{"id":8649,"date":"2025-10-28T09:02:33","date_gmt":"2025-10-28T09:02:33","guid":{"rendered":"https:\/\/www.mdwcc.com\/?p=8649"},"modified":"2025-10-28T09:02:37","modified_gmt":"2025-10-28T09:02:37","slug":"as-us-debt-surpasses-italys-gdp-by-143-global-monetary-stimulus-is-reshaping-asset-logic-and-risks","status":"publish","type":"post","link":"https:\/\/www.mdwcc.com\/vi\/as-us-debt-surpasses-italys-gdp-by-143-global-monetary-stimulus-is-reshaping-asset-logic-and-risks\/","title":{"rendered":"Khi n\u1ee3 c\u1ee7a M\u1ef9 v\u01b0\u1ee3t GDP c\u1ee7a \u00dd t\u1edbi 143%, k\u00edch th\u00edch ti\u1ec1n t\u1ec7 to\u00e0n c\u1ea7u \u0111ang \u0111\u1ecbnh h\u00ecnh l\u1ea1i logic v\u00e0 r\u1ee7i ro t\u00e0i s\u1ea3n!"},"content":{"rendered":"

N\u1ec1n kinh t\u1ebf to\u00e0n c\u1ea7u hi\u1ec7n \u0111ang ph\u1ea3i v\u1eadt l\u1ed9n v\u1edbi s\u1ef1 t\u00e1c \u0111\u1ed9ng qua l\u1ea1i ph\u1ee9c t\u1ea1p c\u1ee7a c\u00e1c v\u1ea5n \u0111\u1ec1 then ch\u1ed1t. M\u1ed9t m\u1eb7t, t\u00ednh b\u1ec1n v\u1eefng v\u1ec1 n\u1ee3 c\u1ee7a c\u00e1c n\u1ec1n kinh t\u1ebf l\u1edbn \u0111ang thu h\u00fat s\u1ef1 ch\u00fa \u00fd r\u1ed9ng r\u00e3i, \u0111\u1eb7c bi\u1ec7t khi g\u00e1nh n\u1eb7ng n\u1ee3 c\u1ee7a Ch\u00ednh ph\u1ee7 M\u1ef9 s\u1eafp c\u00f3 b\u01b0\u1edbc \u0111\u1ed9t ph\u00e1 l\u1ecbch s\u1eed. M\u1eb7t kh\u00e1c, vi\u1ec7c k\u00edch th\u00edch ti\u1ec1n t\u1ec7 to\u00e0n c\u1ea7u li\u00ean t\u1ee5c \u0111ang \u0111\u1ecbnh h\u00ecnh l\u1ea1i th\u1ecb tr\u01b0\u1eddng t\u00e0i s\u1ea3n, v\u1edbi hi\u1ec7u qu\u1ea3 ho\u1ea1t \u0111\u1ed9ng c\u1ee7a nhi\u1ec1u lo\u1ea1i t\u00e0i s\u1ea3n v\u00e0 d\u00f2ng v\u1ed1n c\u00f3 xu h\u01b0\u1edbng ch\u01b0a t\u1eebng c\u00f3. Hai y\u1ebfu t\u1ed1 c\u00f3 li\u00ean quan v\u00e0 \u1ea3nh h\u01b0\u1edfng l\u1eabn nhau n\u00e0y c\u00f9ng nhau t\u1ea1o th\u00e0nh khu\u00f4n kh\u1ed5 c\u1ed1t l\u00f5i c\u1ee7a b\u1ed1i c\u1ea3nh kinh t\u1ebf to\u00e0n c\u1ea7u hi\u1ec7n nay.<\/p>\n

G\u00e1nh n\u1eb7ng n\u1ee3 c\u1ee7a ch\u00ednh ph\u1ee7 M\u1ef9: b\u01b0\u1edbc \u0111\u1ed9t ph\u00e1 l\u1ecbch s\u1eed v\u00e0 so s\u00e1nh qu\u1ed1c t\u1ebf<\/h2>\n

S\u1ef1 mong manh c\u1ee7a t\u00e0i ch\u00ednh c\u00f4ng c\u1ee7a c\u00e1c n\u01b0\u1edbc ch\u00e2u \u00c2u nh\u01b0 \u00dd v\u00e0 Hy L\u1ea1p t\u1eeb l\u00e2u \u0111\u00e3 l\u00e0 m\u1ed1i lo ng\u1ea1i to\u00e0n c\u1ea7u, \u0111\u1eb7c bi\u1ec7t l\u00e0 trong cu\u1ed9c kh\u1ee7ng ho\u1ea3ng n\u1ee3 c\u00f4ng khu v\u1ef1c \u0111\u1ed3ng Euro 2010-2012, khi c\u1ea3 hai n\u01b0\u1edbc \u0111\u1ec1u d\u1ef1a v\u00e0o c\u00e1c g\u00f3i c\u1ee9u tr\u1ee3 t\u1eeb IMF v\u00e0 Li\u00ean minh ch\u00e2u \u00c2u \u0111\u1ec3 gi\u1ea3m thi\u1ec3u kh\u1ee7ng ho\u1ea3ng. Tuy nhi\u00ean, t\u00ecnh tr\u1ea1ng n\u00e0y hi\u1ec7n \u0111ang \u0111\u1ea3o ng\u01b0\u1ee3c. C\u00e1c d\u1ef1 b\u00e1o c\u1ee7a Qu\u1ef9 Ti\u1ec1n t\u1ec7 Qu\u1ed1c t\u1ebf (IMF) ch\u1ec9 ra r\u1eb1ng g\u00e1nh n\u1eb7ng n\u1ee3 c\u1ee7a ch\u00ednh ph\u1ee7 M\u1ef9 d\u1ef1 ki\u1ebfn \u200b\u200bs\u1ebd l\u1ea7n \u0111\u1ea7u ti\u00ean v\u01b0\u1ee3t qua g\u00e1nh n\u1eb7ng n\u1ee3 c\u1ee7a \u00dd v\u00e0 Hy L\u1ea1p trong th\u1ebf k\u1ef7 n\u00e0y, khi\u1ebfn t\u00ecnh tr\u1ea1ng suy tho\u00e1i t\u00e0i ch\u00ednh c\u00f4ng c\u1ee7a n\u01b0\u1edbc n\u00e0y tr\u1edf th\u00e0nh m\u1ed9t v\u1ea5n \u0111\u1ec1 kinh t\u1ebf to\u00e0n c\u1ea7u quan tr\u1ecdng.<\/p>\n

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

T\u00ecnh tr\u1ea1ng n\u1ee3 v\u00e0 th\u00e2m h\u1ee5t \u201ccao g\u1ea5p \u0111\u00f4i\u201d c\u1ee7a M\u1ef9<\/h3>\n

Theo d\u1eef li\u1ec7u c\u1ee7a IMF, v\u00e0o cu\u1ed1i nh\u1eefng n\u0103m 2020, t\u1ef7 l\u1ec7 n\u1ee3 tr\u00ean GDP c\u1ee7a ch\u00ednh ph\u1ee7 M\u1ef9 n\u00f3i chung s\u1ebd t\u0103ng h\u01a1n 20 \u0111i\u1ec3m ph\u1ea7n tr\u0103m l\u00ean 143,4%, m\u1ee9c cao m\u1edbi sau \u0111\u1ea1i d\u1ecbch. IMF c\u0169ng d\u1ef1 b\u00e1o th\u00e2m h\u1ee5t ng\u00e2n s\u00e1ch h\u00e0ng n\u0103m c\u1ee7a M\u1ef9 s\u1ebd duy tr\u00ec \u1edf m\u1ee9c tr\u00ean 7% cho \u0111\u1ebfn n\u0103m 2030, v\u01b0\u1ee3t xa c\u00e1c n\u01b0\u1edbc gi\u00e0u c\u00f3 kh\u00e1c v\u00e0 n\u00eau b\u1eadt t\u00ecnh tr\u1ea1ng m\u1ea5t c\u00e2n b\u1eb1ng t\u00e0i ch\u00ednh dai d\u1eb3ng. D\u1ef1 b\u00e1o c\u1ee7a CBO th\u1eadm ch\u00ed c\u00f2n bi quan h\u01a1n khi l\u01b0u \u00fd r\u1eb1ng t\u1ef7 l\u1ec7 n\u1ee3 tr\u00ean GDP c\u1ee7a M\u1ef9 s\u1ebd ti\u1ebfp t\u1ee5c t\u0103ng sau n\u0103m 2030. Mahmoud Pradhan c\u1ee7a Vi\u1ec7n \u0110\u1ea7u t\u01b0 Allianz tin r\u1eb1ng th\u00e2m h\u1ee5t dai d\u1eb3ng khi\u1ebfn m\u1ee9c n\u1ee3 t\u0103ng cao ph\u1ea3n \u00e1nh nh\u1eefng v\u1ea5n \u0111\u1ec1 s\u00e2u xa trong ch\u00ednh s\u00e1ch t\u00e0i kh\u00f3a c\u1ee7a M\u1ef9.<\/p>\n

\u201cQuan \u0111i\u1ec3m k\u00e9p\u201d: \u01afu \u0111i\u1ec3m v\u00e0 m\u1ed1i quan t\u00e2m<\/h3>\n

\u0110\u00e1nh gi\u00e1 theo s\u1ed1 li\u1ec7u n\u1ee3, \u00e1p l\u1ef1c n\u1ee3 c\u1ee7a M\u1ef9 th\u1ec3 hi\u1ec7n \u0111\u1eb7c \u0111i\u1ec3m k\u00e9p c\u1ee7a \u201cm\u1ee9c cao b\u1ec1 m\u1eb7t v\u00e0 v\u00f9ng \u0111\u1ec7m c\u01a1 c\u1ea5u\u201d. \u0110\u01b0\u1ee3c \u0111o b\u1eb1ng \u201cn\u1ee3 ch\u00ednh ph\u1ee7 r\u00f2ng sau khi tr\u1eeb \u0111i t\u00e0i s\u1ea3n t\u00e0i ch\u00ednh\u201d, m\u1ee9c n\u1ee3 c\u1ee7a M\u1ef9 th\u1ea5p h\u01a1n kho\u1ea3ng 10 \u0111i\u1ec3m ph\u1ea7n tr\u0103m so v\u1edbi \u00dd v\u00e0o cu\u1ed1i nh\u1eefng n\u0103m 1920. Joe Cannon c\u1ee7a Vi\u1ec7n Peterson l\u01b0u \u00fd r\u1eb1ng m\u1eb7c d\u00f9 s\u1ed1 li\u1ec7u n\u00e0y ph\u1ea3n \u00e1nh t\u1ed1t h\u01a1n g\u00e1nh n\u1eb7ng n\u1ee3 th\u1ef1c s\u1ef1 nh\u01b0ng n\u1ee3 r\u00f2ng c\u1ee7a M\u1ef9 c\u0169ng ti\u1ebfp t\u1ee5c t\u0103ng.<\/p>\n

Hoa K\u1ef3, v\u1edbi v\u1ecb th\u1ebf l\u00e0 \u0111\u1ed3ng ti\u1ec1n d\u1ef1 tr\u1eef to\u00e0n c\u1ea7u, c\u00f3 kh\u1ea3 n\u0103ng vay n\u1ee3 l\u1edbn h\u01a1n c\u00e1c qu\u1ed1c gia nh\u01b0 \u00dd v\u00e0 Hy L\u1ea1p. Tuy nhi\u00ean, nh\u00e0 kinh t\u1ebf James Knightley c\u1ee7a ING l\u01b0u \u00fd r\u1eb1ng l\u1ee3i th\u1ebf n\u00e0y \u0111ang b\u1ecb x\u00f3i m\u00f2n khi n\u1ee3 t\u0103ng cao v\u00e0 d\u01b0 lu\u1eadn \u0111\u00e3 thay \u0111\u1ed5i k\u1ec3 t\u1eeb khi kho\u1ea3n n\u1ee3 v\u01b0\u1ee3t qua n\u1ee3 c\u1ee7a ch\u00e2u \u00c2u. B\u1ebf t\u1eafc ch\u00ednh tr\u1ecb \u0111\u1eb7t ra m\u1ed1i \u0111e d\u1ecda s\u00e2u s\u1eafc h\u01a1n. Cannon l\u1eadp lu\u1eadn r\u1eb1ng s\u1ef1 chia r\u1ebd gi\u1eefa hai \u0111\u1ea3ng khi\u1ebfn vi\u1ec7c gi\u1ea3m th\u00e2m h\u1ee5t l\u1edbn tr\u1edf n\u00ean kh\u00f3 kh\u0103n. C\u1ef1u kinh t\u1ebf tr\u01b0\u1edfng IMF Obstfeld c\u1ea3nh b\u00e1o r\u1eb1ng c\u00e1c d\u1ef1 b\u00e1o v\u1ec1 t\u00ednh b\u1ec1n v\u1eefng t\u00e0i ch\u00ednh c\u1ee7a M\u1ef9 d\u1ef1a v\u00e0o vi\u1ec7c \u0111\u00e1p \u1ee9ng \u0111\u1ed3ng th\u1eddi nhi\u1ec1u \u0111i\u1ec1u ki\u1ec7n l\u1ea1c quan, bao g\u1ed3m t\u0103ng tr\u01b0\u1edfng n\u0103ng su\u1ea5t trong t\u01b0\u01a1ng lai, doanh thu thu\u1ebf quan, c\u1ea3i thi\u1ec7n nh\u00e2n kh\u1ea9u h\u1ecdc v\u00e0 l\u00e3i su\u1ea5t \u1ed5n \u0111\u1ecbnh.<\/p>\n

\"IMG_257\"<\/p>\n

L\u00e0n s\u00f3ng k\u00edch th\u00edch ti\u1ec1n t\u1ec7 to\u00e0n c\u1ea7u v\u00e0 nh\u1eefng thay \u0111\u1ed5i m\u1edbi tr\u00ean th\u1ecb tr\u01b0\u1eddng t\u00e0i s\u1ea3n<\/h2>\n

Khi \u00e1p l\u1ef1c t\u00e0i ch\u00ednh \u1edf Hoa K\u1ef3 t\u0103ng l\u00ean, vi\u1ec7c ti\u1ebfp t\u1ee5c c\u00e1c ch\u00ednh s\u00e1ch k\u00edch th\u00edch ti\u1ec1n t\u1ec7 to\u00e0n c\u1ea7u \u0111ang t\u00e1c \u0111\u1ed9ng s\u00e2u s\u1eafc \u0111\u1ebfn th\u1ecb tr\u01b0\u1eddng t\u00e0i s\u1ea3n. Trong hai n\u0103m qua, c\u00e1c ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng to\u00e0n c\u1ea7u \u0111\u00e3 th\u1ef1c hi\u1ec7n 312 l\u1ea7n c\u1eaft gi\u1ea3m l\u00e3i su\u1ea5t, trong \u0111\u00f3 C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang, ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng quan tr\u1ecdng nh\u1ea5t th\u1ebf gi\u1edbi, d\u1ef1 ki\u1ebfn \u200b\u200bs\u1ebd c\u1eaft gi\u1ea3m l\u1ea7n n\u1eefa v\u00e0o tu\u1ea7n t\u1edbi. Trong b\u1ed1i c\u1ea3nh \u0111\u00f3, GDP c\u1ee7a Hoa K\u1ef3 \u0111\u00e3 t\u0103ng 11%, nh\u01b0ng th\u1ecb tr\u01b0\u1eddng t\u00e0i s\u1ea3n th\u1eadm ch\u00ed c\u00f2n ho\u1ea1t \u0111\u1ed9ng \u1ea5n t\u01b0\u1ee3ng h\u01a1n, v\u1edbi nhi\u1ec1u t\u00e0i s\u1ea3n kh\u00e1c nhau tr\u1ea3i qua s\u1ef1 k\u1ebft h\u1ee3p gi\u1eefa b\u00f9ng n\u1ed5, bong b\u00f3ng v\u00e0 m\u1ea5t gi\u00e1.<\/p>\n

Th\u1ecb tr\u01b0\u1eddng Kho b\u1ea1c Hoa K\u1ef3: S\u1ef1 gia t\u0103ng c\u1ee7a tr\u00e1i phi\u1ebfu kh\u00f4ng tr\u1ea3 l\u00e3i v\u00e0 s\u1ef1 r\u00fat lui c\u1ee7a nh\u1eefng ng\u01b0\u1eddi c\u1ea3nh gi\u00e1c tr\u00e1i phi\u1ebfu<\/h3>\n

Khuy\u1ebfn ngh\u1ecb c\u1ee7a Hartnett v\u1ec1 vi\u1ec7c mua tr\u00e1i phi\u1ebfu Kho b\u1ea1c Hoa K\u1ef3 kh\u00f4ng tr\u1ea3 l\u00e3i \u0111\u00e3 \u0111\u01b0\u1ee3c ch\u1ee9ng minh l\u00e0 c\u00f3 t\u00ednh h\u01b0\u1edbng t\u1edbi t\u01b0\u01a1ng lai cao. Tr\u00e1i phi\u1ebfu kh\u00f4ng tr\u1ea3 l\u00e3i, kh\u00f4ng y\u00eau c\u1ea7u thanh to\u00e1n l\u00e3i th\u01b0\u1eddng xuy\u00ean v\u00e0 do \u0111\u00f3 gi\u1ea3m thi\u1ec3u r\u1ee7i ro t\u00e1i \u0111\u1ea7u t\u01b0, \u0111\u00e3 mang l\u1ea1i l\u1ee3i nhu\u1eadn 10,7% k\u1ec3 t\u1eeb th\u00e1ng 7 n\u0103m 2025, t\u01b0\u01a1ng \u0111\u01b0\u01a1ng v\u1edbi Nasdaq v\u00e0 v\u01b0\u1ee3t tr\u1ed9i so v\u1edbi S&P 500, do l\u00e3i su\u1ea5t Kho b\u1ea1c Hoa K\u1ef3 gi\u1ea3m.<\/p>\n

B\u1ea5t ch\u1ea5p cu\u1ed9c kh\u1ea3o s\u00e1t c\u1ee7a Bank of America cho th\u1ea5y tr\u00e1i phi\u1ebfu thi\u1ebfu t\u1ef7 tr\u1ecdng c\u1ee7a t\u1ed5 ch\u1ee9c \u0111\u00e3 \u0111\u1ea1t m\u1ee9c cao m\u1edbi k\u1ec3 t\u1eeb \u0111\u1ec9nh \u0111i\u1ec3m l\u1ea1m ph\u00e1t v\u00e0o th\u00e1ng 10 n\u0103m 2022, Kho b\u1ea1c Hoa K\u1ef3 v\u1eabn m\u1ea1nh. Hartnett d\u1ef1 \u0111o\u00e1n r\u1eb1ng n\u1ebfu m\u1ee9c t\u0103ng tr\u01b0\u1edfng CPI h\u00e0ng n\u0103m gi\u1ea3m xu\u1ed1ng d\u01b0\u1edbi 3% v\u00e0o th\u00e1ng 9 n\u0103m 2025, nh\u1eefng ng\u01b0\u1eddi c\u1ea3nh gi\u00e1c v\u1ec1 tr\u00e1i phi\u1ebfu s\u1ebd bu\u1ed9c ph\u1ea3i \u0111\u00f3ng c\u1eeda v\u1ecb th\u1ebf c\u1ee7a m\u00ecnh. \u00d4ng c\u0169ng l\u1ea5y v\u00ed d\u1ee5 v\u1ec1 vi\u1ec7c l\u00e3i su\u1ea5t tr\u00e1i phi\u1ebfu kho b\u1ea1c k\u1ef3 h\u1ea1n 10 n\u0103m gi\u1ea3m 20 \u0111i\u1ec3m c\u01a1 b\u1ea3n do ch\u00ednh ph\u1ee7 M\u1ef9 \u0111\u00f3ng c\u1eeda trong 24 ng\u00e0y l\u00e0m v\u00ed d\u1ee5, \u0111\u1ed3ng th\u1eddi g\u1ee3i \u00fd \u0111\u00f9a r\u1eb1ng Anh v\u00e0 Ph\u00e1p c\u00f3 th\u1ec3 h\u1ecdc h\u1ecfi t\u1eeb \u201cchi\u1ebfn l\u01b0\u1ee3c \u0111\u00f3ng c\u1eeda\u201d n\u00e0y.<\/p>\n

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

L\u1edbp \u0111a t\u00e0i s\u1ea3n: D\u00f2ng v\u1ed1n l\u1ecbch s\u1eed v\u00e0 \u0111\u1ed9 ph\u1ee9c t\u1ea1p c\u1ee7a th\u1ecb tr\u01b0\u1eddng<\/h3>\n

Theo \u01b0\u1edbc t\u00ednh h\u00e0ng n\u0103m c\u1ee7a Bank of America d\u1ef1a tr\u00ean d\u1eef li\u1ec7u EPFR Global, c\u1ed5 phi\u1ebfu, ti\u1ec1n m\u1eb7t, v\u00e0ng v\u00e0 tr\u00e1i phi\u1ebfu c\u1ea5p \u0111\u1ea7u t\u01b0 \u0111\u1ec1u s\u1ebd d\u1eabn \u0111\u1ea7u v\u1ec1 d\u00f2ng v\u1ed1n v\u00e0o v\u00e0o n\u0103m 2025. C\u00e1c qu\u1ef9 c\u1ed5 ph\u1ea7n d\u1ef1 ki\u1ebfn \u200b\u200bs\u1ebd ch\u1ee9ng ki\u1ebfn \u200b\u200bd\u00f2ng v\u1ed1n v\u00e0o l\u00e0 693 t\u1ef7 USD, \u0111\u1ee9ng th\u1ee9 ba trong k\u1ef7 l\u1ee5c; qu\u1ef9 ti\u1ec1n m\u1eb7t d\u1ef1 ki\u1ebfn \u200b\u200bs\u1ebd thu h\u00fat 1,1 ngh\u00ecn t\u1ef7 USD, cao th\u1ee9 hai trong l\u1ecbch s\u1eed; tr\u00e1i phi\u1ebfu v\u00e0ng v\u00e0 tr\u00e1i phi\u1ebfu c\u1ea5p \u0111\u1ea7u t\u01b0 d\u1ef1 ki\u1ebfn \u200b\u200b\u200b\u200bs\u1ebd l\u1ea7n l\u01b0\u1ee3t nh\u1eadn \u0111\u01b0\u1ee3c 108 t\u1ef7 USD v\u00e0 415 t\u1ef7 USD, c\u1ea3 hai \u0111\u1ec1u l\u00e0 m\u1ee9c cao k\u1ef7 l\u1ee5c.<\/p>\n

Hi\u1ec7n t\u01b0\u1ee3ng n\u00e0y \u0111\u01b0\u1ee3c th\u00fac \u0111\u1ea9y b\u1edfi m\u1ed9t s\u1ed1 y\u1ebfu t\u1ed1: chi ti\u00eau cho AI ng\u00e0y c\u00e0ng t\u0103ng \u0111\u00e3 th\u00fac \u0111\u1ea9y th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n l\u00ean nh\u1eefng \u0111\u1ec9nh cao m\u1edbi, thu nh\u1eadp doanh nghi\u1ec7p v\u1eefng ch\u1eafc v\u00e0 c\u00e1c n\u1ec1n t\u1ea3ng kinh t\u1ebf c\u01a1 b\u1ea3n; chi ph\u00ed vay to\u00e0n c\u1ea7u gi\u1ea3m \u0111\u00e3 d\u1eabn \u0111\u1ebfn l\u1ee3i su\u1ea5t tr\u00e1i phi\u1ebfu th\u1ea5p h\u01a1n; v\u00e0 s\u1ef1 kh\u00f4ng ch\u1eafc ch\u1eafn gia t\u0103ng \u0111\u00e3 l\u00e0m n\u1ed5i b\u1eadt \u0111\u1eb7c t\u00ednh tr\u00fa \u1ea9n an to\u00e0n c\u1ee7a v\u00e0ng. Tuy nhi\u00ean, \u0111\u1ed9ng l\u1ef1c th\u1ecb tr\u01b0\u1eddng ph\u1ee9c t\u1ea1p c\u00f2n \u1edf ph\u00eda tr\u01b0\u1edbc: ch\u00ednh s\u00e1ch th\u01b0\u01a1ng m\u1ea1i kh\u00f3 l\u01b0\u1eddng c\u1ee7a M\u1ef9 l\u00e0 nguy\u00ean nh\u00e2n g\u00e2y bi\u1ebfn \u0111\u1ed9ng th\u1ecb tr\u01b0\u1eddng v\u00e0o n\u0103m 2025, th\u00e1ch th\u1ee9c vi\u1ec7c ph\u00e2n b\u1ed5 t\u00e0i s\u1ea3n c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0; Qu\u1ef9 \u0111\u1ea1o l\u00e3i su\u1ea5t c\u1ee7a C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang v\u1eabn c\u00f2n g\u00e2y tranh c\u00e3i v\u00e0 vi\u1ec7c ch\u00ednh ph\u1ee7 Hoa K\u1ef3 \u0111\u00f3ng c\u1eeda \u0111\u00e3 d\u1eabn \u0111\u1ebfn thi\u1ebfu d\u1eef li\u1ec7u kinh t\u1ebf, khi\u1ebfn th\u1ecb tr\u01b0\u1eddng c\u00e0ng th\u00eam s\u00f4i \u0111\u1ed9ng.<\/p>\n

M\u1ed1i li\u00ean h\u1ec7 s\u00e2u s\u1eafc gi\u1eefa r\u1ee7i ro t\u00e0i ch\u00ednh v\u00e0 th\u1ecb tr\u01b0\u1eddng t\u00e0i s\u1ea3n<\/h2>\n

N\u1ee3 t\u00e0i ch\u00ednh c\u1ee7a M\u1ef9 v\u00e0 th\u1ecb tr\u01b0\u1eddng t\u00e0i s\u1ea3n to\u00e0n c\u1ea7u c\u00f3 m\u1ed1i li\u00ean h\u1ec7 v\u1edbi nhau v\u00e0 r\u1ea5t mong manh. Hoa K\u1ef3 duy tr\u00ec th\u00e2m h\u1ee5t th\u00f4ng qua ph\u00e1t h\u00e0nh n\u1ee3, trong khi ch\u00ednh s\u00e1ch ti\u1ec1n t\u1ec7 l\u1ecfng l\u1ebbo c\u1ee7a C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang l\u00e0m gi\u1ea3m l\u1ee3i su\u1ea5t tr\u00e1i phi\u1ebfu, t\u1ea1o ra m\u00f4i tr\u01b0\u1eddng chi ph\u00ed th\u1ea5p cho t\u00e0i ch\u00ednh t\u00e0i ch\u00ednh v\u00e0 gi\u00e1n ti\u1ebfp \u0111\u1ea9y gi\u00e1 t\u00e0i s\u1ea3n l\u00ean cao. S\u1ef1 b\u00f9ng n\u1ed5 c\u1ee7a th\u1ecb tr\u01b0\u1eddng t\u00e0i s\u1ea3n che gi\u1ea5u nh\u1eefng r\u1ee7i ro t\u00e0i ch\u00ednh v\u00e0 gi\u1ea3m b\u1edbt lo ng\u1ea1i c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0.<\/p>\n

\"IMG_257\"<\/p>\n

Tuy nhi\u00ean, s\u1ef1 c\u00e2n b\u1eb1ng n\u00e0y d\u1ec5 b\u1ecb ph\u00e1 v\u1ee1: th\u00e2m h\u1ee5t t\u00e0i ch\u00ednh ng\u00e0y c\u00e0ng gia t\u0103ng ho\u1eb7c ch\u00ednh s\u00e1ch th\u1eaft ch\u1eb7t c\u1ee7a C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang do l\u1ea1m ph\u00e1t c\u00f3 th\u1ec3 khi\u1ebfn l\u1ee3i su\u1ea5t tr\u00e1i phi\u1ebfu t\u0103ng cao, t\u00e1c \u0111\u1ed9ng \u0111\u1ebfn th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n v\u00e0 v\u00e0ng. C\u00e1c \u0111i\u1ec1u ki\u1ec7n t\u00e0i ch\u00ednh \u0111\u01b0\u1ee3c c\u1ea3i thi\u1ec7n \u1edf c\u00e1c n\u01b0\u1edbc ch\u00e2u \u00c2u c\u0169ng c\u00f3 th\u1ec3 thu h\u00fat d\u00f2ng v\u1ed1n ch\u1ea3y ra ngo\u00e0i, l\u00e0m thay \u0111\u1ed5i b\u1ed1i c\u1ea3nh v\u1ed1n to\u00e0n c\u1ea7u. Nh\u00ecn v\u1ec1 ph\u00eda tr\u01b0\u1edbc, th\u1ecb tr\u01b0\u1eddng to\u00e0n c\u1ea7u s\u1ebd c\u1ea7n h\u1ebft s\u1ee9c ch\u00fa \u00fd xem li\u1ec7u nh\u00f3m l\u01b0\u1ee1ng \u0111\u1ea3ng Hoa K\u1ef3 c\u00f3 th\u1ec3 \u0111\u1ea1t \u0111\u01b0\u1ee3c th\u1ecfa thu\u1eadn v\u1ec1 k\u1ebf ho\u1ea1ch c\u1ee7ng c\u1ed1 t\u00e0i ch\u00ednh c\u0169ng nh\u01b0 l\u1ed9 tr\u00ecnh \u0111i\u1ec1u ch\u1ec9nh l\u00e3i su\u1ea5t c\u1ee7a C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang tr\u01b0\u1edbc \u00e1p l\u1ef1c l\u1ea1m ph\u00e1t v\u00e0 n\u1ee3 n\u1ea7n hay kh\u00f4ng. Nh\u1eefng y\u1ebfu t\u1ed1 n\u00e0y s\u1ebd \u0111\u1ecbnh h\u00ecnh qu\u00e1 tr\u00ecnh gi\u1ea3m thi\u1ec3u r\u1ee7i ro t\u00e0i ch\u00ednh c\u1ee7a M\u1ef9 v\u00e0 \u0111\u1ecbnh h\u01b0\u1edbng c\u1ee7a th\u1ecb tr\u01b0\u1eddng t\u00e0i s\u1ea3n to\u00e0n c\u1ea7u.<\/p>","protected":false},"excerpt":{"rendered":"

R\u1ee7i ro n\u1ee3 to\u00e0n c\u1ea7u v\u00e0 n\u1edbi l\u1ecfng ti\u1ec1n t\u1ec7 \u0111ang \u0111\u1ecbnh h\u00ecnh l\u1ea1i th\u1ecb tr\u01b0\u1eddng v\u1ed1n. B\u00e1o c\u00e1o n\u00e0y gi\u1ea3i m\u00e3 th\u00e2m h\u1ee5t t\u00e0i ch\u00ednh c\u1ee7a Hoa K\u1ef3, xu h\u01b0\u1edbng tr\u00e1i phi\u1ebfu v\u00e0 s\u1ef1 d\u1ecbch chuy\u1ec3n v\u1ed1n \u0111a t\u00e0i s\u1ea3n v\u00e0o n\u0103m 2025.<\/p>","protected":false},"author":1,"featured_media":8650,"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":[395,397,396],"class_list":["post-8649","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financial-news","tag-global-economy","tag-imf-forecast","tag-us-government-debt"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.mdwcc.com\/vi\/wp-json\/wp\/v2\/posts\/8649","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=8649"}],"version-history":[{"count":1,"href":"https:\/\/www.mdwcc.com\/vi\/wp-json\/wp\/v2\/posts\/8649\/revisions"}],"predecessor-version":[{"id":8655,"href":"https:\/\/www.mdwcc.com\/vi\/wp-json\/wp\/v2\/posts\/8649\/revisions\/8655"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.mdwcc.com\/vi\/wp-json\/wp\/v2\/media\/8650"}],"wp:attachment":[{"href":"https:\/\/www.mdwcc.com\/vi\/wp-json\/wp\/v2\/media?parent=8649"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.mdwcc.com\/vi\/wp-json\/wp\/v2\/categories?post=8649"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.mdwcc.com\/vi\/wp-json\/wp\/v2\/tags?post=8649"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}