{"id":66655,"date":"2025-06-16T20:00:00","date_gmt":"2025-06-16T11:00:00","guid":{"rendered":"https:\/\/www.globalmacroresearch.org\/jp\/?p=66655"},"modified":"2025-06-15T19:17:37","modified_gmt":"2025-06-15T10:17:37","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%e5%82%b5%e3%81%af%e3%82%82%e3%81%af%e3%82%84%e5%ae%89%e5%85%a8%e8%b3%87%e7%94%a3%e3%81%a7%e3%81%af%e3%81%aa%e3%81%84","status":"publish","type":"post","link":"https:\/\/www.globalmacroresearch.org\/jp\/archives\/66655","title":{"rendered":"\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f: \u7c73\u56fd\u50b5\u306f\u3082\u306f\u3084\u5b89\u5168\u8cc7\u7523\u3067\u306f\u306a\u3044"},"content":{"rendered":"\n<p>DoubleLine Capital\u306e\u30b8\u30a7\u30d5\u30ea\u30fc\u30fb\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u304cBloomberg\u306e\u30a4\u30f3\u30bf\u30d3\u30e5\u30fc\u3067\u30a2\u30e1\u30ea\u30ab\u306e\u8ca1\u653f\u554f\u984c\u3068\u7c73\u56fd\u50b5\u306e\u6700\u8fd1\u306e\u52d5\u5411\u306b\u3064\u3044\u3066\u8a9e\u3063\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<!--more-->\n\n\n\n<p><strong>2025\u5e74\u524d\u534a\u306e\u91d1\u878d\u5e02\u5834<\/strong><\/p>\n\n\n\n<p>2025\u5e74\u524d\u534a\u306e\u91d1\u878d\u5e02\u5834\u306f\u3001\u30c8\u30e9\u30f3\u30d7\u653f\u6a29\u306e\u95a2\u7a0e\u653f\u7b56\u306b\u59cb\u307e\u308a\u3001\u3084\u3084\u9a12\u304c\u3057\u3044\u534a\u5e74\u3060\u3063\u305f\u3002\u7c73\u56fd\u682a\u306f\u5927\u304d\u304f\u4e0b\u304c\u308a\u3001\u95a2\u7a0e\u304c\u5ef6\u671f\u3055\u308c\u305f\u3053\u3068\u3067\u305d\u3053\u304b\u3089\u53cd\u767a\u3057\u305f\u3002<\/p>\n\n\n\n<p>\u3053\u306e\u534a\u5e74\u306e\u91d1\u878d\u5e02\u5834\u306e\u52d5\u304d\u306f\u591a\u304f\u306e\u6a5f\u95a2\u6295\u8cc7\u5bb6\u3092\u9a5a\u304b\u305b\u305f\u3002\u591a\u304f\u306e\u4eba\u306f\u682a\u4fa1\u304c\u4e0a\u304c\u3063\u305f\u3068\u304b\u4e0b\u304c\u3063\u305f\u3068\u304b\u3092\u6c17\u306b\u3057\u3066\u3044\u308b\u304c\u3001\u91d1\u878d\u5e02\u5834\u306b\u3068\u3063\u3066\u91cd\u8981\u306a\u3053\u3068\u306f\u305d\u3046\u3044\u3046\u3053\u3068\u3067\u306f\u306a\u3044\u3002<\/p>\n\n\n\n<p>\u305d\u308c\u306f\u30d7\u30ed\u304c\u91d1\u878d\u5e02\u5834\u3092\u898b\u308b\u898b\u65b9\u3067\u306f\u306a\u3044\u3002\u3082\u3063\u3068\u91cd\u8981\u306a\u3053\u3068\u304c\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>\u904e\u53bb15\u5e74\u9593\u3067S&amp;P 500\u306e\u8abf\u6574\u5c40\u9762\u306f\u3044\u304f\u3064\u304b\u3042\u3063\u305f\u3002\u305d\u3057\u3066\u305d\u306e\u3059\u3079\u3066\u306e\u5c40\u9762\u3067\u3001S&amp;P 500\u304c10%\u4ee5\u4e0a\u4e0b\u843d\u3057\u305f\u3068\u304d\u3001\u30c9\u30eb\u6307\u6570\u306f\u4e0a\u6607\u3057\u305f\u3002<\/p>\n\n\n\n<p>\u3060\u304c\u4eca\u56deS&amp;P 500\u304c20%\u8fd1\u304f\u4e0b\u843d\u3057\u305f\u3068\u304d\u3001\u30c9\u30eb\u306f\u4e0b\u843d\u3057\u305f\u3002\u3053\u308c\u306f\u304a\u304b\u3057\u306a\u52d5\u304d\u3060\u3002\u91d1\u878d\u5e02\u5834\u306e\u6319\u52d5\u304c\u5909\u308f\u308a\u59cb\u3081\u3066\u3044\u308b\u3002<\/p>\n<\/blockquote>\n\n\n\n<p><strong>\u30c9\u30eb\u304b\u3089\u306e\u8cc7\u91d1\u9003\u907f<\/strong><\/p>\n\n\n\n<p>\u9577\u5e74\u4e16\u754c\u306e\u91d1\u878d\u5e02\u5834\u3092\u30c8\u30ec\u30fc\u30c9\u3057\u3066\u304d\u305f\u6a5f\u95a2\u6295\u8cc7\u5bb6\u306b\u3068\u3063\u3066\u306f\u3001\u305d\u308c\u306f\u7570\u5e38\u306a\u306e\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u5148\u9032\u56fd\u306e\u91d1\u878d\u5e02\u5834\u3067\u306f\u3001\u682a\u4fa1\u304c\u6025\u843d\u3059\u308b\u3068\u81ea\u56fd\u306e\u6295\u8cc7\u5bb6\u304c\u65b0\u8208\u56fd\u306a\u3069\u6d77\u5916\u3078\u306e\u6295\u8cc7\u3092\u624b\u4ed5\u821e\u3044\u3059\u308b\u306e\u3067\u3001\u8cc7\u91d1\u304c\u81ea\u56fd\u306b\u623b\u3063\u3066\u304d\u3066\u81ea\u56fd\u901a\u8ca8\u304c\u4e0a\u6607\u3059\u308b\u3002<\/p>\n\n\n\n<p>\u3057\u304b\u3057\u767a\u5c55\u9014\u4e0a\u56fd\u306e\u91d1\u878d\u5e02\u5834\u3067\u306f\u682a\u4fa1\u304c\u4e0b\u843d\u3059\u308b\u3068\u6d77\u5916\u6295\u8cc7\u5bb6\u304c\u81ea\u56fd\u304b\u3089\u8cc7\u91d1\u3092\u5f15\u304d\u63da\u3052\u3066\u3086\u304f\u306e\u3067\u3001\u81ea\u56fd\u901a\u8ca8\u304c\u4e0b\u843d\u3059\u308b\u3002<\/p>\n\n\n\n<p>\u30a2\u30e1\u30ea\u30ab\u306f\u3053\u308c\u307e\u3067\u5f53\u7136\u524d\u8005\u3060\u3063\u305f\u306e\u3060\u304c\u3001\u4eca\u5e74\u306e4\u6708\u306e\u682a\u5b89\u3067\u306f\u682a\u4fa1\u4e0b\u843d\u5c40\u9762\u306b\u30c9\u30eb\u3068\u7c73\u56fd\u50b5\u304c\u4e0b\u843d\u3057\u3001\u307e\u308b\u3067\u9014\u4e0a\u56fd\u306e\u91d1\u878d\u5e02\u5834\u306e\u3088\u3046\u306b\u306a\u3063\u305f\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/64264\" data-type=\"post\" data-id=\"64264\">\u30b5\u30de\u30fc\u30ba\u6c0f: \u30c9\u30eb\u3068\u7c73\u56fd\u682a\u3068\u7c73\u56fd\u50b5\u306e\u30c8\u30ea\u30d7\u30eb\u5b89\u3001\u30a2\u30e1\u30ea\u30ab\u304b\u3089\u8cc7\u91d1\u304c\u6d41\u51fa\u3057\u3066\u3044\u308b<\/a><\/li>\n<\/ul>\n\n\n\n<p>\u3060\u304b\u3089\u6a5f\u95a2\u6295\u8cc7\u5bb6\u306b\u3068\u3063\u3066\u306f\u3001\u682a\u4fa1\u304c\u4e0a\u304c\u3063\u305f\u3068\u304b\u4e0b\u304c\u3063\u305f\u3068\u304b\u3088\u308a\u3082\u3001\u305d\u306e\u4e8b\u5b9f\u306e\u65b9\u304c\u9a5a\u7570\u7684\u306a\u306e\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p><strong>\u5229\u4e0b\u3052\u3067\u9577\u671f\u91d1\u5229\u4e0a\u6607<\/strong><\/p>\n\n\n\n<p>\u3060\u304c4\u6708\u306e\u3053\u3068\u306f\u30a2\u30e1\u30ea\u30ab\u306e\u91d1\u878d\u5e02\u5834\u304c\u304a\u304b\u3057\u304f\u306a\u308a\u59cb\u3081\u305f\u6700\u521d\u306e\u5146\u5019\u3067\u306f\u306a\u304b\u3063\u305f\u3002\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u306f\u7c73\u56fd\u50b5\u306e\u6319\u52d5\u304c\u304a\u304b\u3057\u3044\u3053\u3068\u3092\u534a\u5e74\u524d\u304b\u3089\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\/58610\" data-type=\"post\" data-id=\"58610\">\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 (2025\/1\/17)<\/a><\/li>\n<\/ul>\n\n\n\n<p>\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u304c\u304a\u304b\u3057\u3044\u3068\u601d\u3063\u305f\u306e\u306f\u3001\u53bb\u5e749\u6708\u304b\u3089\u306eFed\uff08\u9023\u90a6\u6e96\u5099\u5236\u5ea6\uff09\u306e\u5229\u4e0b\u3052\u306b\u5bfe\u3059\u308b\u9577\u671f\u56fd\u50b5\u306e\u91d1\u5229\u306e\u52d5\u304d\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>Fed\u304c\u5229\u4e0b\u3052\u3092\u958b\u59cb\u3059\u308b\u3068\u304d\u3001\u666e\u901a\u306f\u77ed\u671f\u3060\u3051\u3067\u306a\u304f\u9577\u671f\u306e\u91d1\u5229\u3082\u4e0b\u304c\u308b\u300210\u5e74\u7269\u56fd\u50b5\u306e\u91d1\u5229\u306f\u6700\u521d\u306e\u5229\u4e0b\u3052\u3067\u3059\u3050\u306b\u4f4e\u4e0b\u3057\u3001\u305d\u306e\u91d1\u5229\u4f4e\u4e0b\u306f\u3057\u3070\u3089\u304f\u7d9a\u304f\u3002<\/p>\n\n\n\n<p>\u3060\u304c\u4eca\u56de\u300110\u5e74\u7269\u56fd\u50b5\u306e\u91d1\u5229\u306f\u4e0a\u304c\u3063\u305f\u3002<\/p>\n<\/blockquote>\n\n\n\n<p>\u53bb\u5e74\u306e9\u6708\u304b\u3089Fed\u304c\u653f\u7b56\u91d1\u5229\u3092\u4e0b\u3052\u305f\u306b\u3082\u304b\u304b\u308f\u3089\u305a\u3001\u9577\u671f\u91d1\u5229\u306f\u4ee5\u4e0b\u306e\u3088\u3046\u306b\u3080\u3057\u308d\u4e0a\u304c\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\/02\/2025-2-13-us-10-year-treasury-bond-yield-chart.png\"><img loading=\"lazy\" decoding=\"async\" width=\"608\" height=\"549\" src=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2025\/02\/2025-2-13-us-10-year-treasury-bond-yield-chart.png\" alt=\"\" class=\"wp-image-59820\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2025\/02\/2025-2-13-us-10-year-treasury-bond-yield-chart.png 608w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2025\/02\/2025-2-13-us-10-year-treasury-bond-yield-chart-300x271.png 300w\" sizes=\"auto, (max-width: 608px) 100vw, 608px\" \/><\/a><\/figure>\n\n\n\n<p>\u30dd\u30fc\u30eb\u30fb\u30c1\u30e5\u30fc\u30c0\u30fc\u30fb\u30b8\u30e7\u30fc\u30f3\u30ba\u6c0f\u306a\u3069\u304cFed\u306e\u5229\u4e0b\u3052\u518d\u958b\u3092\u4e88\u60f3\u3059\u308b\u4e2d\u3001\u5229\u4e0b\u3052\u3059\u308b\u3068\u3080\u3057\u308d\u9577\u671f\u91d1\u5229\u304c\u4e0a\u304c\u308b\u306e\u3067\u306f\u306a\u3044\u304b\u3068\u3044\u3046\u3053\u3068\u304c\u61f8\u5ff5\u3055\u308c\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/66569\" data-type=\"post\" data-id=\"66569\">\u30c1\u30e5\u30fc\u30c0\u30fc\u30fb\u30b8\u30e7\u30fc\u30f3\u30ba\u6c0f\u3001\u7c73\u56fd\u306e\u5927\u5e45\u5229\u4e0b\u3052\u3067\u30c9\u30eb\u306f\u5927\u5e45\u4e0b\u843d\u3059\u308b\u3068\u4e88\u60f3<\/a><\/li>\n<\/ul>\n\n\n\n<p><strong>\u91d1\u5229\u4e0a\u6607\u3068\u7c73\u56fd\u50b5\u306e\u5229\u6255\u3044<\/strong><\/p>\n\n\n\n<p>\u56fd\u50b5\u306e\u91d1\u5229\u4e0a\u6607\u306f\u4fa1\u683c\u4e0b\u843d\u3092\u610f\u5473\u3059\u308b\u3002\u3064\u307e\u308a\u3001\u7c73\u56fd\u50b5\u306e\u4fe1\u7528\u304c\u306a\u304f\u306a\u308a\u3064\u3064\u3042\u308a\u3001\u305d\u308c\u304c\u3053\u3046\u3057\u305f\u5e02\u5834\u306e\u52d5\u304d\u306b\u7e4b\u304c\u3063\u3066\u3044\u308b\u306e\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u4f55\u6545\u3053\u3046\u306a\u3063\u305f\u306e\u304b\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>2.1\u5146\u30c9\u30eb\u306e\u8ca1\u653f\u8d64\u5b57\u3092\u7d9a\u3051\u308b\u9650\u308a\u3001\u7c73\u56fd\u50b5\u306e\u5229\u6255\u3044\u306f\u770b\u904e\u3067\u304d\u306a\u3044\u554f\u984c\u3060\u3068\u3044\u3046\u8a8d\u8b58\u304c\u751f\u307e\u308c\u3064\u3064\u3042\u308b\u3002<\/p>\n<\/blockquote>\n\n\n\n<p>\u30a2\u30e1\u30ea\u30ab\u3067\u306f\u30b3\u30ed\u30ca\u5f8c\u306e\u91d1\u5229\u4e0a\u6607\u3067\u7c73\u56fd\u50b5\u306e\u5229\u6255\u3044\u304c\u6025\u5897\u3067\u3001\u8ca1\u653f\u8d64\u5b57\u306e\u534a\u5206\u3092\u501f\u91d1\u306e\u5229\u6255\u3044\u304c\u5360\u3081\u308b\u72b6\u6cc1\u3068\u306a\u3063\u3066\u3044\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>\u591a\u304f\u306e\u4eba\u304c\u904e\u5c0f\u8a55\u4fa1\u3057\u3066\u3044\u308b\u306e\u306f\u3001\u7c73\u56fd\u50b5\u306e\u5e73\u5747\u5229\u56de\u308a\u304c\u4e0a\u6607\u3057\u3066\u3044\u308b\u3053\u3068\u3060\u3002<\/p>\n\n\n\n<p>\u591a\u304f\u306e\u7c73\u56fd\u50b5\u304c2009\u5e74\u30842008\u5e74\u306a\u3069\u306b\u767a\u884c\u3055\u308c\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<p>\u305d\u308c\u3089\u306e\u56fd\u50b5\u306e\u91d1\u5229\u306f0.25%\u7a0b\u5ea6\u3067\u767a\u884c\u3055\u308c\u3066\u3044\u308b\u3002\u3060\u304c\u4eca\u306e\u91d1\u5229\u306f4.25%\u8fba\u308a\u3060\u3002\u3064\u307e\u308a\u3001\u5229\u6255\u3044\u306f4%\u5897\u52a0\u3059\u308b\u3002<\/p>\n<\/blockquote>\n\n\n\n<p>\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u304c\u6307\u6458\u3057\u3066\u3044\u308b\u306e\u306f\u3001\u91d1\u5229\u304c\u4f4e\u304b\u3063\u305f\u9803\u306b\u767a\u884c\u3055\u308c\u305f\u7c73\u56fd\u50b5\u304c\u6e80\u671f\u3092\u8fce\u3048\u308b\u3068\u3001\u30a2\u30e1\u30ea\u30ab\u306f\u65b0\u305f\u306a\u7c73\u56fd\u50b5\u3092\u767a\u884c\u3057\u3066\u501f\u308a\u63db\u3048\u306a\u3051\u308c\u3070\u306a\u3089\u306a\u3044\u304c\u3001\u4eca\u306e\u91d1\u5229\u306f4%\u3092\u8d85\u3048\u3066\u3044\u308b\u3068\u3044\u3046\u3053\u3068\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u3053\u306e\u3088\u3046\u306b\u3001\u3053\u308c\u307e\u3067\u767a\u884c\u3055\u308c\u305f\u7c73\u56fd\u50b5\u304c\u6e80\u671f\u3092\u8fce\u3048\u308b\u305f\u3073\u306b\u3001\u7c73\u56fd\u653f\u5e9c\u304c\u652f\u6255\u3046\u5229\u6255\u3044\u306e\u984d\u306f\u5897\u52a0\u3057\u3066\u3086\u304f\u3002\u305d\u3057\u3066\u5897\u52a0\u3057\u305f\u5229\u6255\u3044\u306f\u65b0\u305f\u306a\u56fd\u50b5\u767a\u884c\u3067\u8cc4\u308f\u308c\u3001\u501f\u91d1\u304c\u501f\u91d1\u3092\u5897\u3084\u3057\u3066\u3086\u304f\u3002<\/p>\n\n\n\n<p><strong>\u7d50\u8ad6<\/strong><\/p>\n\n\n\n<p>\u5c11\u3057\u524d\u307e\u3067\u653f\u5e9c\u50b5\u52d9\u306f\u3044\u304f\u3089\u5897\u3084\u3057\u3066\u3082\u554f\u984c\u306a\u3044\u3068\u3044\u3046\u3053\u3068\u304c\u307e\u3053\u3068\u3057\u3084\u304b\u306b\u56c1\u304b\u308c\u3066\u3044\u305f\u3002\u91d1\u5229\u304c\u30bc\u30ed\u3060\u3063\u305f\u9803\u306b\u306f\u3001\u501f\u91d1\u3092\u3044\u304f\u3089\u5897\u3084\u3057\u3066\u3082\u5229\u6255\u3044\u306f\u30bc\u30ed\u3060\u3063\u305f\u3002<\/p>\n\n\n\n<p>\u3060\u304c\u30a4\u30f3\u30d5\u30ec\u304c\u8d77\u3053\u308a\u91d1\u5229\u304c\u4e0a\u6607\u3059\u308b\u3068\u3001\u501f\u91d1\u306e\u5229\u6255\u3044\u304c\u306d\u305a\u307f\u7b97\u5f0f\u306b\u501f\u91d1\u3092\u5897\u3084\u3057\u3066\u3086\u304f\u72b6\u6cc1\u306b\u7e4b\u304c\u308b\u3002<\/p>\n\n\n\n<p>\u4e00\u822c\u306e\u4eba\u3005\u306f\u305d\u308c\u3092\u61f8\u5ff5\u3057\u3066\u3044\u306a\u3044\u304b\u3082\u3057\u308c\u306a\u3044\u304c\u3001\u6a5f\u95a2\u6295\u8cc7\u5bb6\u306f\u7686\u3053\u306e\u72b6\u6cc1\u3092\u77e5\u3063\u3066\u3044\u308b\u3002\u3060\u304b\u3089\u30c9\u30eb\u3084\u7c73\u56fd\u50b5\u304b\u3089\u9003\u3052\u51fa\u3057\u3001\u30b4\u30fc\u30eb\u30c9\u3092\u8cb7\u3063\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\/63905\" data-type=\"post\" data-id=\"63905\">\u30d5\u30a9\u30f3\u30fb\u30b0\u30e9\u30a4\u30a2\u30fc\u30c4\u6c0f: \u30c9\u30eb\u304b\u3089\u306e\u8cc7\u91d1\u9003\u907f\u3067\u4e0a\u6607\u3057\u305f\u30b4\u30fc\u30eb\u30c9\u306f\u3082\u3046\u4e8c\u5ea6\u3068\u4e0b\u843d\u3057\u306a\u3044\u3001\u30b7\u30eb\u30d0\u30fc\u306f\u3053\u308c\u304b\u3089\u66b4\u9a30\u3059\u308b<\/a><\/li>\n<\/ul>\n\n\n\n<p>\u305d\u308c\u3067\u682a\u4fa1\u304c\u4e0b\u843d\u3057\u305f\u6642\u306b\u3044\u3064\u3082\u8cb7\u308f\u308c\u3066\u3044\u305f\u30c9\u30eb\u3084\u7c73\u56fd\u50b5\u306f\u3001\u3082\u306f\u3084\u305d\u3046\u3044\u3046\u8cc7\u7523\u3067\u306f\u306a\u304f\u306a\u3063\u3066\u3044\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\u3046\u3057\u305f\u554f\u984c\u304c\u7d2f\u7a4d\u3057\u3001\u4eca\u3084\u9577\u671f\u306e\u7c73\u56fd\u50b5\u306f\u307e\u3068\u3082\u306a\u5b89\u5168\u8cc7\u7523\u3067\u306f\u306a\u3044\u3068\u3044\u3046\u8a8d\u8b58\u304c\u5e83\u304c\u308a\u3064\u3064\u3042\u308b\u3002<\/p>\n<\/blockquote>\n\n\n\n<p>\u30c9\u30eb\u3068\u7c73\u56fd\u50b5\u304b\u3089\u8cc7\u91d1\u306e\u6d41\u51fa\u304c\u59cb\u307e\u3063\u305f\u6642\u671f\u306f\u3001\u904e\u53bb\u306b\u3082\u3042\u3063\u305f\u3002\u4f8b\u3048\u30701929\u5e74\u304b\u3089\u59cb\u307e\u3063\u305f\u4e16\u754c\u6050\u614c\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/64013\" data-type=\"post\" data-id=\"64013\">\u30ec\u30a4\u30fb\u30c0\u30ea\u30aa\u6c0f: \u7c73\u56fd\u682a\u306f\u904e\u53bb\u306b2\u56de\u300125\u5e74\u9593\u682a\u4fa1\u304c\u4e0a\u304c\u3089\u306a\u304b\u3063\u305f\u4e0b\u843d\u76f8\u5834\u3092\u7d4c\u9a13\u3057\u3066\u3044\u308b<\/a><\/li>\n<\/ul>\n\n\n\n<p>Bridgewater\u306e\u30ec\u30a4\u30fb\u30c0\u30ea\u30aa\u6c0f\u304c\u8457\u66f8\u300e<a href=\"https:\/\/amzn.to\/3IWOGjY\" data-type=\"link\" data-id=\"https:\/\/amzn.to\/3IWOGjY\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">\u5de8\u5927\u50b5\u52d9\u5371\u6a5f\u3092\u7406\u89e3\u3059\u308b<\/a>\u300f\u3067\u305d\u306e\u6642\u306b\u7c73\u56fd\u682a\u304c\u3069\u3046\u306a\u3063\u305f\u306e\u304b\u89e3\u8aac\u3057\u3066\u3044\u308b\u3002\u3053\u3046\u3044\u3046\u72b6\u6cc1\u3067\u7c73\u56fd\u682a\u306f\u3069\u3046\u306a\u308b\u306e\u304b\u3002\u672a\u8aad\u306e\u4eba\u306f\u8aad\u3080\u3053\u3068\u3092\u304a\u52e7\u3081\u3057\u305f\u3044\u3002<\/p>\n\n\n\n<p><a href=\"https:\/\/amzn.to\/43IM42P\" target=\"_blank\" rel=\"noreferrer noopener\"><img decoding=\"async\" src=\"https:\/\/m.media-amazon.com\/images\/I\/71Mod5dZK9L._SL160_.jpg\"><\/a><br><a href=\"https:\/\/amzn.to\/43IM42P\" target=\"_blank\" rel=\"noreferrer noopener\">\u5de8\u5927\u50b5\u52d9\u5371\u6a5f\u3092\u7406\u89e3\u3059\u308b<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>DoubleLine Capital\u306e\u30b8\u30a7\u30d5\u30ea\u30fc\u30fb\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u304cBloomberg\u306e\u30a4\u30f3\u30bf\u30d3\u30e5\u30fc\u3067\u30a2\u30e1\u30ea\u30ab\u306e\u8ca1\u653f\u554f\u984c\u3068\u7c73\u56fd\u50b5\u306e\u6700\u8fd1\u306e\u52d5\u5411\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":[118,108],"tags":[131],"class_list":["post-66655","post","type-post","status-publish","format-standard","hentry","category-us-bond-market","category-bond-markets","tag-jeffrey-gundlach"],"_links":{"self":[{"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/66655","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=66655"}],"version-history":[{"count":29,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/66655\/revisions"}],"predecessor-version":[{"id":66684,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/66655\/revisions\/66684"}],"wp:attachment":[{"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/media?parent=66655"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/categories?post=66655"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/tags?post=66655"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}