\u305f\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/14522\" data-type=\"post\" data-id=\"14522\">\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f: \u30d1\u30a6\u30a8\u30eb\u8b70\u9577\u306f\u305f\u3060\u30a4\u30f3\u30d5\u30ec\u304c\u7d9a\u304b\u306a\u3044\u3088\u3046\u306b\u7948\u3063\u3066\u3044\u308b\u3060\u3051 (2021\/7\/18)<\/a><\/li>\n<\/ul>\n\n\n\n<p>\u305d\u306e\u5f8c\u3001\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u306f\u30a4\u30f3\u30d5\u30ec\u306e\u6e1b\u901f\u3092\u4e88\u60f3\u3057\u3066\u3044\u305f\u3002\u305d\u3053\u307e\u3067\u306f\u30d1\u30a6\u30a8\u30eb\u8b70\u9577\u3068\u540c\u3058\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u3060\u304c\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u304c\u30d1\u30a6\u30a8\u30eb\u6c0f\u3068\u9055\u3046\u306e\u306f\u3001\u30d1\u30a6\u30a8\u30eb\u6c0f\u306f\u30a4\u30f3\u30d5\u30ec\u7387\u3060\u3051\u304c\u4e0b\u843d\u3057\u3066\u7d4c\u6e08\u6210\u9577\u7387\u306f\u72a0\u7272\u306b\u306a\u3089\u306a\u3044\u3068\u4e88\u60f3\u3057\u3066\u3044\u308b\u4e00\u65b9\u3067\u3001\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u306f\u305d\u3093\u306a\u90fd\u5408\u306e\u826f\u3044\u3053\u3068\u306f\u8d77\u3053\u3089\u306a\u3044\u3068\u4e88\u60f3\u3057\u3066\u3044\u308b\u3068\u3053\u308d\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p><strong>\u666f\u6c17\u5f8c\u9000\u3092\u793a\u5506\u3059\u308b\u9577\u77ed\u91d1\u5229\u5dee<\/strong><\/p>\n\n\n\n<p>\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u306f\u5f37\u529b\u306a\u6839\u62e0\u30922\u3064\u6319\u3052\u3066\u3044\u308b\u30021\u3064\u76ee\u306f\u9577\u77ed\u91d1\u5229\u5dee\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>10\u5e74\u7269\u56fd\u50b5\u306e\u91d1\u5229\u304b\u30892\u5e74\u7269\u56fd\u50b5\u306e\u91d1\u5229\u3092\u5f15\u3044\u305f\u9577\u77ed\u91d1\u5229\u5dee\u306f\u3001\u91d1\u878d\u95a2\u4fc2\u8005\u306e\u9593\u3067\u306f\u666f\u6c17\u5f8c\u9000\u3092\u793a\u3059\u6307\u6a19\u3068\u3057\u3066\u6709\u540d\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u901a\u5e38\u3001\u50b5\u5238\u306e\u91d1\u5229\u306f\u671f\u9593\u304c\u9577\u3044\u307b\u3069\u9ad8\u3044\u305f\u3081\u3001\u9577\u77ed\u91d1\u5229\u5dee\u306f\u30d7\u30e9\u30b9\u306b\u306a\u308b\u304c\u3001\u5e02\u5834\u304c\u666f\u6c17\u5f8c\u9000\u3092\u4e88\u60f3\u3059\u308b\u3068\u666f\u6c17\u306b\u5de6\u53f3\u3055\u308c\u3084\u3059\u3044\u9577\u671f\u306e\u91d1\u5229\u304c\u5927\u304d\u304f\u4e0b\u304c\u308a\u3001\u9577\u77ed\u91d1\u5229\u5dee\u304c\u30de\u30a4\u30ca\u30b9\u306b\u8ee2\u63db\u3059\u308b\u3002<\/p>\n\n\n\n<p>\u3060\u304b\u3089\u9577\u77ed\u91d1\u5229\u306e\u9006\u8ee2\u306f\u666f\u6c17\u5f8c\u9000\u306e\u524d\u89e6\u308c\u3068\u3057\u3066\u77e5\u3089\u308c\u3066\u3044\u308b\u306e\u3060\u304c\u3001\u904e\u53bb\u306e\u76f8\u5834\u3092\u8abf\u3079\u308b\u3068\u3001\u3088\u308a\u53b3\u5bc6\u306b\u306f\u666f\u6c17\u5f8c\u9000\u304c\u6765\u308b\u306e\u306f\u9577\u77ed\u91d1\u5229\u5dee\u304c\u30de\u30a4\u30ca\u30b9\u306b\u306a\u3063\u305f\u6642\u3067\u306f\u306a\u304f\u3001\u4e00\u5ea6\u30de\u30a4\u30ca\u30b9\u306b\u306a\u3063\u3066\u304b\u3089\u30d7\u30e9\u30b9\u306b\u8ee2\u63db\u3057\u305f\u76f4\u5f8c\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\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>\u9577\u77ed\u91d1\u5229\u5dee\u306f\u666f\u6c17\u5f8c\u9000\u306e\u524d\u306b\u4e0a\u6607\u3059\u308b\u3002<\/p>\n\n\n\n<p>1984\u5e74\u307e\u3067\u9061\u3063\u3066\u3082\u3001\u9577\u77ed\u91d1\u5229\u5dee\u306f\u3059\u3079\u3066\u306e\u666f\u6c17\u5f8c\u9000\u306e\u524d\u306b\u30d7\u30e9\u30b9\u306b\u8ee2\u63db\u3057\u3066\u3044\u308b\u3002<\/p>\n<\/blockquote>\n\n\n\n<p>\u9577\u77ed\u91d1\u5229\u5dee\u306e\u9577\u671f\u30c1\u30e3\u30fc\u30c8\u306f\u6b21\u306e\u3088\u3046\u306b\u306a\u3063\u3066\u3044\u308b\u3002\u7070\u8272\u306e\u90e8\u5206\u304c\u666f\u6c17\u5f8c\u9000\u306e\u671f\u9593\u3067\u3042\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\/09\/2024-9-21-us-10-year-treasury-yield-minus-2-year-treasury-yield-chart.png\"><img loading=\"lazy\" decoding=\"async\" width=\"514\" height=\"466\" src=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2024\/09\/2024-9-21-us-10-year-treasury-yield-minus-2-year-treasury-yield-chart.png\" alt=\"\" class=\"wp-image-53811\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2024\/09\/2024-9-21-us-10-year-treasury-yield-minus-2-year-treasury-yield-chart.png 514w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2024\/09\/2024-9-21-us-10-year-treasury-yield-minus-2-year-treasury-yield-chart-300x272.png 300w\" sizes=\"auto, (max-width: 514px) 100vw, 514px\" \/><\/a><\/figure>\n\n\n\n<p>\u305d\u3057\u3066\u6700\u8fd1\u3001\u3053\u306e\u9577\u77ed\u91d1\u5229\u5dee\u304c\u30bc\u30ed\u3092\u5927\u304d\u304f\u4e0a\u306b\u98db\u3073\u629c\u3051\u3001\u73fe\u5728\u306e\u6570\u5b57\u3067\u306f0.18%\u306b\u306a\u3063\u3066\u3044\u308b\u306e\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u30d7\u30e9\u30b9\u3078\u306e\u8ee2\u63db\u304c\u666f\u6c17\u5f8c\u9000\u306e\u30bf\u30a4\u30df\u30f3\u30b0\u3067\u3042\u308b\u7406\u7531\u306f\u3001\u666f\u6c17\u5f8c\u9000\u306e\u76f4\u524d\u306b\u306fFed\u304c\u6d41\u77f3\u306b\u4f55\u304b\u30de\u30ba\u3044\u3053\u3068\u306b\u6c17\u4ed8\u3044\u3066\u5229\u4e0b\u3052\u3092\u59cb\u3081\u3001\u9577\u77ed\u91d1\u5229\u5dee\u304c\u62e1\u5927\u3059\u308b\u304b\u3089\u3067\u3042\u308b\u3002\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u306f\u305d\u308c\u304c\u307e\u3055\u306b\u4eca\u306e\u72b6\u6cc1\u3060\u3068\u4e3b\u5f35\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\/53669\" data-type=\"post\" data-id=\"53669\">FOMC\u4f1a\u5408\u3067\u30bd\u30d5\u30c8\u30e9\u30f3\u30c7\u30a3\u30f3\u30b0\u3092\u697d\u89b3\u3059\u308b\u30d1\u30a6\u30a8\u30eb\u8b70\u9577\u300c\u8d85\u4f4e\u91d1\u5229\u306f\u3082\u3046\u623b\u3063\u3066\u6765\u306a\u3044\u300d<\/a><\/li>\n<\/ul>\n\n\n\n<p>\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>\u6b74\u53f2\u7684\u306b\u306f\u3001\u4e00\u5ea6\u30d7\u30e9\u30b9\u306b\u8ee2\u63db\u3057\u305f\u9577\u77ed\u91d1\u5229\u5dee\u306f\u305d\u306e\u307e\u307e\u5927\u304d\u304f\u4e0a\u6607\u3057\u3066\u3044\u308b\u3002<\/p>\n<\/blockquote>\n\n\n\n<p><strong>\u6b62\u307e\u3089\u306a\u3044\u5931\u696d\u7387\u4e0a\u6607<\/strong><\/p>\n\n\n\n<p>\u66f4\u306b\u3001\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u306f\u666f\u6c17\u5f8c\u9000\u3092\u793a\u5506\u3059\u308b\u3082\u30461\u3064\u306e\u6307\u6a19\u3092\u6307\u6458\u3057\u3066\u3044\u308b\u3002\u5931\u696d\u7387\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u5931\u696d\u7387\u306f\u7b46\u8005\u3082\u9577\u3089\u304f\u6307\u6458\u3057\u3066\u3044\u308b\u91cd\u8981\u6307\u6a19\u3067\u3042\u308a\u3001\u4ed6\u306e\u7d4c\u6e08\u6307\u6a19\u304c\u597d\u8abf\u306a\u9593\u3082\u5f90\u3005\u306b\u4e0a\u304c\u308a\u7d9a\u3051\u3066\u3044\u305f\u3002<\/p>\n\n\n\n<p>\u305d\u3057\u3066\u5931\u696d\u7387\u306f\u7d50\u5c40\u4e0a\u304c\u308a\u7d9a\u3051\u3001\u4eca\u3084\u666f\u6c17\u5f8c\u9000\u304c\u907f\u3051\u3089\u308c\u306a\u3044\u6c34\u6e96\u307e\u3067\u9ad8\u304f\u306a\u3063\u3066\u3044\u308b\u3002\u52b4\u50cd\u5e02\u5834\u306f\u91d1\u5229\u306e\u5f71\u97ff\u3092\u3042\u307e\u308a\u53d7\u3051\u306a\u3044\u305f\u3081\u3001\u5229\u4e0b\u3052\u304c\u52b9\u304d\u306b\u304f\u304f\u3001\u4e00\u5ea6\u4e0a\u304c\u308a\u59cb\u3081\u308b\u3068\u3069\u3093\u3069\u3093\u4e0a\u304c\u308a\u7d9a\u3051\u3001\u666f\u6c17\u5f8c\u9000\u306b\u7e4b\u304c\u308b\u306e\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u5931\u696d\u7387\u306e\u30c1\u30e3\u30fc\u30c8\u3092\u3084\u3084\u9577\u3081\u3067\u898b\u308b\u3068\u6b21\u306e\u3088\u3046\u306b\u306a\u3063\u3066\u3044\u308b\u3002\u7070\u8272\u306e\u90e8\u5206\u304c\u666f\u6c17\u5f8c\u9000\u306e\u671f\u9593\u3067\u3042\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\/09\/2024-aug-us-unemployment-rate-middle-term-chart.png\"><img loading=\"lazy\" decoding=\"async\" width=\"514\" height=\"466\" src=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2024\/09\/2024-aug-us-unemployment-rate-middle-term-chart.png\" alt=\"\" class=\"wp-image-53819\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2024\/09\/2024-aug-us-unemployment-rate-middle-term-chart.png 514w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2024\/09\/2024-aug-us-unemployment-rate-middle-term-chart-300x272.png 300w\" sizes=\"auto, (max-width: 514px) 100vw, 514px\" \/><\/a><\/figure>\n\n\n\n<p>\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>\u904e\u53bb3\u56de\u306e\u666f\u6c17\u5f8c\u9000\u3092\u898b\u308b\u3068\u3044\u3044\u3002\u5931\u696d\u7387\u306e\u4e0a\u6607\u306f\u307b\u3068\u3093\u3069\u5b8c\u74a7\u306a\u666f\u6c17\u5f8c\u9000\u306e\u30b5\u30a4\u30f3\u3060\u3002<\/p>\n\n\n\n<p>\u305d\u3057\u3066\u4eca\u3082\u540c\u3058\u3088\u3046\u306b\u306a\u3063\u3066\u3044\u308b\u3002\u62e1\u5927\u3059\u308b\u5fc5\u8981\u3082\u306a\u3044\u3002\u660e\u3089\u304b\u3060\u3002<\/p>\n\n\n\n<p>\u5931\u696d\u7387\u306f\u5e95\u304b\u30890.5%\u4e0a\u304c\u3063\u305f\u3060\u3051\u3067\u306f\u306a\u3044\u300236\u30f6\u6708\u79fb\u52d5\u5e73\u5747\u7dda\u304b\u3089\u30820.5%\u306e\u4e0a\u6607\u3068\u306a\u308a\u3064\u3064\u3042\u308b\u3002\u5b9f\u8cea\u7684\u306b\u666f\u6c17\u5f8c\u9000\u3092\u4fdd\u8a3c\u3059\u308b\u30b5\u30a4\u30f3\u3060\u3002<\/p>\n<\/blockquote>\n\n\n\n<p>\u307e\u305f\u3001\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u306f\u5931\u696d\u7387\u306e\u4e0a\u304c\u308a\u65b9\u3068\u666f\u6c17\u5f8c\u9000\u306e\u30bf\u30a4\u30df\u30f3\u30b0\u3092\u6bd4\u3079\u305f\u30c7\u30fc\u30bf\u3092\u898b\u306a\u304c\u3089\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>\u3053\u306e\u30c7\u30fc\u30bf\u306b\u57fa\u3065\u3051\u3070\u3001\u30a2\u30e1\u30ea\u30ab\u7d4c\u6e08\u306f\u666f\u6c17\u5f8c\u9000\u307e\u3067\u3042\u30684\u30f6\u6708\u3060\u3002<\/p>\n<\/blockquote>\n\n\n\n<p><strong>\u7d50\u8ad6<\/strong><\/p>\n\n\n\n<p>\u3068\u3044\u3046\u3053\u3068\u3067\u3001\u5931\u696d\u7387\u3068\u9577\u77ed\u91d1\u5229\u5dee\u3068\u3044\u30462\u3064\u306e\u6307\u6a19\u306b\u7740\u76ee\u3057\u7d9a\u3051\u3066\u3044\u308b\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u304c\u3001\u305d\u306e\u4e21\u65b9\u304c\u666f\u6c17\u5f8c\u9000\u304c\u9593\u8fd1\u3067\u3042\u308b\u3053\u3068\u3092\u793a\u3059\u6c34\u6e96\u306b\u7a81\u5165\u3057\u3066\u3044\u308b\u3068\u8b66\u544a\u3057\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<p>\u305d\u3057\u3066\u7d4c\u6e08\u304c\u666f\u6c17\u5f8c\u9000\u306b\u9665\u308b\u3068\u304d\u3001\u682a\u4fa1\u304c\u3069\u3046\u306a\u308b\u306e\u304b\u306b\u3064\u3044\u3066\u306f\u65e2\u306b\u8aac\u660e\u3057\u3066\u304a\u3044\u305f\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/46732\" data-type=\"post\" data-id=\"46732\">\u666f\u6c17\u5f8c\u9000\u306b\u306a\u308c\u3070\u682a\u4fa1\u306f\u5fc5\u305a\u4e0b\u843d\u3059\u308b\u306e\u304b\uff1f<\/a><\/li>\n<\/ul>\n\n\n\n<p>\u305d\u308c\u306f\u30bd\u30d5\u30c8\u30e9\u30f3\u30c7\u30a3\u30f3\u30b0\u3092\u697d\u89b3\u8996\u3059\u308b\u30d1\u30a6\u30a8\u30eb\u8b70\u9577\u3068\u306f\u771f\u9006\u306e\u610f\u898b\u3067\u3042\u308b\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>\u3053\u308c\u306f\u52b4\u50cd\u5e02\u5834\u306e\u9700\u7d66\u304c\u4eca\u306e\u307e\u307e\u3067\u843d\u3061\u7740\u3044\u3066\u307b\u3057\u3044Fed\u306b\u3068\u3063\u3066\u306f\u307e\u3063\u305f\u304f\u597d\u307e\u3057\u304f\u306a\u3044\u72b6\u6cc1\u3060\u3002<\/p>\n<\/blockquote>\n\n\n\n<p>\u3061\u306a\u307f\u306bFed\u306f\u30ea\u30fc\u30de\u30f3\u30b7\u30e7\u30c3\u30af\u306e\u76f4\u524d\u306b\u3082\u3001\u30b5\u30d6\u30d7\u30e9\u30a4\u30e0\u30ed\u30fc\u30f3\u554f\u984c\u306f\u4e0d\u52d5\u7523\u5e02\u5834\u306e\u5c40\u6240\u7684\u306a\u554f\u984c\u3067\u3042\u308a\u3001\u30a2\u30e1\u30ea\u30ab\u7d4c\u6e08\u306b\u5927\u304d\u306a\u5f71\u97ff\u3092\u4e0e\u3048\u308b\u3053\u3068\u306f\u306a\u3044\u3068\u8a00\u3044\u7d9a\u3051\u3066\u3044\u305f\u306e\u3067\u3042\u308b\u3002\uff08\u4f55\u304b\u304c\u30de\u30ba\u3044\u3068\u306f\u5bdf\u3057\u3066\u3044\u305f\u306e\u3067\u5229\u4e0b\u3052\u3092\u3057\u7d9a\u3051\u3066\u3044\u305f\u304c\u3001\u30d0\u30d6\u30eb\u5d29\u58ca\u306f\u6b62\u307e\u3089\u306a\u304b\u3063\u305f\u3002\uff09<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/28719\" data-type=\"post\" data-id=\"28719\">\u30b8\u30e7\u30f3\u30fb\u30dd\u30fc\u30eb\u30bd\u30f3\u6c0f\u3001\u30b5\u30d6\u30d7\u30e9\u30a4\u30e0\u30ed\u30fc\u30f3\u306e\u7a7a\u58f2\u308a\u3067\u5927\u5132\u3051\u3057\u305f\u6642\u306e\u3053\u3068\u3092\u8a9e\u308b<\/a><\/li>\n<\/ul>\n\n\n\n<p>\u305d\u308c\u306f\u30b3\u30ed\u30ca\u5f8c\u306e\u73fe\u91d1\u7d66\u4ed8\u3068\u305d\u306e\u5f8c\u306e\u7269\u4fa1\u9ad8\u9a30\u306e\u7dcf\u6c7a\u7b97\u3067\u3042\u308b\u3002\u5927\u4f53\u300120\u4e16\u7d00\u6700\u5927\u306e\u7d4c\u6e08\u5b66\u8005\u3067\u3042\u308b\u30d5\u30ea\u30fc\u30c9\u30ea\u30d2\u30fb\u30d5\u30a9\u30f3\u30fb\u30cf\u30a4\u30a8\u30af\u6c0f\u306e\u8457\u66f8\u300e<a href=\"https:\/\/amzn.to\/3xKHGo6\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">\u8ca8\u5e63\u8ad6\u96c6<\/a>\u300f\u306b\u30a4\u30f3\u30d5\u30ec\u653f\u7b56\u306e\u5f0a\u5bb3\u306b\u3064\u3044\u3066\u6b21\u306e\u3088\u3046\u306b\u66f8\u3044\u3066\u3042\u308b\u3067\u306f\u306a\u3044\u304b\u3002<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u5931\u696d\u306f\u30a4\u30f3\u30d5\u30ec\u304c\u52a0\u901f\u3092\u3084\u3081\u305f\u3068\u304d\u306b\u3001\u904e\u53bb\u306e\u8aa4\u3063\u305f\u653f\u7b56\u306e\u5e30\u7d50\u3068\u3057\u3066\u3001\u975e\u5e38\u306b\u6b8b\u5ff5\u3060\u304c\u4e0d\u53ef\u907f\u306e\u7d50\u679c\u3068\u3057\u3066\u51fa\u73fe\u305b\u3056\u308b\u3092\u3048\u306a\u3044\u3002<\/p>\n<\/blockquote>\n\n\n\n<p>\u3053\u308c\u306f\u3082\u3046\u4f55\u5341\u5e74\u3082\u524d\u306b\u66f8\u304b\u308c\u305f\u30a4\u30f3\u30d5\u30ec\u3068\u305d\u306e\u5f8c\u306e\u666f\u6c17\u5f8c\u9000\u306b\u3064\u3044\u3066\u306e\u672c\u3067\u3042\u308b\u3002\u5f53\u7136\u3060\u304c\u8ab0\u3067\u3082\u8cb7\u3048\u308b\u3057\u8ab0\u3067\u3082\u8aad\u3081\u308b\u3002<\/p>\n\n\n\n<p>\u4fa1\u5024\u306e\u3042\u308b\u3082\u306e\u304c\u305d\u306e\u8fba\u306b\u8ee2\u304c\u3063\u3066\u3044\u308b\u306e\u306b\u3001\u4f55\u6545\u8ab0\u3082\u8aad\u307e\u306a\u3044\u306e\u304b\u3002\u305d\u308c\u3067\u3044\u3066NISA\u306e\u3088\u3046\u306a\u3082\u306e\u306b\u306f\u8ab0\u3082\u304c\u98db\u3073\u3064\u304f\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\/27644\" data-type=\"post\" data-id=\"27644\">\u300c\u682a\u5f0f\u6295\u8cc7\u306f\u9577\u671f\u7684\u306b\u306f\u307b\u307c\u5132\u304b\u308b\u300d\u3068\u3044\u3046\u4e3b\u5f35\u304c\u5b8c\u5168\u306b\u9593\u9055\u3063\u3066\u3044\u308b\u7406\u7531<\/a><\/li>\n<\/ul>\n\n\n\n<a href=\"https:\/\/amzn.to\/3xKHGo6\" target=\"_blank\" rel=\"noreferrer noopener\"><img decoding=\"async\" src=\"https:\/\/m.media-amazon.com\/images\/I\/51diku3XsPL._SL160_.jpg\"><\/a><br><a href=\"https:\/\/amzn.to\/3xKHGo6\" target=\"_blank\" rel=\"noreferrer noopener\">\u8ca8\u5e63\u8ad6\u96c6<\/a>\n","protected":false},"excerpt":{"rendered":"<p>\u30b3\u30ed\u30ca\u5f8c\u306e\u7269\u4fa1\u9ad8\u9a30\u3068\u305d\u306e\u5f8c\u306e\u30a4\u30f3\u30d5\u30ec\u7387\u4e0b\u843d\u3092\u4e88\u60f3\u3057\u305fDoubleLine Capital\u306e\u30b8\u30a7\u30d5\u30ea\u30fc\u30fb\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u304c\u3001\u81ea\u793e\u914d\u4fe1\u52d5\u753b\u3067\u30a2\u30e1\u30ea\u30ab\u7d4c\u6e08\u3068\u666f\u6c17\u5f8c\u9000\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":[59,111],"tags":[131],"class_list":["post-53792","post","type-post","status-publish","format-standard","hentry","category-us-stock-market","category-stock-markets","tag-jeffrey-gundlach"],"_links":{"self":[{"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/53792","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=53792"}],"version-history":[{"count":52,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/53792\/revisions"}],"predecessor-version":[{"id":53846,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/53792\/revisions\/53846"}],"wp:attachment":[{"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/media?parent=53792"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/categories?post=53792"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/tags?post=53792"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}