{"id":65755,"date":"2025-05-25T20:00:00","date_gmt":"2025-05-25T11:00:00","guid":{"rendered":"https:\/\/www.globalmacroresearch.org\/jp\/?p=65755"},"modified":"2025-05-25T00:50:16","modified_gmt":"2025-05-24T15:50:16","slug":"%e3%83%ad%e3%83%bc%e3%82%bc%e3%83%b3%e3%83%90%e3%83%bc%e3%82%b0%e6%b0%8f-%e3%82%a2%e3%83%a1%e3%83%aa%e3%82%ab%e3%81%af%e6%83%b3%e5%83%8f%e4%bb%a5%e4%b8%8a%e3%81%ab%e5%88%a9%e4%b8%8b%e3%81%92%e3%81%99","status":"publish","type":"post","link":"https:\/\/www.globalmacroresearch.org\/jp\/archives\/65755","title":{"rendered":"\u30ed\u30fc\u30bc\u30f3\u30d0\u30fc\u30b0\u6c0f: \u30a2\u30e1\u30ea\u30ab\u306f\u60f3\u50cf\u4ee5\u4e0a\u306b\u5229\u4e0b\u3052\u3059\u308b\u3053\u3068\u306b\u306a\u308b"},"content":{"rendered":"\n<p>\u5f15\u304d\u7d9a\u304d\u3001Rosenberg Research\u306e\u30c7\u30a4\u30f4\u30a3\u30c3\u30c9\u30fb\u30ed\u30fc\u30bc\u30f3\u30d0\u30fc\u30b0\u6c0f\u306e\u3001\u30b9\u30c6\u30a3\u30fc\u30d6\u30f3\u30fb\u30ea\u30f3\u6c0f\u306b\u3088\u308b\u30a4\u30f3\u30bf\u30d3\u30e5\u30fc\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u4eca\u56de\u306fFed\uff08\u9023\u90a6\u6e96\u5099\u5236\u5ea6\uff09\u306e\u91d1\u878d\u653f\u7b56\u306b\u3064\u3044\u3066\u8a9e\u3063\u3066\u3044\u308b\u90e8\u5206\u3092\u7d39\u4ecb\u3057\u305f\u3044\u3002<\/p>\n\n\n\n<!--more-->\n\n\n\n<p><strong>\u30c8\u30e9\u30f3\u30d7\u95a2\u7a0e\u3068\u30a2\u30e1\u30ea\u30ab\u7d4c\u6e08<\/strong><\/p>\n\n\n\n<p>\u30c8\u30e9\u30f3\u30d7\u653f\u6a29\u306e\u95a2\u7a0e\u653f\u7b56\u304c\u5ef6\u671f\u3055\u308c\u305f\u3053\u3068\u306b\u3088\u308a\u3001\u682a\u5f0f\u5e02\u5834\u306f\u4eca\u306e\u3068\u3053\u308d\u5927\u5e45\u53cd\u767a\u3057\u3066\u3044\u308b\u3002S&amp;P 500\u306f\u6b21\u306e\u3088\u3046\u306b\u63a8\u79fb\u3057\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\/05\/2025-5-25-s-and-p-500-chart.png\"><img loading=\"lazy\" decoding=\"async\" width=\"589\" height=\"521\" src=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2025\/05\/2025-5-25-s-and-p-500-chart.png\" alt=\"\" class=\"wp-image-65764\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2025\/05\/2025-5-25-s-and-p-500-chart.png 589w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2025\/05\/2025-5-25-s-and-p-500-chart-300x265.png 300w\" sizes=\"auto, (max-width: 589px) 100vw, 589px\" \/><\/a><\/figure>\n\n\n\n<p>\u3060\u304c\u3053\u308c\u307e\u3067\u306e\u8a18\u4e8b\u3067\u30ed\u30fc\u30bc\u30f3\u30d0\u30fc\u30b0\u6c0f\u306f\u3001\u95a2\u7a0e\u306f\u4e0b\u3052\u3089\u308c\u305f\u3060\u3051\u3067\u307e\u3060\u5b58\u5728\u3057\u3066\u3044\u308b\u3001\u7c73\u56fd\u7d4c\u6e08\u306f\u5ba2\u89b3\u7684\u306b\u898b\u308c\u3070\u53b3\u3057\u3044\u72b6\u6cc1\u306b\u3042\u308b\u3068\u3044\u3046\u73fe\u5b9f\u3092\u6307\u6458\u3057\u3066\u3044\u305f\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/65676\" data-type=\"post\" data-id=\"65676\">\u30ed\u30fc\u30bc\u30f3\u30d0\u30fc\u30b0\u6c0f: \u95a2\u7a0e\u304c\u306a\u304f\u306a\u3063\u305f\u3068\u601d\u3063\u3066\u3044\u308b\u4eba\u306f\u30c8\u30e9\u30f3\u30d7\u5927\u7d71\u9818\u306b\u9a19\u3055\u308c\u3066\u3044\u308b<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/65703\" data-type=\"post\" data-id=\"65703\">\u30ed\u30fc\u30bc\u30f3\u30d0\u30fc\u30b0\u6c0f: \u30c8\u30e9\u30f3\u30d7\u95a2\u7a0e\u306f\u306a\u304f\u306a\u3063\u3066\u3044\u306a\u3044\u3001\u7c73\u56fd\u7d4c\u6e08\u306f\u6e1b\u901f\u3059\u308b<\/a><\/li>\n<\/ul>\n\n\n\n<p>\u305d\u3057\u3066\u30ed\u30fc\u30bc\u30f3\u30d0\u30fc\u30b0\u6c0f\u306f\u305d\u306e\u89b3\u70b9\u304b\u3089\u3001\u30a2\u30e1\u30ea\u30ab\u306e\u91d1\u878d\u653f\u7b56\u3082\u3084\u304c\u3066\u7d4c\u6e08\u6e1b\u901f\u306b\u6cbf\u3063\u305f\u3082\u306e\u306b\u306a\u308b\u3068\u4e88\u60f3\u3057\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<p><strong>2019\u5e74\u306e\u5229\u4e0b\u3052<\/strong><\/p>\n\n\n\n<p>\u30ed\u30fc\u30bc\u30f3\u30d0\u30fc\u30b0\u6c0f\u304c\u6301\u3061\u51fa\u3059\u306e\u306f\u3001\u30b3\u30ed\u30ca\u524d\u306e2019\u5e74\u306e\u5229\u4e0b\u3052\u306e\u4e8b\u4f8b\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u30ed\u30fc\u30bc\u30f3\u30d0\u30fc\u30b0\u6c0f\u306f\u6b21\u306e\u3088\u3046\u306b\u8a00\u3063\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>\u5168\u304f\u540c\u3058\u3067\u306f\u306a\u3044\u304c\u3001\u4eca\u3068\u4f3c\u305f\u72b6\u6cc1\u304c2019\u5e74\u306b\u3042\u3063\u305f\u3002<\/p>\n<\/blockquote>\n\n\n\n<p>2019\u5e74\u306f\u3001\u4eca\u3068\u540c\u3058\u30c8\u30e9\u30f3\u30d7\u653f\u6a29\u3067\u3042\u308a\u30012018\u5e74\u307e\u3067\u306e\u6025\u6fc0\u306a\u5229\u4e0a\u3052\u3067\u682a\u5f0f\u5e02\u5834\u304c\u4e0d\u5b89\u5b9a\u306b\u306a\u3063\u305f\u7fcc\u5e74\u306e\u8a71\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>Fed\u306e\u30d1\u30a6\u30a8\u30eb\u8b70\u9577\u306f\u30012018\u5e74\u306b\u81ea\u8eab\u306e\u5229\u4e0a\u3052\u306b\u3088\u3063\u3066\u682a\u4fa1\u304c\u5927\u5e45\u306b\u4e0b\u304c\u3063\u3066\u3044\u3066\u3082\u3001\u5229\u4e0a\u3052\u3092\u7d99\u7d9a\u3059\u308b\u3068\u4e3b\u5f35\u3057\u3066\u3044\u305f\u3002<\/p>\n\n\n\n<p>\u30ed\u30fc\u30bc\u30f3\u30d0\u30fc\u30b0\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>2018\u5e74\u306e\u7d42\u308f\u308a\u306bFed\u306f\u5e02\u5834\u306b\u5bfe\u3057\u30012019\u5e74\u306b\u306f2\u56de\u5229\u4e0a\u3052\u3092\u3059\u308b\u3068\u4e3b\u5f35\u3057\u3066\u3044\u305f\u3002<\/p>\n\n\n\n<p>Fed\u306e\u8b70\u4e8b\u9332\u306a\u3069\u3092\u898b\u308c\u3070\u95a2\u7a0e\u3084\u8cbf\u6613\u3084\u30a4\u30f3\u30d5\u30ec\u306b\u5bfe\u3059\u308b\u6df1\u523b\u306a\u61f8\u5ff5\u304c\u66f8\u304b\u308c\u3066\u3044\u305f\u3002\u3060\u304b\u3089\u5f7c\u3089\u306f2019\u5e74\u306b2\u56de\u5229\u4e0a\u3052\u3092\u3059\u308b\u3068\u3002<\/p>\n<\/blockquote>\n\n\n\n<p>\u3060\u304c2018\u5e74\u306e\u7d42\u308f\u308a\u306b\u306f\u3001\u30d1\u30a6\u30a8\u30eb\u8b70\u9577\u306e\u5229\u4e0a\u3052\u5f37\u884c\u306e\u59ff\u52e2\u306e\u304a\u9670\u3067\u682a\u5f0f\u5e02\u5834\u306f\u5d29\u58ca\u3057\u3066\u3044\u305f\u3002\u7b46\u8005\u306f\u5f53\u6642\u7c73\u56fd\u682a\u306e\u7a7a\u58f2\u308a\u3092\u3057\u3066\u304a\u308a\u3001\u30d1\u30a6\u30a8\u30eb\u8b70\u9577\u304c\u682a\u5b89\u306b\u3082\u304b\u304b\u308f\u3089\u305a\u5229\u4e0a\u3052\u7d99\u7d9a\u3092\u8868\u660e\u3057\u305f2018\u5e74\u6700\u5f8c\u306eFOMC\u4f1a\u5408\u306e\u8a18\u4e8b\u306f\u4ee5\u4e0b\u306e\u901a\u308a\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/8106\" data-type=\"post\" data-id=\"8106\">12\u6708FOMC\u4f1a\u5408\u7d50\u679c\u306f\u7a7a\u58f2\u308a\u6d3e\u3078\u306e\u6e80\u984d\u56de\u7b54 (2018\/12\/20)<\/a><\/li>\n<\/ul>\n\n\n\n<p>\u3053\u306e\u4f1a\u5408\u306f\u7d50\u5c40\u3001\u682a\u5f0f\u5e02\u5834\u306b\u3068\u3069\u3081\u3092\u523a\u3057\u305f\u3002\u305d\u308c\u3067\u30d1\u30a6\u30a8\u30eb\u8b70\u9577\u306f2019\u5e74\u306b\u306f\u5229\u4e0a\u3052\u3069\u3053\u308d\u304b\u5229\u4e0b\u3052\u3092\u5f37\u3044\u3089\u308c\u308b\u3053\u3068\u306b\u306a\u308b\u3002<\/p>\n\n\n\n<p>\u30ed\u30fc\u30bc\u30f3\u30d0\u30fc\u30b0\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>\u305d\u3057\u3066\u7d50\u5c40\u3001\u30b3\u30ed\u30ca\u524d\u5e74\u306e2019\u5e74\u306e\u5f8c\u534a\u306b\u306fFed\u306f\u4f55\u3092\u3057\u305f\u304b\uff1f\u3000Fed\u306f3\u56de\u5229\u4e0b\u3052\u3057\u305f\u3002<\/p>\n<\/blockquote>\n\n\n\n<p><strong>\u7d50\u8ad6<\/strong><\/p>\n\n\n\n<p>2018\u5e74\u306e\u682a\u5b89\u306b\u306f\u8272\u3005\u306a\u5074\u9762\u304c\u3042\u3063\u305f\u3002\u5229\u4e0a\u3052\u304c\u682a\u5f0f\u5e02\u5834\u306e\u91cd\u3057\u306b\u306a\u3063\u3066\u3044\u305f\u3053\u3068\u306f\u4e8b\u5b9f\u3060\u304c\u3001\u540c\u6642\u306b\u5b9f\u4f53\u7d4c\u6e08\u3082\u5229\u4e0a\u3052\u306b\u3088\u3063\u3066\u5727\u8feb\u3055\u308c\u3066\u3044\u305f\u3002<\/p>\n\n\n\n<p>\u9ad8\u91d1\u5229\u306b\u3088\u3063\u3066\u682a\u4fa1\u3068\u5b9f\u4f53\u7d4c\u6e08\u306e\u4e21\u65b9\u304c\u5727\u8feb\u3055\u308c\u305f\u3053\u3068\u304c\u3001\u5f53\u6642\u30d1\u30a6\u30a8\u30eb\u8b70\u9577\u304c\u5229\u4e0b\u3052\u306b\u8ee2\u63db\u3057\u306a\u3051\u308c\u3070\u306a\u3089\u306a\u304f\u306a\u3063\u305f\u539f\u56e0\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u305d\u3057\u3066\u4eca\u5e74\u306e\u898b\u901a\u3057\u306b\u3064\u3044\u3066\u30ed\u30fc\u30bc\u30f3\u30d0\u30fc\u30b0\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>\u4eca\u5e74\u3082\u5f53\u6642\u306e\u7e70\u308a\u8fd4\u3057\u306e\u3088\u3046\u306a\u3053\u3068\u304c\u8d77\u304d\u308b\u3068\u601d\u3046\u3002<\/p>\n<\/blockquote>\n\n\n\n<p>\u30d1\u30a6\u30a8\u30eb\u8b70\u9577\u306f\u4eca\u306e\u3068\u3053\u308d\u5229\u4e0b\u3052\u306b\u614e\u91cd\u306a\u59ff\u52e2\u3092\u793a\u3057\u3066\u3044\u308b\u3002\u3060\u304c\u30ed\u30fc\u30bc\u30f3\u30d0\u30fc\u30b0\u6c0f\u306f\u524d\u56de\u306e\u8a18\u4e8b\u3067\u3001\u653f\u7b56\u91d1\u5229\u304c\u73fe\u5728\u30a4\u30f3\u30d5\u30ec\u7387\u3088\u308a\u30822%\u3082\u9ad8\u3044\u72b6\u614b\u3067\u7dad\u6301\u3055\u308c\u3066\u3044\u308b\u3053\u3068\u3092\u6307\u6458\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\/65703\" data-type=\"post\" data-id=\"65703\">\u30ed\u30fc\u30bc\u30f3\u30d0\u30fc\u30b0\u6c0f: \u30c8\u30e9\u30f3\u30d7\u95a2\u7a0e\u306f\u306a\u304f\u306a\u3063\u3066\u3044\u306a\u3044\u3001\u7c73\u56fd\u7d4c\u6e08\u306f\u6e1b\u901f\u3059\u308b<\/a><\/li>\n<\/ul>\n\n\n\n<p>\u3053\u306e\u91d1\u5229\u304c\u30ed\u30fc\u30bc\u30f3\u30d0\u30fc\u30b0\u6c0f\u306e\u8a00\u3046\u901a\u308a\u30a2\u30e1\u30ea\u30ab\u7d4c\u6e08\u306b\u5bfe\u3057\u3066\u9ad8\u904e\u304e\u308b\u3082\u306e\u3060\u3068\u3057\u305f\u3089\u3001\u30a2\u30e1\u30ea\u30ab\u306e\u5229\u4e0b\u3052\u306f\u3053\u308c\u304b\u3089\u3069\u3046\u306a\u308b\u304b\u3002<\/p>\n\n\n\n<p>\u307e\u305f\u3001\u7b46\u8005\u306f\u3053\u308c\u3068\u540c\u6642\u306b\u3001\u6765\u5e745\u6708\u306b\u9000\u4efb\u306b\u306a\u308b\u30d1\u30a6\u30a8\u30eb\u8b70\u9577\u306e\u4ee3\u308f\u308a\u306b\u30c8\u30e9\u30f3\u30d7\u5927\u7d71\u9818\u306f\u91d1\u878d\u7de9\u548c\u306b\u7a4d\u6975\u7684\u306a\u6b21\u671f\u8b70\u9577\u3092\u6307\u540d\u3059\u308b\u3068\u4e88\u60f3\u3057\u3066\u304a\u308a\u3001\u305d\u306e\u5019\u88dc\u8005\u306f\u4eca\u5e74\u306e\u5f8c\u534a\u304b\u3089\u8b70\u8ad6\u3055\u308c\u59cb\u3081\u308b\u3068\u4e88\u60f3\u3057\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<p>\u305d\u3046\u3059\u308c\u3070\u91d1\u5229\u306f\u3001\u305d\u3057\u3066\u30c9\u30eb\u76f8\u5834\u306f\u3069\u3046\u306a\u308b\u304b\uff1f\u3000\u305d\u308c\u304c\u4eca\u5f8c\u306e\u91d1\u878d\u5e02\u5834\u306e\u3082\u3063\u3068\u3082\u91cd\u8981\u306a\u4e8b\u9805\u306a\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\/65626\" data-type=\"post\" data-id=\"65626\">\u30ec\u30a4\u30fb\u30c0\u30ea\u30aa\u6c0f: \u6765\u5e74\u306b\u5411\u3051\u3066\u30a2\u30e1\u30ea\u30ab\u306e\u91d1\u878d\u7de9\u548c\u304c\u30c9\u30eb\u3092\u66b4\u843d\u3055\u305b\u308b\u53ef\u80fd\u6027<\/a><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>\u5f15\u304d\u7d9a\u304d\u3001Rosenberg Research\u306e\u30c7\u30a4\u30f4\u30a3\u30c3\u30c9\u30fb\u30ed\u30fc\u30bc\u30f3\u30d0\u30fc\u30b0\u6c0f\u306e\u3001\u30b9\u30c6\u30a3\u30fc\u30d6\u30f3\u30fb\u30ea\u30f3\u6c0f\u306b\u3088\u308b\u30a4\u30f3\u30bf\u30d3\u30e5\u30fc\u3067\u3042\u308b\u3002 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