{"id":7588,"date":"2025-08-21T09:08:54","date_gmt":"2025-08-21T09:08:54","guid":{"rendered":"https:\/\/www.mdwcc.com\/?p=7588"},"modified":"2025-09-23T01:41:11","modified_gmt":"2025-09-23T01:41:11","slug":"central-bank-independence-vs-political-pressure-jackson-hole-annual-meeting-and-powells-key-farewell","status":"publish","type":"post","link":"https:\/\/www.mdwcc.com\/vi\/central-bank-independence-vs-political-pressure-jackson-hole-annual-meeting-and-powells-key-farewell\/","title":{"rendered":"S\u1ef1 \u0111\u1ed9c l\u1eadp c\u1ee7a Ng\u00e2n h\u00e0ng Trung \u01b0\u01a1ng so v\u1edbi \u00c1p l\u1ef1c Ch\u00ednh tr\u1ecb: H\u1ed9i ngh\u1ecb th\u01b0\u1eddng ni\u00ean Jackson Hole v\u00e0 L\u1eddi chia tay quan tr\u1ecdng c\u1ee7a Powell"},"content":{"rendered":"

T\u1eeb ng\u00e0y 21 \u0111\u1ebfn 23 th\u00e1ng 8, d\u00e3y n\u00fai Teton \u1edf Jackson Hole, Wyoming, m\u1ed9t l\u1ea7n n\u1eefa \u0111\u0103ng cai h\u1ed9i ngh\u1ecb th\u01b0\u1eddng ni\u00ean c\u1ee7a c\u00e1c ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng tr\u00ean th\u1ebf gi\u1edbi. V\u1edbi ch\u1ee7 \u0111\u1ec1 \"Th\u1ecb tr\u01b0\u1eddng lao \u0111\u1ed9ng trong qu\u00e1 tr\u00ecnh chuy\u1ec3n \u0111\u1ed5i: Nh\u00e2n kh\u1ea9u h\u1ecdc, N\u0103ng su\u1ea5t v\u00e0 Ch\u00ednh s\u00e1ch kinh t\u1ebf v\u0129 m\u00f4\", h\u1ed9i ngh\u1ecb chuy\u00ean \u0111\u1ec1, m\u1eb7c d\u00f9 b\u1ec1 ngo\u00e0i t\u1eadp trung v\u00e0o kinh t\u1ebf h\u1ecdc h\u00e0n l\u00e2m, \u0111\u00e3 tr\u1edf th\u00e0nh t\u00e2m \u0111i\u1ec3m ch\u00fa \u00fd to\u00e0n c\u1ea7u do t\u00ecnh th\u1ebf kh\u00f3 kh\u0103n c\u1ee7a Ch\u1ee7 t\u1ecbch C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang Powell - ng\u01b0\u1eddi \u0111ang ph\u1ea3i \u0111\u1ed1i m\u1eb7t v\u1edbi \u00e1p l\u1ef1c kh\u00f4ng ng\u1eebng t\u1eeb c\u1ef1u T\u1ed5ng th\u1ed1ng M\u1ef9 Trump, trong khi c\u00e1c th\u1ed1ng \u0111\u1ed1c ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng tr\u00ean kh\u1eafp th\u1ebf gi\u1edbi \u0111ang t\u00ecm c\u00e1ch x\u00e2y d\u1ef1ng m\u1ed9t m\u1eb7t tr\u1eadn th\u1ed1ng nh\u1ea5t \u0111\u1ec3 b\u1ea3o v\u1ec7 s\u1ef1 \u0111\u1ed9c l\u1eadp c\u1ee7a ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng.<\/p>\n

S\u1ef1 \u0111\u1ed9c l\u1eadp c\u1ee7a ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng: cu\u1ed9c chi\u1ebfn b\u1ea3o v\u1ec7 n\u1ec1n kinh t\u1ebf to\u00e0n c\u1ea7u<\/h4>\n

Nh\u1eefng cu\u1ed9c t\u1ea5n c\u00f4ng c\u1ee7a Trump nh\u1eafm v\u00e0o Powell \u0111\u00e3 di\u1ec5n ra trong nhi\u1ec1u th\u00e1ng. \u00d4ng kh\u00f4ng ch\u1ec9 c\u00f4ng khai ch\u1ec9 tr\u00edch Powell v\u00ec t\u1eeb ch\u1ed1i c\u1eaft gi\u1ea3m l\u00e3i su\u1ea5t m\u00e0 c\u00f2n th\u1eb3ng th\u1eebng tuy\u00ean b\u1ed1 r\u1eb1ng khi nhi\u1ec7m k\u1ef3 ch\u1ee7 t\u1ecbch c\u1ee7a Powell k\u1ebft th\u00fac v\u00e0o n\u0103m t\u1edbi, \u00f4ng s\u1ebd \u0111\u01b0\u1ee3c thay th\u1ebf b\u1eb1ng m\u1ed9t ng\u01b0\u1eddi \"tu\u00e2n th\u1ee7 h\u01a1n\". Tuy\u00ean b\u1ed1 n\u00e0y \u0111\u00e1nh d\u1ea5u m\u1ed9t b\u01b0\u1edbc ngo\u1eb7t l\u1edbn \u0111\u1ed1i v\u1edbi c\u00e1c n\u1ec1n kinh t\u1ebf ph\u00e1t tri\u1ec3n. K\u1ec3 t\u1eeb khi C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang thi\u1ebft l\u1eadp truy\u1ec1n th\u1ed1ng ho\u1ea1ch \u0111\u1ecbnh ch\u00ednh s\u00e1ch ti\u1ec1n t\u1ec7 \u0111\u1ed9c l\u1eadp d\u01b0\u1edbi s\u1ef1 l\u00e3nh \u0111\u1ea1o c\u1ee7a Paul Volcker v\u00e0o nh\u1eefng n\u0103m 1970, s\u1ef1 \u0111\u1ed3ng thu\u1eadn to\u00e0n c\u1ea7u \u0111\u00e3 cho r\u1eb1ng c\u00e1c ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng n\u00ean t\u1ef1 quy\u1ebft \u0111\u1ecbnh ch\u00ednh s\u00e1ch c\u1ee7a m\u00ecnh \u0111\u1ec3 \u0111\u1ea1t \u0111\u01b0\u1ee3c c\u00e1c m\u1ee5c ti\u00eau kinh t\u1ebf d\u00e0i h\u1ea1n. Nghi\u00ean c\u1ee9u \u0111\u00e3 ch\u1ec9 ra r\u1eb1ng \u0111\u00e2y l\u00e0 c\u00e1ch hi\u1ec7u qu\u1ea3 nh\u1ea5t \u0111\u1ec3 ki\u1ec1m ch\u1ebf l\u1ea1m ph\u00e1t.<\/p>\n

\"h\u00ecnh<\/p>\n

H\u00e0nh \u0111\u1ed9ng c\u1ee7a Trump hi\u1ec7n \u0111ang g\u00e2y lo ng\u1ea1i cho c\u00e1c nh\u00e0 ho\u1ea1ch \u0111\u1ecbnh ch\u00ednh s\u00e1ch to\u00e0n c\u1ea7u. Ch\u1ee7 t\u1ecbch Ng\u00e2n h\u00e0ng Trung \u01b0\u01a1ng Ch\u00e2u \u00c2u Christine Lagarde, Th\u1ed1ng \u0111\u1ed1c Ng\u00e2n h\u00e0ng Anh Andrew Bailey, v\u00e0 nh\u1eefng ng\u01b0\u1eddi kh\u00e1c s\u1ebd c\u00f4ng khai \u1ee7ng h\u1ed9 Powell t\u1ea1i cu\u1ed9c h\u1ecdp th\u01b0\u1eddng ni\u00ean, c\u1ea3nh b\u00e1o v\u1ec1 nguy c\u01a1 c\u00e1c quan ch\u1ee9c d\u00e2n c\u1eed g\u00e2y \u00e1p l\u1ef1c l\u00ean c\u00e1c nh\u00e0 ho\u1ea1ch \u0111\u1ecbnh ch\u00ednh s\u00e1ch ti\u1ec1n t\u1ec7. \"T\u00ednh \u0111\u1ed9c l\u1eadp n\u1eb1m trong DNA c\u1ee7a c\u00e1c ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng\", Joachim Nagel, Ch\u1ee7 t\u1ecbch Ng\u00e2n h\u00e0ng Trung \u01b0\u01a1ng \u0110\u1ee9c (Bundesbank), ph\u00e1t bi\u1ec3u. \"Th\u1eadt tuy\u1ec7t v\u1eddi n\u1ebfu \u0111i\u1ec1u n\u00e0y \u0111\u01b0\u1ee3c c\u00f4ng nh\u1eadn \u1edf kh\u1eafp m\u1ecdi n\u01a1i\". Nh\u1eefng lo ng\u1ea1i n\u00e0y kh\u00f4ng ph\u1ea3i l\u00e0 kh\u00f4ng c\u00f3 c\u01a1 s\u1edf. M\u1ed9t b\u00e1o c\u00e1o c\u1ee7a Ng\u00e2n h\u00e0ng Trung \u01b0\u01a1ng Ch\u00e2u \u00c2u cho th\u1ea5y t\u1eeb n\u0103m 2018 \u0111\u1ebfn n\u0103m 2020, t\u00ednh \u0111\u1ed9c l\u1eadp tr\u00ean th\u1ef1c t\u1ebf c\u1ee7a g\u1ea7n m\u1ed9t n\u1eeda s\u1ed1 ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng t\u1ea1i c\u00e1c n\u1ec1n kinh t\u1ebf chi\u1ebfm 75% GDP to\u00e0n c\u1ea7u \u0111\u00e3 gi\u1ea3m.<\/p>\n

C\u00e1c ch\u00ednh tr\u1ecb gia theo ch\u1ee7 ngh\u0129a d\u00e2n t\u00fay \u1edf c\u00e1c qu\u1ed1c gia nh\u01b0 Th\u1ed5 Nh\u0129 K\u1ef3 v\u00e0 Brazil t\u1eeb l\u00e2u \u0111\u00e3 th\u00e1ch th\u1ee9c m\u00f4 h\u00ecnh ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng \u0111\u1ed9c l\u1eadp. C\u1ef1u T\u1ed5ng gi\u00e1m \u0111\u1ed1c Ng\u00e2n h\u00e0ng Thanh to\u00e1n Qu\u1ed1c t\u1ebf Augustin Carstens \u0111\u00e3 c\u1ea3nh b\u00e1o: \"Trong l\u1ecbch s\u1eed, vi\u1ec7c qu\u1ea3n l\u00fd ch\u00ednh s\u00e1ch ti\u1ec1n t\u1ec7 k\u00e9m \u0111\u00e3 g\u00e2y ra h\u1eadu qu\u1ea3 t\u00e0n kh\u1ed1c cho l\u1ea1m ph\u00e1t v\u00e0 h\u1ec7 th\u1ed1ng t\u00e0i ch\u00ednh, th\u1eadm ch\u00ed \u0111\u1ea9y c\u00e1c qu\u1ed1c gia \u0111\u1ebfn b\u1edd v\u1ef1c s\u1ee5p \u0111\u1ed5.\" B\u1ea3n th\u00e2n Powell \u0111\u00e3 th\u1ec3 hi\u1ec7n cam k\u1ebft ki\u00ean \u0111\u1ecbnh c\u1ee7a m\u00ecnh trong vi\u1ec7c b\u1ea3o v\u1ec7 n\u1ec1n \u0111\u1ed9c l\u1eadp. C\u00e1c ngu\u1ed3n tin quen thu\u1ed9c v\u1edbi v\u1ea5n \u0111\u1ec1 n\u00e0y ti\u1ebft l\u1ed9 r\u1eb1ng t\u1ea1i cu\u1ed9c h\u1ecdp c\u1ee7a IMF v\u00e0o th\u00e1ng 4, \u00f4ng \u0111\u00e3 ph\u00e1t bi\u1ec3u \u0111\u1ea7y nhi\u1ec7t huy\u1ebft \u0111\u1ec3 b\u1ea3o v\u1ec7 n\u1ec1n \u0111\u1ed9c l\u1eadp c\u1ee7a ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng, nh\u1eadn \u0111\u01b0\u1ee3c s\u1ef1 hoan ngh\u00eanh t\u1eeb c\u00e1c \u0111\u1ed3ng nghi\u1ec7p. Ch\u1ee7 t\u1ecbch C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang \u1ea4n \u0110\u1ed9 Sanjay Malhotra, nh\u1edb l\u1ea1i s\u1ef1 ki\u1ec7n n\u00e0y, \u0111\u00e3 b\u00e0y t\u1ecf s\u1ef1 ng\u01b0\u1ee1ng m\u1ed9 \u0111\u1ed1i v\u1edbi quy\u1ebft t\u00e2m c\u1ee7a \u00f4ng, trong khi Christine Lagarde g\u1ecdi \u00f4ng l\u00e0 \"h\u00ecnh m\u1eabu c\u1ee7a m\u1ed9t th\u1ed1ng \u0111\u1ed1c ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng d\u0169ng c\u1ea3m\". H\u1ed9i ngh\u1ecb chuy\u00ean \u0111\u1ec1 Jackson Hole c\u00f3 th\u1ec3 l\u00e0 m\u1ed9t s\u00e2n kh\u1ea5u kh\u00e1c \u0111\u1ec3 c\u00e1c ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng to\u00e0n c\u1ea7u c\u00f4ng khai l\u00ean ti\u1ebfng \u1ee7ng h\u1ed9.<\/p>\n

Ch\u00ednh s\u00e1ch b\u1ecb tr\u00ec ho\u00e3n: k\u1ef3 v\u1ecdng c\u1eaft gi\u1ea3m l\u00e3i su\u1ea5t v\u00e0 \"b\u00e0i ph\u00e1t bi\u1ec3u b\u1ebf m\u1ea1c\" c\u1ee7a Powell<\/h4>\n

\"\u1ea2nh<\/p>\n

B\u00ean c\u1ea1nh \u00e1p l\u1ef1c ch\u00ednh tr\u1ecb, th\u1ecb tr\u01b0\u1eddng c\u0169ng \u0111ang t\u1eadp trung v\u00e0o vi\u1ec7c li\u1ec7u Powell c\u00f3 ph\u00e1t t\u00edn hi\u1ec7u c\u1eaft gi\u1ea3m l\u00e3i su\u1ea5t v\u00e0o th\u00e1ng 9 t\u1ea1i cu\u1ed9c h\u1ecdp th\u01b0\u1eddng ni\u00ean hay kh\u00f4ng. M\u1eb7c d\u00f9 l\u1ea1m ph\u00e1t t\u1ea1i M\u1ef9 hi\u1ec7n th\u1ea5p h\u01a1n m\u1ee9c \u0111\u1ec9nh \u0111i\u1ec3m hai n\u0103m tr\u01b0\u1edbc, nh\u01b0ng v\u1eabn cao h\u01a1n kho\u1ea3ng 1 \u0111i\u1ec3m ph\u1ea7n tr\u0103m so v\u1edbi m\u1ee5c ti\u00eau 2% c\u1ee7a Fed. T\u1ef7 l\u1ec7 th\u1ea5t nghi\u1ec7p v\u1eabn \u1edf m\u1ee9c th\u1ea5p k\u1ef7 l\u1ee5c 4,2%, t\u1ea1o n\u00ean s\u1ef1 c\u00e2n b\u1eb1ng mong manh gi\u1eefa nhi\u1ec7m v\u1ee5 k\u00e9p c\u1ee7a Fed l\u00e0 \u1ed5n \u0111\u1ecbnh gi\u00e1 c\u1ea3 v\u00e0 t\u1ed1i \u0111a h\u00f3a vi\u1ec7c l\u00e0m. C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u00e3 v\u00e0 \u0111ang \u0111\u1eb7t c\u01b0\u1ee3c m\u1ea1nh m\u1ebd v\u00e0o vi\u1ec7c c\u1eaft gi\u1ea3m l\u00e3i su\u1ea5t. C\u00e1c nh\u00e0 giao d\u1ecbch h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai l\u00e3i su\u1ea5t \u0111ang \u0111\u1ecbnh gi\u00e1 85% kh\u1ea3 n\u0103ng l\u00e3i su\u1ea5t s\u1ebd gi\u1ea3m 25 \u0111i\u1ec3m c\u01a1 b\u1ea3n v\u00e0o th\u00e1ng 9, v\u1edbi k\u1ef3 v\u1ecdng s\u1ebd c\u00f3 th\u00eam m\u1ed9t \u0111\u1ee3t gi\u1ea3m 25 \u0111i\u1ec3m c\u01a1 b\u1ea3n n\u1eefa tr\u01b0\u1edbc khi k\u1ebft th\u00fac n\u0103m.<\/p>\n

Tuy nhi\u00ean, Powell v\u00e0 \u0111\u1ed9i ng\u0169 c\u1ee7a \u00f4ng \u0111\u00e3 duy tr\u00ec l\u00e3i su\u1ea5t chu\u1ea9n \u1edf m\u1ee9c t\u01b0\u01a1ng \u0111\u1ed1i ch\u1eb7t ch\u1ebd trong n\u0103m nay. M\u1eb7c d\u00f9 d\u1eef li\u1ec7u vi\u1ec7c l\u00e0m y\u1ebfu k\u00e9m trong th\u00e1ng 7 \u0111\u00e3 th\u00fac \u0111\u1ea9y k\u1ef3 v\u1ecdng n\u1edbi l\u1ecfng, nh\u01b0ng lo ng\u1ea1i v\u1ec1 l\u1ea1m ph\u00e1t v\u1eabn c\u00f2n. \u0110i\u1ec1u n\u00e0y \u0111\u00e3 d\u1eabn \u0111\u1ebfn suy \u0111o\u00e1n c\u1ee7a th\u1ecb tr\u01b0\u1eddng r\u1eb1ng \u00f4ng c\u00f3 th\u1ec3 nh\u1ea5n m\u1ea1nh l\u1eadp tr\u01b0\u1eddng \"c\u1ea7n th\u00eam d\u1eef li\u1ec7u tr\u01b0\u1edbc khi ti\u1ebfp t\u1ee5c n\u1edbi l\u1ecfng\" trong b\u00e0i ph\u00e1t bi\u1ec3u h\u00f4m th\u1ee9 S\u00e1u. \u0110\u00e1ng ch\u00fa \u00fd, \u0111\u00e2y l\u00e0 b\u00e0i ph\u00e1t bi\u1ec3u quan tr\u1ecdng th\u1ee9 t\u00e1m v\u00e0 c\u0169ng l\u00e0 cu\u1ed1i c\u00f9ng c\u1ee7a Powell t\u1ea1i Jackson Hole v\u1edbi t\u01b0 c\u00e1ch l\u00e0 Ch\u1ee7 t\u1ecbch Fed. C\u00e1c nh\u00e0 kinh t\u1ebf c\u1ee7a UBS l\u01b0u \u00fd r\u1eb1ng n\u1ec1n t\u1ea3ng n\u00e0y c\u00f3 \u00fd ngh\u0129a \u0111\u1eb7c bi\u1ec7t \u0111\u1ed1i v\u1edbi \u00f4ng: \"\u00d4ng \u1ea5y c\u00f3 th\u1ec3 \u0111\u01b0a ra nh\u1eefng \u0111\u1ecbnh h\u01b0\u1edbng m\u1ec1m m\u1ecfng, \u00e1m ch\u1ec9 v\u1ec1 vi\u1ec7c c\u1eaft gi\u1ea3m l\u00e3i su\u1ea5t trong t\u01b0\u01a1ng lai, nh\u01b0ng nhi\u1ec1u kh\u1ea3 n\u0103ng \u00f4ng \u1ea5y s\u1ebd s\u1eed d\u1ee5ng n\u00f3 \u0111\u1ec3 l\u00e0m n\u1ed5i b\u1eadt hi\u1ec7u su\u1ea5t c\u1ee7a m\u00ecnh trong nhi\u1ec7m k\u1ef3. X\u00e9t cho c\u00f9ng, s\u1ebd r\u1ea5t kh\u00f3 \u0111\u1ec3 t\u00ecm th\u1ea5y m\u1ed9t n\u1ec1n t\u1ea3ng c\u00f3 s\u1ee9c \u1ea3nh h\u01b0\u1edfng nh\u01b0 v\u1eady \u0111\u1ec3 vi\u1ebft l\u1ea1i l\u1ecbch s\u1eed.\"<\/p>\n

C\u1ea3nh b\u00e1o bi\u1ebfn \u0111\u1ed9ng th\u1ecb tr\u01b0\u1eddng: \u201ct\u00edn hi\u1ec7u \u0111au \u0111\u1edbn\u201d c\u1ee7a d\u1eef li\u1ec7u l\u1ecbch s\u1eed<\/h4>\n

\"IMG_256\"<\/p>\n

N\u1ebfu nh\u1eefng b\u00e0i ph\u00e1t bi\u1ec3u tr\u01b0\u1edbc \u0111\u00e2y c\u1ee7a Powell c\u00f3 th\u1ec3 l\u00e0 m\u1ed9t ch\u1ec9 d\u1eabn, th\u00ec c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 n\u00ean chu\u1ea9n b\u1ecb cho s\u1ef1 bi\u1ebfn \u0111\u1ed9ng. C\u00e1c t\u00ednh to\u00e1n c\u1ee7a Reuters cho th\u1ea5y trong th\u00e1ng sau b\u1ea3y b\u00e0i ph\u00e1t bi\u1ec3u tr\u01b0\u1edbc \u0111\u00f3 c\u1ee7a \u00f4ng t\u1ea1i Jackson Hole, l\u1ee3i su\u1ea5t tr\u00e1i phi\u1ebfu kho b\u1ea1c k\u1ef3 h\u1ea1n 10 n\u0103m t\u0103ng trung b\u00ecnh 21 \u0111i\u1ec3m c\u01a1 b\u1ea3n, \u0111\u1ed3ng \u0111\u00f4 la t\u0103ng trung b\u00ecnh 1,4% v\u00e0 ch\u1ec9 s\u1ed1 S&P 500 gi\u1ea3m trung b\u00ecnh g\u1ea7n 2%. Tr\u01b0\u1eddng h\u1ee3p k\u1ecbch t\u00ednh nh\u1ea5t x\u1ea3y ra v\u00e0o n\u0103m 2022: Trong b\u00e0i ph\u00e1t bi\u1ec3u c\u00f3 t\u1ef1a \u0111\u1ec1 \"Ch\u00ednh s\u00e1ch ti\u1ec1n t\u1ec7 v\u00e0 \u1ed5n \u0111\u1ecbnh gi\u00e1 c\u1ea3\", Powell \u0111\u00e3 tr\u00edch d\u1eabn Volcker v\u00e0 c\u1ea3nh b\u00e1o r\u1eb1ng c\u00e1c ch\u00ednh s\u00e1ch ch\u1ed1ng l\u1ea1m ph\u00e1t s\u1ebd mang l\u1ea1i \"n\u1ed7i \u0111au\". Trong th\u00e1ng ti\u1ebfp theo, ch\u1ec9 s\u1ed1 S&P 500 gi\u1ea3m m\u1ea1nh 12%, \u0111\u1ed3ng \u0111\u00f4 la t\u0103ng 5% v\u00e0 l\u1ee3i su\u1ea5t tr\u00e1i phi\u1ebfu kho b\u1ea1c k\u1ef3 h\u1ea1n 10 n\u0103m t\u0103ng v\u1ecdt 75 \u0111i\u1ec3m c\u01a1 b\u1ea3n.<\/p>\n

L\u1ee3i su\u1ea5t tr\u00e1i phi\u1ebfu c\u0169ng t\u0103ng \u00edt nh\u1ea5t 20 \u0111i\u1ec3m c\u01a1 b\u1ea3n sau c\u00e1c b\u00e0i ph\u00e1t bi\u1ec3u c\u1ee7a \u00f4ng v\u00e0o n\u0103m 2018, 2021 v\u00e0 2023. V\u00e0o n\u0103m 2023, \u00f4ng th\u1eadm ch\u00ed c\u00f2n ra hi\u1ec7u s\u1ebd duy tr\u00ec l\u00e3i su\u1ea5t cao trong th\u1eddi gian d\u00e0i h\u01a1n. M\u00f4i tr\u01b0\u1eddng th\u1ecb tr\u01b0\u1eddng hi\u1ec7n t\u1ea1i th\u1eadm ch\u00ed c\u00f2n b\u1ea5t \u1ed5n h\u01a1n. Trong n\u1eeda \u0111\u1ea7u n\u0103m nay, \u0111\u1ed3ng \u0111\u00f4 la M\u1ef9 \u0111\u00e3 gi\u1ea3m m\u1ea1nh h\u01a1n 10% so v\u1edbi r\u1ed5 ti\u1ec1n t\u1ec7 c\u1ee7a c\u00e1c n\u1ec1n kinh t\u1ebf ph\u00e1t tri\u1ec3n do c\u00e1c cu\u1ed9c t\u1ea5n c\u00f4ng c\u1ee7a Trump v\u00e0 c\u00e1c ch\u00ednh s\u00e1ch thu\u1ebf quan h\u1ed7n lo\u1ea1n, \u0111\u00e1nh d\u1ea5u hi\u1ec7u su\u1ea5t n\u1eeda \u0111\u1ea7u n\u0103m t\u1ed3i t\u1ec7 nh\u1ea5t k\u1ec3 t\u1eeb n\u0103m 1973. M\u1eb7c d\u00f9 \u0111\u1ed3ng \u0111\u00f4 la y\u1ebfu h\u01a1n l\u00e0 t\u00edch c\u1ef1c \u0111\u1ed1i v\u1edbi c\u00e1c th\u1ecb tr\u01b0\u1eddng m\u1edbi n\u1ed5i - gi\u1ea3m b\u1edbt \u00e1p l\u1ef1c l\u00ean s\u1ef1 \u1ed5n \u0111\u1ecbnh c\u1ee7a \u0111\u1ed3ng n\u1ed9i t\u1ec7 v\u00e0 t\u1ea1o kh\u00f4ng gian cho vi\u1ec7c n\u1edbi l\u1ecfng ch\u00ednh s\u00e1ch - nh\u01b0ng \u00e1p l\u1ef1c li\u00ean t\u1ee5c c\u1ee7a Trump c\u00f3 th\u1ec3 l\u00e0m suy y\u1ebfu ni\u1ec1m tin c\u1ee7a c\u00f4ng ch\u00fang v\u00e0o ch\u00ednh s\u00e1ch ti\u1ec1n t\u1ec7, m\u1ed9t r\u1ee7i ro \u0111\u00e3 r\u00f5 r\u00e0ng \u1edf m\u1ed9t s\u1ed1 n\u1ec1n kinh t\u1ebf m\u1edbi n\u1ed5i.<\/p>\n

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Ph\u1ea7n k\u1ebft lu\u1eadn<\/h4>\n

\u0110\u1eb1ng sau khung c\u1ea3nh n\u00fai non h\u00f9ng v\u0129 c\u1ee7a Jackson Hole l\u00e0 cu\u1ed9c \u0111\u1ea5u tranh gi\u1eefa c\u00e1c ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng to\u00e0n c\u1ea7u v\u00e0 \u00e1p l\u1ef1c ch\u00ednh tr\u1ecb, m\u1ed9t tr\u00f2 ch\u01a1i gi\u1eefa \u0111\u1ecbnh h\u01b0\u1edbng ch\u00ednh s\u00e1ch v\u00e0 k\u1ef3 v\u1ecdng th\u1ecb tr\u01b0\u1eddng. B\u00e0i ph\u00e1t bi\u1ec3u c\u1ee7a Powell kh\u00f4ng ch\u1ec9 \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn quy\u1ebft \u0111\u1ecbnh th\u00e1ng 9 c\u1ee7a C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang m\u00e0 c\u00f2n l\u00e0 m\u1ed9t tuy\u00ean b\u1ed1 quan tr\u1ecdng b\u1ea3o v\u1ec7 s\u1ef1 \u0111\u1ed9c l\u1eadp c\u1ee7a ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng. B\u1ea5t k\u1ec3 k\u1ebft qu\u1ea3 cu\u1ed1i c\u00f9ng ra sao, \"s\u1ef1 ph\u00f4 tr\u01b0\u01a1ng c\u1ee7a ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng\" n\u00e0y ch\u1eafc ch\u1eafn s\u1ebd \u0111\u1ec3 l\u1ea1i d\u1ea5u \u1ea5n s\u00e2u s\u1eafc t\u1ea1i m\u1ed9t th\u1eddi \u0111i\u1ec3m quan tr\u1ecdng trong qu\u00e1 tr\u00ecnh chuy\u1ec3n \u0111\u1ed5i kinh t\u1ebf to\u00e0n c\u1ea7u.<\/p>","protected":false},"excerpt":{"rendered":"

Jackson Hole 2024: c\u00e1c l\u00e3nh \u0111\u1ea1o ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng \u1ee7ng h\u1ed9 Powell khi Trump \u0111e d\u1ecda s\u1ef1 \u0111\u1ed9c l\u1eadp c\u1ee7a Fed; Kh\u1ea3 n\u0103ng c\u1eaft gi\u1ea3m l\u00e3i su\u1ea5t v\u00e0o th\u00e1ng 9 l\u00e0 85% ph\u1ee5 thu\u1ed9c v\u00e0o t\u00edn hi\u1ec7u \u00f4n h\u00f2a c\u1ee7a Powell.<\/p>","protected":false},"author":1,"featured_media":7589,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[115],"tags":[131,142,139],"class_list":["post-7588","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financial-news","tag-fed","tag-jackson-hole-symposium","tag-rate"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.mdwcc.com\/vi\/wp-json\/wp\/v2\/posts\/7588","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.mdwcc.com\/vi\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.mdwcc.com\/vi\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.mdwcc.com\/vi\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.mdwcc.com\/vi\/wp-json\/wp\/v2\/comments?post=7588"}],"version-history":[{"count":1,"href":"https:\/\/www.mdwcc.com\/vi\/wp-json\/wp\/v2\/posts\/7588\/revisions"}],"predecessor-version":[{"id":7594,"href":"https:\/\/www.mdwcc.com\/vi\/wp-json\/wp\/v2\/posts\/7588\/revisions\/7594"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.mdwcc.com\/vi\/wp-json\/wp\/v2\/media\/7589"}],"wp:attachment":[{"href":"https:\/\/www.mdwcc.com\/vi\/wp-json\/wp\/v2\/media?parent=7588"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.mdwcc.com\/vi\/wp-json\/wp\/v2\/categories?post=7588"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.mdwcc.com\/vi\/wp-json\/wp\/v2\/tags?post=7588"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}