{"id":9835,"date":"2026-09-02T08:14:00","date_gmt":"2026-09-02T08:14:00","guid":{"rendered":"https:\/\/www.mdwcc.com\/?p=9835"},"modified":"2026-09-02T08:14:04","modified_gmt":"2026-09-02T08:14:04","slug":"energy-inflation-stickiness-exceeds-expectations-the-feds-policy-enters-deeper-waters-amid-global-bond-market-repricing","status":"publish","type":"post","link":"https:\/\/www.mdwcc.com\/vi\/energy-inflation-stickiness-exceeds-expectations-the-feds-policy-enters-deeper-waters-amid-global-bond-market-repricing\/","title":{"rendered":"M\u1ee9c \u0111\u1ed9 \u1ed5n \u0111\u1ecbnh l\u1ea1m ph\u00e1t n\u0103ng l\u01b0\u1ee3ng v\u01b0\u1ee3t qu\u00e1 mong \u0111\u1ee3i - ch\u00ednh s\u00e1ch c\u1ee7a Fed ti\u1ebfn v\u00e0o v\u00f9ng n\u01b0\u1edbc s\u00e2u h\u01a1n trong b\u1ed1i c\u1ea3nh th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu to\u00e0n c\u1ea7u \u0111\u1ecbnh gi\u00e1 l\u1ea1i"},"content":{"rendered":"

G\u1ea7n \u0111\u00e2y, gi\u00e1 n\u0103ng l\u01b0\u1ee3ng qu\u1ed1c t\u1ebf v\u00e0 l\u1ee3i su\u1ea5t tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7 to\u00e0n c\u1ea7u \u0111\u00e3 t\u0103ng song song, tr\u1edf th\u00e0nh \u0111\u1ed9ng l\u1ef1c ch\u00ednh g\u00e2y ra bi\u1ebfn \u0111\u1ed9ng th\u1ecb tr\u01b0\u1eddng kinh t\u1ebf v\u0129 m\u00f4. ACE Markets, th\u00f4ng qua vi\u1ec7c theo d\u00f5i c\u00f3 h\u1ec7 th\u1ed1ng c\u00e1c t\u00edn hi\u1ec7u ch\u00ednh s\u00e1ch c\u1ee7a C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang, c\u01a1 c\u1ea5u cung c\u1ea7u c\u1ee7a Kho b\u1ea1c Hoa K\u1ef3 v\u00e0 chu k\u1ef3 ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng to\u00e0n c\u1ea7u, tin r\u1eb1ng \u201cc\u00fa s\u1ed1c n\u0103ng l\u01b0\u1ee3ng ng\u1eafn h\u1ea1n\u201d \u0111\u01b0\u1ee3c d\u1ef1 \u0111o\u00e1n r\u1ed9ng r\u00e3i tr\u01b0\u1edbc \u0111\u00e2y \u0111ang d\u1ea7n d\u1ea7n tr\u1edf th\u00e0nh tr\u1edf ng\u1ea1i dai d\u1eb3ng \u0111\u1ed1i v\u1edbi l\u1ea1m ph\u00e1t, khi\u1ebfn quy\u1ebft \u0111\u1ecbnh l\u00e3i su\u1ea5t th\u00e1ng 9 c\u1ee7a Fed ng\u00e0y c\u00e0ng kh\u00f3 kh\u0103n v\u00e0 b\u00e1o hi\u1ec7u r\u1eb1ng tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7 to\u00e0n c\u1ea7u \u0111ang b\u01b0\u1edbc v\u00e0o m\u1ed9t \u0111\u1ee3t \u0111\u1ecbnh gi\u00e1 l\u1ea1i c\u01a1 c\u1ea5u m\u1edbi.<\/p>\n

<\/a>Quy\u1ebft \u0111\u1ecbnh v\u00e0o th\u00e1ng 9 c\u1ee7a Fed \u0111\u00e3 g\u1eb7p ph\u1ea3i s\u1ef1 kh\u00e1c bi\u1ec7t ng\u00e0y c\u00e0ng t\u0103ng v\u00e0 \u0111\u00e1nh gi\u00e1 v\u1ec1 m\u1ed9t \u201cc\u00fa s\u1ed1c nh\u1ea5t th\u1eddi\u201d \u0111ang \u0111\u1ed1i m\u1eb7t v\u1edbi m\u1ed9t s\u1ef1 \u0111\u1ea3o ng\u01b0\u1ee3c ti\u1ec1m t\u00e0ng.<\/strong><\/p>\n

Ch\u00fang t\u00f4i nh\u1eadn th\u1ea5y r\u1eb1ng s\u1ef1 gi\u00e1n \u0111o\u1ea1n ngu\u1ed3n cung n\u0103ng l\u01b0\u1ee3ng do xung \u0111\u1ed9t \u0111\u1ecba ch\u00ednh tr\u1ecb \u1edf Trung \u0110\u00f4ng b\u1eaft \u0111\u1ea7u v\u00e0o cu\u1ed1i th\u00e1ng 2 \u0111\u00e3 k\u00e9o d\u00e0i h\u01a1n nhi\u1ec1u so v\u1edbi \u201cv\u00e0i tu\u1ea7n\u201d ban \u0111\u1ea7u m\u00e0 c\u00e1c nh\u00e0 ho\u1ea1ch \u0111\u1ecbnh ch\u00ednh s\u00e1ch v\u00e0 th\u1ecb tr\u01b0\u1eddng mong \u0111\u1ee3i. Chi ph\u00ed n\u0103ng l\u01b0\u1ee3ng ti\u1ebfp t\u1ee5c t\u0103ng \u0111ang ki\u1ec3m tra l\u1ea1i \u0111\u00e1nh gi\u00e1 c\u1ed1t l\u00f5i c\u1ee7a C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang r\u1eb1ng c\u00fa s\u1ed1c l\u1ea1m ph\u00e1t ch\u1ec9 l\u00e0 \u201ct\u1ea1m th\u1eddi\u201d v\u00e0 c\u0169ng t\u1ea1o ra m\u00f4i tr\u01b0\u1eddng ch\u00ednh s\u00e1ch ph\u1ee9c t\u1ea1p h\u01a1n cho cu\u1ed9c h\u1ecdp l\u00e3i su\u1ea5t ng\u00e0y 15-16 th\u00e1ng 9 so v\u1edbi tr\u01b0\u1edbc \u0111\u00e2y.<\/p>\n

\"\u5c40\u90e8\u622a\u53d6_20260902_151132\"<\/p>\n

\u0110\u00e1nh gi\u00e1 t\u1eeb c\u00e1c tuy\u00ean b\u1ed1 n\u1ed9i b\u1ed9 c\u1ee7a C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang, s\u1ef1 kh\u00e1c bi\u1ec7t v\u1ec1 ch\u00ednh s\u00e1ch \u0111\u00e3 ng\u00e0y c\u00e0ng m\u1edf r\u1ed9ng k\u1ec3 t\u1eeb cu\u1ed9c h\u1ecdp th\u00e1ng B\u1ea3y. Th\u1ed1ng \u0111\u1ed1c Fed Barr \u0111\u00e3 th\u1ec3 hi\u1ec7n r\u00f5 r\u00e0ng l\u1eadp tr\u01b0\u1eddng di\u1ec1u h\u00e2u, n\u00f3i r\u1eb1ng vi\u1ec7c t\u0103ng l\u00e3i su\u1ea5t n\u00ean \u0111\u01b0\u1ee3c b\u1eaft \u0111\u1ea7u m\u1ed9t c\u00e1ch d\u1ee9t kho\u00e1t trong th\u00e1ng n\u00e0y n\u1ebfu l\u1ea1m ph\u00e1t kh\u00f4ng c\u00f3 \u0111\u1ee7 d\u1ea5u hi\u1ec7u gi\u1ea3m b\u1edbt. \u00d4ng c\u0169ng ch\u1ec9 ra r\u1eb1ng m\u1ee9c gi\u1ea3m l\u1ea1m ph\u00e1t c\u1ee7a M\u1ef9 \u0111\u00e3 b\u1ecb \u0111\u00ecnh tr\u1ec7 k\u1ec3 t\u1eeb n\u0103m ngo\u00e1i do s\u1ef1 k\u1ebft h\u1ee3p c\u1ee7a nhi\u1ec1u y\u1ebfu t\u1ed1, bao g\u1ed3m thu\u1ebf quan, xung \u0111\u1ed9t \u0111\u1ecba ch\u00ednh tr\u1ecb v\u00e0 ph\u00e1t tri\u1ec3n c\u01a1 s\u1edf h\u1ea1 t\u1ea7ng AI. Trong quy\u1ebft \u0111\u1ecbnh gi\u1eef nguy\u00ean l\u00e3i su\u1ea5t v\u00e0o th\u00e1ng 7, ba quan ch\u1ee9c \u0111\u00e3 b\u1ecf phi\u1ebfu t\u0103ng l\u00e3i su\u1ea5t v\u00e0 \u0111\u1ee3t t\u0103ng gi\u00e1 n\u0103ng l\u01b0\u1ee3ng m\u1edbi ch\u1eafc ch\u1eafn s\u1ebd l\u00e0m t\u0103ng th\u00eam s\u1ef1 kh\u00e1c bi\u1ec7t v\u1ec1 ch\u00ednh s\u00e1ch gi\u1eefa nh\u1eefng ng\u01b0\u1eddi ra quy\u1ebft \u0111\u1ecbnh.<\/p>\n

Ng\u01b0\u1ee3c l\u1ea1i, B\u1ed9 tr\u01b0\u1edfng T\u00e0i ch\u00ednh Hoa K\u1ef3 Bessant v\u1eabn kh\u1eb3ng \u0111\u1ecbnh r\u1eb1ng vi\u1ec7c t\u0103ng gi\u00e1 n\u0103ng l\u01b0\u1ee3ng hi\u1ec7n nay l\u00e0 m\u1ed9t c\u00fa s\u1ed1c t\u1eeb ph\u00eda cung v\u00e0 v\u1edbi l\u1ea1m ph\u00e1t c\u01a1 b\u1ea3n nh\u00ecn chung \u0111\u00e3 \u0111\u01b0\u1ee3c ki\u1ec3m so\u00e1t, kh\u00f4ng c\u1ea7n thi\u1ebft ph\u1ea3i t\u0103ng l\u00e3i su\u1ea5t c\u1ea5p b\u00e1ch. ACE Markets tin r\u1eb1ng s\u1ef1 b\u1ea5t \u0111\u1ed3ng n\u00e0y v\u1ec1 c\u01a1 b\u1ea3n xu\u1ea5t ph\u00e1t t\u1eeb nh\u1eefng nh\u1eadn th\u1ee9c kh\u00e1c nhau v\u1ec1 vi\u1ec7c li\u1ec7u c\u00fa s\u1ed1c n\u0103ng l\u01b0\u1ee3ng c\u00f3 g\u00e2y ra hi\u1ec7u \u1ee9ng l\u1ea1m ph\u00e1t b\u1eadc hai nh\u01b0 v\u00f2ng xo\u00e1y ti\u1ec1n l\u01b0\u01a1ng-gi\u00e1 c\u1ea3 hay kh\u00f4ng. Ch\u1ee7 t\u1ecbch C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang Warsh \u0111\u00e3 li\u00ean t\u1ee5c nh\u1ea5n m\u1ea1nh r\u1eb1ng ch\u00ednh s\u00e1ch ph\u1ea3i tu\u00e2n theo d\u1eef li\u1ec7u v\u00e0 t\u00edn hi\u1ec7u th\u1ecb tr\u01b0\u1eddng m\u1edbi, \u0111\u1ed3ng th\u1eddi kh\u00f4ng \u0111\u01b0a ra h\u01b0\u1edbng d\u1eabn r\u00f5 r\u00e0ng v\u1ec1 l\u1ed9 tr\u00ecnh c\u1ee7a th\u00e1ng 9. \u0110i\u1ec1u n\u00e0y l\u00e0m cho b\u00e1o c\u00e1o l\u1ea1m ph\u00e1t th\u00e1ng 8, s\u1ebd \u0111\u01b0\u1ee3c c\u00f4ng b\u1ed1 v\u00e0o ng\u00e0y 11 th\u00e1ng 9, tr\u1edf th\u00e0nh m\u1ed9t bi\u1ebfn s\u1ed1 quan tr\u1ecdng quy\u1ebft \u0111\u1ecbnh h\u01b0\u1edbng ch\u00ednh s\u00e1ch cu\u1ed1i c\u00f9ng.<\/p>\n

<\/a>L\u1ee3i su\u1ea5t Tr\u00e1i phi\u1ebfu Kho b\u1ea1c Hoa K\u1ef3 v\u01b0\u1ee3t qua c\u00e1c m\u1ee9c quan tr\u1ecdng v\u00e0 t\u00e1c \u0111\u1ed9ng c\u1eadn bi\u00ean c\u1ee7a c\u00e1c th\u1ecfa thu\u1eadn mua l\u1ea1i Kho b\u1ea1c trong vi\u1ec7c h\u1ed7 tr\u1ee3 th\u1ecb tr\u01b0\u1eddng gi\u1ea3m d\u1ea7n.<\/strong><\/p>\n

Theo d\u1eef li\u1ec7u theo d\u00f5i c\u1ee7a ACE Markets, s\u1ef1 can thi\u1ec7p c\u1ee7a Kho b\u1ea1c Hoa K\u1ef3 nh\u1eb1m m\u1edf r\u1ed9ng ch\u01b0\u01a1ng tr\u00ecnh mua l\u1ea1i Kho b\u1ea1c ch\u1ec9 c\u00f3 t\u00e1c d\u1ee5ng ng\u1eafn h\u1ea1n trong vi\u1ec7c h\u1ed7 tr\u1ee3 l\u1ee3i su\u1ea5t d\u00e0i h\u1ea1n. T\u00ednh \u0111\u1ebfn ng\u00e0y giao d\u1ecbch g\u1ea7n nh\u1ea5t, l\u00e3i su\u1ea5t tr\u00e1i phi\u1ebfu kho b\u1ea1c k\u1ef3 h\u1ea1n 30 n\u0103m \u0111\u00e3 t\u0103ng l\u00ean 5,27%, tr\u1edf l\u1ea1i m\u1ee9c tr\u01b0\u1edbc c\u00f4ng b\u1ed1; l\u00e3i su\u1ea5t tr\u00e1i phi\u1ebfu kho b\u1ea1c k\u1ef3 h\u1ea1n 10 n\u0103m cao h\u01a1n 10 \u0111i\u1ec3m c\u01a1 b\u1ea3n so v\u1edbi th\u1eddi \u0111i\u1ec3m c\u00f4ng b\u1ed1, dao \u0111\u1ed9ng quanh m\u1ee9c 4,8%, m\u1ee9c cao nh\u1ea5t k\u1ec3 t\u1eeb th\u00e1ng 1 n\u0103m 2025; v\u00e0 l\u00e3i su\u1ea5t tr\u00e1i phi\u1ebfu kho b\u1ea1c k\u1ef3 h\u1ea1n 2 n\u0103m, nh\u1ea1y c\u1ea3m nh\u1ea5t v\u1edbi ch\u00ednh s\u00e1ch c\u1ee7a Fed, \u0111\u00e3 t\u0103ng 6 \u0111i\u1ec3m c\u01a1 b\u1ea3n l\u00ean 4,40%, v\u1edbi gi\u00e1 th\u1ecb tr\u01b0\u1eddng cho th\u1ea5y kh\u1ea3 n\u0103ng Fed t\u0103ng l\u00e3i su\u1ea5t trong th\u00e1ng n\u00e0y l\u00e0 kho\u1ea3ng 70%.<\/p>\n

\"\u5c40\u90e8\u622a\u53d6_20260902_151245\"<\/p>\n

Ch\u00fang t\u00f4i tin r\u1eb1ng ho\u1ea1t \u0111\u1ed9ng mua l\u1ea1i ng\u1eafn h\u1ea1n kh\u00f4ng th\u1ec3 \u0111\u1ea3o ng\u01b0\u1ee3c xu h\u01b0\u1edbng t\u0103ng l\u00e3i su\u1ea5t c\u1ee7a Kho b\u1ea1c Hoa K\u1ef3. L\u00fd do c\u1ed1t l\u00f5i n\u1eb1m \u1edf s\u1ef1 h\u1ed7 tr\u1ee3 c\u01a1 c\u1ea5u s\u00e2u s\u1eafc cho vi\u1ec7c \u0111i\u1ec1u ch\u1ec9nh th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu hi\u1ec7n t\u1ea1i: s\u1ef1 thay \u0111\u1ed5i t\u0103ng l\u00e3i su\u1ea5t trung l\u1eadp to\u00e0n c\u1ea7u, s\u1ef1 b\u00f9ng n\u1ed5 \u0111\u1ea7u t\u01b0 AI th\u00fac \u0111\u1ea9y ngu\u1ed3n cung tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p t\u0103ng v\u00e0 m\u1edf r\u1ed9ng t\u00e0i kh\u00f3a th\u00fac \u0111\u1ea9y nhu c\u1ea7u t\u00e0i ch\u00ednh c\u1ee7a ch\u00ednh ph\u1ee7, t\u1ea5t c\u1ea3 \u0111\u1ec1u g\u00f3p ph\u1ea7n t\u1ea1o n\u00ean m\u1ed9t tr\u1ea1ng th\u00e1i b\u00ecnh th\u01b0\u1eddng m\u1edbi l\u00e0 l\u00e3i su\u1ea5t th\u1ef1c cao h\u01a1n \u1edf c\u00e1c n\u1ec1n kinh t\u1ebf ph\u00e1t tri\u1ec3n. C\u00e1c c\u00f4ng c\u1ee5 mua l\u1ea1i c\u1ee7a Kho b\u1ea1c ch\u1ec9 c\u00f3 th\u1ec3 l\u00e0m d\u1ecbu nh\u1eb9 nh\u1eefng bi\u1ebfn \u0111\u1ed9ng c\u1ee7a th\u1ecb tr\u01b0\u1eddng v\u00e0 kh\u00f4ng th\u1ec3 thay \u0111\u1ed5i logic \u0111\u1ecbnh gi\u00e1 l\u00e3i su\u1ea5t d\u00e0i h\u1ea1n, \u0111\u00e2y l\u00e0 l\u00fd do c\u01a1 b\u1ea3n khi\u1ebfn t\u00e1c \u0111\u1ed9ng c\u1ee7a ch\u00ednh s\u00e1ch n\u00e0y nhanh ch\u00f3ng m\u1edd nh\u1ea1t.<\/p>\n

<\/a>N\u1ee3 c\u00f4ng to\u00e0n c\u1ea7u \u0111ang \u0111\u01b0\u1ee3c \u0111\u1ecbnh gi\u00e1 l\u1ea1i \u0111\u1ed3ng lo\u1ea1t v\u00e0 k\u1ef3 v\u1ecdng v\u1ec1 vi\u1ec7c th\u1eaft ch\u1eb7t c\u1ee7a c\u00e1c ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng l\u1edbn \u0111ang gia t\u0103ng tr\u00ean di\u1ec7n r\u1ed9ng.<\/strong><\/p>\n

V\u00f2ng b\u00e1n th\u00e1o tr\u00ean th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu n\u00e0y kh\u00f4ng ph\u1ea3i l\u00e0 hi\u1ec7n t\u01b0\u1ee3ng c\u00e1 bi\u1ec7t \u1edf M\u1ef9 m\u00e0 l\u00e0 s\u1ef1 \u0111i\u1ec1u ch\u1ec9nh gi\u00e1 tr\u1ecb mang t\u00ednh h\u1ec7 th\u1ed1ng c\u1ee7a tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7 to\u00e0n c\u1ea7u. Gi\u00e1m s\u00e1t c\u1ee7a ACE Markets cho th\u1ea5y l\u00e3i su\u1ea5t tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7 10 n\u0103m c\u1ee7a Nh\u1eadt B\u1ea3n \u0111\u00e3 ch\u1ea1m m\u1ee9c 3% l\u1ea7n \u0111\u1ea7u ti\u00ean k\u1ec3 t\u1eeb n\u0103m 1996, l\u00e3i su\u1ea5t tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7 30 n\u0103m c\u1ee7a Anh \u0111\u00e3 t\u0103ng l\u00ean m\u1ee9c cao nh\u1ea5t k\u1ec3 t\u1eeb n\u0103m 1998, l\u00e3i su\u1ea5t tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7 30 n\u0103m c\u1ee7a \u0110\u1ee9c \u0111\u00e3 \u0111\u1ea1t m\u1ee9c cao m\u1edbi k\u1ec3 t\u1eeb n\u0103m 2011 v\u00e0 l\u00e3i su\u1ea5t tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7 \u00dac c\u0169ng \u0111\u1ea1t m\u1ee9c cao k\u1ef7 l\u1ee5c k\u1ec3 t\u1eeb khi c\u00f3 d\u1eef li\u1ec7u v\u00e0o n\u0103m 2016. m\u1ee9c cao nh\u1ea5t trong g\u1ea7n 20 n\u0103m.<\/p>\n

Theo quan \u0111i\u1ec3m c\u1ee7a ch\u00fang t\u00f4i, \u0111\u1ed9ng l\u1ef1c c\u1ed1t l\u00f5i d\u1eabn \u0111\u1ebfn s\u1ef1 gia t\u0103ng \u0111\u1ed3ng b\u1ed9 c\u1ee7a l\u1ee3i su\u1ea5t to\u00e0n c\u1ea7u l\u00e0 vi\u1ec7c th\u1ecb tr\u01b0\u1eddng \u0111\u1ecbnh gi\u00e1 l\u1ea1i r\u1ee7i ro \u201cl\u1ea1m ph\u00e1t lu\u00f4n v\u01b0\u1ee3t qu\u00e1 m\u1ee5c ti\u00eau c\u1ee7a ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng\u201d sau khi gi\u00e1 n\u0103ng l\u01b0\u1ee3ng t\u0103ng tr\u1edf l\u1ea1i. Gi\u00e1 d\u1ea7u th\u00f4 Brent \u0111\u00e3 t\u0103ng kho\u1ea3ng 13% trong th\u00e1ng qua, tr\u1edf l\u1ea1i tr\u00ean 94 USD\/th\u00f9ng, c\u00f9ng v\u1edbi vi\u1ec7c ngu\u1ed3n cung kh\u00ed \u0111\u1ed1t t\u1ef1 nhi\u00ean h\u00f3a l\u1ecfng to\u00e0n c\u1ea7u th\u1eaft ch\u1eb7t, l\u00e0m t\u0103ng th\u00eam nguy c\u01a1 l\u1ea1m ph\u00e1t kh\u00f3 kh\u0103n. Th\u1ecb tr\u01b0\u1eddng hi\u1ec7n \u0111\u00e3 c\u00f9ng nhau \u0111i\u1ec1u ch\u1ec9nh k\u1ef3 v\u1ecdng ch\u00ednh s\u00e1ch c\u1ee7a m\u00ecnh \u0111\u1ed1i v\u1edbi c\u00e1c ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng l\u1edbn: Ng\u00e2n h\u00e0ng Trung \u01b0\u01a1ng Ch\u00e2u \u00c2u d\u1ef1 ki\u1ebfn \u200b\u200bs\u1ebd t\u0103ng l\u00e3i su\u1ea5t m\u1ed9t l\u1ea7n n\u1eefa t\u1ea1i cu\u1ed9c h\u1ecdp v\u00e0o tu\u1ea7n t\u1edbi, d\u1ef1 b\u00e1o l\u00e3i su\u1ea5t c\u01a1 b\u1ea3n cu\u1ed1i n\u0103m c\u1ee7a Ng\u00e2n h\u00e0ng Nh\u1eadt B\u1ea3n \u0111\u00e3 t\u0103ng t\u1eeb 1% ba th\u00e1ng tr\u01b0\u1edbc l\u00ean kho\u1ea3ng 1,4%, v\u00e0 kh\u1ea3 n\u0103ng t\u0103ng l\u00e3i su\u1ea5t c\u1ee7a Ng\u00e2n h\u00e0ng D\u1ef1 tr\u1eef \u00dac v\u00e0 Ng\u00e2n h\u00e0ng D\u1ef1 tr\u1eef New Zealand c\u0169ng t\u0103ng \u0111\u00e1ng k\u1ec3.<\/p>\n

\"\u5c40\u90e8\u622a\u53d6_20260902_152945\"<\/p>\n

\u0110i\u1ec1u \u0111\u00e1ng ch\u00fa \u00fd l\u00e0 m\u1ee9c \u0111\u1ed9 \u0111i\u1ec1u ch\u1ec9nh tr\u00ean th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu Nh\u1eadt B\u1ea3n l\u00e0 \u0111\u1eb7c bi\u1ec7t \u0111\u00e1ng ch\u00fa \u00fd. Sau nhi\u1ec1u th\u1eadp k\u1ef7 gi\u1ea3m ph\u00e1t, m\u1ee9c \u0111\u1ed9 l\u1ea1m ph\u00e1t c\u1ee7a Nh\u1eadt B\u1ea3n ti\u1ebfp t\u1ee5c gia t\u0103ng, trong khi t\u1ed1c \u0111\u1ed9 th\u1eaft ch\u1eb7t c\u1ee7a ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng t\u01b0\u01a1ng \u0111\u1ed1i ch\u1eadm, g\u00e2y \u00e1p l\u1ef1c li\u00ean t\u1ee5c l\u00ean \u0111\u1ed3ng y\u00ean. M\u1eb7c d\u00f9 Bessant b\u00e0y t\u1ecf ni\u1ec1m tin r\u1eb1ng ch\u00ednh quy\u1ec1n Nh\u1eadt B\u1ea3n s\u1ebd h\u00e0nh \u0111\u1ed9ng \u0111\u1ec3 c\u1ee7ng c\u1ed1 \u0111\u1ed3ng y\u00ean, th\u1ecb tr\u01b0\u1eddng v\u1eabn ti\u1ebfp t\u1ee5c ph\u1ea3n \u00e1nh vi\u1ec7c Ng\u00e2n h\u00e0ng Trung \u01b0\u01a1ng Nh\u1eadt B\u1ea3n t\u0103ng t\u1ed1c th\u1eaft ch\u1eb7t, \u0111i\u1ec1u n\u00e0y s\u1ebd ti\u1ebfp t\u1ee5c \u0111\u1ea9y l\u00e3i su\u1ea5t d\u00e0i h\u1ea1n to\u00e0n c\u1ea7u l\u00ean m\u1ee9c trung t\u00e2m.<\/p>\n

<\/a>Logic ph\u00e2n b\u1ed5 t\u00e0i s\u1ea3n \u0111\u00e3 thay \u0111\u1ed5i v\u00e0 s\u1ee9c h\u1ea5p d\u1eabn c\u1ee7a thu nh\u1eadp c\u1ed1 \u0111\u1ecbnh \u0111\u00e3 ph\u1ee5c h\u1ed3i nh\u1eb9.<\/strong><\/p>\n

Khi l\u1ee3i su\u1ea5t tr\u00e1i phi\u1ebfu to\u00e0n c\u1ea7u ti\u1ebfp t\u1ee5c t\u0103ng, hi\u1ec7u qu\u1ea3 chi ph\u00ed t\u01b0\u01a1ng \u0111\u1ed1i c\u1ee7a c\u00e1c lo\u1ea1i t\u00e0i s\u1ea3n \u0111ang thay \u0111\u1ed5i m\u1ed9t c\u00e1ch tinh t\u1ebf. ACE Markets nh\u1eadn th\u1ea5y r\u1eb1ng chi\u1ebfn l\u01b0\u1ee3c th\u1ed1ng tr\u1ecb tr\u01b0\u1edbc \u0111\u00e2y l\u00e0 \u201ct\u0103ng t\u1ef7 tr\u1ecdng c\u1ed5 phi\u1ebfu v\u00e0 gi\u1ea3m t\u1ef7 tr\u1ecdng tr\u00e1i phi\u1ebfu\u201d \u0111ang ph\u1ea3i \u0111\u1ed1i m\u1eb7t v\u1edbi nh\u1eefng th\u00e1ch th\u1ee9c t\u1eeb vi\u1ec7c t\u0103ng l\u00e3i su\u1ea5t phi r\u1ee7i ro. L\u1ee3i nhu\u1eadn \u1ed5n \u0111\u1ecbnh do tr\u00e1i phi\u1ebfu mang l\u1ea1i ng\u00e0y c\u00e0ng tr\u1edf n\u00ean h\u1ea5p d\u1eabn so v\u1edbi c\u00e1c t\u00e0i s\u1ea3n r\u1ee7i ro v\u00e0 m\u1ed9t s\u1ed1 t\u1ed5 ch\u1ee9c qu\u1ea3n l\u00fd t\u00e0i s\u1ea3n qu\u1ed1c t\u1ebf \u0111\u00e3 b\u1eaft \u0111\u1ea7u \u0111\u00e1nh gi\u00e1 l\u1ea1i vi\u1ec7c ph\u00e2n b\u1ed5 t\u00e0i s\u1ea3n c\u00f3 thu nh\u1eadp c\u1ed1 \u0111\u1ecbnh c\u1ee7a h\u1ecd. Ch\u00fang t\u00f4i tin r\u1eb1ng b\u1ea5t k\u1ec3 C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang cu\u1ed1i c\u00f9ng c\u00f3 t\u0103ng l\u00e3i su\u1ea5t v\u00e0o th\u00e1ng 9 hay kh\u00f4ng, logic giao d\u1ecbch \u201cl\u00e3i su\u1ea5t cao h\u01a1n k\u00e9o d\u00e0i h\u01a1n\u201d \u0111\u00e3 \u0111\u01b0\u1ee3c th\u1ecb tr\u01b0\u1eddng x\u00e1c nh\u1eadn.<\/p>\n

N\u1ebfu vi\u1ec7c t\u0103ng l\u00e3i su\u1ea5t x\u1ea3y ra v\u00e0o th\u00e1ng 9, th\u1ecb tr\u01b0\u1eddng s\u1ebd ti\u1ebfp t\u1ee5c \u0111\u1ecbnh gi\u00e1 v\u1ec1 kh\u1ea3 n\u0103ng l\u00e3i su\u1ea5t ti\u1ebfp t\u1ee5c t\u0103ng, \u0111\u1ea9y l\u1ee3i su\u1ea5t d\u00e0i h\u1ea1n l\u00ean cao h\u01a1n. N\u1ebfu l\u00e3i su\u1ea5t kh\u00f4ng thay \u0111\u1ed5i trong th\u00e1ng 9, th\u1ecb tr\u01b0\u1eddng s\u1ebd chuy\u1ec3n k\u1ef3 v\u1ecdng t\u0103ng l\u00e3i su\u1ea5t sang th\u00e1ng 12, khi\u1ebfn vi\u1ec7c chuy\u1ec3n sang chi\u1ebfn l\u01b0\u1ee3c c\u1eaft gi\u1ea3m l\u00e3i su\u1ea5t trong ng\u1eafn h\u1ea1n kh\u00f3 c\u00f3 th\u1ec3 x\u1ea3y ra. \u0110\u1ed1i v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0, c\u1ea7n ph\u1ea3i chuy\u1ec3n t\u1eeb \u201c\u0111\u1ea7u c\u01a1 d\u1ef1a tr\u00ean th\u1eddi gian trong chu k\u1ef3 c\u1eaft gi\u1ea3m l\u00e3i su\u1ea5t\u201d sang \u201cqu\u1ea3n l\u00fd l\u1ee3i su\u1ea5t theo ti\u00eau chu\u1ea9n m\u1edbi l\u00e0 l\u00e3i su\u1ea5t cao\u201d, x\u00e2y d\u1ef1ng l\u1ea1i khu\u00f4n kh\u1ed5 ph\u00e2n b\u1ed5 t\u00e0i s\u1ea3n c\u1ee7a h\u1ecd. Nh\u00ecn chung, th\u1ecb tr\u01b0\u1eddng v\u0129 m\u00f4 to\u00e0n c\u1ea7u hi\u1ec7n \u0111ang trong giai \u0111o\u1ea1n t\u00e1i c\u00e2n b\u1eb1ng gi\u1eefa k\u1ef3 v\u1ecdng ch\u00ednh s\u00e1ch v\u00e0 c\u00e1c nguy\u00ean t\u1eafc c\u01a1 b\u1ea3n. S\u1ef1 t\u1ed3n t\u1ea1i c\u1ee7a c\u00fa s\u1ed1c n\u0103ng l\u01b0\u1ee3ng, l\u1ea1m ph\u00e1t dai d\u1eb3ng v\u00e0 quy\u1ebft t\u00e2m ch\u00ednh s\u00e1ch c\u1ee7a c\u00e1c ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng s\u1ebd l\u00e0 ba bi\u1ebfn s\u1ed1 c\u1ed1t l\u00f5i quy\u1ebft \u0111\u1ecbnh xu h\u01b0\u1edbng gi\u00e1 t\u00e0i s\u1ea3n trong t\u01b0\u01a1ng lai.<\/p>","protected":false},"excerpt":{"rendered":"

Kh\u00e1m ph\u00e1 l\u00fd do t\u1ea1i sao tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7 to\u00e0n c\u1ea7u ph\u1ea3i \u0111\u1ed1i m\u1eb7t v\u1edbi vi\u1ec7c \u0111\u1ecbnh gi\u00e1 l\u1ea1i khi l\u1ea1m ph\u00e1t do n\u0103ng l\u01b0\u1ee3ng th\u00fac \u0111\u1ea9y khi\u1ebfn l\u00e3i su\u1ea5t Kho b\u1ea1c l\u00ean m\u1ee9c cao nh\u1ea5t trong nhi\u1ec1u n\u0103m v\u00e0 g\u00e2y ra s\u1ef1 chia r\u1ebd ch\u00ednh s\u00e1ch c\u1ee7a Fed.<\/p>","protected":false},"author":1,"featured_media":9836,"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":[923,922,924],"class_list":["post-9835","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financial-news","tag-bond-yield-repricing","tag-fed-interest-rate-decision","tag-global-sovereign-bonds"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.mdwcc.com\/vi\/wp-json\/wp\/v2\/posts\/9835","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=9835"}],"version-history":[{"count":1,"href":"https:\/\/www.mdwcc.com\/vi\/wp-json\/wp\/v2\/posts\/9835\/revisions"}],"predecessor-version":[{"id":9840,"href":"https:\/\/www.mdwcc.com\/vi\/wp-json\/wp\/v2\/posts\/9835\/revisions\/9840"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.mdwcc.com\/vi\/wp-json\/wp\/v2\/media\/9836"}],"wp:attachment":[{"href":"https:\/\/www.mdwcc.com\/vi\/wp-json\/wp\/v2\/media?parent=9835"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.mdwcc.com\/vi\/wp-json\/wp\/v2\/categories?post=9835"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.mdwcc.com\/vi\/wp-json\/wp\/v2\/tags?post=9835"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}