{"id":66706,"date":"2025-06-18T20:00:00","date_gmt":"2025-06-18T11:00:00","guid":{"rendered":"https:\/\/www.globalmacroresearch.org\/jp\/?p=66706"},"modified":"2025-06-18T12:27:25","modified_gmt":"2025-06-18T03:27:25","slug":"%e3%82%ac%e3%83%b3%e3%83%89%e3%83%a9%e3%83%83%e3%82%af%e6%b0%8f-%e3%82%a2%e3%83%a1%e3%83%aa%e3%82%ab%e3%81%8c%e5%88%a9%e4%b8%8b%e3%81%92%e5%86%8d%e9%96%8b%e3%81%99%e3%82%8c%e3%81%b0%e9%95%b7%e6%9c%9f","status":"publish","type":"post","link":"https:\/\/www.globalmacroresearch.org\/jp\/archives\/66706","title":{"rendered":"\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f: \u30a2\u30e1\u30ea\u30ab\u304c\u5229\u4e0b\u3052\u518d\u958b\u3059\u308c\u3070\u9577\u671f\u91d1\u5229\u306f\u3080\u3057\u308d\u4e0a\u6607\u3059\u308b"},"content":{"rendered":"\n<p>\u5f15\u304d\u7d9a\u304d\u3001DoubleLine Capital\u306e\u30b8\u30a7\u30d5\u30ea\u30fc\u30fb\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u306eBloomberg\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\u5229\u4e0b\u3052\u3068\u30a2\u30e1\u30ea\u30ab\u306e\u9577\u671f\u91d1\u5229\u306e\u52d5\u5411\u306b\u3064\u3044\u3066\u8a9e\u3063\u3066\u3044\u308b\u90e8\u5206\u3092\u53d6\u308a\u4e0a\u3052\u305f\u3044\u3002<\/p>\n\n\n\n<!--more-->\n\n\n\n<p><strong>\u30a2\u30e1\u30ea\u30ab\u306e\u5229\u4e0b\u3052<\/strong><\/p>\n\n\n\n<p>\u3053\u308c\u307e\u3067\u306e\u8a18\u4e8b\u3067\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u306f\u3001\u9577\u671f\u306e\u7c73\u56fd\u50b5\u304c\u3082\u306f\u3084\u5b89\u5168\u8cc7\u7523\u3068\u306f\u547c\u3079\u306a\u3044\u52d5\u304d\u3092\u3057\u3066\u3044\u308b\u3053\u3068\u3001\u6700\u7d42\u7684\u306b\u306f\u7c73\u56fd\u50b5\u306fFed\u304c\u91cf\u7684\u7de9\u548c\u3067\u8cb7\u3044\u5165\u308c\u306a\u3051\u308c\u3070\u306a\u3089\u306a\u304f\u306a\u308b\u3053\u3068\u3092\u4e88\u60f3\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\/66655\" data-type=\"post\" data-id=\"66655\">\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f: \u7c73\u56fd\u50b5\u306f\u3082\u306f\u3084\u5b89\u5168\u8cc7\u7523\u3067\u306f\u306a\u3044<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/66685\" data-type=\"post\" data-id=\"66685\">\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f: \u7c73\u56fd\u50b5\u306f\u66b4\u843d\u3057\u3066\u304b\u3089\u66b4\u9a30\u3059\u308b<\/a><\/li>\n<\/ul>\n\n\n\n<p>\u3060\u304c\u91cf\u7684\u7de9\u548c\u306f\u3082\u3046\u5c11\u3057\u5148\u306e\u8a71\u3060\u308d\u3046\u3002\u305d\u306e\u524d\u306bFed\u306f\u5229\u4e0b\u3052\u3092\u3059\u308b\u306e\u304b\u3057\u306a\u3044\u306e\u304b\u306e\u9078\u629e\u306b\u8feb\u3089\u308c\u308b\u3002<\/p>\n\n\n\n<p>Fed\u306f\u53bb\u5e749\u6708\u306b\u5229\u4e0b\u3052\u3092\u958b\u59cb\u3057\u305f\u304c\u3001\u305d\u306e\u5f8c\u5229\u4e0b\u3052\u3092\u505c\u6b62\u3057\u3001\u534a\u5e74\u307b\u3069\u91d1\u5229\u3092\u6a2a\u3070\u3044\u3067\u7dad\u6301\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\/06\/2025-6-12-federal-funds-rate-chart.png\"><img loading=\"lazy\" decoding=\"async\" width=\"600\" height=\"513\" src=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2025\/06\/2025-6-12-federal-funds-rate-chart.png\" alt=\"\" class=\"wp-image-66541\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2025\/06\/2025-6-12-federal-funds-rate-chart.png 600w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2025\/06\/2025-6-12-federal-funds-rate-chart-300x257.png 300w\" sizes=\"auto, (max-width: 600px) 100vw, 600px\" \/><\/a><\/figure>\n\n\n\n<p>\u30c8\u30e9\u30f3\u30d7\u5927\u7d71\u9818\u306f\u3053\u308c\u3092\u4e0d\u670d\u3068\u3057\u3001\u30a4\u30f3\u30d5\u30ec\u7387\u304c\u4e0b\u304c\u3063\u3066\u3044\u308b\u306e\u3060\u304b\u3089Fed\u306f\u5229\u4e0b\u3052\u3059\u3079\u304d\u3060\u3068\u8a00\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\/65290\" data-type=\"post\" data-id=\"65290\">\u30d9\u30c3\u30bb\u30f3\u30c8\u8ca1\u52d9\u9577\u5b98\u3001\u7c73\u56fd\u306e\u91d1\u5229\u304c\u4e0b\u304c\u308b\u3068\u4e88\u60f3\u3059\u308b\u7406\u7531\u3092\u8aac\u660e\u3059\u308b<\/a><\/li>\n<\/ul>\n\n\n\n<p><strong>\u5229\u4e0b\u3052\u3068\u9577\u671f\u91d1\u5229<\/strong><\/p>\n\n\n\n<p>\u30a2\u30e1\u30ea\u30ab\u306e\u30a4\u30f3\u30d5\u30ec\u7387\u306f2.4%\u3067\u3042\u308a\u3001\u305d\u308c\u3060\u3051\u898b\u308c\u3070\u30c8\u30e9\u30f3\u30d7\u5927\u7d71\u9818\u306e\u8a00\u3046\u3053\u3068\u306b\u3082\u4e00\u7406\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u3060\u304c\u4e00\u65b9\u3067\u554f\u984c\u3082\u3042\u308b\u3002\u30b3\u30ed\u30ca\u5f8c\u306e\u9ad8\u91d1\u5229\u306b\u3088\u3063\u3066\u7c73\u56fd\u50b5\u306e\u5229\u6255\u3044\u304c\u8ca1\u653f\u8d64\u5b57\u306e\u534a\u5206\u306b\u307e\u3067\u6025\u5897\u3057\u3066\u3044\u308b\u3053\u3068\u3092\u30c8\u30e9\u30f3\u30d7\u5927\u7d71\u9818\u3084\u30d9\u30c3\u30bb\u30f3\u30c8\u8ca1\u52d9\u9577\u5b98\u306f\u6c17\u306b\u3057\u3066\u3044\u308b\u306e\u3060\u304b\u3089\u3001\u672c\u5f53\u306b\u4e0b\u3052\u306a\u3051\u308c\u3070\u306a\u3089\u306a\u3044\u306e\u306f\u653f\u7b56\u91d1\u5229\u3067\u306f\u306a\u304f\u9577\u671f\u91d1\u5229\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u3057\u304b\u3057\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u306f\u53bb\u5e749\u6708\u304b\u3089\u306e\u5229\u4e0b\u3052\u306e\u6642\u306b\u3001\u5229\u4e0b\u3052\u3067\u3080\u3057\u308d\u9577\u671f\u91d1\u5229\u304c\u5927\u304d\u304f\u4e0a\u6607\u3057\u305f\u3053\u3068\u3092\u6307\u6458\u3057\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<p>\u30a2\u30e1\u30ea\u30ab\u306e\u9577\u671f\u91d1\u5229\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\/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>\u3060\u304b\u3089\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u306f\u53f8\u4f1a\u8005\u306b\u3001Fed\u304c\u3053\u308c\u304b\u3089\u5229\u4e0b\u3052\u3092\u3059\u308c\u3070\u9577\u671f\u91d1\u5229\u306f\u4e0a\u6607\u3059\u308b\u306e\u304b\u3068\u805e\u304b\u308c\u3001\u6b21\u306e\u3088\u3046\u306b\u7b54\u3048\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\u308c\u306f\u3082\u3046\u8d77\u3053\u3063\u3066\u3044\u308b\u30022024\u5e74\u306e9\u6708\u306bFed\u306f\u5229\u4e0b\u3052\u3092\u958b\u59cb\u3057\u305f\u304c\u3001\u305d\u308c\u304b\u3089\u9577\u671f\u91d1\u5229\u306f1%\u3082\u4e0a\u6607\u3057\u305f\u3002<\/p>\n<\/blockquote>\n\n\n\n<p>\u7d50\u5c40\u3001\u91d1\u878d\u5e02\u5834\u306f\u5229\u4e0b\u3052\u306b\u3088\u308b\u30a4\u30f3\u30d5\u30ec\u52a0\u901f\u3092\u61f8\u5ff5\u3057\u305f\u306e\u3067\u3042\u308b\u3002\u305d\u308c\u304c\u30a4\u30f3\u30d5\u30ec\u304c\u8d77\u3053\u3063\u3066\u3057\u307e\u3063\u305f\u5834\u5408\u306e\u666e\u901a\u306e\u52d5\u304d\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>Fed\u304c\u5229\u4e0b\u3052\u3092\u518d\u958b\u3059\u308c\u3070\u540c\u3058\u3088\u3046\u306b\u306a\u308b\u306e\u304b\u3068\u805e\u304b\u308c\u3001\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u306f\u6b21\u306e\u3088\u3046\u306b\u805e\u304d\u8fd4\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>\u9006\u306b\u4f55\u6545\u8d77\u3053\u3089\u306a\u3044\u3093\u3060\uff1f\u3000\u3053\u308c\u306f\u30d1\u30e9\u30c0\u30a4\u30e0\u30b7\u30d5\u30c8\u3060\u3002<\/p>\n<\/blockquote>\n\n\n\n<p><strong>\u5b89\u5168\u8cc7\u7523\u3067\u306f\u306a\u304f\u306a\u308b\u30c9\u30eb\u3068\u7c73\u56fd\u50b5<\/strong><\/p>\n\n\n\n<p>\u30d1\u30e9\u30c0\u30a4\u30e0\u30b7\u30d5\u30c8\u3068\u306f\u3001\u682a\u4fa1\u304c\u4e0b\u304c\u308a\u7d4c\u6e08\u304c\u843d\u3061\u8fbc\u3081\u3070\u300c\u5b89\u5168\u8cc7\u7523\u300d\u3067\u3042\u308b\u30c9\u30eb\u3084\u7c73\u56fd\u50b5\u306b\u8cc7\u91d1\u304c\u96c6\u307e\u308b\u6642\u4ee3\u304b\u3089\u3001\u5371\u6a5f\u304c\u3042\u308b\u3068\u30c9\u30eb\u3084\u7c73\u56fd\u50b5\u304b\u3089\u8cc7\u91d1\u304c\u6d41\u51fa\u3059\u308b\u6642\u4ee3\u3078\u306e\u30b7\u30d5\u30c8\u306e\u3053\u3068\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u307b\u3068\u3093\u3069\u306e\u4eba\u306f\u3053\u308c\u307e\u3067\u4f55\u5341\u5e74\u3082\u30c9\u30eb\u3084\u7c73\u56fd\u50b5\u304c\u5b89\u5168\u8cc7\u7523\u3060\u3063\u305f\u6642\u4ee3\u3092\u751f\u304d\u3066\u304d\u305f\u304b\u3089\u3001\u307e\u3060\u30d1\u30e9\u30c0\u30a4\u30e0\u30b7\u30d5\u30c8\u3092\u53d7\u3051\u5165\u308c\u3089\u308c\u3066\u3044\u306a\u3044\u3002<\/p>\n\n\n\n<p>\u3060\u304c\u30a4\u30f3\u30d5\u30ec\u304c\u767a\u751f\u3057\u305f\u6642\u306b\u306f\u305d\u308c\u3053\u305d\u304c\u91d1\u878d\u5e02\u5834\u306e\u666e\u901a\u306e\u52d5\u304d\u65b9\u3067\u3042\u308b\u3002\u4f8b\u3048\u30701970\u5e74\u4ee3\u306e\u7269\u4fa1\u9ad8\u9a30\u6642\u4ee3\u3001\u305d\u3057\u30661929\u5e74\u304b\u3089\u59cb\u307e\u308b\u4e16\u754c\u6050\u614c\u306e\u6642\u4ee3\u3001\u30c9\u30eb\u3068\u7c73\u56fd\u50b5\u306f\u5b89\u5168\u8cc7\u7523\u3067\u3042\u308b\u3053\u3068\u3092\u6b62\u3081\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<p>\u4e16\u754c\u6050\u614c\u306e\u4f8b\u3092\u8003\u3048\u308b\u305f\u3081\u306b\u3001\u6b74\u53f2\u4e0a\u306e\u30d0\u30d6\u30eb\u5d29\u58ca\u3092\u89e3\u8aac\u3057\u3066\u3044\u308b\u30ec\u30a4\u30fb\u30c0\u30ea\u30aa\u6c0f\u306e\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\u304b\u3089\u4e16\u754c\u6050\u614c\u306e\u30da\u30fc\u30b8\u3092\u958b\u3044\u3066\u307f\u3088\u3046\u3002<\/p>\n\n\n\n<p>1929\u5e74\u306b\u4e16\u754c\u6050\u614c\u304c\u59cb\u307e\u3063\u305f\u3068\u304d\u3001\u521d\u3081\u306b\u66b4\u843d\u3057\u305f\u306e\u306f\u5f53\u6642\u306e\u57fa\u8ef8\u901a\u8ca8\u3060\u3063\u305f\u5927\u82f1\u5e1d\u56fd\u306e\u30dd\u30f3\u30c9\u3060\u3063\u305f\u304c\u30011931\u5e74\u9803\u306b\u306f\u9042\u306b\u30c9\u30eb\u3068\u7c73\u56fd\u50b5\u3082\u5371\u6a5f\u306b\u9665\u308b\u3053\u3068\u306b\u306a\u308b\u3002<\/p>\n\n\n\n<p>\u30c0\u30ea\u30aa\u6c0f\u306f\u6b21\u306e\u3088\u3046\u306b\u66f8\u3044\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>1931\u5e749\u6708\u3001\u4e16\u754c\u6050\u614c\u304c\u59cb\u307e\u3063\u3066\u4ee5\u6765\u521d\u3081\u3066\u3001\u30c9\u30eb\u306f\u5b89\u5168\u8cc7\u7523\u3067\u3042\u308b\u3053\u3068\u3092\u6b62\u3081\u305f\u3002<\/p>\n<\/blockquote>\n\n\n\n<p>\u4eca\u3068\u540c\u3058\u3088\u3046\u306b\u3001\u6d77\u5916\u306e\u6295\u8cc7\u5bb6\u304c\u30a2\u30e1\u30ea\u30ab\u306e\u50b5\u52d9\u554f\u984c\u3092\u30ea\u30b9\u30af\u3060\u3068\u8003\u3048\u305f\u304b\u3089\u3067\u3042\u308b\u3002\u300c\u5b89\u5168\u8cc7\u7523\u3067\u3042\u308b\u3053\u3068\u3092\u6b62\u3081\u308b\u300d\u3068\u3044\u3046\u30d5\u30ec\u30fc\u30ba\u304c\u3001\u4eca\u306e\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u3068\u88ab\u3063\u3066\u3044\u308b\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\n\n\n<li><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/66360\" data-type=\"post\" data-id=\"66360\">\u30ec\u30a4\u30fb\u30c0\u30ea\u30aa\u6c0f\u306e\u65b0\u8457\u3001\u30a2\u30e1\u30ea\u30ab\u304c\u8ca1\u653f\u7834\u7dbb\u3059\u308b\u30d7\u30ed\u30bb\u30b9\u3092\u4e8b\u7d30\u304b\u306b\u4e88\u60f3<\/a><\/li>\n<\/ul>\n\n\n\n<p>\u305d\u3057\u3066\u30c9\u30eb\u304b\u3089\u9003\u3052\u305f\u8cc7\u91d1\u304c\u5411\u304b\u3063\u305f\u306e\u306f\u3001\u4eca\u3068\u540c\u3058\u30b4\u30fc\u30eb\u30c9\u3060\u3063\u305f\u3002\u30c0\u30ea\u30aa\u6c0f\u306f\u6b21\u306e\u3088\u3046\u306b\u66f8\u3044\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>\u30d5\u30e9\u30f3\u30b9\u3001\u30d9\u30eb\u30ae\u30fc\u3001\u30b9\u30a4\u30b9\u3001\u30aa\u30e9\u30f3\u30c0\u306a\u3069\u306f\u7686\u30c9\u30eb\u3092\u30b4\u30fc\u30eb\u30c9\u3078\u4e21\u66ff\u3057\u59cb\u3081\u305f\u3002<\/p>\n<\/blockquote>\n\n\n\n<p>\u3053\u3046\u3057\u3066\u30c9\u30eb\u3068\u7c73\u56fd\u50b5\u304b\u3089\u30b4\u30fc\u30eb\u30c9\u3078\u3068\u8cc7\u91d1\u304c\u6d41\u51fa\u3057\u3001\u8ab0\u3082\u7c73\u56fd\u50b5\u3092\u8cb7\u308f\u306a\u304f\u306a\u3063\u305f\u3053\u3068\u304b\u3089\u30a2\u30e1\u30ea\u30ab\u306f\u50b5\u52d9\u5371\u6a5f\u306b\u9665\u3063\u305f\u306e\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u3053\u306e\u30b7\u30ca\u30ea\u30aa\u306f\u5143\u30af\u30ec\u30c7\u30a3\u30b9\u30a4\u30b9\u306e\u5929\u624d\u30be\u30eb\u30bf\u30f3\u30fb\u30dd\u30b8\u30e3\u30fc\u30eb\u6c0f\u304c\u4e88\u60f3\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\/50785\" data-type=\"post\" data-id=\"50785\">\u30dd\u30b8\u30e3\u30fc\u30eb\u6c0f: \u4e16\u754c\u7684\u306a\u30c9\u30eb\u96e2\u308c\u306e\u7d50\u679c\u306f\u30c9\u30eb\u5186\u4e0b\u843d\u3067\u306f\u306a\u304f\u30a2\u30e1\u30ea\u30ab\u306e\u8ca1\u653f\u5371\u6a5f<\/a><\/li>\n<\/ul>\n\n\n\n<p>\u3057\u304b\u3082\u3053\u306e\u30b7\u30ca\u30ea\u30aa\u306b\u306f\u3082\u30461\u3064\u554f\u984c\u70b9\u304c\u3042\u308b\u3002\u30c9\u30eb\u304b\u3089\u306e\u8cc7\u91d1\u6d41\u51fa\u3092\u6b62\u3081\u308b\u305f\u3081\u3001\u4e16\u754c\u6050\u614c\u306e\u4e8b\u4f8b\u3067\u30a2\u30e1\u30ea\u30ab\u304c\u4f55\u3092\u3057\u306a\u3051\u308c\u3070\u306a\u3089\u306a\u304b\u3063\u305f\u304b\u306b\u3064\u3044\u3066\u3001\u30c0\u30ea\u30aa\u6c0f\u306f\u6b21\u306e\u3088\u3046\u306b\u66f8\u3044\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>10\u67089\u65e5\u3001\u6295\u8cc7\u5bb6\u3092\u5f15\u304d\u7559\u3081\u308b\u305f\u3081\u3001\u30cb\u30e5\u30fc\u30e8\u30fc\u30af\u9023\u9280\u306f\u91d1\u5229\u30921.5%\u304b\u30892.5%\u306b\u5f15\u304d\u4e0a\u3052\u305f\u3002\u3053\u308c\u306f\u91d1\u878d\u5f15\u304d\u7de0\u3081\u306b\u4ed6\u306a\u3089\u305a\u3001\u305d\u308c\u306f\u6050\u614c\u306e\u6642\u306b\u306f\u826f\u3044\u7d50\u679c\u306b\u306f\u7e4b\u304c\u3089\u306a\u3044\u3002<\/p>\n<\/blockquote>\n\n\n\n<p>\u30c9\u30eb\u9810\u91d1\u3084\u7c73\u56fd\u50b5\u306b\u8cc7\u91d1\u3092\u53d6\u308a\u623b\u3059\u305f\u3081\u3001\u30a2\u30e1\u30ea\u30ab\u306f\u5229\u4e0a\u3052\u3092\u3057\u306a\u3051\u308c\u3070\u306a\u3089\u306a\u304b\u3063\u305f\u3002<\/p>\n\n\n\n<p>\u3057\u304b\u3057\u3053\u308c\u306f\u7d4c\u6e08\u6050\u614c\u4e0b\u306e\u91d1\u878d\u5f15\u304d\u7de0\u3081\u3067\u3042\u308a\u3001\u65e2\u306b\u4e16\u754c\u6050\u614c\u3067\u75b2\u5f0a\u3057\u3066\u3044\u305f\u5b9f\u4f53\u7d4c\u6e08\u306f\u66f4\u306b\u75b2\u5f0a\u3057\u3066\u3086\u304f\u3053\u3068\u306b\u306a\u308b\u3002<\/p>\n\n\n\n<p>\u3057\u304b\u3057\u305d\u308c\u3092\u3084\u3089\u306a\u3051\u308c\u3070\u30c9\u30eb\u3068\u7c73\u56fd\u50b5\u306e\u66b4\u843d\u306f\u6b62\u307e\u3089\u306a\u304b\u3063\u305f\u3002\u30a2\u30e1\u30ea\u30ab\u304c\u9665\u3063\u305f\u306e\u306f\u305d\u3046\u3044\u3046\u72b6\u6cc1\u3067\u3042\u308b\u3002\u305d\u3057\u3066\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u3082\u30c0\u30ea\u30aa\u6c0f\u3082\u3001\u30a2\u30e1\u30ea\u30ab\u306f\u518d\u3073\u305d\u3046\u3044\u3046\u72b6\u6cc1\u306b\u306a\u308a\u3064\u3064\u3042\u308b\u3068\u8a00\u3063\u3066\u3044\u308b\u306e\u3067\u3042\u308b\u3002\u30b4\u30fc\u30eb\u30c9\u3078\u306e\u8cc7\u91d1\u6d41\u5165\u304c\u305d\u308c\u3092\u7269\u8a9e\u3063\u3066\u3044\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>\u3053\u308c\u304b\u3089\u306e\u30a2\u30e1\u30ea\u30ab\u7d4c\u6e08\u3092\u4e88\u60f3\u3059\u308b\u305f\u3081\u306b\u306f\u3001\u4e16\u754c\u6050\u614c\u306b\u304a\u3044\u3066\u30c9\u30eb\u3084\u7c73\u56fd\u682a\u304c\u3069\u3046\u52d5\u3044\u305f\u306e\u304b\u3092\u982d\u306b\u5165\u308c\u3066\u304a\u304f\u3053\u3068\u306f\u5fc5\u9808\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u30c0\u30ea\u30aa\u6c0f\u306e\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\u3092\u672a\u8aad\u306e\u4eba\u306f\u8aad\u3080\u3079\u304d\u3060\u308d\u3046\u3002\u307e\u305f\u3001\u4ee5\u4e0b\u306e\u8a18\u4e8b\u3082\u540c\u6642\u306b\u53c2\u8003\u306b\u3057\u3066\u3082\u3089\u3044\u305f\u3044\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><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>\u5f15\u304d\u7d9a\u304d\u3001DoubleLine Capital\u306e\u30b8\u30a7\u30d5\u30ea\u30fc\u30fb\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u306eBloomberg\u306b\u3088\u308b\u30a4\u30f3\u30bf\u30d3\u30e5\u30fc\u3067\u3042\u308b\u3002 \u4eca\u56de\u306fFed\uff08\u9023\u90a6\u6e96\u5099\u5236\u5ea6\uff09\u306e\u5229\u4e0b\u3052\u3068\u30a2\u30e1\u30ea\u30ab\u306e\u9577\u671f\u91d1\u5229\u306e\u52d5\u5411\u306b\u3064\u3044\u3066\u8a9e\u3063\u3066\u3044\u308b\u90e8\u5206\u3092\u53d6\u308a\u4e0a\u3052\u305f\u3044 &hellip; <a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/66706\" class=\"more-link\">\u7d9a\u304d\u3092\u8aad\u3080 <span class=\"screen-reader-text\">\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f: \u30a2\u30e1\u30ea\u30ab\u304c\u5229\u4e0b\u3052\u518d\u958b\u3059\u308c\u3070\u9577\u671f\u91d1\u5229\u306f\u3080\u3057\u308d\u4e0a\u6607\u3059\u308b<\/span> <span class=\"meta-nav\">&rarr;<\/span><\/a><\/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-66706","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\/66706","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=66706"}],"version-history":[{"count":30,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/66706\/revisions"}],"predecessor-version":[{"id":66739,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/66706\/revisions\/66739"}],"wp:attachment":[{"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/media?parent=66706"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/categories?post=66706"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/tags?post=66706"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}