{"id":58610,"date":"2025-01-17T20:00:00","date_gmt":"2025-01-17T11:00:00","guid":{"rendered":"https:\/\/www.globalmacroresearch.org\/jp\/?p=58610"},"modified":"2025-01-17T15:19:13","modified_gmt":"2025-01-17T06:19:13","slug":"%e3%82%ac%e3%83%b3%e3%83%89%e3%83%a9%e3%83%83%e3%82%af%e6%b0%8f-%e5%88%a9%e4%b8%8b%e3%81%92%e3%81%a7%e9%95%b7%e6%9c%9f%e9%87%91%e5%88%a9%e3%81%8c%e4%b8%8a%e3%81%8c%e3%81%a3%e3%81%a6%e3%81%84%e3%82%8b","status":"publish","type":"post","link":"https:\/\/www.globalmacroresearch.org\/jp\/archives\/58610","title":{"rendered":"\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f: \u5229\u4e0b\u3052\u3067\u9577\u671f\u91d1\u5229\u304c\u4e0a\u304c\u3063\u3066\u3044\u308b\u306e\u306f\u7c73\u56fd\u50b5\u66b4\u843d\u306e\u4e88\u5146"},"content":{"rendered":"\n<p>DoubleLine Capital\u306e\u30b8\u30a7\u30d5\u30ea\u30fc\u30fb\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u304c\u4eca\u5e74\u521d\u3081\u3066\u306e\u52d5\u753b\u914d\u4fe1\u3067\u30a2\u30e1\u30ea\u30ab\u306e\u91d1\u5229\u3068\u8ca1\u653f\u554f\u984c\u306b\u3064\u3044\u3066\u8a9e\u3063\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<!--more-->\n\n\n\n<p><strong>\u7c73\u56fd\u682a\u4e0b\u843d\u306e\u7406\u7531<\/strong><\/p>\n\n\n\n<p>\u5e74\u672b\u5e74\u59cb\u304b\u3089\u3001\u682a\u5f0f\u5e02\u5834\u304c\u3084\u3084\u4e0d\u5b89\u5b9a\u306b\u306a\u3063\u3066\u3044\u308b\u3002\u7c73\u56fd\u682a\u306e\u30c1\u30e3\u30fc\u30c8\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\/2025\/01\/2025-1-17-s-and-p-500-chart.png\"><img loading=\"lazy\" decoding=\"async\" width=\"612\" height=\"479\" src=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2025\/01\/2025-1-17-s-and-p-500-chart.png\" alt=\"\" class=\"wp-image-58617\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2025\/01\/2025-1-17-s-and-p-500-chart.png 612w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2025\/01\/2025-1-17-s-and-p-500-chart-300x235.png 300w\" sizes=\"auto, (max-width: 612px) 100vw, 612px\" \/><\/a><\/figure>\n\n\n\n<p>\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u306b\u3088\u308c\u3070\u3001\u305d\u306e\u539f\u56e0\u306fFed\uff08\u9023\u90a6\u6e96\u5099\u5236\u5ea6\uff09\u306e\u5229\u4e0b\u3052\u3068\u91d1\u5229\u306e\u95a2\u4fc2\u3060\u3068\u3044\u3046\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>Fed\u304c\u6700\u521d\u306e\u5229\u4e0b\u3052\u3092\u884c\u3046\u524d\u307e\u3067\u306f\u3001\u91d1\u878d\u5e02\u5834\u306f2025\u5e74\u306b1.5%\u306e\u5229\u4e0b\u3052\u3092\u7e54\u308a\u8fbc\u3093\u3067\u3044\u305f\u3002\u305d\u308c\u304c\u4eca\u3067\u306f\u4eca\u5e741\u56de\uff08\u8a33\u6ce8\uff1a0.25%\uff09\u5f37\u306e\u5229\u4e0b\u3052\u3057\u304b\u7e54\u308a\u8fbc\u3093\u3067\u3044\u306a\u3044\u3002<\/p>\n\n\n\n<p>\u305d\u308c\u306f\u3053\u3053\u6570\u9031\u9593\u682a\u5f0f\u5e02\u5834\u304c\u30cf\u30c3\u30d4\u30fc\u3067\u306f\u306a\u3044\u7406\u7531\u306e1\u3064\u3060\u3002\u682a\u5f0f\u5e02\u5834\u306f\u5927\u304d\u306a\u5229\u4e0b\u3052\u3092\u671f\u5f85\u3057\u3066\u3044\u305f\u304b\u3089\u3060\u3002<\/p>\n<\/blockquote>\n\n\n\n<p>Fed\u304c9\u6708\u306b\u5229\u4e0b\u3052\u3092\u958b\u59cb\u3057\u3066\u4ee5\u6765\u3001\u5f53\u521d\u306f\u5927\u304d\u306a\u5229\u4e0b\u3052\u3092\u671f\u5f85\u3057\u3066\u3044\u305f\u5e02\u5834\u3060\u304c\u3001\u305d\u306e\u671f\u5f85\u3082\u3057\u307c\u3093\u3067\u3057\u307e\u3063\u305f\u3002<\/p>\n\n\n\n<p>\u3057\u304b\u3082\u66f4\u306b\u91cd\u8981\u306a\u306e\u304c\u9577\u671f\u91d1\u5229\u3001\u3064\u307e\u308a10\u5e74\u7269\u7c73\u56fd\u50b5\u306e\u91d1\u5229\u306e\u52d5\u304d\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p><strong>\u4e0a\u6607\u3057\u3066\u3044\u308b\u9577\u671f\u91d1\u5229<\/strong><\/p>\n\n\n\n<p>\u554f\u984c\u306f\u30019\u6708\u306e\u5229\u4e0b\u3052\u958b\u59cb\u4ee5\u6765\u3001\u9577\u671f\u91d1\u5229\u304c\u4e0a\u6607\u3092\u7d9a\u3051\u3066\u3044\u308b\u3053\u3068\u3067\u3042\u308b\u3002\u9577\u671f\u91d1\u5229\u306e\u30c1\u30e3\u30fc\u30c8\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\/2025\/01\/2025-1-17-us-10-year-treasury-bond-yield-chart.png\"><img loading=\"lazy\" decoding=\"async\" width=\"612\" height=\"479\" src=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2025\/01\/2025-1-17-us-10-year-treasury-bond-yield-chart.png\" alt=\"\" class=\"wp-image-58623\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2025\/01\/2025-1-17-us-10-year-treasury-bond-yield-chart.png 612w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2025\/01\/2025-1-17-us-10-year-treasury-bond-yield-chart-300x235.png 300w\" sizes=\"auto, (max-width: 612px) 100vw, 612px\" \/><\/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>\u5229\u4e0b\u3052\u306f\u901a\u5e38\u682a\u5f0f\u5e02\u5834\u306b\u30d7\u30e9\u30b9\u306a\u306e\u3060\u304c\u3001\u4eca\u56de\u306f\u91d1\u5229\u306f\u9055\u3046\u52d5\u304d\u3092\u3057\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<p>\u3053\u308c\u307e\u3067Fed\u304c\u5229\u4e0b\u3052\u3092\u3057\u3066\u9577\u671f\u91d1\u5229\u304c\u4e0a\u304c\u3063\u305f\u3053\u3068\u306f\u306a\u3044\u3002\u4eca\u5229\u4e0b\u3052\u958b\u59cb\u304b\u308988\u55b6\u696d\u65e5\u76ee\u3060\u304c\u3001\u5229\u4e0b\u3052\u304b\u308988\u55b6\u696d\u65e5\u3067\u3053\u308c\u307e\u3067\u6700\u60aa\u306e\u30b1\u30fc\u30b9\u306f\u3001\u9577\u671f\u91d1\u5229\u304c\u6a2a\u3070\u3044\u3068\u3044\u3046\u3082\u306e\u3060\u3063\u305f\u3002<\/p>\n\n\n\n<p>\u3060\u304c\u4eca\u56de\u3001Fed\u306e\u5229\u4e0b\u3052\u958b\u59cb\u304b\u3089\u9577\u671f\u91d1\u5229\u306f1.70%\u4e0a\u6607\u3057\u3066\u3044\u308b\u3002<\/p>\n<\/blockquote>\n\n\n\n<p><strong>\u9577\u671f\u91d1\u5229\u306e\u4e0a\u6607\u3068\u30a2\u30e1\u30ea\u30ab\u306e\u50b5\u52d9\u5371\u6a5f<\/strong><\/p>\n\n\n\n<p>\u5229\u4e0b\u3052\u3092\u3057\u305f\u306e\u306b\u9577\u671f\u91d1\u5229\u304c\u4e0a\u304c\u3063\u3066\u3044\u308b\u3002\u305d\u306e\u72b6\u6cc1\u3092\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u306f\u6b21\u306e\u3088\u3046\u306b\u5206\u6790\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>\u4eca\u56de\u306f\u4f55\u304b\u304c\u9055\u3046\u3002\u305d\u3057\u3066\u305d\u308c\u306f\u3053\u3053\u6570\u5e74\u8a71\u984c\u306b\u3057\u7d9a\u3051\u3066\u304d\u305f\u3053\u3068\u304c\u95a2\u4fc2\u3057\u3066\u3044\u308b\u3002<\/p>\n<\/blockquote>\n\n\n\n<p>\u91d1\u5229\u304c\u4e0a\u304c\u3063\u3066\u3044\u308b\u3068\u3044\u3046\u3053\u3068\u306f\u3001\u56fd\u50b5\u306e\u4fa1\u683c\u304c\u4e0b\u304c\u3063\u3066\u3044\u308b\u3068\u3044\u3046\u3053\u3068\u3060\u3002\u305d\u3057\u3066\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u306f\u3001\u30a4\u30f3\u30d5\u30ec\u61f8\u5ff5\u304b\u3089\u5229\u4e0b\u3052\u306b\u3088\u3063\u3066\u9577\u671f\u56fd\u50b5\u304b\u3089\u306e\u9003\u907f\u304c\u8d77\u304d\u3001\u9577\u671f\u56fd\u50b5\u306e\u91d1\u5229\u304c\u5229\u4e0b\u3052\u306b\u3088\u3063\u3066\u3080\u3057\u308d\u4e0a\u304c\u3063\u3066\u3057\u307e\u3046\u53ef\u80fd\u6027\u3092\u8b66\u544a\u3057\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\/55934\" data-type=\"post\" data-id=\"55934\">\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f: \u666f\u6c17\u5f8c\u9000\u304c\u8d77\u304d\u308c\u3070\u30a2\u30e1\u30ea\u30ab\u306f\u8cc7\u91d1\u8abf\u9054\u3067\u304d\u306a\u304f\u306a\u308b<\/a><\/li>\n<\/ul>\n\n\n\n<p>\u3060\u304c\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u304c\u61f8\u5ff5\u3057\u3066\u3044\u305f\u306e\u306f\u3001\u666f\u6c17\u5f8c\u9000\u6642\u306b\u5229\u4e0b\u3052\u3092\u3057\u3066\u3001\u305d\u308c\u304c\u30a4\u30f3\u30d5\u30ec\u61f8\u5ff5\u3092\u547c\u3076\u53ef\u80fd\u6027\u3060\u3002\u3060\u304c\u4eca\u3067\u306f\u666f\u6c17\u5f8c\u9000\u304c\u6765\u3066\u3055\u3048\u3044\u306a\u3044\u306e\u306b\u3001\u65e2\u306b\u7c73\u56fd\u50b5\u304b\u3089\u6295\u8cc7\u5bb6\u304c\u9003\u3052\u51fa\u3057\u3066\u3044\u308b\u3053\u3068\u3092\u610f\u5473\u3059\u308b\u3002<\/p>\n\n\n\n<p><strong>\u7d50\u8ad6<\/strong><\/p>\n\n\n\n<p>\u3053\u3053\u306e\u8aad\u8005\u306a\u3089\u5468\u77e5\u306e\u3053\u3068\u3060\u304c\u3001\u554f\u984c\u306e\u6839\u6e90\u306f\u91d1\u5229\u4e0a\u6607\u306b\u3088\u3063\u3066\u30a2\u30e1\u30ea\u30ab\u306e\u81a8\u5927\u306a\u653f\u5e9c\u50b5\u52d9\u306b\u591a\u984d\u306e\u5229\u6255\u3044\u304c\u751f\u3058\u3001\u7c73\u56fd\u653f\u5e9c\u304c\u501f\u91d1\u306e\u5229\u6255\u3044\u3092\u501f\u91d1\u5897\u52a0\u306b\u3088\u3063\u3066\u8fd4\u6e08\u3057\u3066\u3044\u308b\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\/58483\" data-type=\"post\" data-id=\"58483\">\u30ec\u30a4\u30fb\u30c0\u30ea\u30aa\u6c0f\u306e\u65b0\u8457: \u57fa\u8ef8\u901a\u8ca8\u3092\u6301\u3064\u4e16\u754c\u4e00\u306e\u5927\u56fd\u3067\u3082\u653f\u5e9c\u50b5\u52d9\u5897\u52a0\u3067\u7834\u7dbb\u3059\u308b<\/a><\/li>\n<\/ul>\n\n\n\n<p>\u30a2\u30e1\u30ea\u30ab\u306f\u56fd\u50b5\u3092\u3069\u3093\u3069\u3093\u767a\u884c\u3057\u306a\u3051\u308c\u3070\u306a\u3089\u306a\u304f\u306a\u3063\u3066\u3044\u308b\u304c\u3001\u8cb7\u3044\u624b\u304c\u3044\u306a\u3044\u306e\u3067\u4fa1\u683c\u304c\u4e0b\u843d\u3057\u3066\u3044\u308b\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\/57960\" data-type=\"post\" data-id=\"57960\">\u30ec\u30a4\u30fb\u30c0\u30ea\u30aa\u6c0f: \u4eba\u3005\u304c\u81ea\u56fd\u901a\u8ca8\u306e\u7121\u4fa1\u5024\u3055\u306b\u6c17\u4ed8\u304f\u306b\u3064\u308c\u3066\u30b4\u30fc\u30eb\u30c9\u3084\u30b7\u30eb\u30d0\u30fc\u3078\u306e\u9003\u907f\u304c\u52a0\u901f\u3059\u308b<\/a><\/li>\n<\/ul>\n\n\n\n<p>\u666f\u6c17\u5f8c\u9000\u306b\u306a\u3063\u3066\u3055\u3048\u3044\u306a\u3044\u306e\u306b\u65e2\u306b\u7c73\u56fd\u50b5\u304c\u4e0b\u843d\u3057\u3066\u3044\u308b\u306e\u3060\u304b\u3089\u3001\u666f\u6c17\u5f8c\u9000\u306b\u306a\u3063\u3066\u56fd\u50b5\u306e\u767a\u884c\u91cf\u304c\u66f4\u306b\u5897\u3048\u308c\u3070\u3001\u7c73\u56fd\u50b5\u306f\u3069\u3046\u306a\u3063\u3066\u3057\u307e\u3046\u306e\u304b\u3002<\/p>\n\n\n\n<p>\u305d\u308c\u306f\u30ec\u30a4\u30fb\u30c0\u30ea\u30aa\u6c0f\u304c\u300e<a href=\"https:\/\/amzn.to\/3IWcV1T\" target=\"_blank\" rel=\"noreferrer noopener\">\u4e16\u754c\u79e9\u5e8f\u306e\u5909\u5316\u306b\u5bfe\u51e6\u3059\u308b\u305f\u3081\u306e\u539f\u5247<\/a>\u300f\u3067\u4e88\u60f3\u3057\u305f\u3001\u8987\u6a29\u56fd\u5bb6\u306e\u7d42\u308f\u308a\u306e\u59cb\u307e\u308a\u3067\u3042\u308b\u3002\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u306f\u6b21\u306e\u3088\u3046\u306b\u7e8f\u3081\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\u59cb\u3081\u3066\u3082\u305d\u308c\u306f\u52b9\u304b\u306a\u304b\u3063\u305f\u3002\u898b\u3066\u306e\u901a\u308a\u3060\u3002<\/p>\n\n\n\n<p>\u5e02\u5834\u3067\u306f\u4f55\u304b\u304c\u8d77\u3053\u3063\u3066\u3044\u308b\u3002<\/p>\n<\/blockquote>\n\n\n\n<a href=\"https:\/\/amzn.to\/3xlpTUc\" target=\"_blank\" rel=\"noreferrer noopener\"><img decoding=\"async\" src=\"https:\/\/m.media-amazon.com\/images\/I\/81CZHKszf9L._SL160_.jpg\"><\/a><br><a href=\"https:\/\/amzn.to\/3xlpTUc\" target=\"_blank\" rel=\"noreferrer noopener\">\u4e16\u754c\u79e9\u5e8f\u306e\u5909\u5316\u306b\u5bfe\u51e6\u3059\u308b\u305f\u3081\u306e\u539f\u5247<\/a>\n","protected":false},"excerpt":{"rendered":"<p>DoubleLine Capital\u306e\u30b8\u30a7\u30d5\u30ea\u30fc\u30fb\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u304c\u4eca\u5e74\u521d\u3081\u3066\u306e\u52d5\u753b\u914d\u4fe1\u3067\u30a2\u30e1\u30ea\u30ab\u306e\u91d1\u5229\u3068\u8ca1\u653f\u554f\u984c\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":[59,118,111,108],"tags":[131],"class_list":["post-58610","post","type-post","status-publish","format-standard","hentry","category-us-stock-market","category-us-bond-market","category-stock-markets","category-bond-markets","tag-jeffrey-gundlach"],"_links":{"self":[{"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/58610","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=58610"}],"version-history":[{"count":27,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/58610\/revisions"}],"predecessor-version":[{"id":58639,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/58610\/revisions\/58639"}],"wp:attachment":[{"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/media?parent=58610"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/categories?post=58610"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/tags?post=58610"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}