{"id":8599,"date":"2025-10-22T01:34:44","date_gmt":"2025-10-22T01:34:44","guid":{"rendered":"https:\/\/www.mdwcc.com\/?p=8599"},"modified":"2025-10-22T01:34:50","modified_gmt":"2025-10-22T01:34:50","slug":"the-double-game-in-the-us-financial-market-the-deep-intertwining-of-the-devaluation-trading-controversy-and-liquidity-policy-adjustments","status":"publish","type":"post","link":"https:\/\/www.mdwcc.com\/vi\/the-double-game-in-the-us-financial-market-the-deep-intertwining-of-the-devaluation-trading-controversy-and-liquidity-policy-adjustments\/","title":{"rendered":"Tr\u00f2 ch\u01a1i k\u00e9p tr\u00ean th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh Hoa K\u1ef3: S\u1ef1 \u0111an xen s\u00e2u s\u1eafc gi\u1eefa tranh c\u00e3i v\u1ec1 \u201cgiao d\u1ecbch ph\u00e1 gi\u00e1\u201d v\u00e0 \u0111i\u1ec1u ch\u1ec9nh ch\u00ednh s\u00e1ch thanh kho\u1ea3n"},"content":{"rendered":"

Th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh Hoa K\u1ef3 hi\u1ec7n t\u1ea1i \u0111ang \u1edf gi\u1eefa m\u1ed9t lo\u1ea1t m\u00e2u thu\u1eabn ch\u00ednh: m\u1ed9t m\u1eb7t, c\u00f3 cu\u1ed9c th\u1ea3o lu\u1eadn s\u00f4i n\u1ed5i v\u1ec1 \u201cgiao d\u1ecbch m\u1ea5t gi\u00e1 \u0111\u1ed3ng \u0111\u00f4 la\u201d \u0111\u01b0\u1ee3c g\u00e2y ra b\u1edfi s\u1ef1 gia t\u0103ng c\u1ee7a \u201ct\u00e0i s\u1ea3n c\u1ee9ng\u201d nh\u01b0 v\u00e0ng v\u00e0 ti\u1ec1n \u0111i\u1ec7n t\u1eed, m\u1eb7t kh\u00e1c, c\u00f3 b\u1eb1ng ch\u1ee9ng ph\u1ea3n b\u00e1c tr\u1ef1c ti\u1ebfp t\u1eeb hi\u1ec7u su\u1ea5t \u1ed5n \u0111\u1ecbnh c\u1ee7a \u0111\u1ed3ng \u0111\u00f4 la M\u1ef9 v\u00e0 th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu kho b\u1ea1c Hoa K\u1ef3; \u0111\u1ed3ng th\u1eddi, d\u1ef1 tr\u1eef c\u1ee7a h\u1ec7 th\u1ed1ng ng\u00e2n h\u00e0ng Hoa K\u1ef3 gi\u1ea3m xu\u1ed1ng d\u01b0\u1edbi ng\u01b0\u1ee1ng quan tr\u1ecdng 3 ngh\u00ecn t\u1ef7 \u0111\u00f4 la M\u1ef9, v\u00e0 C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang \u0111\u01b0a ra t\u00edn hi\u1ec7u r\u1eb1ng vi\u1ec7c th\u1eaft ch\u1eb7t \u0111\u1ecbnh l\u01b0\u1ee3ng c\u00f3 th\u1ec3 k\u1ebft th\u00fac trong v\u00e0i th\u00e1ng t\u1edbi, ti\u1ebfp t\u1ee5c g\u1eafn k\u1ebft tranh ch\u1ea5p v\u1ec1 gi\u00e1 t\u00e0i s\u1ea3n v\u1edbi nh\u1eefng thay \u0111\u1ed5i trong m\u00f4i tr\u01b0\u1eddng thanh kho\u1ea3n, h\u00ecnh th\u00e0nh m\u1ed9t m\u00f4 h\u00ecnh th\u1ecb tr\u01b0\u1eddng ph\u1ee9c t\u1ea1p c\u00f3 \u1ea3nh h\u01b0\u1edfng v\u00e0 \u0111\u00f3ng vai tr\u00f2 l\u00e0 \u0111\u1ea7u m\u1ed1i cho nhau.<\/p>\n

1. S\u1ef1 xu\u1ea5t hi\u1ec7n v\u00e0 b\u1eb1ng ch\u1ee9ng ph\u1ea3n bi\u1ec7n c\u1ee7a \u201cGiao d\u1ecbch kh\u1ea5u hao\u201d: S\u1ef1 kh\u00e1c bi\u1ec7t h\u00f3a t\u00e0i s\u1ea3n theo k\u1ef3 v\u1ecdng thanh kho\u1ea3n<\/h2>\n

K\u1ec3 t\u1eeb khi JPMorgan Chase gi\u1edbi thi\u1ec7u \u201cgiao d\u1ecbch kh\u1ea5u hao\u201d v\u00e0o \u0111\u1ea7u n\u0103m, n\u00f3 \u0111\u00e3 d\u1ef1a tr\u00ean logic c\u1ed1t l\u00f5i l\u00e0 \u201cl\u1ea1m ph\u00e1t l\u00e0m x\u00f3i m\u00f2n s\u1ee9c mua c\u1ee7a \u0111\u1ed3ng \u0111\u00f4 la M\u1ef9\u201d. N\u00f3 li\u00ean quan ch\u1eb7t ch\u1ebd \u0111\u1ebfn \u0111\u1ecbnh h\u01b0\u1edbng ch\u00ednh s\u00e1ch thanh kho\u1ea3n c\u1ee7a C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang, \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn vi\u1ec7c ph\u00e2n b\u1ed5 t\u00e0i s\u1ea3n c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0. Nh\u00ecn b\u1ec1 ngo\u00e0i, gi\u00e1 v\u00e0ng \u0111\u00e3 t\u0103ng 50% trong n\u0103m nay, v\u1edbi kim lo\u1ea1i qu\u00fd v\u00e0 th\u1ecb tr\u01b0\u1eddng ti\u1ec1n \u0111i\u1ec7n t\u1eed tr\u1ecb gi\u00e1 4 ngh\u00ecn t\u1ef7 USD t\u0103ng v\u1ecdt c\u00f9ng l\u00fac. \u0110\u00e2y \u0111\u01b0\u1ee3c coi l\u00e0 m\u1ed9t h\u00e0ng r\u00e0o ch\u1ed1ng l\u1ea1i \u201cr\u1ee7i ro gi\u1ea3m gi\u00e1 v\u00e0 l\u1ea1m ph\u00e1t c\u1ee7a \u0111\u1ed3ng \u0111\u00f4 la\u201d. Xu h\u01b0\u1edbng n\u00e0y \u0111\u01b0\u1ee3c th\u00fac \u0111\u1ea9y b\u1edfi \u00e1p l\u1ef1c d\u00e0i h\u1ea1n t\u1eeb n\u1ee3 ch\u00ednh ph\u1ee7 M\u1ef9 ng\u00e0y c\u00e0ng t\u0103ng v\u00e0 quy\u1ebft \u0111\u1ecbnh c\u1eaft gi\u1ea3m l\u00e3i su\u1ea5t c\u1ee7a Fed sau 6 n\u0103m l\u1ea1m ph\u00e1t v\u01b0\u1ee3t m\u1ee5c ti\u00eau 2%. Vi\u1ec7c c\u1eaft gi\u1ea3m l\u00e3i su\u1ea5t n\u00e0y c\u0169ng c\u1ea7n xem x\u00e9t \u0111i\u1ec1u ki\u1ec7n thanh kho\u1ea3n trong b\u1ed1i c\u1ea3nh d\u1ef1 tr\u1eef ng\u00e2n h\u00e0ng gi\u1ea3m \u0111\u1ec3 tr\u00e1nh th\u1eaft ch\u1eb7t qu\u00e1 m\u1ee9c m\u00f4i tr\u01b0\u1eddng t\u00e0i ch\u00ednh.<\/p>\n

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

Di\u1ec5n bi\u1ebfn th\u1ecb tr\u01b0\u1eddng th\u1ef1c t\u1ebf m\u00e2u thu\u1eabn v\u1edbi logic b\u00e1n tr\u00e1i phi\u1ebfu kho b\u1ea1c do lo ng\u1ea1i m\u1ea5t gi\u00e1 v\u00e0 g\u1eafn ch\u1eb7t v\u1edbi \u0111\u1ed9ng l\u1ef1c thanh kho\u1ea3n. Tr\u00ean th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu, l\u00e3i su\u1ea5t danh ngh\u0129a c\u1ee7a tr\u00e1i phi\u1ebfu kho b\u1ea1c k\u1ef3 h\u1ea1n 10 n\u0103m \u0111\u00e3 gi\u1ea3m xu\u1ed1ng d\u01b0\u1edbi 4% v\u00e0o tu\u1ea7n tr\u01b0\u1edbc ( ch\u1ea1m m\u1ee9c th\u1ea5p nh\u1ea5t trong th\u00e1ng 4), khi\u1ebfn m\u1ee9c gi\u1ea3m t\u1eeb \u0111\u1ea7u n\u0103m \u0111\u1ebfn nay l\u00ean g\u1ea7n 60 \u0111i\u1ec3m c\u01a1 b\u1ea3n; l\u00e3i su\u1ea5t tr\u00e1i phi\u1ebfu k\u1ef3 h\u1ea1n 30 n\u0103m c\u0169ng gi\u1ea3m kho\u1ea3ng 20 \u0111i\u1ec3m c\u01a1 b\u1ea3n. K\u1ef3 v\u1ecdng l\u1ea1m ph\u00e1t th\u1ea5p h\u01a1n (t\u1ef7 l\u1ec7 l\u1ea1m ph\u00e1t h\u00f2a v\u1ed1n \u0111\u1ed1i v\u1edbi c\u1ea3 Tr\u00e1i phi\u1ebfu kho b\u1ea1c k\u1ef3 h\u1ea1n 10 n\u0103m v\u00e0 30 n\u0103m (TIPS) \u0111\u1ea1t m\u1ee9c th\u1ea5p trong nhi\u1ec1u th\u00e1ng), c\u00f9ng v\u1edbi k\u1ef3 v\u1ecdng v\u1ec1 vi\u1ec7c Fed gi\u1ea3m b\u1ea3ng c\u00e2n \u0111\u1ed1i k\u1ebf to\u00e1n ch\u1eadm h\u01a1n v\u00e0 c\u00f3 th\u1ec3 k\u1ebft th\u00fac QT, \u0111\u00e3 l\u00e0m gi\u1ea3m r\u1ee7i ro thanh kho\u1ea3n trong tr\u00e1i phi\u1ebfu kho b\u1ea1c v\u00e0 l\u00e0m suy y\u1ebfu \u0111\u1ed9ng l\u1ef1c b\u00e1n c\u1ee7a c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0.<\/p>\n

Hi\u1ec7u su\u1ea5t t\u1ef7 gi\u00e1 h\u1ed1i \u0111o\u00e1i c\u1ee7a \u0111\u1ed3ng \u0111\u00f4 la M\u1ef9 b\u00e1c b\u1ecf m\u1ea1nh m\u1ebd l\u1eadp lu\u1eadn \"m\u1ea5t gi\u00e1 th\u01b0\u01a1ng m\u1ea1i\". \u0110\u1ed3ng \u0111\u00f4 la M\u1ef9 kh\u1edfi \u0111\u1ea7u n\u1eeda \u0111\u1ea7u n\u0103m 2025 m\u1ed9t c\u00e1ch y\u1ebfu \u1edbt, nh\u01b0ng \u0111\u00e3 \u1ed5n \u0111\u1ecbnh \u0111\u00e1ng k\u1ec3 k\u1ec3 t\u1eeb th\u00e1ng T\u01b0. Tu\u1ea7n tr\u01b0\u1edbc, ch\u1ec9 s\u1ed1 \u0111\u00f4 la M\u1ef9 \u0111\u00f3ng c\u1eeda \u1edf m\u1ee9c trung b\u00ecnh 6 th\u00e1ng v\u00e0 duy tr\u00ec \u1edf m\u1ee9c cao trong s\u1ed1 c\u00e1c \u0111\u1ed3ng ti\u1ec1n G10 trong g\u1ea7n m\u1ed9t th\u00e1ng. Jane Foley c\u1ee7a Rabobank l\u01b0u \u00fd r\u1eb1ng n\u1ebfu \u0111\u1ed3ng \u0111\u00f4 la M\u1ef9 m\u1ea5t gi\u00e1 tr\u00ean di\u1ec7n r\u1ed9ng, ti\u1ec1n s\u1ebd ch\u1ea3y t\u1eeb \u0111\u1ed3ng \u0111\u00f4 la M\u1ef9 v\u00e0 Kho b\u1ea1c Hoa K\u1ef3 sang v\u00e0ng, nh\u01b0ng th\u1ecb tr\u01b0\u1eddng ch\u01b0a c\u00f3 d\u1ea5u hi\u1ec7u n\u00e0o nh\u01b0 v\u1eady. \u0110i\u1ec1u n\u00e0y l\u00e0 do vi\u1ec7c c\u1eaft gi\u1ea3m b\u1ea3ng c\u00e2n \u0111\u1ed1i k\u1ebf to\u00e1n m\u1ed9t c\u00e1ch th\u1eadn tr\u1ecdng c\u1ee7a C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang, \u0111i\u1ec1u n\u00e0y \u0111\u00e3 khuy\u1ebfn kh\u00edch c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 duy tr\u00ec l\u01b0\u1ee3ng c\u1ed5 phi\u1ebfu M\u1ef9 n\u1eafm gi\u1eef (v\u1edbi 80% danh m\u1ee5c \u0111\u1ea7u t\u01b0 c\u1ee7a h\u1ecd \u0111\u01b0\u1ee3c ph\u00f2ng ng\u1eeba r\u1ee7i ro theo t\u1ef7 gi\u00e1 h\u1ed1i \u0111o\u00e1i) \u0111\u1ed3ng th\u1eddi ph\u00e2n b\u1ed5 v\u00e0ng \u0111\u1ec3 ph\u00f2ng ng\u1eeba r\u1ee7i ro, h\u00ecnh th\u00e0nh chi\u1ebfn l\u01b0\u1ee3c c\u00e2n b\u1eb1ng l\u00e0 \u201cn\u1eafm gi\u1eef Kho b\u1ea1c Hoa K\u1ef3 v\u00e0 t\u0103ng l\u01b0\u1ee3ng n\u1eafm gi\u1eef v\u00e0ng\u201d.<\/p>\n

\"\u1ea2nh<\/p>\n

II. Nh\u1eefng thay \u0111\u1ed5i ch\u00ednh trong ch\u00ednh s\u00e1ch thanh kho\u1ea3n: Truy\u1ec1n t\u1ea3i th\u1ecb tr\u01b0\u1eddng k\u1ef3 v\u1ecdng v\u1ec1 vi\u1ec7c ph\u00e1 v\u1ee1 y\u00eau c\u1ea7u d\u1ef1 tr\u1eef v\u00e0 k\u1ebft th\u00fac thu h\u1eb9p b\u1ea3ng c\u00e2n \u0111\u1ed1i k\u1ebf to\u00e1n<\/h2>\n

L\u00e0 m\u1ed9t ch\u1ec9 s\u1ed1 c\u1ed1t l\u00f5i trong qu\u1ea3n l\u00fd thanh kho\u1ea3n c\u1ee7a C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang, d\u1ef1 tr\u1eef c\u1ee7a ng\u00e2n h\u00e0ng Hoa K\u1ef3 r\u1ea5t quan tr\u1ecdng \u0111\u1ec3 gi\u1ea3i quy\u1ebft v\u1ea5n \u0111\u1ec1 nan gi\u1ea3i \u201cth\u01b0\u01a1ng m\u1ea1i m\u1ea5t gi\u00e1\u201d. Trong tu\u1ea7n ng\u00e0y 15 th\u00e1ng 10, d\u1ef1 tr\u1eef ng\u00e2n h\u00e0ng gi\u1ea3m xu\u1ed1ng c\u00f2n 2,99 ngh\u00ecn t\u1ef7 USD, d\u01b0\u1edbi m\u1ed1c 3 ngh\u00ecn t\u1ef7 USD, gi\u1ea3m 45,7 t\u1ef7 USD so v\u1edbi tu\u1ea7n tr\u01b0\u1edbc. S\u1ef1 ph\u00e1 v\u1ee1 n\u00e0y \u0111\u01b0\u1ee3c th\u00fac \u0111\u1ea9y b\u1edfi vi\u1ec7c ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu \u0111\u01b0\u1ee3c \u0111\u1ea9y nhanh \u0111\u1ec3 x\u00e2y d\u1ef1ng l\u1ea1i s\u1ed1 d\u01b0 ti\u1ec1n m\u1eb7t sau khi tr\u1ea7n n\u1ee3 th\u00e1ng 7 t\u0103ng. \u0110i\u1ec1u n\u00e0y kh\u00f4ng ch\u1ec9 l\u00e0m c\u1ea1n ki\u1ec7t ngu\u1ed3n d\u1ef1 tr\u1eef v\u00e0 \u0111\u1ea9y gi\u1edbi h\u1ea1n c\u1ee7a h\u1ee3p \u0111\u1ed3ng repo ng\u01b0\u1ee3c qua \u0111\u00eam m\u00e0 c\u00f2n khi\u1ebfn t\u00e0i s\u1ea3n ti\u1ec1n m\u1eb7t c\u1ee7a c\u00e1c ng\u00e2n h\u00e0ng n\u01b0\u1edbc ngo\u00e0i s\u1ee5t gi\u1ea3m nhanh h\u01a1n. \u0110i\u1ec1u n\u00e0y c\u0169ng n\u00eau b\u1eadt c\u00e1c t\u00e1c \u0111\u1ed9ng xuy\u00ean bi\u00ean gi\u1edbi, tr\u1ef1c ti\u1ebfp khi\u1ebfn C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang ra t\u00edn hi\u1ec7u k\u1ebft th\u00fac vi\u1ec7c c\u1eaft gi\u1ea3m b\u1ea3ng c\u00e2n \u0111\u1ed1i k\u1ebf to\u00e1n, t\u1eeb \u0111\u00f3 \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn m\u1ed1i li\u00ean k\u1ebft gi\u00e1 gi\u1eefa \u0111\u1ed3ng \u0111\u00f4 la, Kho b\u1ea1c Hoa K\u1ef3 v\u00e0 \u201ct\u00e0i s\u1ea3n c\u1ee9ng\u201d.<\/p>\n

V\u1edbi d\u1ef1 tr\u1eef ti\u1ebfn g\u1ea7n \u0111\u1ebfn \u201cgi\u1edbi h\u1ea1n d\u01b0\u1edbi d\u1ed3i d\u00e0o\u201d, C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang b\u00e1o hi\u1ec7u m\u1ed9t s\u1ef1 thay \u0111\u1ed5i ch\u00ednh s\u00e1ch. Powell tuy\u00ean b\u1ed1 r\u1eb1ng giai \u0111o\u1ea1n QT s\u1ebd k\u1ebft th\u00fac khi d\u1ef1 tr\u1eef t\u0103ng nh\u1eb9 tr\u00ean m\u1ee9c t\u1ed1i thi\u1ec3u \u0111\u1ec3 \u1ed5n \u0111\u1ecbnh th\u1ecb tr\u01b0\u1eddng, m\u1ed9t \u0111i\u1ec3m c\u00f3 th\u1ec3 x\u1ea3y ra \u201ctrong nh\u1eefng th\u00e1ng t\u1edbi\u201d. Waller l\u01b0u \u00fd r\u1eb1ng m\u1ee9c d\u1ef1 tr\u1eef hi\u1ec7n t\u1ea1i l\u00e0 2,99 ngh\u00ecn t\u1ef7 USD, g\u1ea7n v\u1edbi ng\u01b0\u1ee1ng t\u1ed1i thi\u1ec3u \u01b0\u1edbc t\u00ednh c\u1ee7a \u00f4ng l\u00e0 2,7 ngh\u00ecn t\u1ef7 USD. Fed \u0111\u00e3 l\u00e0m ch\u1eadm t\u1ed1c \u0111\u1ed9 thu h\u1eb9p b\u1ea3ng c\u00e2n \u0111\u1ed1i k\u1ebf to\u00e1n v\u00e0o \u0111\u1ea7u n\u0103m v\u00e0 th\u00f4ng b\u00e1o n\u00e0y cho th\u1ea5y qu\u00e1 tr\u00ecnh \u0111\u1ebfm ng\u01b0\u1ee3c \u0111\u00e3 b\u1eaft \u0111\u1ea7u. K\u1ef3 v\u1ecdng n\u00e0y \u0111\u00e3 \u1ed5n \u0111\u1ecbnh th\u1ecb tr\u01b0\u1eddng Kho b\u1ea1c, \u0111\u1ea9y l\u1ee3i su\u1ea5t \u0111i xu\u1ed1ng, m\u00e2u thu\u1eabn v\u1edbi k\u1ef3 v\u1ecdng \u201cgiao d\u1ecbch r\u00fat lui\u201d v\u1ec1 \u201cl\u1ee3i su\u1ea5t t\u0103ng v\u1ecdt\u201d.<\/p>\n

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

Nh\u1eefng thay \u0111\u1ed5i v\u1ec1 thanh kho\u1ea3n \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn nh\u1eadn th\u1ee9c c\u1ee7a th\u1ecb tr\u01b0\u1eddng v\u1ec1 s\u1ef1 m\u1ea5t gi\u00e1 th\u00f4ng qua c\u00e1c k\u00eanh l\u00e3i su\u1ea5t. Tu\u1ea7n tr\u01b0\u1edbc, l\u00e3i su\u1ea5t qu\u1ef9 li\u00ean bang th\u1ef1c t\u1ebf \u0111\u00e3 t\u0103ng nh\u1eb9 trong kho\u1ea3ng 4% -4,25%, v\u1edbi t\u1ef7 l\u1ec7 ph\u1ea7n tr\u0103m th\u1ee9 75 t\u0103ng t\u1eeb 4,10% l\u00ean 4,12%, cho th\u1ea5y m\u00f4i tr\u01b0\u1eddng t\u00e0i ch\u00ednh \u0111ang th\u1eaft ch\u1eb7t. Tuy nhi\u00ean, d\u1ef1 \u0111o\u00e1n v\u1ec1 vi\u1ec7c s\u1eafp k\u1ebft th\u00fac vi\u1ec7c thu h\u1eb9p b\u1ea3ng c\u00e2n \u0111\u1ed1i k\u1ebf to\u00e1n \u0111\u00e3 khi\u1ebfn th\u1ecb tr\u01b0\u1eddng tin r\u1eb1ng thanh kho\u1ea3n s\u1ebd kh\u00f4ng gi\u1ea3m qu\u00e1 m\u1ee9c, d\u1eabn \u0111\u1ebfn \u0111\u1ed3ng \u0111\u00f4 la \u1ed5n \u0111\u1ecbnh h\u01a1n l\u00e0 gi\u1ea3m gi\u00e1. \u0110i\u1ec1u n\u00e0y c\u0169ng gi\u1ea3i th\u00edch s\u1ef1 t\u1ed3n t\u1ea1i \u0111\u1ed3ng th\u1eddi c\u1ee7a \u201cs\u1ef1 gia t\u0103ng t\u00e0i s\u1ea3n c\u1ee9ng\u201d v\u00e0 \u201cth\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu kho b\u1ea1c M\u1ef9 v\u00e0 \u0111\u1ed3ng \u0111\u00f4 la \u1ed5n \u0111\u1ecbnh\u201d: c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111ang s\u1eed d\u1ee5ng t\u00e0i s\u1ea3n c\u1ee9ng \u0111\u1ec3 ph\u00f2ng ng\u1eeba l\u1ea1m ph\u00e1t, \u0111\u1ed3ng th\u1eddi v\u1eabn th\u1eadn tr\u1ecdng v\u1ec1 nguy c\u01a1 \u0111\u1ed3ng \u0111\u00f4 la m\u1ea5t gi\u00e1 ng\u1eafn h\u1ea1n do s\u1ef1 thay \u0111\u1ed5i trong ch\u00ednh s\u00e1ch thanh kho\u1ea3n.<\/p>\n

III. B\u1ea3n ch\u1ea5t c\u1ee7a th\u1ecb tr\u01b0\u1eddng trong tr\u00f2 ch\u01a1i k\u00e9p: S\u1ef1 va ch\u1ea1m gi\u1eefa nh\u1eefng c\u00e2u chuy\u1ec7n \u0111\u01a1n gi\u1ea3n h\u00f3a v\u00e0 th\u1ef1c t\u1ebf ph\u1ee9c t\u1ea1p<\/h2>\n

M\u00e2u thu\u1eabn c\u1ed1t l\u00f5i trong th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh hi\u1ec7n nay n\u1eb1m \u1edf s\u1ef1 xung \u0111\u1ed9t gi\u1eefa c\u00e2u chuy\u1ec7n \u0111\u01a1n gi\u1ea3n v\u1ec1 \u201cth\u01b0\u01a1ng m\u1ea1i m\u1ea5t gi\u00e1\u201d v\u00e0 th\u1ef1c t\u1ebf ph\u1ee9c t\u1ea1p v\u1ec1 \u201cthanh kho\u1ea3n, t\u00e0i s\u1ea3n v\u00e0 ch\u00ednh s\u00e1ch\u201d. \u201cGiao d\u1ecbch ph\u00e1 gi\u00e1\u201d s\u1eed d\u1ee5ng m\u1ed9t logic duy nh\u1ea5t \u0111\u1ec3 x\u00e1c \u0111\u1ecbnh gi\u00e1 t\u00e0i s\u1ea3n nh\u01b0ng b\u1ecf qua c\u00e1ch c\u00e1c ch\u00ednh s\u00e1ch thanh kho\u1ea3n c\u1ee7a C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang \u1ea3nh h\u01b0\u1edfng \u0111\u1ebfn k\u1ef3 v\u1ecdng c\u1ee7a th\u1ecb tr\u01b0\u1eddng. K\u1ef3 v\u1ecdng v\u1ec1 vi\u1ec7c gi\u1ea3m b\u1edbt b\u1ea3ng c\u00e2n \u0111\u1ed1i k\u1ebf to\u00e1n, \u0111\u01b0\u1ee3c k\u00edch ho\u1ea1t b\u1edfi vi\u1ec7c gi\u1ea3m y\u00eau c\u1ea7u d\u1ef1 tr\u1eef, gi\u1ea3m thi\u1ec3u r\u1ee7i ro thanh kho\u1ea3n c\u1ee7a Kho b\u1ea1c Hoa K\u1ef3 \u0111\u1ed3ng th\u1eddi \u1ed5n \u0111\u1ecbnh bi\u1ebfn \u0111\u1ed9ng c\u1ee7a \u0111\u1ed3ng \u0111\u00f4 la v\u00e0 ki\u1ec1m ch\u1ebf xu h\u01b0\u1edbng th\u1ecb tr\u01b0\u1eddng c\u1ef1c \u0111oan l\u00e0 \u201cb\u00e1n \u0111\u00f4 la v\u00e0 tr\u00e1i phi\u1ebfu kho b\u1ea1c \u0111\u1ec3 chuy\u1ec3n sang t\u00e0i s\u1ea3n c\u1ee9ng\u201d.<\/p>\n

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

C\u00e1c \u0111i\u1ec1u ch\u1ec9nh ch\u00ednh s\u00e1ch thanh kho\u1ea3n c\u1ee7a C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang c\u0169ng sa l\u1ea7y v\u00e0o t\u00ecnh th\u1ebf ti\u1ebfn tho\u00e1i l\u01b0\u1ee1ng nan v\u1ec1 \u201cnh\u1eefng lo ng\u1ea1i v\u1ec1 m\u1ea5t gi\u00e1\u201d. Vi\u1ec7c gi\u1ea3m t\u1ed1c \u0111\u1ed9 b\u1ea3ng c\u00e2n \u0111\u1ed1i k\u1ebf to\u00e1n ch\u1eadm l\u1ea1i nh\u1eb1m m\u1ee5c \u0111\u00edch \u1ed5n \u0111\u1ecbnh h\u1ec7 th\u1ed1ng ng\u00e2n h\u00e0ng v\u00e0 trong b\u1ed1i c\u1ea3nh l\u1ea1m ph\u00e1t d\u01b0\u1edbi m\u1ee9c trung b\u00ecnh, tr\u00e1nh l\u00e0m tr\u1ea7m tr\u1ecdng th\u00eam s\u1ef1 lo l\u1eafng c\u1ee7a th\u1ecb tr\u01b0\u1eddng v\u1ec1 k\u1ecbch b\u1ea3n \u201csuy tho\u00e1i v\u00e0 m\u1ea5t gi\u00e1 ti\u1ec1n t\u1ec7\u201d do th\u1eaft ch\u1eb7t thanh kho\u1ea3n. S\u1ef1 c\u00e2n b\u1eb1ng ch\u00ednh s\u00e1ch n\u00e0y \u0111\u00e3 d\u1eabn \u0111\u1ebfn s\u1ef1 gia t\u0103ng \u0111\u1ed3ng th\u1eddi hi\u1ebfm c\u00f3 \u1edf c\u1ea3 t\u00e0i s\u1ea3n c\u1ee9ng v\u00e0 t\u00e0i s\u1ea3n truy\u1ec1n th\u1ed1ng.<\/p>\n

S\u1ef1 ph\u1ee9c t\u1ea1p c\u1ee7a th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh Hoa K\u1ef3 th\u00e1ch th\u1ee9c m\u1ed9t logic duy nh\u1ea5t. S\u1ef1 gia t\u0103ng c\u1ee7a v\u00e0ng v\u00e0 ti\u1ec1n \u0111i\u1ec7n t\u1eed ph\u1ea3n \u00e1nh r\u1ee7i ro l\u1ea1m ph\u00e1t v\u00e0 n\u1ee3 d\u00e0i h\u1ea1n; s\u1ef1 \u1ed5n \u0111\u1ecbnh c\u1ee7a \u0111\u1ed3ng \u0111\u00f4 la M\u1ef9 v\u00e0 Kho b\u1ea1c Hoa K\u1ef3 \u0111\u01b0\u1ee3c h\u01b0\u1edfng l\u1ee3i t\u1eeb s\u1ef1 h\u1ed7 tr\u1ee3 t\u1eeb ch\u00ednh s\u00e1ch thanh kho\u1ea3n c\u1ee7a C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang. Xu h\u01b0\u1edbng trong t\u01b0\u01a1ng lai xoay quanh s\u1ef1 t\u01b0\u01a1ng t\u00e1c gi\u1eefa ch\u00ednh s\u00e1ch \u201cgiao d\u1ecbch gi\u1ea3m gi\u00e1\u201d v\u00e0 thanh kho\u1ea3n. L\u1ea1m ph\u00e1t gi\u1ea3m b\u1ea5t ng\u1edd s\u1ebd l\u00e0m suy y\u1ebfu \u201cgiao d\u1ecbch gi\u1ea3m gi\u00e1\u201d, trong khi d\u1ef1 tr\u1eef gi\u1ea3m nhanh c\u00f3 th\u1ec3 khi\u1ebfn Fed s\u1edbm k\u1ebft th\u00fac vi\u1ec7c c\u1eaft gi\u1ea3m b\u1ea3ng c\u00e2n \u0111\u1ed1i k\u1ebf to\u00e1n v\u00e0 \u1ed5n \u0111\u1ecbnh t\u00e0i s\u1ea3n truy\u1ec1n th\u1ed1ng. V\u00ec v\u1eady, ch\u1ec9 b\u1eb1ng c\u00e1ch xem x\u00e9t to\u00e0n di\u1ec7n m\u1ed1i li\u00ean h\u1ec7 gi\u1eefa ch\u00ednh s\u00e1ch thanh kho\u1ea3n v\u00e0 gi\u00e1 t\u00e0i s\u1ea3n, ch\u00fang ta m\u1edbi c\u00f3 th\u1ec3 d\u1ef1 \u0111o\u00e1n ch\u00ednh x\u00e1c xu h\u01b0\u1edbng th\u1ecb tr\u01b0\u1eddng.<\/p>","protected":false},"excerpt":{"rendered":"

Th\u1ecb tr\u01b0\u1eddng Hoa K\u1ef3 \u0111ang b\u1ecb k\u1eb9t gi\u1eefa k\u1ef3 v\u1ecdng \u0111\u1ed3ng \u0111\u00f4 la gi\u1ea3m gi\u00e1, t\u00e0i s\u1ea3n c\u1ee9ng t\u0103ng l\u00ean v\u00e0 l\u00e3i su\u1ea5t Kho b\u1ea1c \u1ed5n \u0111\u1ecbnh, \u0111\u01b0\u1ee3c th\u00fac \u0111\u1ea9y b\u1edfi s\u1ef1 thay \u0111\u1ed5i ch\u00ednh s\u00e1ch thanh kho\u1ea3n c\u1ee7a Fed v\u00e0 g\u1ea7n k\u1ebft th\u00fac QT.<\/p>","protected":false},"author":1,"featured_media":8600,"comment_status":"closed","ping_status":"closed","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":[376,378,377],"class_list":["post-8599","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financial-news","tag-dollar-depreciation-trade","tag-fed-liquidity-policy","tag-treasury-yield-trends"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.mdwcc.com\/vi\/wp-json\/wp\/v2\/posts\/8599","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=8599"}],"version-history":[{"count":1,"href":"https:\/\/www.mdwcc.com\/vi\/wp-json\/wp\/v2\/posts\/8599\/revisions"}],"predecessor-version":[{"id":8605,"href":"https:\/\/www.mdwcc.com\/vi\/wp-json\/wp\/v2\/posts\/8599\/revisions\/8605"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.mdwcc.com\/vi\/wp-json\/wp\/v2\/media\/8600"}],"wp:attachment":[{"href":"https:\/\/www.mdwcc.com\/vi\/wp-json\/wp\/v2\/media?parent=8599"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.mdwcc.com\/vi\/wp-json\/wp\/v2\/categories?post=8599"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.mdwcc.com\/vi\/wp-json\/wp\/v2\/tags?post=8599"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}