{"id":9767,"date":"2026-08-14T09:09:39","date_gmt":"2026-08-14T09:09:39","guid":{"rendered":"https:\/\/www.mdwcc.com\/?p=9767"},"modified":"2026-08-14T09:09:43","modified_gmt":"2026-08-14T09:09:43","slug":"with-expectations-of-interest-rate-hikes-cooling-rapidly-why-are-long-term-us-treasuries-still-under-pressure","status":"publish","type":"post","link":"https:\/\/www.mdwcc.com\/vi\/with-expectations-of-interest-rate-hikes-cooling-rapidly-why-are-long-term-us-treasuries-still-under-pressure\/","title":{"rendered":"V\u1edbi k\u1ef3 v\u1ecdng t\u0103ng l\u00e3i su\u1ea5t h\u1ea1 nhi\u1ec7t nhanh ch\u00f3ng, t\u1ea1i sao tr\u00e1i phi\u1ebfu kho b\u1ea1c d\u00e0i h\u1ea1n c\u1ee7a M\u1ef9 v\u1eabn ch\u1ecbu \u00e1p l\u1ef1c?"},"content":{"rendered":"

Nh\u00f3m nghi\u00ean c\u1ee9u c\u1ee7a ACE Markets, k\u1ebft h\u1ee3p d\u1eef li\u1ec7u l\u1ea1m ph\u00e1t th\u00e1ng 7 c\u1ee7a Hoa K\u1ef3, c\u00e1c tuy\u00ean b\u1ed1 m\u1edbi nh\u1ea5t t\u1eeb \u200b\u200bc\u00e1c quan ch\u1ee9c C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang v\u00e0 k\u1ebft qu\u1ea3 \u0111\u1ea5u gi\u00e1 c\u1ee7a Kho b\u1ea1c Hoa K\u1ef3 trong tu\u1ea7n n\u00e0y, k\u1ebft lu\u1eadn r\u1eb1ng s\u1ef1 s\u1ee5t gi\u1ea3m li\u00ean t\u1ee5c g\u1ea7n \u0111\u00e2y c\u1ee7a CPI v\u00e0 PPI, c\u00f9ng v\u1edbi gi\u00e1 d\u1ea7u gi\u1ea3m, \u0111\u00e3 khi\u1ebfn th\u1ecb tr\u01b0\u1eddng nhanh ch\u00f3ng \u0111i\u1ec1u ch\u1ec9nh l\u1ea1i k\u1ef3 v\u1ecdng c\u1ee7a m\u00ecnh v\u1ec1 vi\u1ec7c t\u0103ng l\u00e3i su\u1ea5t c\u1ee7a Fed. Tuy nhi\u00ean, \u00e1p l\u1ef1c l\u1ea1m ph\u00e1t n\u1ed9i sinh v\u1eabn ch\u01b0a \u0111\u01b0\u1ee3c lo\u1ea1i b\u1ecf ho\u00e0n to\u00e0n v\u00e0 nh\u1eefng b\u1ea5t \u0111\u1ed3ng v\u1ec1 ch\u00ednh s\u00e1ch trong n\u1ed9i b\u1ed9 Fed ng\u00e0y c\u00e0ng gia t\u0103ng. Quan tr\u1ecdng h\u01a1n, \u00e1p l\u1ef1c t\u0103ng l\u00ean \u0111\u1ed1i v\u1edbi l\u1ee3i su\u1ea5t tr\u00e1i phi\u1ebfu kho b\u1ea1c M\u1ef9 d\u00e0i h\u1ea1n \u0111\u00e3 chuy\u1ec3n t\u1eeb ch\u00ednh s\u00e1ch ti\u1ec1n t\u1ec7 sang m\u1ea5t c\u00e2n \u0111\u1ed1i c\u01a1 c\u1ea5u trong ngu\u1ed3n cung t\u00e0i ch\u00ednh. Y\u1ebfu t\u1ed1 d\u00e0i h\u1ea1n n\u00e0y v\u1eabn ch\u01b0a \u0111\u01b0\u1ee3c \u0111\u1ecbnh gi\u00e1 \u0111\u1ea7y \u0111\u1ee7 v\u00e0o th\u1ecb tr\u01b0\u1eddng v\u00e0 s\u1ebd tr\u1edf th\u00e0nh ch\u1ee7 \u0111\u1ec1 c\u1ed1t l\u00f5i tr\u00ean th\u1ecb tr\u01b0\u1eddng l\u00e3i su\u1ea5t to\u00e0n c\u1ea7u trong n\u1eeda cu\u1ed1i n\u0103m nay.<\/p>\n

<\/a>D\u1eef li\u1ec7u l\u1ea1m ph\u00e1t gi\u1ea3m nh\u1eb9 v\u00e0 th\u1ecb tr\u01b0\u1eddng \u0111\u1eb7t c\u01b0\u1ee3c v\u00e0o vi\u1ec7c t\u0103ng l\u00e3i su\u1ea5t h\u1ea1 nhi\u1ec7t nhanh ch\u00f3ng.<\/strong><\/p>\n

Ch\u1ec9 s\u1ed1 gi\u00e1 ti\u00eau d\u00f9ng (CPI) c\u1ee7a M\u1ef9 gi\u1ea3m th\u00e1ng th\u1ee9 hai li\u00ean ti\u1ebfp trong th\u00e1ng 7 v\u00e0 ch\u1ec9 s\u1ed1 gi\u00e1 s\u1ea3n xu\u1ea5t (PPI) c\u0169ng ch\u1eadm l\u1ea1i \u0111\u00e1ng k\u1ec3. C\u00f9ng v\u1edbi vi\u1ec7c gi\u00e1 d\u1ea7u qu\u1ed1c t\u1ebf ti\u1ebfp t\u1ee5c gi\u1ea3m, m\u1ed1i lo ng\u1ea1i c\u1ee7a th\u1ecb tr\u01b0\u1eddng v\u1ec1 ch\u00ednh s\u00e1ch th\u1eaft ch\u1eb7t c\u1ee7a C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang nhanh ch\u00f3ng gi\u1ea3m b\u1edbt. Gi\u00e1m s\u00e1t c\u1ee7a ACE Markets cho th\u1ea5y, do l\u1ea1m ph\u00e1t t\u00edch c\u1ef1c, l\u00e3i su\u1ea5t tr\u00e1i phi\u1ebfu kho b\u1ea1c Hoa K\u1ef3 \u1edf t\u1ea5t c\u1ea3 c\u00e1c k\u1ef3 h\u1ea1n th\u01b0\u1eddng gi\u1ea3m, v\u1edbi m\u1ee9c gi\u1ea3m l\u1edbn nh\u1ea5t \u0111\u1ea1t 9 \u0111i\u1ec3m c\u01a1 b\u1ea3n. Vi\u1ec7c \u0111\u1ecbnh gi\u00e1 h\u1ee3p \u0111\u1ed3ng l\u00e3i su\u1ea5t ng\u1eafn h\u1ea1n cho th\u1ea5y c\u00e1c qu\u1ef9 l\u1edbn \u0111ang gi\u1ea3m \u0111\u00e1ng k\u1ec3 m\u1ee9c \u0111\u1eb7t c\u01b0\u1ee3c v\u00e0o vi\u1ec7c t\u0103ng l\u00e3i su\u1ea5t ti\u1ebfp theo trong n\u0103m nay. Hi\u1ec7n t\u1ea1i, \u0111\u1ecbnh gi\u00e1 c\u1ee7a th\u1ecb tr\u01b0\u1eddng v\u1ec1 x\u00e1c su\u1ea5t t\u0103ng l\u00e3i su\u1ea5t v\u00e0o th\u00e1ng 9 \u0111\u00e3 gi\u1ea3m xu\u1ed1ng kho\u1ea3ng 35%, gi\u1ea3m \u0111\u00e1ng k\u1ec3 so v\u1edbi m\u1ee9c g\u1ea7n 50% v\u00e0o \u0111\u1ea7u tu\u1ea7n.<\/p>\n

Theo ACE Markets, t\u00e1c \u0111\u1ed9ng c\u1eadn bi\u00ean c\u1ee7a \u0111\u1ee3t gi\u1ea3m l\u1ea1m ph\u00e1t n\u00e0y ch\u1ee7 y\u1ebfu \u0111\u1ebfn t\u1eeb vi\u1ec7c gi\u00e1 n\u0103ng l\u01b0\u1ee3ng \u0111i\u1ec1u ch\u1ec9nh theo t\u1eebng giai \u0111o\u1ea1n v\u00e0 \u00e1p l\u1ef1c chu\u1ed7i cung \u1ee9ng ti\u1ebfp t\u1ee5c gi\u1ea3m b\u1edbt. Tuy nhi\u00ean, \u0111i\u1ec1u quan tr\u1ecdng c\u1ea7n l\u01b0u \u00fd l\u00e0 c\u00e1c y\u1ebfu t\u1ed1 th\u00fac \u0111\u1ea9y l\u1ea1m ph\u00e1t trong trung h\u1ea1n nh\u01b0 m\u1edf r\u1ed9ng c\u01a1 s\u1edf h\u1ea1 t\u1ea7ng AI, h\u00e0ng r\u00e0o thu\u1ebf quan v\u00e0 t\u00ecnh tr\u1ea1ng thi\u1ebfu lao \u0111\u1ed9ng c\u01a1 c\u1ea5u v\u1eabn ch\u01b0a gi\u1ea3m b\u1edbt. M\u00f4 h\u00ecnh l\u1ea1m ph\u00e1t v\u00e0 l\u1ef1c ch\u1ed1ng l\u1ea1m ph\u00e1t \u201cng\u01b0\u1ee3c d\u00f2ng hai chi\u1ec1u\u201d v\u1ec1 c\u01a1 b\u1ea3n kh\u00f4ng thay \u0111\u1ed5i, giao d\u1ecbch m\u1ed9t chi\u1ec1u c\u1ee7a th\u1ecb tr\u01b0\u1eddng v\u00e0o \u201ccu\u1ed1i chu k\u1ef3 t\u0103ng l\u00e3i su\u1ea5t\u201d v\u1eabn \u1ea9n ch\u1ee9a nguy c\u01a1 \u0111i\u1ec1u ch\u1ec9nh ch\u00eanh l\u1ec7ch k\u1ef3 v\u1ecdng.<\/a><\/p>\n

\"\u5c40\u90e8\u622a\u53d6_20260814_144945\"<\/p>\n

S\u1ef1 chia r\u1ebd n\u1ed9i b\u1ed9 trong C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang \u0111ang ng\u00e0y c\u00e0ng m\u1edf r\u1ed9ng, t\u1ea1o c\u01a1 h\u1ed9i cho vi\u1ec7c \u0111\u1ecbnh h\u00ecnh l\u1ea1i vi\u1ec7c truy\u1ec1n \u0111\u1ea1t ch\u00ednh s\u00e1ch.<\/strong><\/p>\n

Li\u00ean quan \u0111\u1ebfn \u0111\u01b0\u1eddng l\u1ed1i ch\u00ednh s\u00e1ch hi\u1ec7n t\u1ea1i, c\u00e1c quan ch\u1ee9c C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang g\u1ea7n \u0111\u00e2y \u0111\u00e3 \u0111\u01b0a ra m\u1ed9t lo\u1ea1t tuy\u00ean b\u1ed1, b\u1ed9c l\u1ed9 s\u1ef1 kh\u00e1c bi\u1ec7t r\u00f5 r\u00e0ng v\u1ec1 quan \u0111i\u1ec3m v\u00e0 n\u00eau b\u1eadt t\u00ednh ph\u1ee9c t\u1ea1p c\u1ee7a c\u00e1c quy\u1ebft \u0111\u1ecbnh ch\u00ednh s\u00e1ch hi\u1ec7n t\u1ea1i. C\u1ef1u Ch\u1ee7 t\u1ecbch Fed Dallas Kaplan tin t\u01b0\u1edfng r\u00f5 r\u00e0ng r\u1eb1ng vi\u1ec7c gi\u1eef l\u00e3i su\u1ea5t \u1ed5n \u0111\u1ecbnh trong th\u00e1ng 7 l\u00e0 l\u1ef1a ch\u1ecdn \u0111\u00fang \u0111\u1eafn, \u0111\u1ed3ng th\u1eddi \u1ee7ng h\u1ed9 r\u1eb1ng ch\u00ednh s\u00e1ch \u0111\u00f3 n\u00ean ti\u1ebfp t\u1ee5c m\u1edf trong th\u00e1ng 9 \u0111\u1ec3 tr\u00e1nh m\u1ed9t con \u0111\u01b0\u1eddng \u0111\u00e3 \u0111\u1ecbnh tr\u01b0\u1edbc. M\u1eb7t kh\u00e1c, Ch\u1ee7 t\u1ecbch Fed Richmond, Barkin, ch\u1ec9 ra r\u1eb1ng m\u1ee9c l\u00e3i su\u1ea5t hi\u1ec7n t\u1ea1i \u0111\u00e3 b\u1ecb h\u1ea1n ch\u1ebf v\u00e0 khi c\u00e1c c\u00fa s\u1ed1c b\u00ean ngo\u00e0i gi\u1ea3m d\u1ea7n th\u00ec c\u00f3 c\u01a1 s\u1edf \u0111\u1ec3 l\u1ea1m ph\u00e1t gi\u1ea3m b\u1edbt; tuy nhi\u00ean, kh\u1ea3 n\u0103ng ph\u1ee5c h\u1ed3i b\u1ea5t ng\u1edd c\u1ee7a n\u1ec1n kinh t\u1ebf M\u1ef9 v\u1eabn khi\u1ebfn nguy c\u01a1 l\u1ea1m ph\u00e1t \u0103n s\u00e2u v\u1eabn ch\u01b0a \u0111\u01b0\u1ee3c gi\u1ea3i quy\u1ebft.<\/p>\n

Ng\u01b0\u1ee3c l\u1ea1i v\u1edbi l\u1eadp tr\u01b0\u1eddng th\u1eadn tr\u1ecdng n\u00f3i tr\u00ean, Ch\u1ee7 t\u1ecbch Fed Cleveland Hamak l\u1ea1i \u0111\u01b0a ra t\u00edn hi\u1ec7u di\u1ec1u h\u00e2u m\u1ea1nh m\u1ebd. B\u00e0 tin r\u1eb1ng c\u00e1c ch\u00ednh s\u00e1ch hi\u1ec7n t\u1ea1i ch\u01b0a \u0111\u1ee7 h\u1ea1n ch\u1ebf, \u00e1p l\u1ef1c l\u1ea1m ph\u00e1t \u0111ang lan r\u1ed9ng v\u00e0 Fed c\u1ea7n ti\u1ebfp t\u1ee5c t\u0103ng l\u00e3i su\u1ea5t \u0111\u1ec3 ng\u0103n n\u1ec1n kinh t\u1ebf qu\u00e1 n\u00f3ng. B\u00e0 c\u0169ng c\u1ea3nh b\u00e1o v\u1ec1 r\u1ee7i ro bong b\u00f3ng t\u00e0i s\u1ea3n trong ho\u1ea1t \u0111\u1ed9ng cho vay t\u01b0 nh\u00e2n v\u00e0 tr\u00ed tu\u1ec7 nh\u00e2n t\u1ea1o, c\u0169ng nh\u01b0 r\u1ee7i ro b\u1ea5t \u1ed5n t\u00e0i ch\u00ednh do ngu\u1ed3n v\u1ed1n c\u00f3 \u0111\u00f2n b\u1ea9y ch\u1ea3y v\u00e0o th\u1ecb tr\u01b0\u1eddng Kho b\u1ea1c Hoa K\u1ef3 g\u00e2y ra. ACE Markets tin r\u1eb1ng s\u1ef1 kh\u00e1c bi\u1ec7t v\u1ec1 v\u1ecb tr\u00ed c\u1ee7a c\u00e1c quan ch\u1ee9c kh\u00f4ng ph\u1ea3i l\u00e0 ng\u1eabu nhi\u00ean; b\u1ea3n ch\u1ea5t c\u1ee7a n\u00f3 n\u1eb1m \u1edf nh\u1eefng nh\u1eadn th\u1ee9c kh\u00e1c nhau trong Fed v\u1ec1 \u201cs\u1ef1 t\u1ed3n t\u1ea1i c\u1ee7a l\u1ea1m ph\u00e1t\u201d v\u00e0 \u201cs\u1ee9c m\u1ea1nh c\u1ee7a kh\u1ea3 n\u0103ng ph\u1ee5c h\u1ed3i kinh t\u1ebf\u201d.<\/p>\n

Th\u1ecb tr\u01b0\u1eddng tr\u01b0\u1edbc \u0111\u00e2y \u0111\u00e3 \u0111\u1eb7t c\u01b0\u1ee3c qu\u00e1 nhi\u1ec1u v\u00e0o vi\u1ec7c t\u0103ng l\u00e3i su\u1ea5t di\u1ec1u h\u00e2u khi gi\u00e1 d\u1ea7u t\u0103ng m\u1ea1nh v\u00e0 g\u1ea7n \u0111\u00e2y, do k\u1ef3 v\u1ecdng thay \u0111\u1ed5i nhanh ch\u00f3ng theo h\u01b0\u1edbng \u00f4n h\u00f2a d\u1ef1a tr\u00ean d\u1eef li\u1ec7u l\u1ea1m ph\u00e1t h\u00e0ng th\u00e1ng, c\u1ea3 hai th\u00e1i c\u1ef1c v\u1ec1 gi\u00e1 \u0111\u00e3 d\u1eabn \u0111\u1ebfn s\u1ef1 kh\u00e1c bi\u1ec7t. Ch\u00fang t\u00f4i k\u1ef3 v\u1ecdng r\u1eb1ng Ch\u1ee7 t\u1ecbch C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang Warsh s\u1ebd \u0111i\u1ec1u ch\u1ec9nh khung truy\u1ec1n th\u00f4ng ch\u00ednh s\u00e1ch t\u1ea1i h\u1ed9i ngh\u1ecb ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng to\u00e0n c\u1ea7u Jackson Hole di\u1ec5n ra trong th\u00e1ng n\u00e0y, t\u1eeb b\u1ecf h\u01b0\u1edbng d\u1eabn c\u1ee9ng nh\u1eafc v\u1ec1 ph\u00eda tr\u01b0\u1edbc v\u00e0 h\u01b0\u1edbng t\u1edbi m\u1ed9t m\u00f4 h\u00ecnh ph\u1ee5 thu\u1ed9c v\u00e0o d\u1eef li\u1ec7u, linh ho\u1ea1t h\u01a1n. \u0110\u00e2y s\u1ebd l\u00e0 th\u1eddi \u0111i\u1ec3m quan tr\u1ecdng \u0111\u1ec3 \u0111i\u1ec1u ch\u1ec9nh k\u1ef3 v\u1ecdng c\u1ee7a th\u1ecb tr\u01b0\u1eddng v\u00e0 th\u1ed1ng nh\u1ea5t c\u00e1c t\u00edn hi\u1ec7u ch\u00ednh s\u00e1ch. H\u01a1n n\u1eefa, quan \u0111i\u1ec3m c\u1ee7a Kaplan r\u1eb1ng \u201cth\u00e2m h\u1ee5t t\u00e0i ch\u00ednh b\u00f9 \u0111\u1eafp cho t\u00e1c \u0111\u1ed9ng c\u1ee7a vi\u1ec7c th\u1eaft ch\u1eb7t ti\u1ec1n t\u1ec7\u201d ph\u00f9 h\u1ee3p v\u1edbi \u0111\u00e1nh gi\u00e1 d\u00e0i h\u1ea1n c\u1ee7a ACE Markets: m\u00e2u thu\u1eabn c\u1ed1t l\u00f5i trong s\u1ef1 gia t\u0103ng l\u00e3i su\u1ea5t d\u00e0i h\u1ea1n hi\u1ec7n nay kh\u00f4ng c\u00f2n n\u1eb1m \u1edf C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang m\u00e0 l\u00e0 \u1edf s\u1ef1 m\u1ea5t c\u00e2n b\u1eb1ng cung-c\u1ea7u do th\u00e2m h\u1ee5t t\u00e0i ch\u00ednh ng\u00e0y c\u00e0ng m\u1edf r\u1ed9ng; t\u00e1c \u0111\u1ed9ng c\u1ee7a vi\u1ec7c th\u1eaft ch\u1eb7t ti\u1ec1n t\u1ec7 \u0111ang \u0111\u01b0\u1ee3c b\u00f9 \u0111\u1eafp m\u1ed9t ph\u1ea7n b\u1eb1ng vi\u1ec7c m\u1edf r\u1ed9ng t\u00e0i ch\u00ednh.<\/a><\/p>\n

\"\u5c40\u90e8\u622a\u53d6_20260814_145532\"<\/p>\n

\u00c1p l\u1ef1c ngu\u1ed3n cung d\u00e0i h\u1ea1n c\u1ee7a Kho b\u1ea1c Hoa K\u1ef3 \u0111ang tr\u1edf n\u00ean r\u00f5 r\u00e0ng h\u01a1n, v\u1edbi s\u1ef1 m\u1ea5t c\u00e2n b\u1eb1ng t\u00e0i ch\u00ednh \u0111\u1ea9y ph\u00ed b\u1ea3o hi\u1ec3m t\u00e0i ch\u00ednh d\u00e0i h\u1ea1n l\u00ean cao.<\/strong><\/p>\n

Tu\u1ea7n n\u00e0y, Kho b\u1ea1c Hoa K\u1ef3 \u0111\u00e3 ho\u00e0n t\u1ea5t vi\u1ec7c ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu kho b\u1ea1c k\u1ef3 h\u1ea1n 30 n\u0103m, v\u1edbi t\u1ef7 l\u1ec7 tr\u00fang th\u1ea7u l\u00e0 5,216%, \u0111\u00e1nh d\u1ea5u m\u1ee9c ph\u00e1t h\u00e0nh cao nh\u1ea5t cho k\u1ef3 h\u1ea1n n\u00e0y k\u1ec3 t\u1eeb n\u0103m 2001. Phi\u00ean \u0111\u1ea5u gi\u00e1 tr\u00e1i phi\u1ebfu kho b\u1ea1c 10 n\u0103m v\u00e0o ng\u00e0y h\u00f4m tr\u01b0\u1edbc c\u0169ng ch\u1ee9ng ki\u1ebfn \u200b\u200bt\u1ef7 l\u1ec7 tr\u00fang th\u1ea7u \u0111\u1ea1t m\u1ee9c cao m\u1edbi k\u1ec3 t\u1eeb n\u0103m 2007. M\u1eb7c d\u00f9 t\u1ef7 l\u1ec7 ch\u00e0o mua tr\u00ean t\u1ed5ng gi\u00e1 tr\u1ecb mua v\u1eabn cao h\u01a1n m\u1ed9t ch\u00fat so v\u1edbi m\u1ee9c trung b\u00ecnh l\u1ecbch s\u1eed, cho th\u1ea5y nhu c\u1ea7u chung kh\u00f4ng b\u1ecb \u0111\u00ecnh tr\u1ec7 nh\u01b0ng nhu c\u1ea7u b\u00f9 \u0111\u1eafp r\u1ee7i ro c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u00e3 t\u0103ng \u0111\u00e1ng k\u1ec3.<\/p>\n

M\u1ed9t \u0111\u00e1nh gi\u00e1 k\u1ef9 l\u01b0\u1ee1ng c\u1ee7a ACE Markets cho th\u1ea5y r\u1eb1ng vi\u1ec7c th\u1ecb tr\u01b0\u1eddng cho r\u1eb1ng l\u1ee3i su\u1ea5t d\u00e0i h\u1ea1n t\u0103ng l\u00e0 do k\u1ef3 v\u1ecdng v\u1ec1 vi\u1ec7c C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang t\u0103ng l\u00e3i su\u1ea5t \u0111\u00e3 b\u1ecf s\u00f3t v\u1ea5n \u0111\u1ec1 c\u1ed1t l\u00f5i. Ch\u00fang t\u00f4i tin r\u1eb1ng \u0111\u1ed9ng l\u1ef1c c\u01a1 b\u1ea3n c\u1ee7a \u0111\u1ee3t t\u0103ng l\u00e3i su\u1ea5t d\u00e0i h\u1ea1n n\u00e0y \u0111\u00e3 chuy\u1ec3n sang vi\u1ec7c m\u1edf r\u1ed9ng c\u01a1 c\u1ea5u ngu\u1ed3n cung t\u00e0i ch\u00ednh:<\/p>\n

Quy m\u00f4 d\u01b0 n\u1ee3 t\u0103ng v\u1ecdt: <\/strong>s\u1ed1 l\u01b0\u1ee3ng tr\u00e1i phi\u1ebfu kho b\u1ea1c M\u1ef9 \u0111ang l\u01b0u h\u00e0nh hi\u1ec7n nay \u0111\u00e3 l\u00ean t\u1edbi x\u1ea5p x\u1ec9 31 ngh\u00ecn t\u1ef7 USD, g\u1ea5p \u0111\u00f4i so v\u1edbi n\u0103m 2018 v\u00e0 g\u1ea5p kho\u1ea3ng 10 l\u1ea7n quy m\u00f4 c\u1ee7a n\u0103m 2001. Khi \u0111\u00f3, M\u1ef9 \u0111\u00e3 \u0111\u00ecnh ch\u1ec9 ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu kho b\u1ea1c k\u1ef3 h\u1ea1n 30 n\u0103m do kh\u00f4ng \u0111\u1ee7 ngu\u1ed3n cung n\u1ee3; Hi\u1ec7n nay, vi\u1ec7c m\u1edf r\u1ed9ng ngu\u1ed3n cung \u0111\u00e3 v\u01b0\u1ee3t xa kh\u1ea3 n\u0103ng c\u1ee7a nhu c\u1ea7u truy\u1ec1n th\u1ed1ng.<\/p>\n

Thay \u0111\u1ed5i c\u01a1 c\u1ea5u nh\u00e0 \u0111\u1ea7u t\u01b0: <\/strong>Khi C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang tho\u00e1t kh\u1ecfi vi\u1ec7c n\u1edbi l\u1ecfng \u0111\u1ecbnh l\u01b0\u1ee3ng v\u00e0 nhu c\u1ea7u t\u1eeb c\u00e1c h\u1ee3p \u0111\u1ed3ng mua ch\u00ednh th\u1ee9c truy\u1ec1n th\u1ed1ng, t\u1ef7 l\u1ec7 c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 t\u01b0 nh\u00e2n nh\u1ea1y c\u1ea3m v\u1ec1 gi\u00e1 tr\u00ean th\u1ecb tr\u01b0\u1eddng ti\u1ebfp t\u1ee5c t\u0103ng v\u00e0 c\u1ea7n c\u00f3 ph\u1ea7n b\u00f9 l\u1ee3i su\u1ea5t cao h\u01a1n \u0111\u1ec3 b\u00f9 \u0111\u1eafp cho vi\u1ec7c h\u1ea5p th\u1ee5 c\u00f9ng m\u1ed9t l\u01b0\u1ee3ng cung.<\/p>\n

Th\u00e2m h\u1ee5t t\u00e0i ch\u00ednh ti\u1ebfp t\u1ee5c tr\u1ea7m tr\u1ecdng h\u01a1n: <\/strong>Fitch Ratings duy tr\u00ec x\u1ebfp h\u1ea1ng t\u00edn d\u1ee5ng ch\u00ednh ph\u1ee7 c\u1ee7a Hoa K\u1ef3 \u1edf m\u1ee9c \u201cAA+\u201d v\u1edbi tri\u1ec3n v\u1ecdng \u1ed5n \u0111\u1ecbnh trong tu\u1ea7n n\u00e0y, nh\u01b0ng c\u1ea3nh b\u00e1o r\u1eb1ng th\u00e2m h\u1ee5t t\u00e0i ch\u00ednh t\u00ednh theo ph\u1ea7n tr\u0103m GDP s\u1ebd ti\u1ebfp t\u1ee5c gia t\u0103ng v\u00e0o n\u0103m 2026. Thanh to\u00e1n l\u00e3i tr\u00e1i phi\u1ebfu Kho b\u1ea1c Hoa K\u1ef3 \u0111\u00e3 \u0111\u1ea1t 1,17 ngh\u00ecn t\u1ef7 USD trong n\u0103m t\u00e0i ch\u00ednh n\u00e0y, t\u0103ng 15% so v\u1edbi c\u00f9ng k\u1ef3 n\u0103m ngo\u00e1i. G\u00e1nh n\u1eb7ng l\u00e3i su\u1ea5t v\u00e0 th\u00e2m h\u1ee5t \u0111ang t\u1ea1o ra m\u1ed9t chu k\u1ef3 t\u00edch c\u1ef1c, li\u00ean t\u1ee5c l\u00e0m x\u00f3i m\u00f2n c\u01a1 s\u1edf \u0111\u1ecbnh gi\u00e1 d\u00e0i h\u1ea1n c\u1ee7a tr\u00e1i phi\u1ebfu kho b\u1ea1c Hoa K\u1ef3.<\/p>\n

\"\u5c40\u90e8\u622a\u53d6_20260814_145340\"<\/p>\n

B\u1ecb th\u00fac \u0111\u1ea9y b\u1edfi chi ph\u00ed t\u00e0i ch\u00ednh d\u00e0i h\u1ea1n cao, B\u1ed9 T\u00e0i ch\u00ednh Hoa K\u1ef3 \u0111\u00e3 b\u00e1o hi\u1ec7u s\u1ef1 \u0111i\u1ec1u ch\u1ec9nh c\u01a1 c\u1ea5u k\u1ef3 h\u1ea1n trong b\u00e1o c\u00e1o vay h\u00e0ng qu\u00fd c\u1ee7a m\u00ecnh, thay \u0111\u1ed5i c\u00e1ch di\u1ec5n \u0111\u1ea1t tr\u01b0\u1edbc \u0111\u00f3 v\u1ec1 \u201ct\u0103ng c\u01b0\u1eddng ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu ch\u1ecbu l\u00e3i\u201d th\u00e0nh \u201c\u0111i\u1ec1u ch\u1ec9nh ti\u1ec1m n\u0103ng\u201d. Th\u1ecb tr\u01b0\u1eddng nh\u00ecn chung k\u1ef3 v\u1ecdng \u0111\u1ee3t ph\u00e1t h\u00e0nh gia t\u0103ng trong t\u01b0\u01a1ng lai s\u1ebd nghi\u00eang v\u1ec1 tr\u00e1i phi\u1ebfu trung h\u1ea1n c\u00f3 k\u1ef3 h\u1ea1n t\u1eeb 2-7 n\u0103m, trong khi ti\u1ebfp t\u1ee5c d\u1ef1a v\u00e0o ngu\u1ed3n t\u00e0i tr\u1ee3 t\u00edn phi\u1ebfu kho b\u1ea1c ng\u1eafn h\u1ea1n. ACE Markets nh\u1eadn x\u00e9t r\u1eb1ng s\u1ef1 \u0111i\u1ec1u ch\u1ec9nh n\u00e0y ch\u1ec9 \u0111\u01a1n thu\u1ea7n l\u00e0 s\u1ef1 d\u1ecbch chuy\u1ec3n k\u1ef3 h\u1ea1n th\u1ee5 \u0111\u1ed9ng, c\u00f3 th\u1ec3 gi\u1ea3m b\u1edbt \u00e1p l\u1ef1c cung d\u00e0i h\u1ea1n trong ng\u1eafn h\u1ea1n nh\u01b0ng s\u1ebd l\u00e0m t\u0103ng t\u1ea7n su\u1ea5t t\u00e1i c\u1ea5p v\u1ed1n ng\u1eafn h\u1ea1n v\u00e0 r\u1ee7i ro lu\u00e2n chuy\u1ec3n, \u0111\u1ed3ng th\u1eddi kh\u00f4ng ph\u1ea3i l\u00e0 gi\u1ea3i ph\u00e1p c\u01a1 b\u1ea3n cho t\u00ecnh tr\u1ea1ng m\u1ea5t c\u00e2n b\u1eb1ng cung c\u1ea7u t\u00e0i ch\u00ednh. \u00c1p l\u1ef1c t\u00e0i ch\u00ednh \u0111\u00e3 b\u1eaft \u0111\u1ea7u truy\u1ec1n sang ngu\u1ed3n t\u00e0i tr\u1ee3 th\u1ef1c t\u1ebf cho n\u1ec1n kinh t\u1ebf. Hi\u1ec7n t\u1ea1i, l\u00e3i su\u1ea5t trung b\u00ecnh cho c\u00e1c kho\u1ea3n th\u1ebf ch\u1ea5p c\u1ed1 \u0111\u1ecbnh 30 n\u0103m \u1edf M\u1ef9 \u0111\u00e3 t\u0103ng l\u00ean 6,69%, m\u1ee9c cao m\u1edbi k\u1ec3 t\u1eeb th\u00e1ng 7 n\u0103m 2025, c\u00f9ng v\u1edbi \u0111\u00f3 l\u00e0 chi ph\u00ed ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p c\u0169ng t\u0103ng theo. T\u00e1c \u0111\u1ed9ng \u1ee9c ch\u1ebf c\u1ee7a vi\u1ec7c t\u0103ng l\u00e3i su\u1ea5t \u0111\u1ed1i v\u1edbi n\u1ec1n kinh t\u1ebf th\u1ef1c \u0111ang d\u1ea7n tr\u1edf n\u00ean r\u00f5 r\u00e0ng.<\/a><\/p>\n

Tri\u1ec3n v\u1ecdng th\u1ecb tr\u01b0\u1eddng: V\u1eabn c\u00f2n th\u1eddi gian t\u1ea1m l\u1eafng trong ng\u1eafn h\u1ea1n nh\u01b0ng r\u1ee7i ro c\u01a1 c\u1ea5u v\u1eabn t\u1ed3n t\u1ea1i.<\/strong><\/p>\n

D\u1ef1a tr\u00ean \u0111\u00e1nh gi\u00e1 tr\u00ean, ACE Markets \u0111\u01b0a ra ba quan \u0111i\u1ec3m ch\u00ednh v\u1ec1 h\u01b0\u1edbng \u0111i t\u01b0\u01a1ng lai c\u1ee7a th\u1ecb tr\u01b0\u1eddng Kho b\u1ea1c Hoa K\u1ef3 v\u00e0 l\u00e3i su\u1ea5t:
\nTh\u1ee9 nh\u1ea5t, l\u1ea1m ph\u00e1t ng\u1eafn h\u1ea1n gi\u1ea3m v\u00e0 k\u1ef3 v\u1ecdng t\u0103ng l\u00e3i su\u1ea5t h\u1ea1 nhi\u1ec7t s\u1ebd mang l\u1ea1i s\u1ef1 \u1ed5n \u0111\u1ecbnh t\u1ea1m th\u1eddi cho th\u1ecb tr\u01b0\u1eddng l\u00e3i su\u1ea5t. Ch\u00fang t\u00f4i d\u1ef1 \u0111o\u00e1n r\u1eb1ng l\u00e3i su\u1ea5t tr\u00e1i phi\u1ebfu kho b\u1ea1c Hoa K\u1ef3 k\u1ef3 h\u1ea1n 10 n\u0103m c\u00f3 th\u1ec3 s\u1ebd dao \u0111\u1ed9ng trong kho\u1ea3ng 4,25% \u0111\u1ebfn 4,75% v\u00e0 m\u1ee9c l\u00e3i su\u1ea5t hi\u1ec7n t\u1ea1i \u0111\u00e3 mang l\u1ea1i m\u1ed9t s\u1ed1 c\u01a1 h\u1ed9i \u0111\u1ea7u t\u01b0 h\u1ea5p d\u1eabn. C\u00e1c k\u1ef3 h\u1ea1n trung h\u1ea1n mang l\u1ea1i gi\u00e1 tr\u1ecb t\u1ed1t h\u01a1n \u0111\u00e1ng k\u1ec3 so v\u1edbi c\u00e1c k\u1ef3 h\u1ea1n si\u00eau d\u00e0i h\u1ea1n 30 n\u0103m.
\nTh\u1ee9 hai, r\u1ee7i ro l\u1ea1m ph\u00e1t hai chi\u1ec1u v\u1eabn ch\u01b0a \u0111\u01b0\u1ee3c lo\u1ea1i b\u1ecf. Bi\u1ebfn \u0111\u1ed9ng v\u1ec1 gi\u00e1 n\u0103ng l\u01b0\u1ee3ng, ti\u1ec1n l\u01b0\u01a1ng \u1ed5n \u0111\u1ecbnh v\u00e0 l\u1ea1m ph\u00e1t trong khu v\u1ef1c d\u1ecbch v\u1ee5 v\u1eabn c\u00f3 th\u1ec3 khi\u1ebfn k\u1ef3 v\u1ecdng dao \u0111\u1ed9ng. C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 n\u00ean tr\u00e1nh \u0111\u01a1n ph\u01b0\u01a1ng \u0111\u1eb7t c\u01b0\u1ee3c v\u00e0o s\u1ef1 thay \u0111\u1ed5i ch\u00ednh s\u00e1ch v\u00e0 c\u1ea3nh gi\u00e1c v\u1edbi nh\u1eefng bi\u1ebfn \u0111\u1ed9ng c\u1ee7a th\u1ecb tr\u01b0\u1eddng do s\u1ef1 thay \u0111\u1ed5i nhanh ch\u00f3ng v\u1ec1 k\u1ef3 v\u1ecdng.
\nTh\u1ee9 ba, \u00e1p l\u1ef1c c\u01a1 c\u1ea5u c\u1ee7a ngu\u1ed3n cung t\u00e0i ch\u00ednh l\u00e0 nh\u1eefng bi\u1ebfn s\u1ed1 d\u00e0i h\u1ea1n s\u1ebd kh\u00f4ng bi\u1ebfn m\u1ea5t theo nh\u1eefng bi\u1ebfn \u0111\u1ed9ng d\u1eef li\u1ec7u h\u00e0ng th\u00e1ng. Khi cu\u1ed9c b\u1ea7u c\u1eed gi\u1eefa nhi\u1ec7m k\u1ef3 \u0111ang \u0111\u1ebfn g\u1ea7n, t\u00ednh c\u1ee9ng nh\u1eafc c\u1ee7a vi\u1ec7c m\u1edf r\u1ed9ng t\u00e0i kh\u00f3a kh\u00f3 c\u00f3 th\u1ec3 \u0111\u1ea3o ng\u01b0\u1ee3c v\u00e0 trung t\u00e2m l\u00e3i su\u1ea5t d\u00e0i h\u1ea1n c\u00f3 nhi\u1ec1u kh\u1ea3 n\u0103ng t\u0103ng h\u01a1n l\u00e0 gi\u1ea3m, ti\u1ebfp t\u1ee5c g\u00e2y \u00e1p l\u1ef1c gi\u1ea3m gi\u00e1 t\u00e0i s\u1ea3n to\u00e0n c\u1ea7u.<\/p>","protected":false},"excerpt":{"rendered":"

Kh\u00e1m ph\u00e1 l\u00fd do t\u1ea1i sao l\u00e3i su\u1ea5t tr\u00e1i phi\u1ebfu kho b\u1ea1c Hoa K\u1ef3 \u0111ang t\u0103ng b\u1ea5t ch\u1ea5p l\u1ea1m ph\u00e1t h\u1ea1 nhi\u1ec7t, khi \u00e1p l\u1ef1c cung t\u00e0i ch\u00ednh v\u00e0 s\u1ef1 kh\u00e1c bi\u1ec7t v\u1ec1 ch\u00ednh s\u00e1ch c\u1ee7a Fed \u0111\u1ecbnh h\u00ecnh l\u1ea1i tri\u1ec3n v\u1ecdng th\u1ecb tr\u01b0\u1eddng l\u00e3i su\u1ea5t.<\/p>","protected":false},"author":1,"featured_media":9768,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"footnotes":""},"categories":[115],"tags":[476,887,888],"class_list":["post-9767","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financial-news","tag-federal-reserve-policy","tag-interest-rate-market","tag-us-treasury-yields"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.mdwcc.com\/vi\/wp-json\/wp\/v2\/posts\/9767","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=9767"}],"version-history":[{"count":1,"href":"https:\/\/www.mdwcc.com\/vi\/wp-json\/wp\/v2\/posts\/9767\/revisions"}],"predecessor-version":[{"id":9772,"href":"https:\/\/www.mdwcc.com\/vi\/wp-json\/wp\/v2\/posts\/9767\/revisions\/9772"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.mdwcc.com\/vi\/wp-json\/wp\/v2\/media\/9768"}],"wp:attachment":[{"href":"https:\/\/www.mdwcc.com\/vi\/wp-json\/wp\/v2\/media?parent=9767"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.mdwcc.com\/vi\/wp-json\/wp\/v2\/categories?post=9767"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.mdwcc.com\/vi\/wp-json\/wp\/v2\/tags?post=9767"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}