{"id":66898,"date":"2025-06-24T20:00:00","date_gmt":"2025-06-24T11:00:00","guid":{"rendered":"https:\/\/www.globalmacroresearch.org\/jp\/?p=66898"},"modified":"2025-06-24T01:08:53","modified_gmt":"2025-06-23T16:08:53","slug":"%e3%82%ac%e3%83%b3%e3%83%89%e3%83%a9%e3%83%83%e3%82%af%e6%b0%8f-%e3%83%91%e3%82%a6%e3%82%a8%e3%83%ab%e8%ad%b0%e9%95%b7%e9%80%80%e4%bb%bb%e3%81%ae%e3%81%af%e3%82%8b%e3%81%8b%e5%89%8d%e3%81%8b%e3%82%89","status":"publish","type":"post","link":"https:\/\/www.globalmacroresearch.org\/jp\/archives\/66898","title":{"rendered":"\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f: \u30d1\u30a6\u30a8\u30eb\u8b70\u9577\u9000\u4efb\u306e\u306f\u308b\u304b\u524d\u304b\u3089\u5e02\u5834\u306f\u5229\u4e0b\u3052\u3092\u7e54\u308a\u8fbc\u307f\u59cb\u3081\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\u306eCNBC\u306b\u3088\u308b\u30a4\u30f3\u30bf\u30d3\u30e5\u30fc\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u4eca\u56de\u306f\u3001Fed\uff08\u9023\u90a6\u6e96\u5099\u5236\u5ea6\uff09\u306e\u5229\u4e0b\u3052\u3068\u3001\u305d\u308c\u306b\u5bfe\u3059\u308b\u30a2\u30e1\u30ea\u30ab\u306e\u91d1\u5229\u306e\u53cd\u5fdc\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>\u30a2\u30e1\u30ea\u30ab\u306e\u5229\u4e0b\u3052\u505c\u6b62<\/strong><\/p>\n\n\n\n<p>\u30a2\u30e1\u30ea\u30ab\u3067\u306f\u30a4\u30f3\u30d5\u30ec\u7387\u304c2%\u53f0\u3067\u63a8\u79fb\u3057\u3066\u3044\u308b\u3053\u3068\u304b\u3089\u3001Fed\u306f\u53bb\u5e749\u6708\u304b\u3089\u5229\u4e0b\u3052\u3092\u958b\u59cb\u3057\u305f\u304c\u3001\u305d\u306e\u5f8c\u4e00\u6642\u505c\u6b62\u3057\u3001\u3082\u3046\u534a\u5e74\u307b\u3069\u653f\u7b56\u91d1\u5229\u3092\u7dad\u6301\u3057\u305f\u307e\u307e\u3068\u306a\u3063\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<p>\u30a2\u30e1\u30ea\u30ab\u306e\u30a4\u30f3\u30d5\u30ec\u7387\u306f2.4%\u3001\u653f\u7b56\u91d1\u5229\u306f4.25%\u3067\u3042\u308b\u3002\u30c8\u30e9\u30f3\u30d7\u5927\u7d71\u9818\u306f\u3053\u306e\u72b6\u6cc1\u3067\u3082\u5229\u4e0b\u3052\u3057\u306a\u3044\u30d1\u30a6\u30a8\u30eb\u8b70\u9577\u306b\u975e\u5e38\u306b\u4e0d\u670d\u3067\u3042\u308a\u3001\u6b21\u306e\u3088\u3046\u306b\u4e0d\u6e80\u3092\u6492\u304d\u6563\u3089\u3057\u305f\u3002<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u308f\u308c\u308f\u308c\u306f\u611a\u304b\u306a\u8b70\u9577\u3092\u62b1\u3048\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<p>\u30e8\u30fc\u30ed\u30c3\u30d1\u306f10\u56de\u5229\u4e0b\u3052\u3092\u3057\u305f\u3002\u30a2\u30e1\u30ea\u30ab\u306f\u30bc\u30ed\u3060\u3002\u591a\u5206\u30d1\u30a6\u30a8\u30eb\u8b70\u9577\u306f\u653f\u6cbb\u7684\u306a\u4eba\u9593\u306a\u306e\u3060\u308d\u3046\u304b\u3002\u5206\u304b\u3089\u306a\u3044\u3002\u5f7c\u306f\u653f\u6cbb\u7684\u3067\u8ce2\u304f\u306a\u3044\u4eba\u9593\u3067\u3001\u305d\u306e\u305b\u3044\u3067\u30a2\u30e1\u30ea\u30ab\u306f\u5927\u640d\u3057\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<p>\u653f\u7b56\u91d1\u5229\u30922.5%\u4e0b\u3052\u308b\u3079\u304d\u3060\u3002\u305d\u3046\u3059\u308c\u3070\u30d0\u30a4\u30c7\u30f3\u6c0f\u306e\u77ed\u671f\u56fd\u50b5\u306e\u5229\u6255\u3044\u3092\u4f55\u5341\u5104\u30c9\u30eb\u3082\u7bc0\u7d04\u3067\u304d\u308b\u3002<\/p>\n<\/blockquote>\n\n\n\n<p>\u300c\u30d0\u30a4\u30c7\u30f3\u6c0f\u306e\u77ed\u671f\u56fd\u50b5\u300d\u3068\u306f\u3001\u30d0\u30a4\u30c7\u30f3\u653f\u6a29\u304c\u81ea\u5206\u306e\u4efb\u671f\u306e\u9593\u3060\u3051\u9577\u671f\u91d1\u5229\u306b\u8ca0\u62c5\u3092\u639b\u3051\u306a\u3044\u305f\u3081\u306b\u9577\u671f\u56fd\u50b5\u306e\u767a\u884c\u3092\u6291\u3048\u3001\u77ed\u671f\u56fd\u50b5\u3092\u5927\u91cf\u767a\u884c\u3057\u305f\u3053\u3068\u3092\u6307\u3057\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<p>\u30b3\u30ed\u30ca\u76f4\u5f8c\u3001\u91d1\u5229\u304c\u5927\u304d\u304f\u4e0a\u304c\u308b\u524d\u306b\u30d0\u30a4\u30c7\u30f3\u653f\u6a29\u304c\u9577\u671f\u56fd\u50b5\u3092\u767a\u884c\u3057\u3066\u3044\u308c\u3070\u3001\u7c73\u56fd\u653f\u5e9c\u306f\u4f4e\u91d1\u5229\u306e\u5229\u6255\u3044\u3092\u9577\u304f\u7d9a\u3051\u308b\u3053\u3068\u304c\u3067\u304d\u3001\u30a2\u30e1\u30ea\u30ab\u306e\u50b5\u52d9\u8ca0\u62c5\u306f\u3082\u3063\u3068\u8efd\u304b\u3063\u305f\u3060\u308d\u3046\u3002\u3060\u304c\u30d0\u30a4\u30c7\u30f3\u653f\u6a29\u304c\u305d\u306e\u6642\u306b\u77ed\u671f\u56fd\u50b5\u3092\u767a\u884c\u3057\u305f\u304a\u9670\u3067\u3001\u5f53\u6642\u767a\u884c\u3055\u308c\u305f\u77ed\u671f\u56fd\u50b5\u304c\u4eca\u6b21\u3005\u306b\u6e80\u671f\u3092\u8fce\u3048\u3066\u73fe\u5728\u306e\u9ad8\u91d1\u5229\u3067\u306e\u501f\u308a\u63db\u3048\u3092\u4f59\u5100\u306a\u304f\u3055\u308c\u3066\u304a\u308a\u3001\u30a2\u30e1\u30ea\u30ab\u306e\u8ca1\u653f\u3092\u5727\u8feb\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\/62310\" data-type=\"post\" data-id=\"62310\">\u30d9\u30c3\u30bb\u30f3\u30c8\u8ca1\u52d9\u9577\u5b98: \u30a4\u30a8\u30ec\u30f3\u5143\u8ca1\u52d9\u9577\u5b98\u306f\u610f\u56f3\u7684\u306a\u56fd\u50b5\u767a\u884c\u3067\u91d1\u5229\u3092\u64cd\u4f5c\u3057\u3066\u3044\u305f<\/a><\/li>\n<\/ul>\n\n\n\n<p>\u3060\u304b\u3089\u91d1\u5229\u304c\u4e0b\u304c\u308c\u3070\u56fd\u50b5\u306e\u5229\u6255\u3044\u3092\u6291\u3048\u3089\u308c\u308b\u306e\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p><strong>\u30d1\u30a6\u30a8\u30eb\u8b70\u9577\u306e\u5f8c\u4efb<\/strong><\/p>\n\n\n\n<p>\u3060\u304b\u3089\u30c8\u30e9\u30f3\u30d7\u5927\u7d71\u9818\u306f\u30d1\u30a6\u30a8\u30eb\u8b70\u9577\u3092\u7f6e\u304d\u63db\u3048\u305f\u304c\u3063\u3066\u3044\u308b\u3002\u30d1\u30a6\u30a8\u30eb\u6c0f\u306e\u4efb\u671f\u306f\u6765\u5e745\u6708\u306b\u7d42\u308f\u308b\u3002\u30c8\u30e9\u30f3\u30d7\u6c0f\u306f\u3001\u5229\u4e0b\u3052\u306b\u7a4d\u6975\u7684\u306a\u30cf\u30c8\u6d3e\u306e\u8ab0\u304b\u3092\u65b0\u8b70\u9577\u306b\u3057\u305f\u304c\u308b\u3060\u308d\u3046\u3002<\/p>\n\n\n\n<p>\u3067\u306f\u6295\u8cc7\u5bb6\u306f\u6765\u5e74\u304b\u3089\u91d1\u5229\u306e\u52d5\u304d\u306b\u6ce8\u610f\u3059\u308c\u3070\u826f\u3044\u306e\u3060\u308d\u3046\u304b\uff1f\u3000\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u306f\u305d\u3046\u3067\u306f\u306a\u3044\u3068\u8a00\u3046\u3002\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\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>\u8d85\u30cf\u30c8\u6d3e\u306e\u8ab0\u304b\u304c\u8b70\u9577\u306b\u306a\u308a\u3001\u4f55\u3067\u3042\u308c\u30c8\u30e9\u30f3\u30d7\u5927\u7d71\u9818\u304c\u671b\u3080\u3053\u3068\u3092\u3084\u308d\u3046\u3068\u3059\u308c\u3070\u3069\u3046\u306a\u308b\u304b\u3002<\/p>\n\n\n\n<p>\u30c8\u30e9\u30f3\u30d7\u5927\u7d71\u9818\u306f\u65b0\u305f\u306a\u8b70\u9577\u3092\u30d1\u30a6\u30a8\u30eb\u8b70\u9577\u306e\u4efb\u671f\u7d42\u4e86\u3088\u308a\u524d\u306b\u767a\u8868\u3059\u308b\u3060\u308d\u3046\u3002\u305d\u3046\u3059\u308c\u3070\u305d\u306e\u65b0\u8b70\u9577\u306f\u3044\u308f\u3070\u5f71\u306eFed\u8b70\u9577\u3068\u306a\u308a\u3001\u5c31\u4efb\u3059\u308c\u30702%\u5229\u4e0b\u3052\u3059\u308b\u3068\u8a00\u3048\u3070\u3069\u3046\u306a\u308b\u304b\u3002\u305d\u306e\u767a\u8a00\u305d\u306e\u3082\u306e\u304c\u91d1\u5229\u3092\u52d5\u304b\u3059\u3002<\/p>\n<\/blockquote>\n\n\n\n<p>\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u306f\u3001\u30c8\u30e9\u30f3\u30d7\u6c0f\u304c\u6765\u5e745\u6708\u3092\u5f85\u305f\u305a\u65b0\u8b70\u9577\u3092\u6307\u540d\u3057\u3001\u305d\u306e\u65b0\u8b70\u9577\u304c\u5229\u4e0b\u3052\u306b\u3064\u3044\u3066\u558b\u308c\u3070\u3001\u50b5\u5238\u5e02\u5834\u306f\u305d\u308c\u3092\u3059\u3050\u306b\u7e54\u308a\u8fbc\u307f\u59cb\u3081\u308b\u3068\u4e88\u60f3\u3057\u3066\u3044\u308b\u3002<\/p>\n\n\n\n<p>\u5b9f\u969b\u3001\u30c8\u30e9\u30f3\u30d7\u6c0f\u306f\u4eca\u5e74\u306e\u5f8c\u534a\u306b\u306f\u65b0\u8b70\u9577\u3092\u767a\u8868\u3059\u308b\u3060\u308d\u3046\u3002\u305d\u306e\u6642\u306b\u91d1\u5229\u306f\u3069\u3046\u306a\u308b\u304b\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p><strong>\u65b0\u8b70\u9577\u306e\u5229\u4e0b\u3052\u3068\u9577\u671f\u91d1\u5229<\/strong><\/p>\n\n\n\n<p>\u65b0\u8b70\u9577\u304c\u5229\u4e0b\u3052\u3092\u5168\u9762\u306b\u62bc\u3057\u51fa\u305b\u3070\u3001\u653f\u7b56\u91d1\u5229\u306b\u6cbf\u3063\u3066\u63a8\u79fb\u3059\u308b\u77ed\u671f\u56fd\u50b5\u306e\u91d1\u5229\u306f\u307b\u307c\u9593\u9055\u3044\u306a\u304f\u4e0b\u304c\u308b\u3060\u308d\u3046\u3002<\/p>\n\n\n\n<p>\u554f\u984c\u306f\u9577\u671f\u91d1\u5229\u3067\u3042\u308b\u3002\u3053\u308c\u307e\u3067\u306e\u5e38\u8b58\u3067\u306f\u5229\u4e0b\u3052\u3067\u9577\u671f\u91d1\u5229\u3082\u4e0b\u304c\u308b\u306e\u3060\u304c\u3001\u30a4\u30f3\u30d5\u30ec\u306e\u6642\u4ee3\u306b\u306f\u5229\u4e0b\u3052\u304c\u30a4\u30f3\u30d5\u30ec\u61f8\u5ff5\u3092\u5897\u52a0\u3055\u305b\u3001\u9577\u671f\u91d1\u5229\u3092\u3080\u3057\u308d\u4e0a\u3052\u308b\u53ef\u80fd\u6027\u304c\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u4e8b\u5b9f\u3001\u53bb\u5e749\u6708\u306e\u5229\u4e0b\u3052\u958b\u59cb\u306e\u5f8c\u306b\u9577\u671f\u91d1\u5229\u304c\u4e0a\u304c\u3063\u3066\u304a\u308a\u3001\u3053\u308c\u3092\u30d1\u30e9\u30c0\u30a4\u30e0\u30b7\u30d5\u30c8\u3060\u3068\u6307\u6458\u3057\u305f\u306e\u304c\u4ed6\u306a\u3089\u306c\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u306a\u306e\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u306f\u3001\u57fa\u672c\u7684\u306b\u306f\u305d\u306e\u72b6\u6cc1\u306e\u518d\u73fe\u3092\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\/66706\" data-type=\"post\" data-id=\"66706\">\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<\/a><\/li>\n<\/ul>\n\n\n\n<p>\u3060\u304c\u5229\u4e0b\u3052\u8868\u660e\u3067\u305d\u306e\u307e\u307e\u9577\u671f\u91d1\u5229\u306e\u4e0a\u6607\uff08\u56fd\u50b5\u4fa1\u683c\u306e\u4e0b\u843d\uff09\u306b\u306a\u308b\u3060\u308d\u3046\u304b\u3002\u77ed\u671f\u7684\u306a\u5024\u52d5\u304d\u3092\u53b3\u5bc6\u306b\u4e88\u60f3\u3059\u308b\u306e\u306f\u3001\u5927\u307e\u304b\u306a\u5024\u52d5\u304d\u306e\u4e88\u60f3\u3088\u308a\u3082\u56f0\u96e3\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u5b9f\u969b\u3001\u53bb\u5e749\u6708\u306e\u5229\u4e0b\u3052\u306e\u4f8b\u3067\u306f\u3001\u5229\u4e0b\u3052\u8868\u660e\u3067\u9577\u671f\u91d1\u5229\u306f\u4e0b\u304c\u308a\u3001\u5229\u4e0b\u3052\u5b9f\u884c\u3067\u9577\u671f\u91d1\u5229\u306f\u4e0a\u304c\u3063\u3066\u3044\u308b\u306e\u3067\u3042\u308b\u3002\u9577\u671f\u91d1\u5229\u306f9\u6708\u306e\u5229\u4e0b\u3052\u958b\u59cb\u304c\u5e95\u5024\u306b\u306a\u3063\u3066\u3044\u308b\u3053\u3068\u306b\u6ce8\u76ee\u3057\u305f\u3044\u3002<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><a href=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2024\/12\/2024-12-20-us-10-year-treasury-bond-yield-chart.png\"><img loading=\"lazy\" decoding=\"async\" width=\"712\" height=\"523\" src=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2024\/12\/2024-12-20-us-10-year-treasury-bond-yield-chart.png\" alt=\"\" class=\"wp-image-57445\" srcset=\"https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2024\/12\/2024-12-20-us-10-year-treasury-bond-yield-chart.png 712w, https:\/\/www.globalmacroresearch.org\/jp\/wp-content\/uploads\/2024\/12\/2024-12-20-us-10-year-treasury-bond-yield-chart-300x220.png 300w\" sizes=\"auto, (max-width: 712px) 100vw, 712px\" \/><\/a><\/figure>\n\n\n\n<p>\u3060\u304b\u3089\u3001\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u306f\u540c\u3058\u3088\u3046\u306a\u5c55\u958b\u3092\u4e88\u60f3\u3057\u3066\u3044\u308b\u3089\u3057\u3044\u3002\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f\u306f\u9577\u671f\u91d1\u5229\u304c\u6700\u521d\u306f\u4f4e\u4e0b\uff08\u4fa1\u683c\u306f\u4e0a\u6607\uff09\u3067\u53cd\u5fdc\u3059\u308b\u53ef\u80fd\u6027\u3092\u6b21\u306e\u3088\u3046\u306b\u6307\u6458\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>\u56fd\u50b5\u4fa1\u683c\u306f\u4e0a\u6607\u3059\u308b\u304b\u3082\u3057\u308c\u306a\u3044\u3002\u9577\u671f\u56fd\u50b5\u3055\u3048\u305d\u3046\u3044\u3046\u767a\u8a00\u3067\u4fa1\u683c\u304c\u4e0a\u6607\u3059\u308b\u304b\u3082\u3057\u308c\u306a\u3044\u3002\u672c\u6765\u305d\u3046\u306a\u308b\u3079\u304d\u3067\u306f\u306a\u3044\u304c\u3002\u672c\u6765\u306a\u3089\u3070\u3001\u305d\u3046\u3044\u3046\u767a\u8a00\u3067\u9577\u671f\u91d1\u5229\u306f\u5373\u5ea7\u306b6%\u306b\u306a\u308b\u3079\u304d\u3060\u3002<\/p>\n\n\n\n<p>\u6295\u8cc7\u5bb6\u305f\u3061\u306f\u9577\u671f\u56fd\u50b5\u306e\u9577\u671f\u306e\u4e0a\u3052\u76f8\u5834\u306b\u6163\u308c\u3066\u3057\u307e\u3063\u3066\u3044\u308b\u3002\u9577\u671f\u56fd\u50b5\u306f\u5b9f\u969b\u306b\u306f\u9577\u671f\u306e\u4e0b\u3052\u76f8\u5834\u306b\u5165\u3063\u3066\u3044\u308b\u306e\u3060\u304c\u3002<\/p>\n<\/blockquote>\n\n\n\n<p><strong>\u7d50\u8ad6<\/strong><\/p>\n\n\n\n<p>\u3060\u304c\u4eee\u306b\u305d\u3046\u306a\u3063\u305f\u3068\u3057\u3066\u3082\u3001\u9577\u671f\u7684\u306b\u306f\u5229\u4e0b\u3052\u306f\u30a4\u30f3\u30d5\u30ec\u3092\u547c\u3073\u3001\u9577\u671f\u91d1\u5229\u306f\u30a4\u30f3\u30d5\u30ec\u3092\u7e54\u308a\u8fbc\u3093\u3067\u4e0a\u304c\u3063\u3066\u3086\u304f\u3060\u308d\u3046\u3002<\/p>\n\n\n\n<p>\u9577\u671f\u91d1\u5229\u306e\u53b3\u5bc6\u306a\u52d5\u304d\u3092\u4e88\u60f3\u3059\u308b\u3053\u3068\u306f\u96e3\u3057\u3044\u304c\u3001\u7b46\u8005\u306b\u3068\u3063\u3066\u306f\u3053\u306e\u72b6\u6cc1\u3067\u3082\u3063\u3068\u7c21\u5358\u306b\u4e88\u60f3\u3067\u304d\u308b\u3082\u306e\u304c\u3042\u308b\u3002\u30c9\u30eb\u76f8\u5834\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u5229\u4e0b\u3052\u3067\u9577\u671f\u91d1\u5229\u304c\u4e0b\u304c\u308d\u3046\u304c\u3001\u5229\u4e0b\u3052\u306e\u3084\u308a\u904e\u304e\u3067\u30a4\u30f3\u30d5\u30ec\u306b\u306a\u308d\u3046\u304c\u3001\u3069\u3061\u3089\u306b\u3057\u3066\u3082\u7de9\u548c\u3092\u6b62\u3081\u306a\u3044\u9650\u308a\u30c9\u30eb\u306f\u4e0b\u304c\u308b\u306f\u305a\u3060\u3002\u3060\u304b\u3089\u7b46\u8005\u306f\u91d1\u5229\u306b\u76f4\u63a5\u8ced\u3051\u308b\u3088\u308a\u306f\u3001\u30c9\u30eb\u306e\u4e0b\u843d\u306b\u8ced\u3051\u308b\u3053\u3068\u3092\u597d\u3080\u3002<\/p>\n\n\n\n<p>\u305d\u3057\u3066\u5186\u3084\u30e6\u30fc\u30ed\u3082\u4fe1\u7528\u3067\u304d\u306a\u3044\u4ee5\u4e0a\u3001\u30c9\u30eb\u306b\u5bfe\u3057\u3066\u8cb4\u91d1\u5c5e\u304c\u4e0a\u6607\u3059\u308b\u3053\u3068\u306b\u8ced\u3051\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\/66708\" data-type=\"post\" data-id=\"66708\">\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f: \u4e2d\u592e\u9280\u884c\u306b\u8cb7\u308f\u308c\u308b\u30b4\u30fc\u30eb\u30c9\u3001\u6368\u3066\u3089\u308c\u308b\u30c9\u30eb\u3068\u7c73\u56fd\u50b5<\/a><\/li>\n<\/ul>\n\n\n\n<p>\u3057\u304b\u3057\u6295\u8cc7\u5bb6\u306f\u91d1\u5229\u306b\u3064\u3044\u3066\u3082\u3001\u5229\u4e0b\u3052\u3067\u9577\u671f\u91d1\u5229\u3082\u4f4e\u4e0b\u3068\u3044\u3046\u30c7\u30d5\u30ec\u306e\u6642\u306e\u91d1\u5229\u306e\u52d5\u304d\u3068\u306f\u7570\u306a\u308b\u72b6\u6cc1\u3067\u3042\u308b\u3068\u3044\u3046\u3053\u3068\u3092\u7406\u89e3\u3057\u3066\u304a\u304f\u3079\u304d\u3060\u308d\u3046\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>\u73fe\u5728\u306e\u91d1\u878d\u5e02\u5834\u306f1980\u5e74\u304b\u30892020\u5e74\u307e\u3067\u306e\u91d1\u878d\u5e02\u5834\u3068\u306f\u9055\u3046\u3002\u305d\u308c\u304c\u308f\u305f\u3057\u306e\u4eca\u306e\u6295\u8cc7\u54f2\u5b66\u306e\u6839\u672c\u306b\u3042\u308b\u8003\u3048\u65b9\u3060\u3002<\/p>\n<\/blockquote>\n\n\n\n<p>\u30d1\u30e9\u30c0\u30a4\u30e0\u30b7\u30d5\u30c8\u3067\u3042\u308b\u3002\u305d\u3057\u3066\u30d1\u30e9\u30c0\u30a4\u30e0\u30b7\u30d5\u30c8\u3068\u306f\u3001Bridgewater\u306e\u30ec\u30a4\u30fb\u30c0\u30ea\u30aa\u6c0f\u304c\u300e<a href=\"https:\/\/amzn.to\/3IWcV1T\" target=\"_blank\" rel=\"noreferrer noopener\">\u4e16\u754c\u79e9\u5e8f\u306e\u5909\u5316\u306b\u5bfe\u51e6\u3059\u308b\u305f\u3081\u306e\u539f\u5247<\/a>\u300f\u306b\u304a\u3044\u3066\u4e88\u60f3\u3059\u308b\u3068\u3053\u308d\u306b\u3088\u308c\u3070\u3001\u30a2\u30e1\u30ea\u30ab\u3068\u30c9\u30eb\u306e\u9577\u671f\u7684\u8870\u9000\u306e\u958b\u59cb\u3067\u3042\u308b\u3002<\/p>\n\n\n\n<p>\u4e8b\u5b9f\u3001\u30c9\u30eb\u3084\u7c73\u56fd\u50b5\u306e\u52d5\u304d\u306f\u304d\u306a\u81ed\u304f\u306a\u3063\u3066\u304d\u3066\u3044\u308b\u3002\u78ba\u5b9f\u306b\u4f55\u304b\u304c\u5909\u308f\u3063\u3066\u304d\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\/66798\" data-type=\"post\" data-id=\"66798\">\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f: \u7c73\u56fd\u682a\u306e\u30d0\u30d6\u30eb\u306f\u3082\u3046\u7d42\u308f\u3063\u3066\u3044\u308b\u3001\u682a\u4fa1\u3068\u30c9\u30eb\u306e\u4f4e\u8ff7\u3067\u4e8c\u91cd\u306e\u6557\u5317\u3078<\/a><\/li>\n<\/ul>\n\n\n\n<a href=\"https:\/\/amzn.to\/3xlpTUc\" target=\"_blank\" rel=\"noreferrer noopener\"><img decoding=\"async\" src=\"https:\/\/m.media-amazon.com\/images\/I\/81CZHKszf9L._SL160_.jpg\"><\/a><br><a href=\"https:\/\/amzn.to\/3xlpTUc\" target=\"_blank\" rel=\"noreferrer noopener\">\u4e16\u754c\u79e9\u5e8f\u306e\u5909\u5316\u306b\u5bfe\u51e6\u3059\u308b\u305f\u3081\u306e\u539f\u5247<\/a>\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\u306eCNBC\u306b\u3088\u308b\u30a4\u30f3\u30bf\u30d3\u30e5\u30fc\u3067\u3042\u308b\u3002 \u4eca\u56de\u306f\u3001Fed\uff08\u9023\u90a6\u6e96\u5099\u5236\u5ea6\uff09\u306e\u5229\u4e0b\u3052\u3068\u3001\u305d\u308c\u306b\u5bfe\u3059\u308b\u30a2\u30e1\u30ea\u30ab\u306e\u91d1\u5229\u306e\u53cd\u5fdc\u306b\u3064\u3044\u3066\u8a9e\u3063\u3066\u3044\u308b\u90e8\u5206\u3092\u7d39\u4ecb\u3057\u305f\u3044 &hellip; <a href=\"https:\/\/www.globalmacroresearch.org\/jp\/archives\/66898\" class=\"more-link\">\u7d9a\u304d\u3092\u8aad\u3080 <span class=\"screen-reader-text\">\u30ac\u30f3\u30c9\u30e9\u30c3\u30af\u6c0f: \u30d1\u30a6\u30a8\u30eb\u8b70\u9577\u9000\u4efb\u306e\u306f\u308b\u304b\u524d\u304b\u3089\u5e02\u5834\u306f\u5229\u4e0b\u3052\u3092\u7e54\u308a\u8fbc\u307f\u59cb\u3081\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-66898","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\/66898","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=66898"}],"version-history":[{"count":36,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/66898\/revisions"}],"predecessor-version":[{"id":66934,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/posts\/66898\/revisions\/66934"}],"wp:attachment":[{"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/media?parent=66898"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/categories?post=66898"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.globalmacroresearch.org\/jp\/wp-json\/wp\/v2\/tags?post=66898"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}