{"id":9784,"date":"2026-08-19T09:19:19","date_gmt":"2026-08-19T09:19:19","guid":{"rendered":"https:\/\/www.mdwcc.com\/?p=9784"},"modified":"2026-08-19T09:19:23","modified_gmt":"2026-08-19T09:19:23","slug":"a-warning-sign-for-bond-market-vigilance-has-resurfaced-in-global-bond-markets-highlighting-the-undeniable-structural-risks-in-the-us-treasury-market","status":"publish","type":"post","link":"https:\/\/www.mdwcc.com\/vi\/a-warning-sign-for-bond-market-vigilance-has-resurfaced-in-global-bond-markets-highlighting-the-undeniable-structural-risks-in-the-us-treasury-market\/","title":{"rendered":"M\u1ed9t d\u1ea5u hi\u1ec7u c\u1ea3nh b\u00e1o v\u1ec1 s\u1ef1 c\u1ea3nh gi\u00e1c c\u1ee7a th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu \u0111\u00e3 xu\u1ea5t hi\u1ec7n tr\u1edf l\u1ea1i tr\u00ean th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu to\u00e0n c\u1ea7u, l\u00e0m n\u1ed5i b\u1eadt nh\u1eefng r\u1ee7i ro c\u01a1 c\u1ea5u kh\u00f4ng th\u1ec3 ph\u1ee7 nh\u1eadn tr\u00ean th\u1ecb tr\u01b0\u1eddng Kho b\u1ea1c Hoa K\u1ef3!"},"content":{"rendered":"

Th\u00f4ng qua vi\u1ec7c theo d\u00f5i d\u1eef li\u1ec7u chuy\u00ean s\u00e2u tr\u00ean nhi\u1ec1u th\u1ecb tr\u01b0\u1eddng v\u00e0 x\u00e1c th\u1ef1c ch\u00e9o t\u00edn hi\u1ec7u \u0111a chi\u1ec1u, nh\u00f3m nghi\u00ean c\u1ee9u c\u1ee7a ACE Markets \u0111\u00e3 quan s\u00e1t th\u1ea5y m\u1ed9t \u0111\u1ee3t b\u00e1n th\u00e1o \u0111\u00e1ng k\u1ec3 tr\u00ean th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7 d\u00e0i h\u1ea1n to\u00e0n c\u1ea7u, v\u1edbi l\u1ee3i su\u1ea5t tr\u00e1i phi\u1ebfu kho b\u1ea1c d\u00e0i h\u1ea1n c\u1ee7a Hoa K\u1ef3 li\u00ean t\u1ee5c \u0111\u1ea1t m\u1ee9c cao nh\u1ea5t trong nhi\u1ec1u n\u0103m. Hi\u1ec7n t\u01b0\u1ee3ng n\u00e0y kh\u00f4ng ch\u1ec9 \u0111\u01b0\u1ee3c th\u00fac \u0111\u1ea9y b\u1edfi ch\u00ednh s\u00e1ch ti\u1ec1n t\u1ec7 m\u00e0 c\u00f2n b\u1edfi s\u1ef1 h\u1ed9i t\u1ee5 c\u1ee7a nhi\u1ec1u y\u1ebfu t\u1ed1 bao g\u1ed3m ch\u00ednh s\u00e1ch t\u00e0i kh\u00f3a, d\u00f2ng v\u1ed1n, s\u1ef1 b\u00f9ng n\u1ed5 c\u1ee7a ng\u00e0nh AI v\u00e0 k\u1ef3 v\u1ecdng v\u1ec1 ch\u00ednh s\u00e1ch c\u1ee7a ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng. H\u1ec7 th\u1ed1ng ph\u00e2n t\u00edch th\u00f4ng tin t\u00e0i s\u1ea3n to\u00e0n c\u1ea7u to\u00e0n di\u1ec7n c\u1ee7a ch\u00fang t\u00f4i c\u00f3 th\u1ec3 th\u00e2m nh\u1eadp v\u00e0o c\u00e1c bi\u1ebfn \u0111\u1ed9ng b\u1ec1 m\u1eb7t c\u1ee7a th\u1ecb tr\u01b0\u1eddng v\u00e0 ph\u00e2n t\u00edch logic cung c\u1ea7u c\u01a1 b\u1ea3n th\u01b0\u1eddng b\u1ecb nhi\u1ec1u ng\u01b0\u1eddi tham gia th\u1ecb tr\u01b0\u1eddng b\u1ecf qua.<\/p>\n

L\u1ee3i su\u1ea5t tr\u00e1i phi\u1ebfu kho b\u1ea1c M\u1ef9 k\u1ef3 h\u1ea1n 30 n\u0103m g\u1ea7n \u0111\u00e2y \u0111\u00e3 t\u0103ng l\u00ean 5,31%, v\u01b0\u1ee3t qua m\u1ee9c cao nh\u1ea5t trong th\u00e1ng 7 v\u00e0 \u0111\u1ea1t m\u1ee9c cao nh\u1ea5t k\u1ec3 t\u1eeb n\u0103m 2007. \u00c1p l\u1ef1c t\u0103ng gi\u00e1 n\u00e0y kh\u00f4ng ph\u1ea3i ch\u1ec9 x\u1ea3y ra \u1edf th\u1ecb tr\u01b0\u1eddng M\u1ef9; Tr\u00e1i phi\u1ebfu d\u00e0i h\u1ea1n \u1edf c\u00e1c n\u1ec1n kinh t\u1ebf l\u1edbn tr\u00ean to\u00e0n c\u1ea7u \u0111ang \u0111\u1ed3ng th\u1eddi suy y\u1ebfu: l\u00e3i su\u1ea5t tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7 Canada k\u1ef3 h\u1ea1n 30 n\u0103m \u0111\u00e3 \u0111\u1ea1t m\u1ee9c cao m\u1edbi k\u1ec3 t\u1eeb n\u0103m 2010, l\u00e3i su\u1ea5t d\u00e0i h\u1ea1n c\u1ee7a \u0110\u1ee9c \u0111\u00e3 t\u0103ng tr\u1edf l\u1ea1i m\u1ee9c n\u0103m 2011 v\u00e0 l\u1ee3i su\u1ea5t tr\u00e1i phi\u1ebfu d\u00e0i h\u1ea1n \u1edf Ph\u00e1p, Anh v\u00e0 Nh\u1eadt B\u1ea3n c\u0169ng \u0111ang ti\u1ebfn \u0111\u1ebfn m\u1ee9c c\u1ef1c \u0111oan trong nhi\u1ec1u n\u0103m. L\u1ee3i su\u1ea5t trung b\u00ecnh c\u1ee7a danh m\u1ee5c tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7 chu\u1ea9n to\u00e0n c\u1ea7u \u0111\u00e3 \u0111\u1ea1t m\u1ee9c cao k\u1ef7 l\u1ee5c. Nhi\u1ec1u nh\u00e0 giao d\u1ecbch th\u00f4ng th\u01b0\u1eddng c\u00f3 xu h\u01b0\u1edbng ch\u1ec9 t\u1eadp trung v\u00e0o c\u00e1c tuy\u00ean b\u1ed1 ch\u00ednh s\u00e1ch c\u1ee7a C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang, nh\u01b0ng nh\u00f3m nghi\u00ean c\u1ee9u c\u1ee7a ACE Markets ch\u1ec9 ra r\u1eb1ng logic \u0111\u1ecbnh gi\u00e1 l\u00e3i su\u1ea5t d\u00e0i h\u1ea1n \u0111\u00e3 tr\u1ea3i qua m\u1ed9t s\u1ef1 thay \u0111\u1ed5i v\u1ec1 c\u01a1 c\u1ea5u, trong \u0111\u00f3 t\u00ednh b\u1ec1n v\u1eefng t\u00e0i ch\u00ednh v\u00e0 t\u00e1i ph\u00e2n b\u1ed5 v\u1ed1n to\u00e0n c\u1ea7u ng\u00e0y c\u00e0ng tr\u1edf th\u00e0nh nh\u1eefng y\u1ebfu t\u1ed1 quan tr\u1ecdng. \u0110\u00e2y c\u0169ng l\u00e0 l\u00fac vi\u1ec7c ph\u00e2n t\u00edch d\u1ef1a tr\u00ean m\u1ed9t ngu\u1ed3n d\u1eef li\u1ec7u duy nh\u1ea5t d\u1ec5 b\u1ecb sai l\u1ec7ch.<\/p>\n

\"\u5c40\u90e8\u622a\u53d6_20260819_145939\"<\/p>\n

<\/a>S\u1ef1 gia t\u0103ng th\u00e2m h\u1ee5t t\u00e0i ch\u00ednh l\u00e0 nguy\u00ean nh\u00e2n c\u01a1 b\u1ea3n c\u1ed1t l\u00f5i g\u00e2y \u00e1p l\u1ef1c l\u00ean n\u1ee3 d\u00e0i h\u1ea1n c\u1ee7a M\u1ef9.<\/strong><\/p>\n

Ph\u00e2n t\u00edch c\u1ee7a ACE Markets ch\u1ec9 ra r\u1eb1ng th\u00e2m h\u1ee5t t\u00e0i ch\u00ednh ng\u00e0y c\u00e0ng gia t\u0103ng \u1edf Hoa K\u1ef3 \u0111ang li\u00ean t\u1ee5c k\u00ecm h\u00e3m gi\u00e1 c\u1ee7a Kho b\u1ea1c Hoa K\u1ef3 v\u00e0 \u0111\u1ea9y l\u1ee3i su\u1ea5t t\u1eeb \u200b\u200bph\u00eda cung l\u00ean cao. V\u0103n ph\u00f2ng Ng\u00e2n s\u00e1ch Qu\u1ed1c h\u1ed9i \u0111\u00e3 n\u00e2ng d\u1ef1 b\u00e1o th\u00e2m h\u1ee5t h\u00e0ng n\u0103m l\u00ean 2,1 ngh\u00ecn t\u1ef7 USD, t\u0103ng 200 t\u1ef7 USD so v\u1edbi d\u1ef1 b\u00e1o tr\u01b0\u1edbc \u0111\u00f3, y\u00eau c\u1ea7u ch\u00ednh ph\u1ee7 ti\u1ebfp t\u1ee5c ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu kho b\u1ea1c m\u1edbi \u0111\u1ec3 t\u00e0i tr\u1ee3 cho kho\u1ea3n n\u1ee3. \u0110\u1ed1i m\u1eb7t v\u1edbi ngu\u1ed3n cung t\u0103ng m\u1ea1nh, th\u1ecb tr\u01b0\u1eddng s\u1ebd y\u00eau c\u1ea7u b\u1ed3i th\u01b0\u1eddng r\u1ee7i ro cao h\u01a1n, ph\u1ea3n \u00e1nh tr\u1ef1c ti\u1ebfp qua l\u1ee3i su\u1ea5t \u0111\u1ea5u gi\u00e1 cao h\u01a1n.<\/p>\n

L\u1ee3i su\u1ea5t tr\u00e1i phi\u1ebfu kho b\u1ea1c Hoa K\u1ef3 k\u1ef3 h\u1ea1n 30 n\u0103m g\u1ea7n \u0111\u00e2y \u0111\u1ea1t m\u1ee9c cao nh\u1ea5t k\u1ec3 t\u1eeb n\u0103m 2001, trong khi l\u1ee3i su\u1ea5t tr\u00e1i phi\u1ebfu k\u1ef3 h\u1ea1n 10 n\u0103m c\u0169ng \u0111\u1ea1t m\u1ee9c cao m\u1edbi k\u1ec3 t\u1eeb n\u0103m 2007. C\u00e1c kho\u1ea3n thanh to\u00e1n l\u00e3i su\u1ea5t cao c\u00e0ng l\u00e0m tr\u1ea7m tr\u1ecdng th\u00eam g\u00e1nh n\u1eb7ng t\u00e0i ch\u00ednh c\u1ee7a Hoa K\u1ef3, v\u1edbi vi\u1ec7c thanh to\u00e1n l\u00e3i tr\u00e1i phi\u1ebfu Kho b\u1ea1c Hoa K\u1ef3 \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 tr\u01b0\u1edbc, t\u1ea1o ra m\u1ed9t chu k\u1ef3 c\u1ee7ng c\u1ed1 l\u1eabn nhau gi\u1eefa quy m\u00f4 n\u1ee3 v\u00e0 chi ph\u00ed t\u00e0i ch\u00ednh. Nh\u00ecn v\u00e0o ch\u00e2u \u00c2u, s\u1ef1 b\u1ea5t \u1ed5n t\u00e0i ch\u00ednh b\u1eaft ngu\u1ed3n t\u1eeb c\u00e1c cu\u1ed9c \u0111\u00e0m ph\u00e1n ng\u00e2n s\u00e1ch c\u1ee7a Ph\u00e1p v\u00e0 cu\u1ed9c b\u1ea7u c\u1eed c\u0169ng \u0111ang t\u00e1c \u0111\u1ed9ng \u0111\u1ebfn vi\u1ec7c \u0111\u1ecbnh gi\u00e1 tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7 c\u1ee7a n\u01b0\u1edbc n\u00e0y. Vi\u1ec7c xem x\u00e9t x\u1ebfp h\u1ea1ng n\u1ee3 s\u1eafp \u0111\u1ebfn s\u1ebd khu\u1ebfch \u0111\u1ea1i r\u1ee7i ro bi\u1ebfn \u0111\u1ed9ng tr\u00ean th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu. \u0110i\u1ec1u n\u00e0y c\u0169ng kh\u1eb3ng \u0111\u1ecbnh logic th\u1ecb tr\u01b0\u1eddng c\u1ee7a \u201cng\u01b0\u1eddi c\u1ea3nh gi\u00e1c tr\u00e1i phi\u1ebfu\u201d: khi nh\u00e0 \u0111\u1ea7u t\u01b0 lo l\u1eafng v\u1ec1 s\u1ef1 b\u1ea5t \u1ed5n t\u00e0i kh\u00f3a c\u1ee7a ch\u00ednh ph\u1ee7, h\u1ecd s\u1ebd b\u00e1n tr\u00e1i phi\u1ebfu \u0111\u1ec3 bu\u1ed9c ph\u1ea3i ki\u1ec1m ch\u1ebf t\u00e0i kh\u00f3a; hi\u1ec7n t\u01b0\u1ee3ng n\u00e0y \u0111\u00e3 lan sang c\u00e1c th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu to\u00e0n c\u1ea7u b\u00ean ngo\u00e0i n\u01b0\u1edbc M\u1ef9.<\/p>\n

<\/a>S\u1ef1 b\u00f9ng n\u1ed5 c\u1ee7a ng\u00e0nh c\u00f4ng nghi\u1ec7p AI \u0111ang \u0111\u1ecbnh h\u00ecnh l\u1ea1i d\u00f2ng v\u1ed1n v\u00e0 t\u1ea1o ra s\u1ef1 c\u1ea1nh tranh \u0111\u1ec3 huy \u0111\u1ed9ng v\u1ed1n b\u1eb1ng tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7.<\/strong><\/p>\n

Ch\u00fang t\u00f4i nh\u1eadn th\u1ea5y r\u1eb1ng chu k\u1ef3 v\u1ed1n c\u1ee7a ng\u00e0nh AI \u0111ang tr\u1edf th\u00e0nh m\u1ed9t bi\u1ebfn s\u1ed1 kh\u00f4ng th\u1ec3 ph\u1ee7 nh\u1eadn tr\u00ean th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu, m\u1ed9t \u0111i\u1ec3m th\u01b0\u1eddng b\u1ecb \u0111\u00e1nh gi\u00e1 th\u1ea5p b\u1edfi c\u00e1c ph\u00e2n t\u00edch th\u1ecb tr\u01b0\u1eddng t\u1eadp trung v\u00e0o d\u1eef li\u1ec7u l\u1ea1m ph\u00e1t. Nh\u00f3m ACE Markets c\u1ee7a ch\u00fang t\u00f4i \u0111\u00e3 theo d\u00f5i ho\u1ea1t \u0111\u1ed9ng quan tr\u1ecdng v\u00e0 ph\u00e1t hi\u1ec7n ra r\u1eb1ng c\u00e1c c\u00f4ng ty c\u00f4ng ngh\u1ec7 l\u1edbn \u0111ang vay m\u01b0\u1ee3n r\u1ea5t nhi\u1ec1u \u0111\u1ec3 x\u00e2y d\u1ef1ng trung t\u00e2m d\u1eef li\u1ec7u v\u00e0 c\u01a1 s\u1edf h\u1ea1 t\u1ea7ng AI, d\u1eabn \u0111\u1ebfn s\u1ef1 m\u1edf r\u1ed9ng \u0111\u00e1ng k\u1ec3 ngu\u1ed3n cung tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p \u0111\u01b0\u1ee3c x\u1ebfp h\u1ea1ng cao. M\u1ed9t s\u1ed1 g\u00e3 kh\u1ed5ng l\u1ed3 c\u00f4ng ngh\u1ec7 th\u1eadm ch\u00ed c\u00f2n \u0111ang m\u1edf r\u1ed9ng k\u00eanh ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu \u1edf n\u01b0\u1edbc ngo\u00e0i. H\u01a1n n\u1eefa, x\u1ebfp h\u1ea1ng t\u00edn d\u1ee5ng c\u1ee7a m\u1ed9t s\u1ed1 g\u00e3 kh\u1ed5ng l\u1ed3 c\u00f4ng ngh\u1ec7 cao h\u01a1n x\u1ebfp h\u1ea1ng n\u1ee3 ch\u00ednh ph\u1ee7 c\u1ee7a Hoa K\u1ef3, thu h\u00fat ngu\u1ed3n v\u1ed1n \u0111\u00e1ng k\u1ec3 t\u1eeb Kho b\u1ea1c d\u00e0i h\u1ea1n c\u1ee7a Hoa K\u1ef3 \u0111\u1ebfn tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p.<\/p>\n

\"\u5c40\u90e8\u622a\u53d6_20260819_150343\"<\/p>\n

Trong khi \u0111\u00f3, nh\u1eefng ng\u01b0\u1eddi n\u1eafm gi\u1eef tr\u00e1i phi\u1ebfu kho b\u1ea1c Hoa K\u1ef3 truy\u1ec1n th\u1ed1ng \u1edf n\u01b0\u1edbc ngo\u00e0i ti\u1ebfp t\u1ee5c gi\u1ea3m l\u01b0\u1ee3ng n\u1eafm gi\u1eef c\u1ee7a h\u1ecd: Nh\u1eadt B\u1ea3n, Anh v\u00e0 Trung Qu\u1ed1c \u0111\u1ec1u ch\u1ee9ng ki\u1ebfn \u200b\u200bl\u01b0\u1ee3ng n\u1eafm gi\u1eef c\u1ee7a h\u1ecd gi\u1ea3m \u0111\u00e1ng k\u1ec3. C\u01a1 c\u1ea5u tr\u00e1i ch\u1ee7 c\u1ee7a Kho b\u1ea1c Hoa K\u1ef3 \u0111\u00e3 tr\u1ea3i qua m\u1ed9t s\u1ef1 thay \u0111\u1ed5i v\u1ec1 ch\u1ea5t, chuy\u1ec3n t\u1eeb nh\u1eefng ng\u01b0\u1eddi n\u1eafm gi\u1eef ch\u00ednh th\u1ee9c theo \u0111\u1ecbnh h\u01b0\u1edbng ch\u00ednh s\u00e1ch, kh\u00f4ng nh\u1ea1y c\u1ea3m v\u1ec1 gi\u00e1 sang c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 t\u01b0 nh\u00e2n t\u00ecm ki\u1ebfm l\u1ee3i nhu\u1eadn v\u00e0 r\u1ea5t nh\u1ea1y c\u1ea3m v\u1edbi gi\u00e1 c\u1ea3, l\u00e0m t\u0103ng th\u00eam ph\u00ed b\u1ea3o hi\u1ec3m k\u1ef3 h\u1ea1n c\u1ee7a tr\u00e1i phi\u1ebfu Kho b\u1ea1c Hoa K\u1ef3 k\u1ef3 h\u1ea1n 30 n\u0103m. Nhu c\u1ea7u t\u00e0i ch\u00ednh c\u1ee7a c\u00e1c c\u00f4ng ty \u1edf Thung l\u0169ng Silicon v\u00e0 vi\u1ec7c ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7 Hoa K\u1ef3 v\u1ec1 c\u01a1 b\u1ea3n \u0111ang c\u1ea1nh tranh \u0111\u1ec3 gi\u00e0nh \u0111\u01b0\u1ee3c c\u00f9ng m\u1ed9t nh\u00f3m qu\u1ef9 th\u1ecb tr\u01b0\u1eddng d\u00e0i h\u1ea1n v\u00e0 cu\u1ed9c xung \u0111\u1ed9t n\u00e0y s\u1ebd ti\u1ebfp t\u1ee5c g\u00e2y \u00e1p l\u1ef1c l\u00ean th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu kho b\u1ea1c Hoa K\u1ef3 v\u1ec1 l\u00e2u d\u00e0i.<\/p>\n

<\/a>C\u00e1c t\u00edn hi\u1ec7u ch\u00ednh s\u00e1ch c\u1ee7a C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang r\u1ea5t m\u01a1 h\u1ed3 v\u00e0 k\u1ef3 v\u1ecdng c\u1ee7a th\u1ecb tr\u01b0\u1eddng c\u0169ng kh\u00e1c nhau.<\/strong><\/p>\n

Nh\u00f3m nghi\u00ean c\u1ee9u c\u1ee7a ACE Markets quan s\u00e1t th\u1ea5y nh\u1eefng thay \u0111\u1ed5i trong phong c\u00e1ch truy\u1ec1n \u0111\u1ea1t ch\u00ednh s\u00e1ch c\u1ee7a C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang \u0111\u00e3 l\u00e0m gia t\u0103ng s\u1ef1 bi\u1ebfn \u0111\u1ed9ng tr\u00ean th\u1ecb tr\u01b0\u1eddng l\u00e3i su\u1ea5t. Hi\u1ec7n t\u1ea1i, Fed \u0111ang gi\u1ea3m vi\u1ec7c ph\u00e1t h\u00e0nh tr\u01b0\u1edbc h\u01b0\u1edbng d\u1eabn k\u1ef3 h\u1ea1n, khi\u1ebfn th\u1ecb tr\u01b0\u1eddng kh\u00f4ng c\u00f3 \u0111i\u1ec3m neo ch\u00ednh s\u00e1ch r\u00f5 r\u00e0ng v\u00e0 tr\u1ef1c ti\u1ebfp \u0111\u1ea9y ph\u1ea7n b\u00f9 r\u1ee7i ro l\u00e3i su\u1ea5t l\u00ean cao. M\u1eb7c d\u00f9 m\u1ed9t s\u1ed1 ch\u1ec9 s\u1ed1 kinh t\u1ebf c\u1ee7a M\u1ef9, bao g\u1ed3m l\u1ea1m ph\u00e1t, vi\u1ec7c l\u00e0m v\u00e0 doanh s\u1ed1 b\u00e1n l\u1ebb suy y\u1ebfu trong th\u00e1ng 7, nh\u01b0ng CPI th\u00e1ng 7 v\u1eabn t\u0103ng 3,4% so v\u1edbi c\u00f9ng k\u1ef3 n\u0103m ngo\u00e1i, v\u1eabn cao h\u01a1n m\u1ee5c ti\u00eau 2%. S\u1ef1 suy tho\u00e1i kinh t\u1ebf ng\u1eafn h\u1ea1n n\u00e0y \u0111\u00e3 kh\u00f4ng th\u1ec3 l\u00e0m gi\u1ea3m l\u1ee3i su\u1ea5t tr\u00e1i phi\u1ebfu kho b\u1ea1c M\u1ef9 d\u00e0i h\u1ea1n.<\/p>\n

S\u1ef1 kh\u00e1c bi\u1ec7t r\u00f5 r\u00e0ng v\u1ec1 k\u1ef3 v\u1ecdng c\u1ee7a th\u1ecb tr\u01b0\u1eddng \u0111\u00e3 xu\u1ea5t hi\u1ec7n: trong khi l\u1ee3i su\u1ea5t d\u00e0i h\u1ea1n tr\u00ean th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu giao ngay v\u1eabn \u1edf m\u1ee9c cao th\u00ec th\u1ecb tr\u01b0\u1eddng quy\u1ec1n ch\u1ecdn l\u00e3i su\u1ea5t \u0111\u00e3 b\u1eaft \u0111\u1ea7u \u0111\u1eb7t c\u01b0\u1ee3c v\u00e0o vi\u1ec7c c\u1eaft gi\u1ea3m l\u00e3i su\u1ea5t trong t\u01b0\u01a1ng lai. Th\u1ecb tr\u01b0\u1eddng quy\u1ec1n ch\u1ecdn SOFR \u0111\u00e3 ch\u1ee9ng ki\u1ebfn \u200b\u200b\u200b\u200bs\u1ef1 gia t\u0103ng c\u00e1c quy\u1ec1n ch\u1ecdn mua s\u1ebd h\u1ebft h\u1ea1n v\u00e0o n\u0103m 2027, v\u1edbi vi\u1ec7c c\u00e1c nh\u00e0 giao d\u1ecbch t\u1ef1 \u0111\u1eb7t m\u00ecnh v\u00e0o v\u1ecb th\u1ebf ph\u00f2ng ng\u1eeba tr\u01b0\u1edbc kh\u1ea3 n\u0103ng c\u1eaft gi\u1ea3m l\u00e3i su\u1ea5t do suy tho\u00e1i kinh t\u1ebf trong t\u01b0\u01a1ng lai. Nhi\u1ec1u th\u1ecb tr\u01b0\u1eddng d\u1ef1 b\u00e1o \u0111\u1ed9c l\u1eadp c\u00f3 s\u1ef1 nh\u1ea5t qu\u00e1n cao v\u1ec1 gi\u00e1 trong \u0111\u1ee3t \u1ed5n \u0111\u1ecbnh l\u00e3i su\u1ea5t v\u00e0o th\u00e1ng 9 c\u1ee7a C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang, v\u1edbi kh\u1ea3 n\u0103ng t\u0103ng l\u00e3i su\u1ea5t v\u00e0o th\u00e1ng 9 \u0111\u00e3 gi\u1ea3m \u0111\u00e1ng k\u1ec3.<\/p>\n

<\/p>\n

S\u1ef1 m\u1ea5t k\u1ebft n\u1ed1i gi\u1eefa l\u1ee3i su\u1ea5t tr\u00e1i phi\u1ebfu d\u00e0i h\u1ea1n cao v\u00e0 \u0111\u1eb7t c\u01b0\u1ee3c v\u00e0o vi\u1ec7c c\u1eaft gi\u1ea3m l\u00e3i su\u1ea5t trong t\u01b0\u01a1ng lai \u0111\u00e3 d\u1eabn \u0111\u1ebfn \u0111\u01b0\u1eddng cong l\u00e3i su\u1ea5t tr\u00e1i phi\u1ebfu kho b\u1ea1c Hoa K\u1ef3 d\u1ed1c h\u01a1n, v\u1edbi m\u1ee9c ch\u00eanh l\u1ec7ch l\u00e3i su\u1ea5t 2 n\u0103m 30 n\u0103m m\u1edf r\u1ed9ng l\u00ean m\u1ee9c cao nh\u1ea5t k\u1ec3 t\u1eeb th\u00e1ng T\u01b0. ACE Markets nh\u1eafc nh\u1edf c\u00e1c nh\u00e0 giao d\u1ecbch r\u1eb1ng d\u1eef li\u1ec7u l\u1ea1m ph\u00e1t, vi\u1ec7c l\u00e0m v\u00e0 ti\u00eau d\u00f9ng ti\u1ebfp theo c\u0169ng nh\u01b0 c\u00e1c b\u00e0i ph\u00e1t bi\u1ec3u c\u1ee7a c\u00e1c quan ch\u1ee9c C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang s\u1ebd nhanh ch\u00f3ng vi\u1ebft l\u1ea1i ch\u00ednh s\u00e1ch \u0111\u1ecbnh gi\u00e1 v\u00e0 s\u1ef1 \u0111\u1ea3o ng\u01b0\u1ee3c d\u1ef1 ki\u1ebfn \u200b\u200bs\u1ebd nhanh h\u01a1n nhi\u1ec1u nh\u00e0 giao d\u1ecbch d\u1ef1 \u0111o\u00e1n.<\/p>\n

<\/a>T\u00f3m t\u1eaft th\u1ecb tr\u01b0\u1eddng ACE v\u00e0 c\u1ea3nh b\u00e1o r\u1ee7i ro<\/strong><\/p>\n

T\u00f3m l\u1ea1i, s\u1ef1 suy tho\u00e1i ng\u1eafn h\u1ea1n c\u1ee7a n\u1ec1n kinh t\u1ebf M\u1ef9 c\u00f3 th\u1ec3 h\u1ea1n ch\u1ebf kh\u1ea3 n\u0103ng t\u0103ng l\u00e3i su\u1ea5t c\u1ee7a C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang. Tuy nhi\u00ean, b\u1ed1n y\u1ebfu t\u1ed1\u2014th\u00e2m h\u1ee5t t\u00e0i ch\u00ednh, s\u1ef1 b\u00f9ng n\u1ed5 t\u00e0i ch\u00ednh doanh nghi\u1ec7p do AI th\u00fac \u0111\u1ea9y, c\u01a1 c\u1ea5u thay \u0111\u1ed5i c\u1ee7a ng\u01b0\u1eddi mua Kho b\u1ea1c Hoa K\u1ef3 v\u00e0 s\u1ef1 kh\u00f4ng ch\u1eafc ch\u1eafn v\u1ec1 truy\u1ec1n th\u00f4ng ch\u00ednh s\u00e1ch\u2014s\u1ebd ti\u1ebfp t\u1ee5c h\u1ed7 tr\u1ee3 l\u00e3i su\u1ea5t d\u00e0i h\u1ea1n. \u0110\u1ec3 x\u1ea3y ra s\u1ef1 s\u1ee5t gi\u1ea3m \u0111\u00e1ng k\u1ec3 v\u1ec1 l\u1ee3i su\u1ea5t tr\u00e1i phi\u1ebfu kho b\u1ea1c d\u00e0i h\u1ea1n c\u1ee7a Hoa K\u1ef3, c\u1ea7n ph\u1ea3i \u0111\u00e1p \u1ee9ng \u0111\u1ed3ng th\u1eddi nhi\u1ec1u \u0111i\u1ec1u ki\u1ec7n: c\u1ea3i thi\u1ec7n t\u00e0i ch\u00ednh, h\u1ea1 nhi\u1ec7t ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p, \u0111i\u1ec1u ch\u1ec9nh chi\u1ebfn l\u01b0\u1ee3c ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu c\u1ee7a Kho b\u1ea1c v\u00e0 d\u1eef li\u1ec7u kinh t\u1ebf ti\u1ebfp t\u1ee5c y\u1ebfu k\u00e9m.<\/p>\n

Th\u1ecb tr\u01b0\u1eddng \u0111\u00e3 v\u01b0\u1ee3t ra kh\u1ecfi m\u00f4 h\u00ecnh c\u0169 l\u00e0 ch\u1ec9 t\u1eadp trung v\u00e0o C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang; s\u1ee9c n\u1eb7ng c\u1ee7a t\u00ednh b\u1ec1n v\u1eefng n\u1ee3 c\u00f3 ch\u1ee7 quy\u1ec1n v\u00e0 ph\u00e2n b\u1ed5 t\u00e0i s\u1ea3n to\u00e0n c\u1ea7u \u0111ang t\u0103ng l\u00ean \u0111\u1ec1u \u0111\u1eb7n. Nhi\u1ec1u nh\u00e0 giao d\u1ecbch \u0111\u01b0a ra ph\u00e1n \u0111o\u00e1n d\u1ef1a tr\u00ean m\u1ed9t \u0111i\u1ec3m d\u1eef li\u1ec7u duy nh\u1ea5t, d\u1ec5 d\u00e0ng \u0111\u00e1nh gi\u00e1 sai m\u1ed1i t\u01b0\u01a1ng quan gi\u1eefa tr\u00e1i phi\u1ebfu d\u00e0i h\u1ea1n, \u0111\u1ed3ng \u0111\u00f4 la M\u1ef9 v\u00e0 t\u00e0i s\u1ea3n r\u1ee7i ro. S\u1eed d\u1ee5ng khung ph\u00e2n t\u00edch x\u00e1c th\u1ef1c ch\u00e9o \u0111a th\u1ecb tr\u01b0\u1eddng c\u1ee7a ACE Markets, c\u00e1c nh\u00e0 giao d\u1ecbch n\u00ean theo d\u00f5i \u0111\u1ed3ng th\u1eddi d\u1eef li\u1ec7u l\u1ea1m ph\u00e1t PCE, k\u1ebft qu\u1ea3 \u0111\u1ea5u gi\u00e1 c\u1ee7a Kho b\u1ea1c Hoa K\u1ef3, nh\u1eefng thay \u0111\u1ed5i v\u1ec1 n\u1eafm gi\u1eef \u1edf n\u01b0\u1edbc ngo\u00e0i v\u00e0 ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p, thay v\u00ec ch\u1ec9 t\u1eadp trung v\u00e0o c\u00e1c b\u00e0i ph\u00e1t bi\u1ec3u c\u1ee7a C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang.<\/p>\n\n\n\n
Tuy\u00ean b\u1ed1 mi\u1ec5n tr\u1eeb tr\u00e1ch nhi\u1ec7m: N\u1ed9i dung tr\u00ean ch\u1ec9 th\u1ec3 hi\u1ec7n quan \u0111i\u1ec3m th\u1ecb tr\u01b0\u1eddng c\u1ee7a nh\u00f3m nghi\u00ean c\u1ee9u ACE Markets v\u00e0 kh\u00f4ng c\u1ea5u th\u00e0nh b\u1ea5t k\u1ef3 l\u1eddi khuy\u00ean \u0111\u1ea7u t\u01b0 n\u00e0o. R\u1ee7i ro th\u1ecb tr\u01b0\u1eddng t\u1ed3n t\u1ea1i; vui l\u00f2ng \u0111\u00e1nh gi\u00e1 c\u1ea9n th\u1eadn m\u1ee9c \u0111\u1ed9 ch\u1ea5p nh\u1eadn r\u1ee7i ro c\u1ee7a ch\u00ednh b\u1ea1n tr\u01b0\u1edbc khi giao d\u1ecbch.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>","protected":false},"excerpt":{"rendered":"

Kh\u00e1m ph\u00e1 l\u00fd do t\u1ea1i sao l\u1ee3i su\u1ea5t tr\u00e1i phi\u1ebfu kho b\u1ea1c d\u00e0i h\u1ea1n c\u1ee7a Hoa K\u1ef3 ti\u1ebfp t\u1ee5c \u0111\u1ea1t m\u1ee9c cao nh\u1ea5t trong nhi\u1ec1u n\u0103m, do th\u00e2m h\u1ee5t t\u00e0i ch\u00ednh, kho\u1ea3n vay c\u1ee7a c\u00f4ng ty AI v\u00e0 s\u1ef1 d\u1ecbch chuy\u1ec3n v\u1ed1n to\u00e0n c\u1ea7u, kh\u00f4ng ch\u1ec9 Fed.<\/p>","protected":false},"author":1,"featured_media":9785,"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":[896,895,897],"class_list":["post-9784","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financial-news","tag-fiscal-deficit","tag-government-bond-selloff","tag-long-term-interest-rates"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.mdwcc.com\/vi\/wp-json\/wp\/v2\/posts\/9784","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=9784"}],"version-history":[{"count":1,"href":"https:\/\/www.mdwcc.com\/vi\/wp-json\/wp\/v2\/posts\/9784\/revisions"}],"predecessor-version":[{"id":9789,"href":"https:\/\/www.mdwcc.com\/vi\/wp-json\/wp\/v2\/posts\/9784\/revisions\/9789"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.mdwcc.com\/vi\/wp-json\/wp\/v2\/media\/9785"}],"wp:attachment":[{"href":"https:\/\/www.mdwcc.com\/vi\/wp-json\/wp\/v2\/media?parent=9784"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.mdwcc.com\/vi\/wp-json\/wp\/v2\/categories?post=9784"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.mdwcc.com\/vi\/wp-json\/wp\/v2\/tags?post=9784"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}