{"id":6436,"date":"2017-06-18T20:02:10","date_gmt":"2017-06-18T11:02:10","guid":{"rendered":"http:\/\/www.globalmacroresearch.org\/jp\/?p=6436"},"modified":"2017-06-18T16:27:33","modified_gmt":"2017-06-18T07:27:33","slug":"%e7%b1%b3%e5%9b%bd%e3%83%9e%e3%83%8d%e3%82%bf%e3%83%aa%e3%83%bc%e3%83%99%e3%83%bc%e3%82%b9%e7%b8%ae%e5%b0%8f%e3%81%a7%e6%9a%b4%e8%90%bd%e3%81%99%e3%82%8b%e5%b8%82%e5%a0%b4%e3%80%81%e9%8a%98%e6%9f%84","status":"publish","type":"post","link":"https:\/\/www.globalmacroresearch.org\/jp\/archives\/6436","title":{"rendered":"\u7c73\u56fd\u30de\u30cd\u30bf\u30ea\u30fc\u30d9\u30fc\u30b9\u7e2e\u5c0f\u3067\u66b4\u843d\u3059\u308b\u5e02\u5834\u3001\u9298\u67c4\u4e00\u89a7"},"content":{"rendered":"<p>\u30a2\u30e1\u30ea\u30ab\u306e\u4e2d\u592e\u9280\u884c\u306b\u76f8\u5f53\u3059\u308bFed\uff08\u9023\u90a6\u6e96\u5099\u5236\u5ea6\uff09\u306f\u3001\u73fe\u5728\u9032\u884c\u4e2d\u306e\u5229\u4e0a\u3052\u306b\u52a0\u3048\u3066\u30de\u30cd\u30bf\u30ea\u30fc\u30d9\u30fc\u30b9\u306e\u7e2e\u5c0f\u3001\u3064\u307e\u308a\u91cf\u7684\u7de9\u548c\u306e\u9006\u623b\u3057\u3092\u884c\u304a\u3046\u3068\u3057\u3066\u3044\u308b\u3002<\/p>\n<p><!--more-->\u6295\u8cc7\u5bb6\u306fFed\u304c\u672c\u5f53\u306b\u3053\u306e\u5f37\u786c\u59ff\u52e2\u3092\u5b9f\u884c\u3067\u304d\u308b\u306e\u304b\u61d0\u7591\u7684\u306b\u601d\u3063\u3066\u3044\u308b\u304c\u3001\u3082\u3057\u30a4\u30a8\u30ec\u30f3\u8b70\u9577\u304c\u672c\u5f53\u306b\u305d\u308c\u3092\u5b9f\u884c\u3059\u308c\u3070\u3069\u3046\u306a\u308b\u304b\u3068\u3044\u3046\u3053\u3068\u306f\u8003\u3048\u3066\u304a\u304f\u3079\u304d\u3060\u308d\u3046\u3002<\/p>\n<p>\u305d\u3053\u3067\u3001\u3053\u306e\u8a18\u4e8b\u3067\u306fFed\u306e\u30d0\u30e9\u30f3\u30b9\u30b7\u30fc\u30c8\u7e2e\u5c0f\u304c\u60aa\u5f71\u97ff\u3092\u4e0e\u3048\u308b\u5e02\u5834\u3084\u9298\u67c4\u306b\u3064\u3044\u3066\u7e8f\u3081\u3066\u304a\u3053\u3046\u3068\u601d\u3046\u3002<\/p>\n<p><strong>\u7c73\u56fd\u9577\u671f\u91d1\u5229<\/strong><\/p>\n<p>\u5148\u305a\u306f\u9577\u671f\u91d1\u5229\u3067\u3042\u308b\u3002\u9577\u671f\u91d1\u5229\u3068\u306f10\u5e74\u7269\u56fd\u50b5\u306e\u91d1\u5229\u306e\u3053\u3068\u3067\u3042\u308a\u300110\u5e74\u7269\u56fd\u50b5\u306fFed\u304c\u5e02\u5834\u306b\u653e\u51fa\u3059\u308b\u50b5\u5238\u3067\u3042\u308b\u3002\u50b5\u5238\u306f\u4fa1\u683c\u304c\u4e0b\u304c\u308b\u3068\u91d1\u5229\u304c\u4e0a\u304c\u308b\u306e\u3067\u3001Fed\u304c\u56fd\u50b5\u3092\u58f2\u308a\u306b\u51fa\u305b\u3070\u9577\u671f\u91d1\u5229\u304c\u4e0a\u304c\u308b\u3068\u3044\u3046\u3053\u3068\u3067\u3042\u308b\u3002<\/p>\n<p>\u30c9\u30eb\u3082\u682a\u5f0f\u5e02\u5834\u3082\u3053\u306e\u9577\u671f\u91d1\u5229\u306b\u5f71\u97ff\u3055\u308c\u308b\u306e\u3067\u3001\u9577\u671f\u91d1\u5229\u306e\u52d5\u5411\u304c\u3059\u3079\u3066\u306e\u57fa\u672c\u3068\u3044\u3046\u3053\u3068\u306b\u306a\u308b\u3002\u9577\u671f\u91d1\u5229\u306e\u30c1\u30e3\u30fc\u30c8\u306f\u4ee5\u4e0b\u3067\u3042\u308b\u3002<\/p>\n<p><a href=\"http:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2017\/06\/2017-6-18-us-10-year-treasury-note-yield-chart.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-6437\" src=\"http:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2017\/06\/2017-6-18-us-10-year-treasury-note-yield-chart.png\" alt=\"\" width=\"600\" height=\"402\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2017\/06\/2017-6-18-us-10-year-treasury-note-yield-chart.png 600w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2017\/06\/2017-6-18-us-10-year-treasury-note-yield-chart-300x201.png 300w\" sizes=\"auto, (max-width: 600px) 100vw, 600px\" \/><\/a><\/p>\n<p>\u307e\u305f\u3001\u9577\u671f\u91d1\u5229\u306b\u3064\u3044\u3066\u306f\u30012017\u5e74\u306e\u5f8c\u534a\u304b\u30892018\u5e74\u306b\u304b\u3051\u3066\u61f8\u5ff5\u3059\u3079\u304d\u8981\u56e0\u304c\u3082\u3046\u4e00\u3064\u3042\u308b\u3002\u7c73\u56fd\u306e\u30e0\u30cb\u30e5\u30fc\u30c1\u30f3\u8ca1\u52d9\u9577\u5b98\u304c\u691c\u8a0e\u3057\u3066\u3044\u308b\u8d85\u9577\u671f\u56fd\u50b5\u306e\u767a\u884c\u3067\u3042\u308b\u3002<\/p>\n<ul>\n<li><a href=\"http:\/\/www.globalmacroresearch.org\/jp\/archives\/5069\">\u30c8\u30e9\u30f3\u30d7\u653f\u6a29\u304c\u8d85\u9577\u671f\u50b5\u767a\u884c\u3067\u30b8\u30e3\u30f3\u30af\u50b5\u306f\u66b4\u843d\u3059\u308b<\/a><\/li>\n<\/ul>\n<p>\u30de\u30cd\u30bf\u30ea\u30fc\u30d9\u30fc\u30b9\u3068\u8d85\u9577\u671f\u56fd\u50b5\u306e\u767a\u884c\u3068\u3044\u3046\u50b5\u5238\u306e\u58f2\u308a\u8981\u7d20\u306e\u4e21\u65b9\u304c\u672c\u5f53\u306b\u8d77\u3053\u308c\u3070\u3001\u9577\u671f\u91d1\u5229\u306f\u5371\u967a\u6c34\u57df\u3067\u3042\u308b2.8%-3.0%\u306e\u30ec\u30f3\u30b8\u3092\u629c\u3051\u3066\u3086\u304f\u53ef\u80fd\u6027\u304c\u3042\u308a\u3001\u305d\u3046\u306a\u308c\u3070\u3053\u308c\u307e\u3067\u597d\u8abf\u3067\u6765\u3066\u3044\u308b\u682a\u5f0f\u5e02\u5834\u3082\u4f55\u304b\u304c\u5371\u967a\u3060\u3068\u6c17\u4ed8\u304d\u59cb\u3081\u308b\u3060\u308d\u3046\u3002\u4ee5\u4e0b\u306f\u4e00\u5e74\u4ee5\u4e0a\u3082\u524d\u306e\u8a18\u4e8b\u3060\u304c\u3001\u91cf\u7684\u7de9\u548c\u30d0\u30d6\u30eb\u304c\u5b58\u5728\u3059\u308b\u9650\u308a\u5e38\u306b\u6709\u52b9\u3067\u3042\u308b\u3002<\/p>\n<ul>\n<li><a href=\"http:\/\/www.globalmacroresearch.org\/jp\/archives\/2219\">\u91cf\u7684\u7de9\u548c\u30d0\u30d6\u30eb\u3092\u5d29\u58ca\u3055\u305b\u308b\u30dd\u30fc\u30c8\u30d5\u30a9\u30ea\u30aa\u30fb\u30ea\u30d0\u30e9\u30f3\u30b9\u306e\u9006\u6d41<\/a><\/li>\n<\/ul>\n<p><strong>\u30c9\u30eb<\/strong><\/p>\n<p>\u3055\u3066\u3001\u9577\u671f\u91d1\u5229\u304c\u4e0a\u304c\u308c\u3070\u30c9\u30eb\u304c\u4e0a\u6607\u3059\u308b\u3002\u5f53\u7136\u306e\u3053\u3068\u3060\u304c\u3001\u4e00\u5fdc\u66f8\u3044\u3066\u304a\u3053\u3046\u3002\u53d6\u5f15\u3059\u308b\u901a\u8ca8\u30da\u30a2\u3068\u3057\u3066\u76f8\u5fdc\u3057\u3044\u306e\u306f\u30c9\u30eb\u5186\u3060\u308d\u3046\u3002<\/p>\n<p><a href=\"http:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2017\/06\/2017-6-18-usdjpy-chart.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-6438\" src=\"http:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2017\/06\/2017-6-18-usdjpy-chart.png\" alt=\"\" width=\"600\" height=\"402\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2017\/06\/2017-6-18-usdjpy-chart.png 600w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2017\/06\/2017-6-18-usdjpy-chart-300x201.png 300w\" sizes=\"auto, (max-width: 600px) 100vw, 600px\" \/><\/a><\/p>\n<p>\u65e5\u9280\u304c\u5e02\u5834\u304b\u3089\u5b8c\u5168\u306b\u7121\u8996\u3055\u308c\u3066\u3044\u308b\u306e\u3067\u3001\u7d14\u7c8b\u306b\u30a2\u30e1\u30ea\u30ab\u5074\u306e\u4e8b\u60c5\u3060\u3051\u3092\u8003\u3048\u3066\u53d6\u5f15\u3059\u308b\u3053\u3068\u304c\u51fa\u6765\u308b\u3002<\/p>\n<p>\u305d\u308c\u3067\u3082\u65e5\u672c\u306e\u7d4c\u6e08\u30e1\u30c7\u30a3\u30a2\u3067\u300c\u65e5\u9280\u306f\u5e02\u5834\u3068\u5bfe\u8a71\u51fa\u6765\u3066\u3044\u308b\u306e\u304b\u300d\u306a\u3069\u3068\u3044\u3046\u8b70\u984c\u306b\u3064\u3044\u3066\u771f\u5263\u306b\u8b70\u8ad6\u3055\u308c\u3066\u3044\u308b\u306e\u3092\u898b\u304b\u3051\u308b\u3068\u60b2\u3057\u304f\u306a\u308b\u3002\u305d\u306e\u3088\u3046\u306a\u8b70\u8ad6\u304c\u6210\u308a\u7acb\u3064\u306e\u306f\u65e5\u672c\u56fd\u5185\u3060\u3051\u3067\u3042\u308b\u3002\u305d\u3082\u305d\u3082\u6d77\u5916\u52e2\u306f\u65e5\u9280\u306e\u3053\u3068\u306a\u3069\u5fd8\u308c\u3066\u3044\u308b\u3002<\/p>\n<p><strong>\u30b8\u30e3\u30f3\u30af\u50b5<\/strong><\/p>\n<p>\u3055\u3066\u3001\u5927\u66b4\u843d\u306e\u672c\u547d\u306f\u3053\u308c\u3060\u308d\u3046\u3002\u30a2\u30e1\u30ea\u30ab\u306e\u9ad8\u5229\u56de\u308a\u50b5\u3067\u3042\u308b\u3002<\/p>\n<p>\u30b8\u30e3\u30f3\u30af\u50b5\u3068\u306f\u3001\u4fe1\u7528\u306e\u8584\u3044\uff08\u8ca1\u52d9\u306e\u602a\u3057\u3044\uff09\u4f01\u696d\u304c\u767a\u884c\u3059\u308b\u5229\u56de\u308a\u306e\u9ad8\u3044\u793e\u50b5\u306e\u3053\u3068\u3067\u3042\u308a\u3001\u73fe\u5728\u30a2\u30e1\u30ea\u30ab\u3067\u30b8\u30e3\u30f3\u30af\u50b5\u3092\u767a\u884c\u3057\u3066\u3044\u308b\u306e\u306f\u4e3b\u306b\u65b0\u8208\u306e\u30b7\u30a7\u30fc\u30eb\u4f01\u696d\u3067\u3042\u308b\u3002<\/p>\n<ul>\n<li><a href=\"http:\/\/www.globalmacroresearch.org\/jp\/archives\/6191\">2017\u5e74\u539f\u6cb9\u4fa1\u683c\u306e\u63a8\u79fb\u4e88\u60f3\u3068\u30b7\u30a7\u30fc\u30eb\u30aa\u30a4\u30eb\u7523\u696d\u306e\u640d\u76ca\u5206\u5c90\u70b9<\/a><\/li>\n<\/ul>\n<p>Fed\u306b\u3088\u308b\u91d1\u878d\u5f15\u304d\u7de0\u3081\u306f\u4e8c\u91cd\u306e\u610f\u5473\u3067\u30b8\u30e3\u30f3\u30af\u50b5\u306b\u3068\u3063\u3066\u30de\u30a4\u30ca\u30b9\u306b\u50cd\u304f\u3002\u7b2c\u4e00\u306b\u3001\u91d1\u5229\u4e0a\u6607\u306f\u30b8\u30e3\u30f3\u30af\u50b5\u306e\u4fa1\u683c\u4e0b\u843d\u3092\u610f\u5473\u3059\u308b\u3002\u7b2c\u4e8c\u306b\u3001\u9ad8\u91d1\u5229\u306b\u3088\u308b\u30c9\u30eb\u9ad8\u306f\u30c9\u30eb\u3067\u53d6\u5f15\u3055\u308c\u3066\u3044\u308b\u539f\u6cb9\u4fa1\u683c\u306e\u4e0b\u843d\u3092\u3082\u305f\u3089\u3057\u3001\u539f\u6cb9\u4fa1\u683c\u306e\u4e0b\u843d\u306f\u30b8\u30e3\u30f3\u30af\u50b5\u3092\u767a\u884c\u3059\u308b\u30b7\u30a7\u30fc\u30eb\u4f01\u696d\u306e\u8ca1\u653f\u3092\u5371\u3046\u304f\u3059\u308b\u3002<\/p>\n<p>\u305d\u3057\u3066\u4f55\u3088\u308a\u3001\u91d1\u878d\u5e02\u5834\u5168\u4f53\u304b\u3089\u6d41\u52d5\u6027\u304c\u5931\u308f\u308c\u308b\u3068\u304d\u3001\u771f\u3063\u5148\u306b\u58f2\u3089\u308c\u308b\u306e\u306f\u30ea\u30b9\u30af\u8cc7\u7523\u3067\u3042\u308b\u3002\u305d\u3057\u3066\u30b8\u30e3\u30f3\u30af\u50b5\u306f\u30ea\u30b9\u30af\u8cc7\u7523\u306e\u5178\u578b\u3067\u3042\u308b\u3002<\/p>\n<p>\u30b8\u30e3\u30f3\u30af\u50b5ETF\u306e\u30c1\u30e3\u30fc\u30c8\u3092\u63b2\u8f09\u3057\u3066\u304a\u304f\u304c\u3001\u898b\u3066\u306e\u901a\u308a\u30b8\u30e3\u30f3\u30af\u50b5\u306f\u307e\u3060\u4e2d\u671f\u7684\u306a\u9ad8\u5024\u570f\u3092\u63a8\u79fb\u3057\u3066\u304a\u308a\u3001Fed\u306b\u3088\u308b\u91d1\u878d\u5f15\u304d\u7de0\u3081\u304c\u884c\u304d\u904e\u304e\u308b\u3068\u8e0f\u3093\u3067\u3044\u308b\u6295\u8cc7\u5bb6\u306b\u3068\u3063\u3066\u306f\u58f2\u308a\u6642\u3068\u8a00\u3048\u308b\u3060\u308d\u3046\u3002<\/p>\n<p><a href=\"http:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2017\/06\/2017-6-18-ishares-iboxx-high-yield-corporate-bond-etf-nysearca-hyg-chart.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-6439\" src=\"http:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2017\/06\/2017-6-18-ishares-iboxx-high-yield-corporate-bond-etf-nysearca-hyg-chart.png\" alt=\"\" width=\"600\" height=\"402\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2017\/06\/2017-6-18-ishares-iboxx-high-yield-corporate-bond-etf-nysearca-hyg-chart.png 600w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2017\/06\/2017-6-18-ishares-iboxx-high-yield-corporate-bond-etf-nysearca-hyg-chart-300x201.png 300w\" sizes=\"auto, (max-width: 600px) 100vw, 600px\" \/><\/a><\/p>\n<p><strong>\u65b0\u8208\u56fd\u682a\u5f0f<\/strong><\/p>\n<p>\u3042\u308b\u7a0b\u5ea6\u30b0\u30ed\u30fc\u30d0\u30eb\u30de\u30af\u30ed\u6226\u7565\u306b\u6163\u308c\u305f\u8aad\u8005\u306a\u3089\u3070\u3001\u300c\u91d1\u878d\u5e02\u5834\u304b\u3089\u6d41\u52d5\u6027\u304c\u5931\u308f\u308c\u308b\u3068\u304d\u306b\u58f2\u3089\u308c\u308b\u8cc7\u7523\u300d\u3068\u805e\u3044\u3066\u3001\u3053\u306e\u8cc7\u7523\u30af\u30e9\u30b9\u3092\u601d\u3044\u6d6e\u304b\u3079\u305f\u306e\u3067\u306f\u306a\u3044\u304b\u3002\u65b0\u8208\u56fd\u682a\u3067\u3042\u308b\u3002<\/p>\n<p>\u5148\u9032\u56fd\u306e\u6295\u8cc7\u5bb6\u306b\u3068\u3063\u3066\u3001\u65b0\u8208\u56fd\u682a\u3068\u306f\u300c\u5148\u9032\u56fd\u306e\u8cc7\u7523\u306e\u30ea\u30bf\u30fc\u30f3\u304c\u4f4e\u3044\u6642\u306b\u3001\u3088\u308a\u9ad8\u3044\u30ea\u30bf\u30fc\u30f3\u3092\u6c42\u3081\u3066\u6295\u8cc7\u3059\u308b\u6295\u8cc7\u5148\u300d\u3067\u3042\u308b\u3002\u30a2\u30e1\u30ea\u30ab\u3084\u30e8\u30fc\u30ed\u30c3\u30d1\u306a\u3069\u304c\u4f4e\u91d1\u5229\u306b\u306a\u308c\u3070\u3001\u6b27\u7c73\u306e\u6295\u8cc7\u5bb6\u306f\u3088\u308a\u9ad8\u3044\u5229\u56de\u308a\u3092\u6c42\u3081\u3066\u65b0\u8208\u56fd\u306e\u8cc7\u7523\u3092\u8cb7\u3046\u3053\u3068\u306b\u306a\u308b\u3002\u8cc7\u91d1\u304c\u5148\u9032\u56fd\u304b\u3089\u65b0\u8208\u56fd\u3078\u3068\u6ea2\u308c\u51fa\u3057\u3066\u3086\u304f\u3002\u30a2\u30e1\u30ea\u30ab\u306e\u91cf\u7684\u7de9\u548c\u3067\u65b0\u8208\u56fd\u304c\u6f64\u3046\u306e\u306f\u305d\u3046\u3044\u3046\u7406\u5c48\u3067\u3042\u308b\u3002<\/p>\n<p>\u3067\u306f\u3001\u9006\u306b\u30a2\u30e1\u30ea\u30ab\u3067\u91d1\u5229\u304c\u4e0a\u304c\u308b\u6642\u306b\u306f\u3069\u3046\u306a\u308b\u306e\u304b\uff1f\u3000\u65b0\u8208\u56fd\u304b\u3089\u8cc7\u91d1\u304c\u6d41\u51fa\u3059\u308b\u306e\u3067\u3042\u308b\u3002\u65b0\u8208\u56fd\u306e\u901a\u8ca8\u306f\u4e0b\u304c\u308a\u3001\u682a\u5f0f\u5e02\u5834\u3082\u4e0b\u843d\u3059\u308b\u3002<\/p>\n<p>\u65b0\u8208\u56fd\u3068\u8a00\u3048\u3070\u30013\u6708\u672b\u306e\u6642\u70b9\u3067\u4e16\u754c\u6700\u5927\u306e\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u3001Bridgewater\u304c\u65b0\u8208\u56fd\u682aETF\u306b\u6295\u8cc7\u3057\u3066\u3044\u305f\u3002<\/p>\n<ul>\n<li><a href=\"http:\/\/www.globalmacroresearch.org\/jp\/archives\/6255\">\u4e16\u754c\u6700\u5927\u306e\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u3001\u65b0\u8208\u56fd\u682a\u5f0f\u306b\u6295\u8cc7<\/a><\/li>\n<\/ul>\n<p>\u305d\u306e\u5f8c\u5275\u696d\u8005\u306e\u30c0\u30ea\u30aa\u6c0f\u304c\u6295\u8cc7\u5224\u65ad\u3092\u5909\u3048\u305f\u304b\u3069\u3046\u304b\u306f\u4e0d\u660e\u3060\u304c\u3001\u305d\u306e\u65b0\u8208\u56fd\u682aETF\u306e\u30c1\u30e3\u30fc\u30c8\u306f\u6b21\u306e\u3088\u3046\u306b\u306a\u3063\u3066\u3044\u308b\u3002<\/p>\n<p><a href=\"http:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2017\/06\/2017-6-18-vanguard-ftse-emerging-markets-etf-nasdaq-vwo-chart.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-6440\" src=\"http:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2017\/06\/2017-6-18-vanguard-ftse-emerging-markets-etf-nasdaq-vwo-chart.png\" alt=\"\" width=\"600\" height=\"402\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2017\/06\/2017-6-18-vanguard-ftse-emerging-markets-etf-nasdaq-vwo-chart.png 600w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2017\/06\/2017-6-18-vanguard-ftse-emerging-markets-etf-nasdaq-vwo-chart-300x201.png 300w\" sizes=\"auto, (max-width: 600px) 100vw, 600px\" \/><\/a><\/p>\n<p>\u3053\u308c\u307e\u3067\u306f\u597d\u8abf\u3060\u3063\u305f\u304c\u3001\u30a4\u30a8\u30ec\u30f3\u8b70\u9577\u304c\u91d1\u878d\u5f15\u304d\u7de0\u3081\u3092\u5f37\u884c\u3059\u308c\u3070\u3001\u65b0\u8208\u56fd\u682a\u3082\u70ba\u66ff\u3068\u682a\u4fa1\u306e\u4e21\u9762\u3067\u72a0\u7272\u306b\u306a\u308b\u3053\u3068\u306b\u306a\u308b\u3060\u308d\u3046\u3002<\/p>\n<p><strong>\u7c73\u56fd\u682a<\/strong><\/p>\n<p>\u307e\u305f\u3001\u7c73\u56fd\u682a\u3082\u5f53\u7136\u306a\u304c\u3089\u5f71\u97ff\u3092\u53d7\u3051\u308b\u8cc7\u7523\u30af\u30e9\u30b9\u306e\u4e00\u3064\u3060\u304c\u3001\u500b\u4eba\u7684\u306b\u306f\u9707\u6e90\u5730\u306e\u30a2\u30e1\u30ea\u30ab\u3088\u308a\u3082\u3080\u3057\u308d\u65b0\u8208\u56fd\u3067\u305d\u306e\u5f71\u97ff\u304c\u5927\u304d\u304f\u51fa\u308b\u53ef\u80fd\u6027\u306f\u9ad8\u3044\u3068\u898b\u3066\u3044\u308b\u3002\u4f7f\u3044\u53e4\u3055\u308c\u305f\u8a00\u3044\u56de\u3057\u3067\u8a00\u3046\u306a\u3089\u3070\u3001\u30a2\u30e1\u30ea\u30ab\u304c\u304f\u3057\u3083\u307f\u3092\u3059\u308c\u3070\u65b0\u8208\u56fd\u304c\u98a8\u90aa\u3092\u5f15\u304f\u3068\u3044\u3046\u308f\u3051\u3067\u3042\u308b\u3002<\/p>\n<p><a href=\"http:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2017\/06\/2017-6-18-s-and-p-500-chart.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-6444\" src=\"http:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2017\/06\/2017-6-18-s-and-p-500-chart.png\" alt=\"\" width=\"600\" height=\"402\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2017\/06\/2017-6-18-s-and-p-500-chart.png 600w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2017\/06\/2017-6-18-s-and-p-500-chart-300x201.png 300w\" sizes=\"auto, (max-width: 600px) 100vw, 600px\" \/><\/a><\/p>\n<p>\u6628\u5e74\u3088\u308a\u7c73\u56fd\u682a\u304c\u4e00\u8cab\u3057\u3066\u4e0a\u6607\u3057\u3066\u3044\u308b\u7406\u7531\u306f\u6cd5\u4eba\u6e1b\u7a0e\u3067\u3042\u308a\u3001\u30a4\u30f3\u30d5\u30e9\u6295\u8cc7\u306a\u3069\u3088\u308a\u3082\u4e0e\u515a\u5171\u548c\u515a\u306e\u652f\u6301\u3092\u5f97\u3089\u308c\u3084\u3059\u3044\u6cd5\u4eba\u6e1b\u7a0e\u306f\u30012017\u5e74\u306e\u5f8c\u534a\u304b\u9045\u304f\u3068\u30822018\u5e74\u306e\u59cb\u3081\u306b\u306f\u4f55\u3089\u304b\u306e\u524d\u5411\u304d\u306a\u52d5\u304d\u304c\u898b\u3089\u308c\u308b\u53ef\u80fd\u6027\u304c\u9ad8\u3044\u3002\u3057\u305f\u304c\u3063\u3066\u3001\u30a2\u30e1\u30ea\u30ab\u306e\u682a\u5f0f\u5e02\u5834\u3067\u306f\u4eca\u5f8c\u3001\u6cd5\u4eba\u6e1b\u7a0e\u306b\u3088\u308b\u4e0a\u6607\u5727\u529b\u3068\u91d1\u878d\u5f15\u304d\u7de0\u3081\u306b\u3088\u308b\u4e0b\u843d\u5727\u529b\u304c\u305b\u3081\u304e\u5408\u3046\u3053\u3068\u306b\u306a\u308b\u3060\u308d\u3046\u3002<\/p>\n<p><strong>\u7d50\u8ad6<\/strong><\/p>\n<p>Fed\u306e\u30a4\u30a8\u30ec\u30f3\u8b70\u9577\u304c\u3069\u308c\u307b\u3069\u672c\u6c17\u306a\u306e\u304b\u3068\u3044\u3046\u8a71\u306f\u3042\u308b\u304c\u3001\u3057\u304b\u3057\u305d\u308c\u3067\u3082Fed\u306e\u8a00\u3046\u3053\u3068\u3067\u3042\u308a\u3001\u5e02\u5834\u306f\u4eca\u5f8c\u6570\u30f6\u6708\u639b\u3051\u3066\u305d\u308c\u3092\u7e54\u308a\u8fbc\u3093\u3067\u3086\u304f\u53ef\u80fd\u6027\u306f\u3042\u308b\u3002<\/p>\n<p>\u6700\u8fd1\u306e\u30cf\u30a4\u30c6\u30af\u682a\u306e\u6025\u843d\u306b\u3064\u3044\u3066\u3001\u30b0\u30ed\u30fc\u30d0\u30eb\u30de\u30af\u30ed\u7cfb\u306e\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u306e\u624b\u4ed5\u821e\u3044\u304c\u767a\u7aef\u3067\u306f\u306a\u3044\u304b\u3068\u3044\u3046\u8a18\u4e8b\u3092\u66f8\u3044\u305f\u304c\u3001\u65b0\u8208\u56fd\u682a\u306a\u3069\u3092\u542b\u3081\u3001\u305d\u3046\u3057\u305f\u30ea\u30b9\u30af\u30aa\u30f3\u306e\u30c8\u30ec\u30fc\u30c9\u3082\u305d\u308d\u305d\u308d\u624b\u4ed5\u821e\u3046\u3079\u304d\u6642\u671f\u306b\u5dee\u3057\u639b\u304b\u3063\u3066\u3044\u308b\u306e\u3067\u306f\u306a\u3044\u304b\u3002<\/p>\n<ul>\n<li><a href=\"http:\/\/www.globalmacroresearch.org\/jp\/archives\/6370\">6\u67089\u65e5\u306e\u7c73\u56fd\u682a\u30cf\u30a4\u30c6\u30af\u9298\u67c4\u6025\u843d\u306e\u539f\u56e0<\/a><\/li>\n<\/ul>\n<p>2017\u5e74\u5f8c\u534a\u306b\u306f\u3001\u5148\u305a\u30a2\u30e1\u30ea\u30ab\u306eGDP\u7d71\u8a08\u304c\u60aa\u5316\u3059\u308b\u53ef\u80fd\u6027\u304c\u9ad8\u3044\u3002\u5b9f\u4f53\u7d4c\u6e08\u306e\u6e1b\u901f\u306b\u4e2d\u592e\u9280\u884c\u306e\u91d1\u878d\u5f15\u304d\u7de0\u3081\u304c\u52a0\u308f\u308c\u3070\u3001\u30ea\u30b9\u30af\u8cc7\u7523\u306b\u306f\u5927\u304d\u306a\u30c0\u30e1\u30fc\u30b8\u3068\u306a\u308b\u3060\u308d\u3046\u3002\u30ac\u30f3\u30c8\u30e9\u30c3\u30af\u6c0f\u306f\u3084\u306f\u308a\u6b63\u3057\u3044\u306e\u3067\u3042\u308b\u3002<\/p>\n<ul>\n<li><a href=\"http:\/\/www.globalmacroresearch.org\/jp\/archives\/6396\">\u30ac\u30f3\u30c8\u30e9\u30c3\u30af\u6c0f: \u9577\u671f\u91d1\u5229\u4e0a\u6607\u30672017\u5e74\u5f8c\u534a\u306e\u682a\u5f0f\u5e02\u5834\u306f\u8352\u308c\u308b<\/a><\/li>\n<li><a 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