{"id":6455,"date":"2017-06-23T20:24:17","date_gmt":"2017-06-23T11:24:17","guid":{"rendered":"http:\/\/www.globalmacroresearch.org\/jp\/?p=6455"},"modified":"2017-06-23T20:24:17","modified_gmt":"2017-06-23T11:24:17","slug":"%e3%82%ac%e3%83%b3%e3%83%88%e3%83%a9%e3%83%83%e3%82%af%e6%b0%8f-%e9%87%91%e8%9e%8d%e5%bc%95%e3%81%8d%e7%b7%a0%e3%82%81%e3%81%a7%e7%b1%b3%e5%9b%bd%e5%b8%82%e5%a0%b4%e3%82%92%e9%81%bf%e3%81%91%e3%82%88","status":"publish","type":"post","link":"https:\/\/www.globalmacroresearch.org\/jp\/archives\/6455","title":{"rendered":"\u30ac\u30f3\u30c8\u30e9\u30c3\u30af\u6c0f: \u91d1\u878d\u5f15\u304d\u7de0\u3081\u3067\u7c73\u56fd\u5e02\u5834\u3092\u907f\u3051\u3088"},"content":{"rendered":"<p>\u30c8\u30e9\u30f3\u30d7\u76f8\u5834\u306b\u304a\u3051\u308b\u91d1\u878d\u5e02\u5834\u306e\u52d5\u304d\u3092\u898b\u4e8b\u306b\u4e88\u60f3\u3057\u7d9a\u3051\u3066\u3044\u308b\u50b5\u5238\u6295\u8cc7\u5bb6\u306e\u30b8\u30a7\u30d5\u30ea\u30fc\u30fb\u30ac\u30f3\u30c8\u30e9\u30c3\u30af\u6c0f\u304c\u30a2\u30e1\u30ea\u30ab\u306e\u5229\u4e0a\u3052\u3068\u30de\u30cd\u30bf\u30ea\u30fc\u30d9\u30fc\u30b9\u7e2e\u5c0f\u3001\u305d\u3057\u3066\u30c8\u30e9\u30f3\u30d7\u653f\u6a29\u306b\u3064\u3044\u3066\u8a9e\u3063\u3066\u3044\u308b\u3002Reuters\uff08<a href=\"https:\/\/www.reuters.com\/article\/us-funds-doubleline-idUSKBN19C2I8\" target=\"_blank\" rel=\"noopener noreferrer\">\u539f\u6587\u82f1\u8a9e<\/a>\uff09\u304c\u4f1d\u3048\u3066\u3044\u308b\u3002<\/p>\n<p><!--more--><strong>\u300c\u30c8\u30e9\u30f3\u30d7\u6c0f\u306f\u4e0a\u624b\u304f\u3084\u3063\u3066\u3044\u308b\u300d<\/strong><\/p>\n<p>\u6295\u8cc7\u5bb6\u306b\u3068\u3063\u3066\u91cd\u8981\u306a\u306e\u306f\u30c9\u30eb\u3084\u682a\u5f0f\u5e02\u5834\u306b\u5f71\u97ff\u3059\u308b\u9577\u671f\u91d1\u5229\u306e\u52d5\u5411\u3060\u304c\u3001\u305d\u306e\u8a71\u3092\u3059\u308b\u305f\u3081\u306b\u306f\u30c8\u30e9\u30f3\u30d7\u653f\u6a29\u306e\u8a71\u304b\u3089\u59cb\u3081\u308b\u3079\u304d\u3060\u308d\u3046\u3002<\/p>\n<p>\u30ac\u30f3\u30c8\u30e9\u30c3\u30af\u6c0f\u306f\u5927\u7d71\u9818\u9078\u6319\u3067\u30c8\u30e9\u30f3\u30d7\u6c0f\u306e\u52dd\u5229\u3092\u4e88\u60f3\u3057\u3066\u3044\u305f\u6570\u5c11\u306a\u3044\u6295\u8cc7\u5bb6\u306e\u4e00\u4eba\u3067\u3042\u308b\u3002\u305d\u306e\u30ac\u30f3\u30c8\u30e9\u30c3\u30af\u6c0f\u306f\u3001\u30ef\u30b7\u30f3\u30c8\u30f3\u3067\u69d8\u3005\u306a\u969c\u5bb3\u306b\u76f4\u9762\u3057\u3066\u3044\u308b\u30c8\u30e9\u30f3\u30d7\u653f\u6a29\u306b\u3064\u3044\u3066\u3053\u3046\u8ff0\u3079\u3066\u3044\u308b\u3002<\/p>\n<blockquote><p>\u53cd\u30c8\u30e9\u30f3\u30d7\u6f6e\u6d41\u306e\u30d4\u30fc\u30af\u306f\u904e\u304e\u305f\u3002\u30c8\u30e9\u30f3\u30d7\u5927\u7d71\u9818\u306f\u4e0a\u624b\u304f\u3084\u3063\u3066\u3044\u308b\u3002\u30d2\u30e9\u30ea\u30fc\u6d3e\u306e\u4eba\u3005\u304c\u5606\u304d\u60b2\u3057\u3080\u30d7\u30ed\u30bb\u30b9\u304c\u3088\u3046\u3084\u304f\u958b\u59cb\u3057\u3088\u3046\u3068\u3057\u3066\u3044\u308b\u3002<\/p><\/blockquote>\n<p>\u30ac\u30f3\u30c8\u30e9\u30c3\u30af\u6c0f\u306f\u53cd\u30d2\u30e9\u30ea\u30fc\u7684\u611f\u60c5\u3092\u96a0\u305d\u3046\u3068\u3082\u3057\u3066\u3044\u306a\u3044\u3002\u5927\u7d71\u9818\u9078\u6319\u6642\u306b\u306f\u30d2\u30e9\u30ea\u30fc\u5bfe\u30c8\u30e9\u30f3\u30d7\u306e\u69cb\u56f3\u304c\u65e2\u5f97\u6a29\u76ca\u5c64\u5bfe\u8ca7\u56f0\u5c64\u306e\u3088\u3046\u306b\u8a9e\u3089\u308c\u305f\u304c\u3001\u5b9f\u306f\u6700\u4e0a\u4f4d\u306e\u6295\u8cc7\u5bb6\u306b\u306f\u53cd\u30d2\u30e9\u30ea\u30fc\uff08\u5fc5\u305a\u3057\u3082\u89aa\u30c8\u30e9\u30f3\u30d7\u3067\u306f\u306a\u3044\uff09\u304c\u5c11\u306a\u304f\u306a\u3044\u3002\u30c9\u30e9\u30c3\u30b1\u30f3\u30df\u30e9\u30fc\u6c0f\u304c\u5171\u548c\u515a\u306e\u30e9\u30a4\u30a2\u30f3\u4e0b\u9662\u8b70\u9577\u3078\u306e\u652f\u6301\u3092\u7406\u7531\u306b\u30c8\u30e9\u30f3\u30d7\u653f\u6a29\u306e\u7a0e\u5236\u6539\u9769\u3092\u8cde\u8cdb\u3057\u3066\u3044\u305f\u3053\u3068\u3092\u601d\u3044\u51fa\u3057\u305f\u3044\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<\/ul>\n<p>\u8981\u3059\u308b\u306b\u3001\u89aa\u30d2\u30e9\u30ea\u30fc\u3060\u3063\u305f\u30a8\u30ea\u30fc\u30c8\u3068\u3044\u3046\u306e\u306f\u65e2\u5f97\u6a29\u76ca\u306b\u3057\u304c\u307f\u3064\u3044\u3066\u3044\u305f\u5c64\u306e\u3053\u3068\u3067\u3042\u308a\u3001\u65e2\u5f97\u6a29\u76ca\u306b\u983c\u3089\u305a\u3068\u3082\u72ec\u529b\u3067\u76f8\u5834\u3067\u52dd\u3063\u3066\u3086\u3051\u308b\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u306e\u6700\u4e0a\u4f4d\u5c64\u3068\u3001\u53cd\u30a8\u30b9\u30bf\u30d6\u30ea\u30c3\u30b7\u30e5\u30e1\u30f3\u30c8\u306e\u8ca7\u56f0\u5c64\u3068\u306e\u5229\u5bb3\u95a2\u4fc2\u306f\u5b9f\u306f\u4e00\u81f4\u3057\u3066\u3044\u308b\u3002\u5171\u306b\u65e2\u5f97\u6a29\u76ca\u306a\u3069\u306f\u3069\u3046\u3067\u3082\u826f\u3044\u304b\u3089\u3067\u3042\u308b\u3002<\/p>\n<p><strong>\u9577\u671f\u91d1\u5229\u3068\u7d4c\u6e08\u6210\u9577\u306e\u884c\u65b9<\/strong><\/p>\n<p>\u3055\u3066\u3001\u30c8\u30e9\u30f3\u30d7\u653f\u6a29\u306e\u653f\u7b56\u3092\u80af\u5b9a\u3057\u305f\u30ac\u30f3\u30c8\u30e9\u30c3\u30af\u6c0f\u3060\u304c\u3001\u4e00\u65b9\u3067\u91d1\u878d\u5e02\u5834\u306f\u30c8\u30e9\u30f3\u30d7\u653f\u6a29\u306e\u7d4c\u6e08\u653f\u7b56\u3092\u7591\u3044\u59cb\u3081\u3066\u3044\u308b\u3002\u5927\u7d71\u9818\u9078\u6319\u5f8c\u306b\u306f\u7d4c\u6e08\u6210\u9577\u3068\u30a4\u30f3\u30d5\u30ec\u3092\u671f\u5f85\u3057\u3066\u4e0a\u6607\u3057\u305f\u9577\u671f\u91d1\u5229\u306f\u3001\u7d4c\u6e08\u653f\u7b56\u3078\u306e\u7591\u5ff5\u304b\u3089\uff08\u4ee5\u524d\u30ac\u30f3\u30c8\u30e9\u30c3\u30af\u6c0f\u306e\u4e88\u60f3\u3057\u305f\u901a\u308a\uff09\u305d\u306e\u5f8c\u4e0b\u843d\u3057\u3066\u3044\u308b\u3002\u4eca\u5e74\u306e\u30c9\u30eb\u306e\u4e0d\u8abf\u306f\u3053\u308c\u304c\u539f\u56e0\u3067\u3042\u308b\u3002<\/p>\n<p><a href=\"http:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2017\/06\/2017-6-23-us-10-year-treasury-note-yield-chart.png\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-6456\" src=\"http:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2017\/06\/2017-6-23-us-10-year-treasury-note-yield-chart.png\" alt=\"\" width=\"600\" height=\"402\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2017\/06\/2017-6-23-us-10-year-treasury-note-yield-chart.png 600w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2017\/06\/2017-6-23-us-10-year-treasury-note-yield-chart-300x201.png 300w\" sizes=\"auto, (max-width: 600px) 100vw, 600px\" \/><\/a><\/p>\n<p>\u3057\u304b\u3057\u3001\u30ac\u30f3\u30c8\u30e9\u30c3\u30af\u6c0f\u306f\u5e02\u5834\u3068\u540c\u3058\u61f8\u5ff5\u3092\u5171\u6709\u3057\u3066\u306f\u3044\u306a\u3044\u3088\u3046\u3067\u3042\u308b\u3002\u9577\u671f\u91d1\u5229\u306e\u4f4e\u4e0b\u306b\u3082\u304b\u304b\u308f\u3089\u305a\u3001\u305d\u3057\u3066\u5f7c\u81ea\u8eab\u304c\u305d\u308c\u3092\u4e88\u60f3\u3057\u305f\u306b\u3082\u304b\u304b\u308f\u3089\u305a\u3001\u5f7c\u306f\u3053\u3046\u8ff0\u3079\u3066\u3044\u308b\u3002<\/p>\n<blockquote><p>\u666f\u6c17\u5f8c\u9000\u3092\u793a\u5506\u3059\u308b\u3088\u3046\u306a\u53b3\u3057\u3044\u7d4c\u6e08\u6307\u6a19\u306f\u51fa\u3066\u3044\u306a\u3044\u3002<\/p><\/blockquote>\n<p>\u30ac\u30f3\u30c8\u30e9\u30c3\u30af\u6c0f\u306f\u3042\u304f\u307e\u3067\u30a2\u30e1\u30ea\u30ab\u7d4c\u6e08\u306b\u5f37\u6c17\u3067\u3042\u308b\u3002\u7d50\u679c\u3001\u4eca\u306f\u4f4e\u8ff7\u3057\u3066\u3044\u308b\u9577\u671f\u91d1\u5229\u306f2018\u5e74\u306b\u5411\u3051\u3066\u4e0a\u6607\u3059\u308b\u3068\u4e88\u60f3\u3057\u3066\u3044\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<\/ul>\n<p>\u5f53\u6642\u3001\u30ac\u30f3\u30c8\u30e9\u30c3\u30af\u6c0f\u306fFed\uff08\u9023\u90a6\u6e96\u5099\u5236\u5ea6\uff09\u306e\u91d1\u878d\u5f15\u304d\u7de0\u3081\u3092\u7406\u7531\u306b\u9577\u671f\u91d1\u5229\u304c\u4e0a\u6607\u3059\u308b\u3068\u4e88\u60f3\u3057\u3066\u3044\u308b\u306e\u304b\u3068\u601d\u3063\u305f\u304c\u3001\u305d\u3046\u3067\u3082\u306a\u3044\u3088\u3046\u3067\u3042\u308b\u3002\u4f55\u6545\u306a\u3089\u3070\u3001\u5f7c\u306f\u91d1\u878d\u5f15\u304d\u7de0\u3081\u306b\u3064\u3044\u3066\u4ee5\u4e0b\u306e\u3088\u3046\u306b\u8a9e\u3063\u3066\u3044\u308b\u304b\u3089\u3067\u3042\u308b\u3002<\/p>\n<blockquote><p>\u4eca\u5f8c\u6570\u30f6\u6708\u306b\u767a\u8868\u3055\u308c\u308bCPI\u304c\u4f4e\u304f\u51fa\u308b\u3053\u3068\u3067\u3001Fed\u306e\u5922\u898b\u308b\u91d1\u878d\u5f15\u304d\u7de0\u3081\u306f\u51b7\u6c34\u3092\u6d74\u3073\u305b\u3089\u308c\u308b\u3053\u3068\u306b\u306a\u308b\u3060\u308d\u3046\u3002<\/p><\/blockquote>\n<p>\u3057\u304b\u3057\u305d\u308c\u3067\u3082Fed\u306f\u5f15\u304d\u7de0\u3081\u3092\u5f37\u884c\u3059\u308b\u3068\u3044\u3046\u3053\u3068\u3060\u308d\u3046\u304b\uff1f\u3000\u30ac\u30f3\u30c8\u30e9\u30c3\u30af\u6c0f\u306f\u7c73\u56fd\u5e02\u5834\u3092\u907f\u3051\u308b\u3053\u3068\u3092\u63a8\u5968\u3057\u3066\u3044\u308b\u3002<\/p>\n<blockquote><p>Fed\u306f\u5229\u4e0a\u3052\u306b\u52a0\u3048\u3001\u30d0\u30e9\u30f3\u30b9\u30b7\u30fc\u30c8\u3092\u7e2e\u5c0f\u3059\u308b\u3053\u3068\u3067\u91d1\u878d\u5f15\u304d\u7de0\u3081\u3092\u884c\u304a\u3046\u3068\u3057\u3066\u3044\u308b\u3002\u305d\u3046\u3044\u3046\u72b6\u6cc1\u4e0b\u3067\u306f\u3001\u4f3c\u305f\u3088\u3046\u306a\u7d4c\u6e08\u72b6\u6cc1\u3067\u30de\u30a4\u30ca\u30b9\u91d1\u5229\u304c\u884c\u308f\u308c\u3066\u3044\u308b\u5834\u6240\u3092\u9078\u3076\u3060\u308d\u3046\u3002\u3060\u304b\u3089\u81ea\u5206\u306f\u30e8\u30fc\u30ed\u30c3\u30d1\u306b\u6295\u8cc7\u3057\u3066\u3044\u308b\u3002\u305d\u3057\u3066\u4e2d\u56fd\u4ee5\u5916\u306e\u65b0\u8208\u56fd\u5e02\u5834\u306b\u6295\u8cc7\u3057\u3066\u3044\u308b\u3002<\/p><\/blockquote>\n<p>\u65b0\u8208\u56fd\u3068\u3044\u3046\u9078\u629e\u306f\u3001\u4e16\u754c\u6700\u5927\u306e\u30d8\u30c3\u30b8\u30d5\u30a1\u30f3\u30c9\u904b\u7528\u8005\u30ec\u30a4\u30fb\u30c0\u30ea\u30aa\u6c0f\u306e\u9078\u629e\u3068\u540c\u69d8\u3067\u3042\u308b\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>\u4e00\u65b9\u3067\u3001\u308f\u305f\u3057\u306fFed\u306e\u91d1\u878d\u5f15\u304d\u7de0\u3081\u306b\u3088\u3063\u3066\u66b4\u843d\u3059\u308b\u5e02\u5834\u306e\u4e00\u3064\u306b\u65b0\u8208\u56fd\u5e02\u5834\u3092\u6319\u3052\u3066\u3044\u308b\u3002\u30c0\u30ea\u30aa\u6c0f\u306e\u60c5\u5831\u306f3\u6708\u672b\u306e\u3082\u306e\u3067\u3042\u308a\u3001\u4ee5\u964d\u64a4\u56de\u3055\u308c\u305f\u304b\u3069\u3046\u304b\u306f\u4e0d\u660e\u3067\u3042\u308b\u3002<\/p>\n<ul>\n<li><a href=\"http:\/\/www.globalmacroresearch.org\/jp\/archives\/6436\">\u7c73\u56fd\u30de\u30cd\u30bf\u30ea\u30fc\u30d9\u30fc\u30b9\u7e2e\u5c0f\u3067\u66b4\u843d\u3059\u308b\u5e02\u5834\u3001\u9298\u67c4\u4e00\u89a7<\/a><\/li>\n<\/ul>\n<p>Fed\u304c\u91cf\u7684\u7de9\u548c\u306e\u9006\u623b\u3057\u3067\u3042\u308b\u30d0\u30e9\u30f3\u30b9\u30b7\u30fc\u30c8\u7e2e\u5c0f\u3092\u884c\u3046\u3068\u4e3b\u5f35\u3059\u308b\u4e2d\u3001\u6295\u8cc7\u5bb6\u306e\u601d\u60d1\u306f\u69d8\u3005\u306a\u3088\u3046\u3067\u3042\u308b\u3002\u3057\u304b\u3057\u305d\u306e\u6838\u5fc3\u306b\u3064\u3044\u3066\u306e\u898b\u89e3\u306f\u7686\u540c\u3058\u3060\u308d\u3046\u3002\u305d\u308c\u306f\u30d3\u30eb\u30fb\u30b0\u30ed\u30b9\u6c0f\u306e\u610f\u898b\u306b\u96c6\u7d04\u3055\u308c\u308b\u3002<\/p>\n<ul>\n<li><a href=\"http:\/\/www.globalmacroresearch.org\/jp\/archives\/6425\">\u30d3\u30eb\u30fb\u30b0\u30ed\u30b9\u6c0f: 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