2025\u5e749\u670817\u65e5\u3001\u30ef\u30b7\u30f3\u30c8\u30f3D.C.\u306b\u3066\u3001\u7c73\u9023\u90a6\u6e96\u5099\u5236\u5ea6\u7406\u4e8b\u4f1a\uff08Federal Reserve\u3001\u4ee5\u4e0bFRB\uff09\u306e\u8b70\u9577\u3067\u3042\u308b\u30b8\u30a7\u30ed\u30fc\u30e0\u30fb\u30d1\u30a6\u30a8\u30eb\uff08Jerome Powell\uff09\u304c\u91d1\u5229\u653f\u7b56\u306b\u95a2\u3059\u308b\u9023\u90a6\u516c\u958b\u5e02\u5834\u59d4\u54e1\u4f1a\uff08Federal Open Market Committee\u3001\u4ee5\u4e0bFOMC\uff09\u306e\u58f0\u660e\u3092\u767a\u8868\u3057\u3001\u305d\u306e\u5f8c\u306e\u8a18\u8005\u4f1a\u898b\u3092\u7d42\u3048\u3066\u4f1a\u5834\u3092\u5f8c\u306b\u3057\u307e\u3057\u305f\u3002FRB\u306f\u3001\u6c34\u66dc\u65e5\u306b\u5e02\u5834\u3067\u4e88\u60f3\u3055\u308c\u3066\u3044\u305f\u56db\u5206\u306e\u4e00\u30dd\u30a4\u30f3\u30c8\u306e\u91d1\u5229\u5f15\u304d\u4e0b\u3052\u3092\u5b9f\u65bd\u3057\u3001\u57fa\u6e96\u91d1\u5229\u306f4%\u304b\u30894.25%\u306e\u7bc4\u56f2\u3068\u306a\u308a\u3001\u7d043\u5e74\u3076\u308a\u306e\u6700\u4f4e\u6c34\u6e96\u306b\u9054\u3057\u307e\u3057\u305f\u3002\u307e\u305f\u3001\u4e2d\u592e\u9280\u884c\u306eFOMC\u306f\u4eca\u5f8c\u306e\u898b\u901a\u3057\u306b\u3064\u3044\u3066\u3082\u4e00\u5b9a\u306e\u5408\u56f3\u3092\u793a\u3057\u307e\u3057\u305f\u3002<\/p>\n
\u4ee5\u4e0b\u306b\u3001\u4f1a\u8b70\u304b\u3089\u306e\u91cd\u8981\u306a\u30dd\u30a4\u30f3\u30c8\u30925\u3064\u6319\u3052\u307e\u3059\u3002<\/p>\n
1. \u91d1\u5229\u306e\u5f15\u304d\u4e0b\u3052\u306f\u9a5a\u304d\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3067\u3057\u305f\u304c\u3001\u91d1\u5229\u306e\u4e88\u6e2c\u306b\u95a2\u3059\u308b\u300c\u30c9\u30c3\u30c8\u30d7\u30ed\u30c3\u30c8\u300d\u306b\u95a2\u3059\u308b\u95a2\u5fc3\u304c\u9ad8\u307e\u308a\u307e\u3057\u305f\u3002\u305d\u306e\u7d50\u679c\u3001\u4eca\u5e74\u4e2d\u306b\u3082\u30462\u56de\u306e\u5f15\u304d\u4e0b\u3052\u304c\u4e88\u60f3\u3055\u308c\u3066\u304a\u308a\u30012026\u5e74\u30682027\u5e74\u306b\u3082\u305d\u308c\u305e\u308c1\u56de\u305a\u3064\u5f15\u304d\u4e0b\u3052\u304c\u898b\u8fbc\u307e\u308c\u3066\u3044\u307e\u3059\u3002\u3053\u308c\u306b\u3088\u308a\u3001\u8cc7\u91d1\u8abf\u9054\u91d1\u5229\u306f\u7d043%\u306b\u307e\u3067\u4f4e\u4e0b\u3059\u308b\u3068\u3001\u59d4\u54e1\u4f1a\u306e\u4e2d\u592e\u5024\u4e88\u6e2c\u306f\u300c\u4e2d\u7acb\u300d\u3068\u898b\u306a\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n
2. \u5e02\u5834\u306f\u4eca\u56de\u306e\u767a\u8868\u306b\u5bfe\u3057\u3066\u6238\u60d1\u3044\u3092\u898b\u305b\u307e\u3057\u305f\u3002\u30c0\u30a6\u5e73\u5747\u682a\u4fa1\u306f\u4e00\u6642\u7684\u306b\u6025\u9a30\u3057\u305f\u3082\u306e\u306e\u52e2\u3044\u3092\u5931\u3044\u3001\u6700\u7d42\u7684\u306b\u306f260\u30dd\u30a4\u30f3\u30c8\u306e\u4e0a\u6607\u3067\u7d42\u308f\u308a\u307e\u3057\u305f\u3002\u4e00\u65b9\u3067\u3001S&P 500\u3068\u30ca\u30b9\u30c0\u30c3\u30af\u306f\u305d\u308c\u305e\u308c\u4e0b\u843d\u3057\u307e\u3057\u305f\u3002\u56fd\u50b5\u5e02\u5834\u3067\u306f\u3001\u77ed\u671f\u91d1\u5229\u306f\u4f4e\u4e0b\u3057\u307e\u3057\u305f\u304c\u3001\u9577\u671f\u91d1\u5229\u306f\u4e0a\u6607\u3057\u3001\u30b9\u30bf\u30b0\u30d5\u30ec\u30fc\u30b7\u30e7\u30f3\u3092\u56de\u907f\u3059\u308b\u305f\u3081\u306eFRB\u306b\u3068\u3063\u3066\u306f\u6f5c\u5728\u7684\u306a\u8ab2\u984c\u3068\u306a\u308b\u53ef\u80fd\u6027\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n
3. \u90e8\u5206\u7684\u306a\u6df7\u4e71\u306f\u3001\u30d1\u30a6\u30a8\u30eb\u8b70\u9577\u304c\u4eca\u56de\u306e\u91d1\u5229\u5909\u66f4\u3092\u300c\u30ea\u30b9\u30af\u7ba1\u7406\u300d\u306e\u4e00\u74b0\u3068\u8868\u73fe\u3057\u305f\u3053\u3068\u306b\u8d77\u56e0\u3057\u3066\u3044\u308b\u304b\u3082\u3057\u308c\u307e\u305b\u3093\u3002FOMC\u306f\u3001\u4eca\u5f8c\u306e2\u56de\u306e\u4f1a\u8b70\uff0810\u6708\u306812\u6708\uff09\u3067\u306e\u8fc5\u901f\u306a\u5229\u4e0b\u3052\u3092\u793a\u5506\u3059\u308b\u4e00\u65b9\u3067\u3001\u4eca\u5f8c2\u5e74\u9593\u306f\u305d\u308c\u305e\u308c1\u56de\u305a\u3064\u306e\u5f15\u304d\u4e0b\u3052\u306b\u3068\u3069\u307e\u308a\u30012028\u5e74\u306b\u306f\u5229\u4e0b\u3052\u304c\u306a\u3044\u3068\u4e88\u60f3\u3057\u3066\u3044\u307e\u3059\u3002\u3053\u306e\u66d6\u6627\u3055\u304c\u5e02\u5834\u306b\u4e0d\u5b89\u3092\u4e0e\u3048\u307e\u3057\u305f\u3002<\/p>\n
4. \u4f1a\u8b70\u306f\u3001\u65b0\u4efb\u306e\u30b9\u30c6\u30a3\u30fc\u30d6\u30f3\u30fb\u30df\u30e9\u30f3\uff08Stephen Miran\uff09\u6c0f\u304c\u51fa\u5e2d\u3057\u3001\u653f\u6cbb\u7684\u306a\u9999\u308a\u304c\u5f37\u3044\u96f0\u56f2\u6c17\u304b\u3089\u59cb\u307e\u308a\u307e\u3057\u305f\u3002\u3057\u304b\u3057\u3001\u30d1\u30a6\u30a8\u30eb\u8b70\u9577\u306f\u305d\u306e\u5834\u306e\u7dca\u5f35\u611f\u3092\u611f\u3058\u3055\u305b\u308b\u767a\u8a00\u3092\u3059\u308b\u3053\u3068\u306f\u3042\u308a\u307e\u305b\u3093\u3067\u3057\u305f\u3002\u300c\u9078\u6319\u6a29\u3092\u6301\u3064\u8005\u304c\u672c\u5f53\u306b\u7269\u4e8b\u3092\u52d5\u304b\u3059\u305f\u3081\u306b\u306f\u975e\u5e38\u306b\u8aac\u5f97\u529b\u3092\u6301\u3064\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002\u305d\u3057\u3066\u3001\u305d\u308c\u3092\u5b9f\u73fe\u3059\u308b\u305f\u3081\u306b\u306f\u3001\u30c7\u30fc\u30bf\u306b\u57fa\u3065\u3044\u305f\u5f37\u529b\u306a\u8b70\u8ad6\u3092\u3059\u308b\u3053\u3068\u304c\u4e0d\u53ef\u6b20\u3067\u3059\u3002\u305d\u308c\u304c\u552f\u4e00\u5927\u5207\u306a\u3053\u3068\u3067\u3059\u3002\u300d\u3068\u8b70\u9577\u306f\u8ff0\u3079\u307e\u3057\u305f\u3002<\/p>\n
5. \u30df\u30e9\u30f3\u6c0f\u304c\u4eca\u56de\u306e\u5f15\u304d\u4e0b\u3052\u306b\u5bfe\u3057\u3066\u534a\u30dd\u30a4\u30f3\u30c8\u306e\u5927\u5e45\u306a\u5f15\u304d\u4e0b\u3052\u3092\u652f\u6301\u3057\u552f\u4e00\u306e\u53cd\u5bfe\u7968\u3092\u6295\u3058\u305f\u4e00\u65b9\u3067\u3001\u30c9\u30c3\u30c8\u30d7\u30ed\u30c3\u30c8\u306f\u95a2\u4fc2\u8005\u306e\u898b\u89e3\u306b\u5927\u304d\u306a\u3070\u3089\u3064\u304d\u304c\u3042\u308b\u3053\u3068\u3092\u793a\u3057\u3001\u4eca\u5f8c\u306e\u653f\u7b56\u306f\u56f0\u96e3\u306a\u9053\u306e\u308a\u3067\u3042\u308b\u3053\u3068\u3092\u5f37\u8abf\u3057\u3066\u3044\u307e\u3059\u3002\u4eca\u5e74\u4e2d\u306b\u3082\u30461\u56de\u306e\u5f15\u304d\u4e0b\u3052\u3092\u671b\u3080\u610f\u898b\u306f\u3001\u308f\u305a\u304b10\u5bfe9\u306e\u50c5\u5dee\u3067\u6557\u308c\u3001\u5f15\u304d\u4e0b\u3052\u56de\u6570\u306f2\u56de\u3068\u306a\u308a\u307e\u3057\u305f\u3002\u3055\u3089\u306a\u308b\u5e74\u306e\u4e88\u6e2c\u3082\u5e45\u5e83\u3044\u53ef\u80fd\u6027\u3092\u793a\u3057\u3066\u3044\u307e\u3059\u3002 <\/p>\n
\u95a2\u4fc2\u8005\u306e\u610f\u898b\u3068\u3057\u3066\u3001\u30a2\u30ea\u30a2\u30f3\u30c4\u30fb\u30c8\u30ec\u30fc\u30c9\u30fb\u30ce\u30fc\u30b9\u30a2\u30e1\u30ea\u30ab\u306e\u30b7\u30cb\u30a2\u30a8\u30b3\u30ce\u30df\u30b9\u30c8\u3067\u3042\u308b\u30c0\u30f3\u30fb\u30ce\u30fc\u30b9\uff08Dan North\uff09\u306f\u3001\u300c\u65b0\u3057\u3044\u30e1\u30f3\u30d0\u30fc\u3067\u3042\u308b\u30df\u30e9\u30f3\u304c\u5165\u308b\u3053\u3068\u3067\u3001\u5f7c\u306e\u610f\u56f3\u304c\u660e\u3089\u304b\u3067\u3001\u5168\u54e1\u304c\u540c\u3058\u76ee\u6a19\u3092\u6301\u3064\u3053\u3068\u3092\u78ba\u8a8d\u3057\u3088\u3046\u3068\u3057\u3066\u3044\u308b\u306e\u3067\u306f\u306a\u3044\u304b\u3002\u300d\u3068\u30b3\u30e1\u30f3\u30c8\u3057\u3066\u3044\u307e\u3059\u3002\u307e\u305f\u3001\u30d6\u30e9\u30c3\u30af\u30ed\u30c3\u30af\u306e\u30b0\u30ed\u30fc\u30d0\u30eb\u56fa\u5b9a\u53ce\u5165\u90e8\u9580\u306e\u6700\u9ad8\u6295\u8cc7\u8cac\u4efb\u8005\u3067\u3001\u6b21\u671fFRB\u8b70\u9577\u306e\u5019\u88dc\u3068\u3055\u308c\u3066\u3044\u308b\u30ea\u30c3\u30af\u30fb\u30ea\u30fc\u30c0\u30fc\uff08Rick Rieder\uff09\u306f\u3001\u300cFRB\u306e\u4e3b\u306a\u8ab2\u984c\u306f\u30d5\u30eb\u96c7\u7528\u3068\u7269\u4fa1\u5b89\u5b9a\u306e\u4e8c\u91cd\u306e\u4f7f\u547d\u306e\u4e2d\u3067\u3001\u30d5\u30eb\u96c7\u7528\u3067\u3042\u308b\u3002\u300d\u3068\u8ff0\u3079\u3001\u5c06\u6765\u7684\u306a\u96c7\u7528\u74b0\u5883\u306e\u53b3\u3057\u3055\u306b\u3064\u3044\u3066\u61f8\u5ff5\u3092\u793a\u3057\u307e\u3057\u305f\u3002\u6700\u5f8c\u306b\u3001RSM\u306e\u30c1\u30fc\u30d5\u30a8\u30b3\u30ce\u30df\u30b9\u30c8\u3067\u3042\u308b\u30b8\u30e7\u30bb\u30d5\u30fb\u30d6\u30eb\u30b9\u30a8\u30e9\u30b9\uff08Joseph Brusuelas\uff09\u306f\u3001\u300c\u6765\u5e74\u306eFRB\u306e\u4eba\u4e8b\u306e\u5909\u5316\u3092\u8003\u616e\u3057\u3001\u3053\u306e\u4e88\u6e2c\u306b\u306f\u6ce8\u610f\u304c\u5fc5\u8981\u3067\u3042\u308a\u3001FRB\u306f\u76ee\u6a19\u3092\u5927\u304d\u304f\u8d85\u3048\u308b\u30a4\u30f3\u30d5\u30ec\u3092\u5bb9\u8a8d\u3059\u308b\u65b9\u5411\u306b\u9032\u3080\u53ef\u80fd\u6027\u304c\u3042\u308b\u3002\u300d\u3068\u8b66\u544a\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"
2025\u5e749\u670817\u65e5\u3001FRB\u306f\u91d1\u5229\u3092\u5f15\u304d\u4e0b\u3052\u3001\u57fa\u6e96\u91d1\u5229\u304c\u7d043\u5e74\u3076\u308a\u306e\u6700\u4f4e\u6c34\u6e96\u306b\u9054\u3057\u307e\u3057\u305f\u3002\u4eca\u5f8c\u306e\u91d1\u5229\u5c55\u671b\u306b\u3064\u3044\u3066\u3082\u793a\u5506\u304c\u3042\u308a\u3001\u5e02\u5834\u306e\u53cd\u5fdc\u304c\u6ce8\u76ee\u3055\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n","protected":false},"author":1,"featured_media":863340,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[5005],"tags":[],"class_list":{"0":"post-863337","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-markets-ja"},"raw_content":"
2025\u5e749\u670817\u65e5\u3001\u30ef\u30b7\u30f3\u30c8\u30f3D.C.\u306b\u3066\u3001\u7c73\u9023\u90a6\u6e96\u5099\u5236\u5ea6\u7406\u4e8b\u4f1a\uff08Federal Reserve\u3001\u4ee5\u4e0bFRB\uff09\u306e\u8b70\u9577\u3067\u3042\u308b\u30b8\u30a7\u30ed\u30fc\u30e0\u30fb\u30d1\u30a6\u30a8\u30eb\uff08Jerome Powell\uff09\u304c\u91d1\u5229\u653f\u7b56\u306b\u95a2\u3059\u308b\u9023\u90a6\u516c\u958b\u5e02\u5834\u59d4\u54e1\u4f1a\uff08Federal Open Market Committee\u3001\u4ee5\u4e0bFOMC\uff09\u306e\u58f0\u660e\u3092\u767a\u8868\u3057\u3001\u305d\u306e\u5f8c\u306e\u8a18\u8005\u4f1a\u898b\u3092\u7d42\u3048\u3066\u4f1a\u5834\u3092\u5f8c\u306b\u3057\u307e\u3057\u305f\u3002FRB\u306f\u3001\u6c34\u66dc\u65e5\u306b\u5e02\u5834\u3067\u4e88\u60f3\u3055\u308c\u3066\u3044\u305f\u56db\u5206\u306e\u4e00\u30dd\u30a4\u30f3\u30c8\u306e\u91d1\u5229\u5f15\u304d\u4e0b\u3052\u3092\u5b9f\u65bd\u3057\u3001\u57fa\u6e96\u91d1\u5229\u306f4%\u304b\u30894.25%\u306e\u7bc4\u56f2\u3068\u306a\u308a\u3001\u7d043\u5e74\u3076\u308a\u306e\u6700\u4f4e\u6c34\u6e96\u306b\u9054\u3057\u307e\u3057\u305f\u3002\u307e\u305f\u3001\u4e2d\u592e\u9280\u884c\u306eFOMC\u306f\u4eca\u5f8c\u306e\u898b\u901a\u3057\u306b\u3064\u3044\u3066\u3082\u4e00\u5b9a\u306e\u5408\u56f3\u3092\u793a\u3057\u307e\u3057\u305f\u3002<\/p>\n
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1. \u91d1\u5229\u306e\u5f15\u304d\u4e0b\u3052\u306f\u9a5a\u304d\u3067\u306f\u3042\u308a\u307e\u305b\u3093\u3067\u3057\u305f\u304c\u3001\u91d1\u5229\u306e\u4e88\u6e2c\u306b\u95a2\u3059\u308b\u300c\u30c9\u30c3\u30c8\u30d7\u30ed\u30c3\u30c8\u300d\u306b\u95a2\u3059\u308b\u95a2\u5fc3\u304c\u9ad8\u307e\u308a\u307e\u3057\u305f\u3002\u305d\u306e\u7d50\u679c\u3001\u4eca\u5e74\u4e2d\u306b\u3082\u30462\u56de\u306e\u5f15\u304d\u4e0b\u3052\u304c\u4e88\u60f3\u3055\u308c\u3066\u304a\u308a\u30012026\u5e74\u30682027\u5e74\u306b\u3082\u305d\u308c\u305e\u308c1\u56de\u305a\u3064\u5f15\u304d\u4e0b\u3052\u304c\u898b\u8fbc\u307e\u308c\u3066\u3044\u307e\u3059\u3002\u3053\u308c\u306b\u3088\u308a\u3001\u8cc7\u91d1\u8abf\u9054\u91d1\u5229\u306f\u7d043%\u306b\u307e\u3067\u4f4e\u4e0b\u3059\u308b\u3068\u3001\u59d4\u54e1\u4f1a\u306e\u4e2d\u592e\u5024\u4e88\u6e2c\u306f\u300c\u4e2d\u7acb\u300d\u3068\u898b\u306a\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n
2. \u5e02\u5834\u306f\u4eca\u56de\u306e\u767a\u8868\u306b\u5bfe\u3057\u3066\u6238\u60d1\u3044\u3092\u898b\u305b\u307e\u3057\u305f\u3002\u30c0\u30a6\u5e73\u5747\u682a\u4fa1\u306f\u4e00\u6642\u7684\u306b\u6025\u9a30\u3057\u305f\u3082\u306e\u306e\u52e2\u3044\u3092\u5931\u3044\u3001\u6700\u7d42\u7684\u306b\u306f260\u30dd\u30a4\u30f3\u30c8\u306e\u4e0a\u6607\u3067\u7d42\u308f\u308a\u307e\u3057\u305f\u3002\u4e00\u65b9\u3067\u3001S&P 500\u3068\u30ca\u30b9\u30c0\u30c3\u30af\u306f\u305d\u308c\u305e\u308c\u4e0b\u843d\u3057\u307e\u3057\u305f\u3002\u56fd\u50b5\u5e02\u5834\u3067\u306f\u3001\u77ed\u671f\u91d1\u5229\u306f\u4f4e\u4e0b\u3057\u307e\u3057\u305f\u304c\u3001\u9577\u671f\u91d1\u5229\u306f\u4e0a\u6607\u3057\u3001\u30b9\u30bf\u30b0\u30d5\u30ec\u30fc\u30b7\u30e7\u30f3\u3092\u56de\u907f\u3059\u308b\u305f\u3081\u306eFRB\u306b\u3068\u3063\u3066\u306f\u6f5c\u5728\u7684\u306a\u8ab2\u984c\u3068\u306a\u308b\u53ef\u80fd\u6027\u304c\u3042\u308a\u307e\u3059\u3002<\/p>\n
3. \u90e8\u5206\u7684\u306a\u6df7\u4e71\u306f\u3001\u30d1\u30a6\u30a8\u30eb\u8b70\u9577\u304c\u4eca\u56de\u306e\u91d1\u5229\u5909\u66f4\u3092\u300c\u30ea\u30b9\u30af\u7ba1\u7406\u300d\u306e\u4e00\u74b0\u3068\u8868\u73fe\u3057\u305f\u3053\u3068\u306b\u8d77\u56e0\u3057\u3066\u3044\u308b\u304b\u3082\u3057\u308c\u307e\u305b\u3093\u3002FOMC\u306f\u3001\u4eca\u5f8c\u306e2\u56de\u306e\u4f1a\u8b70\uff0810\u6708\u306812\u6708\uff09\u3067\u306e\u8fc5\u901f\u306a\u5229\u4e0b\u3052\u3092\u793a\u5506\u3059\u308b\u4e00\u65b9\u3067\u3001\u4eca\u5f8c2\u5e74\u9593\u306f\u305d\u308c\u305e\u308c1\u56de\u305a\u3064\u306e\u5f15\u304d\u4e0b\u3052\u306b\u3068\u3069\u307e\u308a\u30012028\u5e74\u306b\u306f\u5229\u4e0b\u3052\u304c\u306a\u3044\u3068\u4e88\u60f3\u3057\u3066\u3044\u307e\u3059\u3002\u3053\u306e\u66d6\u6627\u3055\u304c\u5e02\u5834\u306b\u4e0d\u5b89\u3092\u4e0e\u3048\u307e\u3057\u305f\u3002<\/p>\n
4. \u4f1a\u8b70\u306f\u3001\u65b0\u4efb\u306e\u30b9\u30c6\u30a3\u30fc\u30d6\u30f3\u30fb\u30df\u30e9\u30f3\uff08Stephen Miran\uff09\u6c0f\u304c\u51fa\u5e2d\u3057\u3001\u653f\u6cbb\u7684\u306a\u9999\u308a\u304c\u5f37\u3044\u96f0\u56f2\u6c17\u304b\u3089\u59cb\u307e\u308a\u307e\u3057\u305f\u3002\u3057\u304b\u3057\u3001\u30d1\u30a6\u30a8\u30eb\u8b70\u9577\u306f\u305d\u306e\u5834\u306e\u7dca\u5f35\u611f\u3092\u611f\u3058\u3055\u305b\u308b\u767a\u8a00\u3092\u3059\u308b\u3053\u3068\u306f\u3042\u308a\u307e\u305b\u3093\u3067\u3057\u305f\u3002\u300c\u9078\u6319\u6a29\u3092\u6301\u3064\u8005\u304c\u672c\u5f53\u306b\u7269\u4e8b\u3092\u52d5\u304b\u3059\u305f\u3081\u306b\u306f\u975e\u5e38\u306b\u8aac\u5f97\u529b\u3092\u6301\u3064\u5fc5\u8981\u304c\u3042\u308a\u307e\u3059\u3002\u305d\u3057\u3066\u3001\u305d\u308c\u3092\u5b9f\u73fe\u3059\u308b\u305f\u3081\u306b\u306f\u3001\u30c7\u30fc\u30bf\u306b\u57fa\u3065\u3044\u305f\u5f37\u529b\u306a\u8b70\u8ad6\u3092\u3059\u308b\u3053\u3068\u304c\u4e0d\u53ef\u6b20\u3067\u3059\u3002\u305d\u308c\u304c\u552f\u4e00\u5927\u5207\u306a\u3053\u3068\u3067\u3059\u3002\u300d\u3068\u8b70\u9577\u306f\u8ff0\u3079\u307e\u3057\u305f\u3002<\/p>\n
5. \u30df\u30e9\u30f3\u6c0f\u304c\u4eca\u56de\u306e\u5f15\u304d\u4e0b\u3052\u306b\u5bfe\u3057\u3066\u534a\u30dd\u30a4\u30f3\u30c8\u306e\u5927\u5e45\u306a\u5f15\u304d\u4e0b\u3052\u3092\u652f\u6301\u3057\u552f\u4e00\u306e\u53cd\u5bfe\u7968\u3092\u6295\u3058\u305f\u4e00\u65b9\u3067\u3001\u30c9\u30c3\u30c8\u30d7\u30ed\u30c3\u30c8\u306f\u95a2\u4fc2\u8005\u306e\u898b\u89e3\u306b\u5927\u304d\u306a\u3070\u3089\u3064\u304d\u304c\u3042\u308b\u3053\u3068\u3092\u793a\u3057\u3001\u4eca\u5f8c\u306e\u653f\u7b56\u306f\u56f0\u96e3\u306a\u9053\u306e\u308a\u3067\u3042\u308b\u3053\u3068\u3092\u5f37\u8abf\u3057\u3066\u3044\u307e\u3059\u3002\u4eca\u5e74\u4e2d\u306b\u3082\u30461\u56de\u306e\u5f15\u304d\u4e0b\u3052\u3092\u671b\u3080\u610f\u898b\u306f\u3001\u308f\u305a\u304b10\u5bfe9\u306e\u50c5\u5dee\u3067\u6557\u308c\u3001\u5f15\u304d\u4e0b\u3052\u56de\u6570\u306f2\u56de\u3068\u306a\u308a\u307e\u3057\u305f\u3002\u3055\u3089\u306a\u308b\u5e74\u306e\u4e88\u6e2c\u3082\u5e45\u5e83\u3044\u53ef\u80fd\u6027\u3092\u793a\u3057\u3066\u3044\u307e\u3059\u3002 <\/p>\n
\u95a2\u4fc2\u8005\u306e\u610f\u898b\u3068\u3057\u3066\u3001\u30a2\u30ea\u30a2\u30f3\u30c4\u30fb\u30c8\u30ec\u30fc\u30c9\u30fb\u30ce\u30fc\u30b9\u30a2\u30e1\u30ea\u30ab\u306e\u30b7\u30cb\u30a2\u30a8\u30b3\u30ce\u30df\u30b9\u30c8\u3067\u3042\u308b\u30c0\u30f3\u30fb\u30ce\u30fc\u30b9\uff08Dan North\uff09\u306f\u3001\u300c\u65b0\u3057\u3044\u30e1\u30f3\u30d0\u30fc\u3067\u3042\u308b\u30df\u30e9\u30f3\u304c\u5165\u308b\u3053\u3068\u3067\u3001\u5f7c\u306e\u610f\u56f3\u304c\u660e\u3089\u304b\u3067\u3001\u5168\u54e1\u304c\u540c\u3058\u76ee\u6a19\u3092\u6301\u3064\u3053\u3068\u3092\u78ba\u8a8d\u3057\u3088\u3046\u3068\u3057\u3066\u3044\u308b\u306e\u3067\u306f\u306a\u3044\u304b\u3002\u300d\u3068\u30b3\u30e1\u30f3\u30c8\u3057\u3066\u3044\u307e\u3059\u3002\u307e\u305f\u3001\u30d6\u30e9\u30c3\u30af\u30ed\u30c3\u30af\u306e\u30b0\u30ed\u30fc\u30d0\u30eb\u56fa\u5b9a\u53ce\u5165\u90e8\u9580\u306e\u6700\u9ad8\u6295\u8cc7\u8cac\u4efb\u8005\u3067\u3001\u6b21\u671fFRB\u8b70\u9577\u306e\u5019\u88dc\u3068\u3055\u308c\u3066\u3044\u308b\u30ea\u30c3\u30af\u30fb\u30ea\u30fc\u30c0\u30fc\uff08Rick Rieder\uff09\u306f\u3001\u300cFRB\u306e\u4e3b\u306a\u8ab2\u984c\u306f\u30d5\u30eb\u96c7\u7528\u3068\u7269\u4fa1\u5b89\u5b9a\u306e\u4e8c\u91cd\u306e\u4f7f\u547d\u306e\u4e2d\u3067\u3001\u30d5\u30eb\u96c7\u7528\u3067\u3042\u308b\u3002\u300d\u3068\u8ff0\u3079\u3001\u5c06\u6765\u7684\u306a\u96c7\u7528\u74b0\u5883\u306e\u53b3\u3057\u3055\u306b\u3064\u3044\u3066\u61f8\u5ff5\u3092\u793a\u3057\u307e\u3057\u305f\u3002\u6700\u5f8c\u306b\u3001RSM\u306e\u30c1\u30fc\u30d5\u30a8\u30b3\u30ce\u30df\u30b9\u30c8\u3067\u3042\u308b\u30b8\u30e7\u30bb\u30d5\u30fb\u30d6\u30eb\u30b9\u30a8\u30e9\u30b9\uff08Joseph Brusuelas\uff09\u306f\u3001\u300c\u6765\u5e74\u306eFRB\u306e\u4eba\u4e8b\u306e\u5909\u5316\u3092\u8003\u616e\u3057\u3001\u3053\u306e\u4e88\u6e2c\u306b\u306f\u6ce8\u610f\u304c\u5fc5\u8981\u3067\u3042\u308a\u3001FRB\u306f\u76ee\u6a19\u3092\u5927\u304d\u304f\u8d85\u3048\u308b\u30a4\u30f3\u30d5\u30ec\u3092\u5bb9\u8a8d\u3059\u308b\u65b9\u5411\u306b\u9032\u3080\u53ef\u80fd\u6027\u304c\u3042\u308b\u3002\u300d\u3068\u8b66\u544a\u3057\u3066\u3044\u307e\u3059\u3002<\/p>\n","_links":{"self":[{"href":"https:\/\/ztylezman.com\/ja\/wp-json\/wp\/v2\/posts\/863337","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ztylezman.com\/ja\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ztylezman.com\/ja\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ztylezman.com\/ja\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ztylezman.com\/ja\/wp-json\/wp\/v2\/comments?post=863337"}],"version-history":[{"count":0,"href":"https:\/\/ztylezman.com\/ja\/wp-json\/wp\/v2\/posts\/863337\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ztylezman.com\/ja\/wp-json\/wp\/v2\/media\/863340"}],"wp:attachment":[{"href":"https:\/\/ztylezman.com\/ja\/wp-json\/wp\/v2\/media?parent=863337"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ztylezman.com\/ja\/wp-json\/wp\/v2\/categories?post=863337"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ztylezman.com\/ja\/wp-json\/wp\/v2\/tags?post=863337"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}