{"id":9954,"date":"2026-10-19T09:40:36","date_gmt":"2026-10-19T09:40:36","guid":{"rendered":"https:\/\/www.mdwcc.com\/?p=9954"},"modified":"2026-10-19T09:40:43","modified_gmt":"2026-10-19T09:40:43","slug":"the-tug-of-war-between-the-cooling-of-the-ai-boom-and-persistent-inflation-the-underlying-connection-between-the-federal-reserves-october-policy-decision-and-the-u-s-treas","status":"publish","type":"post","link":"https:\/\/www.mdwcc.com\/vi\/the-tug-of-war-between-the-cooling-of-the-ai-boom-and-persistent-inflation-the-underlying-connection-between-the-federal-reserves-october-policy-decision-and-the-u-s-treas\/","title":{"rendered":"Cu\u1ed9c gi\u1eb1ng co gi\u1eefa s\u1ef1 h\u1ea1 nhi\u1ec7t c\u1ee7a s\u1ef1 b\u00f9ng n\u1ed5 AI v\u00e0 l\u1ea1m ph\u00e1t dai d\u1eb3ng: M\u1ed1i li\u00ean h\u1ec7 c\u01a1 b\u1ea3n gi\u1eefa quy\u1ebft \u0111\u1ecbnh ch\u00ednh s\u00e1ch th\u00e1ng 10 c\u1ee7a C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang v\u00e0 th\u1ecb tr\u01b0\u1eddng Kho b\u1ea1c Hoa K\u1ef3"},"content":{"rendered":"

C\u00e1c th\u1ecb tr\u01b0\u1eddng th\u01b0\u1eddng xem s\u1ef1 kh\u00e1c bi\u1ec7t v\u1ec1 ch\u00ednh s\u00e1ch c\u1ee7a Fed, s\u1ef1 s\u1ee5t gi\u1ea3m c\u1ee7a c\u1ed5 phi\u1ebfu c\u00f4ng ngh\u1ec7 AI v\u00e0 s\u1ef1 ph\u1ee5c h\u1ed3i c\u1ee7a tr\u00e1i phi\u1ebfu kho b\u1ea1c Hoa K\u1ef3 l\u00e0 ba ch\u1ee7 \u0111\u1ec1 \u0111\u1ed9c l\u1eadp. ACE Markets, sau khi x\u00e1c th\u1ef1c ch\u00e9o, tin r\u1eb1ng ba \u0111i\u1ec1u n\u00e0y l\u00e0 ba bi\u1ec3u hi\u1ec7n c\u1ee7a c\u00f9ng m\u1ed9t logic: chu k\u1ef3 v\u1ed1n AI \u0111\u00e3 th\u00fac \u0111\u1ea9y l\u1ea1m ph\u00e1t hi\u1ec7n t\u1ea1i v\u00e0 b\u00e1n th\u00e1o tr\u00e1i phi\u1ebfu kho b\u1ea1c Hoa K\u1ef3, \u0111\u1ed3ng th\u1eddi vi\u1ec7c h\u1ea1 nhi\u1ec7t bi\u00ean c\u1ee7a n\u00f3 \u0111ang \u0111\u1ecbnh h\u00ecnh l\u1ea1i k\u1ef3 v\u1ecdng t\u0103ng l\u00e3i su\u1ea5t v\u00e0 \u0111\u1ecbnh gi\u00e1 t\u00e0i s\u1ea3n. S\u1ef1 kh\u00e1c bi\u1ec7t v\u1ec1 ch\u00ednh s\u00e1ch, x\u00e1c su\u1ea5t t\u0103ng l\u00e3i su\u1ea5t dao \u0111\u1ed9ng v\u00e0 s\u1ef1 \u0111i\u1ec1u ch\u1ec9nh trong m\u1ed1i t\u01b0\u01a1ng quan gi\u1eefa c\u1ed5 phi\u1ebfu v\u00e0 tr\u00e1i phi\u1ebfu v\u1ec1 c\u01a1 b\u1ea3n \u0111\u1ec1u xoay quanh c\u00f9ng m\u1ed9t bi\u1ebfn s\u1ed1 c\u1ed1t l\u00f5i - li\u1ec7u t\u00e1c \u0111\u1ed9ng c\u1ee7a AI \u0111\u1ed1i v\u1edbi l\u1ea1m ph\u00e1t v\u00e0 m\u00f4i tr\u01b0\u1eddng t\u00e0i ch\u00ednh c\u00f3 \u0111ang suy y\u1ebfu hay kh\u00f4ng. Ch\u1ec9 nh\u00ecn v\u00e0o CPI ho\u1eb7c ch\u1ec9 nh\u00ecn v\u00e0o di\u1ec5n bi\u1ebfn c\u1ee7a c\u1ed5 phi\u1ebfu c\u00f4ng ngh\u1ec7 s\u1ebd d\u1eabn \u0111\u1ebfn nh\u1eefng \u0111\u00e1nh gi\u00e1 sai l\u1ea7m v\u1ec1 ch\u00ednh s\u00e1ch v\u00e0 xu h\u01b0\u1edbng th\u1ecb tr\u01b0\u1eddng.<\/p>\n

Vi\u1ec7c ph\u00e2n chia k\u1ef3 v\u1ecdng t\u0103ng l\u00e3i su\u1ea5t v\u1ec1 c\u01a1 b\u1ea3n l\u00e0 s\u1ef1 b\u1ea5t \u0111\u1ed3ng trong vi\u1ec7c \u0111\u00e1nh gi\u00e1 \u201chi\u1ec7u \u1ee9ng l\u1ea1m ph\u00e1t AI\u201d.<\/h2>\n

\u0110\u1ecbnh gi\u00e1 c\u1ee7a th\u1ecb tr\u01b0\u1eddng trong quy\u1ebft \u0111\u1ecbnh th\u00e1ng 10 \u0111\u01b0\u1ee3c ph\u00e2n chia r\u00f5 r\u00e0ng: h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai l\u00e3i su\u1ea5t ch\u1ec9 t\u00ednh \u0111\u1ebfn x\u00e1c su\u1ea5t t\u0103ng l\u00e3i su\u1ea5t l\u00e0 17%, trong khi nh\u1eefng k\u1ef3 v\u1ecdng ph\u1ed5 bi\u1ebfn v\u1eabn kh\u00f4ng thay \u0111\u1ed5i; tuy nhi\u00ean, c\u00e1c nh\u00e0 kinh t\u1ebf h\u00e0ng \u0111\u1ea7u \u0111\u00e1nh gi\u00e1 t\u1ef7 l\u1ec7 n\u00e0y l\u00e0 g\u1ea7n 50\/50, v\u1edbi m\u1ed9t s\u1ed1 t\u1ed5 ch\u1ee9c d\u1ef1 \u0111o\u00e1n c\u00e1c \u0111\u1ee3t t\u0103ng l\u00e3i su\u1ea5t li\u00ean ti\u1ebfp v\u00e0o th\u00e1ng 10 v\u00e0 th\u00e1ng 12. S\u1ef1 kh\u00e1c bi\u1ec7t r\u00f5 r\u00e0ng b\u1eaft ngu\u1ed3n t\u1eeb l\u1ea1m ph\u00e1t cao h\u01a1n d\u1ef1 ki\u1ebfn, nh\u01b0ng \u1edf m\u1ee9c \u0111\u1ed9 s\u00e2u h\u01a1n, n\u00f3 ph\u1ea3n \u00e1nh s\u1ef1 kh\u00e1c bi\u1ec7t trong \u0111\u00e1nh gi\u00e1 v\u1ec1 t\u00e1c \u0111\u1ed9ng l\u1ea1m ph\u00e1t c\u1ee7a chu k\u1ef3 v\u1ed1n AI.<\/p>\n

\"\u5c40\u90e8\u622a\u53d6_20261019_142311\"<\/p>\n

Hawks tin r\u1eb1ng CPI th\u00e1ng 9 t\u0103ng 3,7% so v\u1edbi c\u00f9ng k\u1ef3 v\u00e0 PPI \u0111\u1ea1t 6,3%, k\u00e8m theo \u00e1p l\u1ef1c kh\u00f4ng ch\u1ec9 gi\u1edbi h\u1ea1n \u1edf l\u0129nh v\u1ef1c n\u0103ng l\u01b0\u1ee3ng. L\u1ea1m ph\u00e1t \u0111ang lan r\u1ed9ng ra nhi\u1ec1u khu v\u1ef1c h\u01a1n, do s\u1ef1 ph\u00e1t tri\u1ec3n kh\u00f4ng ng\u1eebng c\u1ee7a c\u01a1 s\u1edf h\u1ea1 t\u1ea7ng AI \u2013 \u0111\u1ea7u t\u01b0 v\u00e0o s\u1ee9c m\u1ea1nh \u0111i\u1ec7n to\u00e1n \u0111ang th\u00fac \u0111\u1ea9y nhu c\u1ea7u v\u1ec1 chip, n\u0103ng l\u01b0\u1ee3ng v\u00e0 trung t\u00e2m d\u1eef li\u1ec7u, khi\u1ebfn l\u1ea1m ph\u00e1t kh\u00f3 gi\u1ea3m nhanh. H\u1ea1n ch\u1ebf l\u00e3i su\u1ea5t hi\u1ec7n t\u1ea1i \u1edf m\u1ee9c 3,75%\u20134% l\u00e0 kh\u00f4ng \u0111\u1ee7 v\u00e0 c\u1ea7n ph\u1ea3i t\u0103ng l\u00e3i su\u1ea5t li\u00ean t\u1ee5c \u0111\u1ec3 x\u00e2y d\u1ef1ng l\u1ea1i uy t\u00edn ch\u00ednh s\u00e1ch. M\u1eb7t kh\u00e1c, phe th\u1eadn tr\u1ecdng c\u0169ng ng\u1ea7m xem x\u00e9t bi\u1ebfn AI. N\u1ebfu s\u1ef1 b\u00f9ng n\u1ed5 \u0111\u1ea7u t\u01b0 v\u00e0o AI h\u1ea1 nhi\u1ec7t \u1edf m\u1ee9c c\u1eadn bi\u00ean, n\u00f3 s\u1ebd t\u1ef1 \u0111\u1ed9ng th\u1eaft ch\u1eb7t c\u00e1c \u0111i\u1ec1u ki\u1ec7n t\u00e0i ch\u00ednh, ng\u0103n ch\u1eb7n nhu c\u1ea7u v\u00e0 l\u1ea1m ph\u00e1t. C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang s\u1ebd kh\u00f4ng c\u1ea7n ph\u1ea3i t\u00edch c\u1ef1c t\u0103ng l\u00e3i su\u1ea5t m\u1ed9t c\u00e1ch m\u1ea1nh m\u1ebd, do \u0111\u00f3, n\u00f3 c\u00f3 xu h\u01b0\u1edbng k\u00e9o d\u00e0i kho\u1ea3ng th\u1eddi gian gi\u1eefa c\u00e1c l\u1ea7n t\u0103ng l\u00e3i su\u1ea5t v\u00e0 ch\u1edd \u0111\u1ee3i th\u00eam d\u1eef li\u1ec7u \u2013 h\u1ecd kh\u00f4ng ch\u1ec9 quan s\u00e1t ch\u1ec9 s\u1ed1 CPI m\u00e0 c\u00f2n theo d\u00f5i xu h\u01b0\u1edbng th\u1ef1c t\u1ebf c\u1ee7a chi ti\u00eau v\u1ed1n AI.<\/p>\n

Vi\u1ec7c Warsh t\u1eeb ch\u1ed1i \u0111\u01b0a ra h\u01b0\u1edbng d\u1eabn tr\u01b0\u1edbc t\u1ea1i cu\u1ed9c h\u1ecdp th\u01b0\u1eddng ni\u00ean c\u1ee7a IMF kh\u00f4ng ch\u1ec9 \u0111\u01a1n gi\u1ea3n l\u00e0 do \u201cs\u1ef1 ph\u1ee5 thu\u1ed9c v\u00e0o d\u1eef li\u1ec7u\u201d, m\u00e0 l\u00e0 v\u00ec chu k\u1ef3 AI \u0111ang \u1edf m\u1ed9t b\u01b0\u1edbc ngo\u1eb7t, m\u1ed9t giai \u0111o\u1ea1n g\u00e2y tranh c\u00e3i v\u00e0 kh\u00f4ng ch\u1eafc ch\u1eafn. Th\u1eddi \u0111i\u1ec3m b\u1ea7u c\u1eed ch\u1ec9 l\u00e0 y\u1ebfu t\u1ed1 ph\u1ee5; c\u1ed1t l\u00f5i c\u1ee7a s\u1ef1 b\u1ea5t \u0111\u1ed3ng n\u1ed9i b\u1ed9 n\u1eb1m \u1edf nh\u1eefng \u0111\u00e1nh gi\u00e1 kh\u00e1c nhau v\u1ec1 t\u00e1c \u0111\u1ed9ng l\u1ea1m ph\u00e1t c\u1ee7a AI v\u00e0 l\u00e0 l\u00fd do c\u01a1 b\u1ea3n khi\u1ebfn s\u1ef1 b\u1ea5t \u1ed5n v\u1ec1 ch\u00ednh s\u00e1ch trong v\u00f2ng n\u00e0y v\u01b0\u1ee3t xa so v\u1edbi tr\u01b0\u1edbc \u0111\u00e2y.<\/p>\n

Xu h\u01b0\u1edbng ngh\u1ecbch \u0111\u1ea3o c\u1ee7a c\u1ed5 phi\u1ebfu v\u00e0 tr\u00e1i phi\u1ebfu l\u00e0 k\u1ebft qu\u1ea3 c\u1ee7a vi\u1ec7c \u0111\u1ecbnh gi\u00e1 tr\u01b0\u1edbc v\u00e0 t\u1ef1 \u0111i\u1ec1u ch\u1ec9nh logic \u201cAI \u2192 t\u0103ng l\u00e3i su\u1ea5t\u201d.<\/h2>\n

Ch\u1ec9 s\u1ed1 Nasdaq 100 gi\u1ea3m 5,5% ch\u1ec9 trong m\u1ed9t tu\u1ea7n v\u00e0 l\u00e3i su\u1ea5t tr\u00e1i phi\u1ebfu kho b\u1ea1c M\u1ef9 k\u1ef3 h\u1ea1n 10 n\u0103m gi\u1ea3m 17 \u0111i\u1ec3m c\u01a1 b\u1ea3n trong c\u00f9ng k\u1ef3, \u0111i\u1ec1u n\u00e0y ph\u00f9 h\u1ee3p v\u1edbi nh\u1eefng thay \u0111\u1ed5i trong k\u1ef3 v\u1ecdng ch\u00ednh s\u00e1ch.<\/p>\n

D\u1ef1 ki\u1ebfn \u200b\u200bt\u1ef1 \u0111i\u1ec1u ch\u1ec9nh <\/strong>: Sau khi c\u00f4ng b\u1ed1 d\u1eef li\u1ec7u l\u1ea1m ph\u00e1t, x\u00e1c su\u1ea5t t\u0103ng l\u00e3i su\u1ea5t trong th\u00e1ng 10 t\u1eebng t\u0103ng l\u00ean g\u1ea7n 50%, nh\u01b0ng nhanh ch\u00f3ng gi\u1ea3m tr\u1edf l\u1ea1i do l\u0129nh v\u1ef1c AI ti\u1ebfp t\u1ee5c b\u1ecb b\u00e1n th\u00e1o. Th\u1ecb tr\u01b0\u1eddng \u0111ang \u0111\u1ecbnh gi\u00e1: T\u00e0i s\u1ea3n tr\u00ed tu\u1ec7 nh\u00e2n t\u1ea1o gi\u1ea3m \u2192 chi ph\u00ed t\u00e0i ch\u00ednh t\u0103ng, m\u1ee9c \u0111\u1ed9 s\u1eb5n s\u00e0ng chi ti\u00eau gi\u1ea3m \u2192 nhu c\u1ea7u h\u1ea1 nhi\u1ec7t \u2192 gi\u1ea3m b\u1edbt l\u1ea1m ph\u00e1t \u2192 Fed gi\u1ea3m t\u1ed1c \u0111\u1ed9 th\u1eaft ch\u1eb7t. B\u1ea3n th\u00e2n s\u1ef1 \u0111i\u1ec1u ch\u1ec9nh trong l\u0129nh v\u1ef1c AI \u0111ang \u0111\u00f3ng vai tr\u00f2 \u201cgi\u1ed1ng nh\u01b0 t\u0103ng l\u00e3i su\u1ea5t\u201d trong vi\u1ec7c th\u1eaft ch\u1eb7t c\u00e1c \u0111i\u1ec1u ki\u1ec7n t\u00e0i ch\u00ednh, thay th\u1ebf m\u1ed9t ph\u1ea7n cho c\u00e1c h\u00e0nh \u0111\u1ed9ng ch\u00ednh s\u00e1ch.<\/p>\n

\"\u5c40\u90e8\u622a\u53d6_20261019_142438\"<\/p>\n

Gi\u1ea3m b\u1edbt \u00e1p l\u1ef1c cung c\u1ea7u <\/strong>: M\u1ed9t trong nh\u1eefng nguy\u00ean nh\u00e2n ch\u00ednh d\u1eabn \u0111\u1ebfn \u0111\u1ee3t b\u00e1n th\u00e1o tr\u00e1i phi\u1ebfu Kho b\u1ea1c Hoa K\u1ef3 k\u00e9o d\u00e0i b\u1ea3y th\u00e1ng li\u00ean ti\u1ebfp l\u00e0 vi\u1ec7c ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p quy m\u00f4 l\u1edbn do s\u1ef1 b\u00f9ng n\u1ed5 AI, c\u1ea1nh tranh ngu\u1ed3n v\u1ed1n v\u1edbi tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7 \u2014 vi\u1ec7c ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p c\u1ea5p \u0111\u1ea7u t\u01b0 \u0111\u00e3 t\u0103ng 29% so v\u1edbi c\u00f9ng k\u1ef3 n\u0103m tr\u01b0\u1edbc, v\u1edbi ph\u1ea7n l\u1edbn t\u1eadp trung v\u00e0o s\u1ee9c m\u1ea1nh t\u00ednh to\u00e1n v\u00e0 c\u01a1 s\u1edf h\u1ea1 t\u1ea7ng c\u00f4ng ngh\u1ec7. Khi ho\u1ea1t \u0111\u1ed9ng giao d\u1ecbch AI suy y\u1ebfu v\u00e0 tr\u00e1i phi\u1ebfu t\u00edn d\u1ee5ng do c\u00e1c c\u00f4ng ty \u0111i\u1ec7n to\u00e1n nh\u01b0 CoreWeave ph\u00e1t h\u00e0nh suy gi\u1ea3m, th\u00ec c\u1ea3 s\u1ef1 s\u1eb5n l\u00f2ng v\u00e0 n\u0103ng l\u1ef1c ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu c\u1ee7a c\u00e1c c\u00f4ng ty \u0111\u1ec1u gi\u1ea3m, l\u00e0m gi\u1ea3m nh\u1eb9 s\u1ef1 c\u1ea1nh tranh \u0111\u1ed1i v\u1edbi Kho b\u1ea1c Hoa K\u1ef3. \u0110\u00e2y l\u00e0 s\u1ef1 h\u1ed7 tr\u1ee3 c\u01a1 b\u1ea3n cho s\u1ef1 ph\u1ee5c h\u1ed3i c\u1ee7a Kho b\u1ea1c Hoa K\u1ef3, thay v\u00ec ch\u1ec9 \u0111\u01a1n gi\u1ea3n \u0111\u01b0\u1ee3c th\u00fac \u0111\u1ea9y b\u1edfi c\u00e1c qu\u1ef9 tr\u00fa \u1ea9n an to\u00e0n.<\/p>\n

T\u0103ng v\u1ecb th\u1ebf nh\u01b0ng kh\u00f4ng ph\u1ea3i nguy\u00ean nh\u00e2n ch\u00ednh <\/strong>: Vi\u1ec7c CTA thanh l\u00fd h\u00e0ng lo\u1ea1t c\u00e1c v\u1ecb th\u1ebf b\u00e1n kh\u1ed1ng trong Kho b\u1ea1c Hoa K\u1ef3 \u0111\u00e3 l\u00e0m t\u0103ng th\u00eam s\u1ef1 s\u1ee5t gi\u1ea3m l\u1ee3i su\u1ea5t, nh\u01b0ng nguy\u00ean nh\u00e2n v\u1eabn l\u00e0 s\u1ef1 \u0111i\u1ec1u ch\u1ec9nh k\u1ef3 v\u1ecdng do s\u1ef1 c\u01b0\u1eddng \u0111i\u1ec7u v\u1ec1 AI \u0111ang suy y\u1ebfu mang l\u1ea1i. S\u1ef1 nh\u1ea5n m\u1ea1nh chung c\u1ee7a nh\u1eefng g\u00e3 kh\u1ed5ng l\u1ed3 trong ng\u00e0nh v\u1ec1 tri\u1ec3n v\u1ecdng d\u00e0i h\u1ea1n c\u1ee7a AI \u0111\u00e3 x\u00e1c nh\u1eadn m\u1ed9t c\u00e1ch tr\u1edb tr\u00eau thay s\u1ef1 ho\u00e0i nghi ng\u00e0y c\u00e0ng t\u0103ng c\u1ee7a th\u1ecb tr\u01b0\u1eddng v\u1ec1 l\u1ee3i nhu\u1eadn v\u1ed1n v\u00e0 t\u1ed1c \u0111\u1ed9 \u0111\u1ea7u t\u01b0 c\u1ee7a h\u1ecd.<\/p>\n

S\u1ef1 ph\u1ee5c h\u1ed3i kh\u00f3 c\u00f3 th\u1ec3 cho th\u1ea5y s\u1ef1 \u0111\u1ea3o ng\u01b0\u1ee3c xu h\u01b0\u1edbng; hai l\u1ef1c l\u01b0\u1ee3ng v\u1eabn \u0111ang gi\u1eb1ng co.<\/h2>\n

M\u1eb7c d\u00f9 ch\u1ee9c n\u0103ng tr\u00fa \u1ea9n an to\u00e0n c\u1ee7a tr\u00e1i phi\u1ebfu kho b\u1ea1c M\u1ef9 \u0111\u00e3 d\u1ea7n d\u1ea7n quay tr\u1edf l\u1ea1i nh\u01b0ng v\u1eabn c\u00f2n qu\u00e1 s\u1edbm \u0111\u1ec3 x\u00e1c \u0111\u1ecbnh li\u1ec7u th\u1ecb tr\u01b0\u1eddng gi\u00e1 xu\u1ed1ng \u0111\u00e3 k\u1ebft th\u00fac hay chu k\u1ef3 th\u1eaft ch\u1eb7t \u0111\u00e3 k\u1ebft th\u00fac. B\u1ea5t k\u1ef3 di\u1ec5n bi\u1ebfn b\u1ea5t ng\u1edd n\u00e0o c\u0169ng c\u00f3 th\u1ec3 nhanh ch\u00f3ng \u0111\u1ea3o ng\u01b0\u1ee3c xu h\u01b0\u1edbng th\u1ecb tr\u01b0\u1eddng.<\/p>\n

R\u1ee7i ro t\u0103ng gi\u00e1 <\/strong>: N\u1ebfu AI ch\u1ec9 tr\u1ea3i qua m\u1ed9t \u0111\u1ee3t tho\u00e1i lui ng\u1eafn h\u1ea1n v\u00e0 chi ti\u00eau v\u1ed1n t\u0103ng t\u1ed1c tr\u1edf l\u1ea1i, c\u00f9ng v\u1edbi c\u0103ng th\u1eb3ng \u0111\u1ecba ch\u00ednh tr\u1ecb \u1edf Trung \u0110\u00f4ng \u0111\u1ea9y gi\u00e1 n\u0103ng l\u01b0\u1ee3ng l\u00ean cao, th\u00ec l\u1ea1m ph\u00e1t s\u1ebd c\u00f3 \u0111\u1ed9ng l\u1ef1c t\u0103ng m\u1edbi, c\u00f3 kh\u1ea3 n\u0103ng d\u1eabn \u0111\u1ebfn t\u0103ng l\u00e3i su\u1ea5t trong n\u0103m nay ho\u1eb7c th\u1eadm ch\u00ed n\u1ed1i l\u1ea1i ch\u00ednh s\u00e1ch th\u1eaft ch\u1eb7t chuy\u00ean s\u00e2u, v\u1edbi vi\u1ec7c l\u00e3i su\u1ea5t tr\u00e1i phi\u1ebfu kho b\u1ea1c M\u1ef9 m\u1ed9t l\u1ea7n n\u1eefa th\u00e1ch th\u1ee9c m\u1ee9c cao tr\u01b0\u1edbc \u0111\u00f3. Hai b\u1ed9 d\u1eef li\u1ec7u cung c\u1ea5p h\u1ed7 tr\u1ee3 ch\u00e9o: th\u00e0nh ph\u1ea7n n\u0103ng l\u01b0\u1ee3ng v\u1eabn l\u00e0 \u0111\u1ed9ng l\u1ef1c quan tr\u1ecdng c\u1ee7a CPI v\u00e0 gi\u00e1 d\u1ea7u c\u00f3 th\u1ec3 nhanh ch\u00f3ng t\u00e1c \u0111\u1ed9ng \u0111\u1ebfn k\u1ef3 v\u1ecdng l\u1ea1m ph\u00e1t; ngu\u1ed3n cung tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p v\u1eabn \u1edf m\u1ee9c cao v\u00e0 m\u1ed9t khi kh\u1ea9u v\u1ecb r\u1ee7i ro ph\u1ee5c h\u1ed3i, hi\u1ec7u \u1ee9ng l\u1ea5n \u00e1t \u0111\u1ed1i v\u1edbi Kho b\u1ea1c Hoa K\u1ef3 s\u1ebd ngay l\u1eadp t\u1ee9c xu\u1ea5t hi\u1ec7n tr\u1edf l\u1ea1i.<\/p>\n

\"\u5c40\u90e8\u622a\u53d6_20261019_142626\"<\/p>\n

R\u1ee7i ro gi\u1ea3m gi\u00e1 <\/strong>: N\u1ebfu \u0111\u1ea7u t\u01b0 AI gi\u1ea3m \u0111\u00e1ng k\u1ec3, nhu c\u1ea7u gi\u1ea3m nhanh ch\u00f3ng v\u00e0 l\u1ea1m ph\u00e1t gi\u1ea3m b\u1edbt, C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang c\u00f3 th\u1ec3 kh\u00f4ng ch\u1ec9 ng\u1eebng t\u0103ng l\u00e3i su\u1ea5t m\u00e0 th\u1eadm ch\u00ed c\u00f2n chuy\u1ec3n sang quan \u0111i\u1ec3m n\u1edbi l\u1ecfng. Tuy nhi\u00ean, b\u1eb1ng ch\u1ee9ng cho k\u1ecbch b\u1ea3n n\u00e0y l\u00e0 ch\u01b0a \u0111\u1ee7 \u2013 c\u00e1c g\u00e3 kh\u1ed5ng l\u1ed3 v\u1eabn \u0111ang t\u0103ng c\u01b0\u1eddng \u0111\u1ea7u t\u01b0 d\u00e0i h\u1ea1n v\u00e0 vi\u1ec7c gi\u1ea3m chi ti\u00eau v\u1ed1n ph\u1ea7n l\u1edbn v\u1eabn l\u00e0 k\u1ef3 v\u1ecdng, ch\u01b0a \u0111\u01b0\u1ee3c ph\u1ea3n \u00e1nh trong d\u1eef li\u1ec7u l\u1ea1m ph\u00e1t.<\/p>\n

K\u1ecbch b\u1ea3n c\u01a1 s\u1edf <\/strong>: Chu k\u1ef3 AI bi\u1ebfn \u0111\u1ed9ng \u1edf m\u1ee9c cao, l\u1ea1m ph\u00e1t \u1ed5n \u0111\u1ecbnh nh\u01b0ng kh\u00f4ng ngo\u00e0i t\u1ea7m ki\u1ec3m so\u00e1t, l\u00e3i su\u1ea5t kh\u00f4ng thay \u0111\u1ed5i trong th\u00e1ng 10 nh\u01b0ng v\u1eabn gi\u1eef nguy\u00ean ph\u01b0\u01a1ng \u00e1n t\u0103ng l\u00e3i su\u1ea5t trong n\u0103m nay, l\u1ee3i su\u1ea5t tr\u00e1i phi\u1ebfu kho b\u1ea1c M\u1ef9 li\u00ean t\u1ee5c dao \u0111\u1ed9ng trong bi\u00ean \u0111\u1ed9 cao. C\u00f3 nh\u1eefng c\u01a1 h\u1ed9i mang t\u00ednh c\u01a1 c\u1ea5u trong vi\u1ec7c b\u00e1n qu\u00e1 m\u1ee9c tr\u00e1i phi\u1ebfu doanh nghi\u1ec7p \u0111\u01b0\u1ee3c x\u1ebfp h\u1ea1ng cao v\u00e0 Kho b\u1ea1c Hoa K\u1ef3 ng\u1eafn h\u1ea1n, trong khi tr\u00e1i phi\u1ebfu d\u00e0i h\u1ea1n v\u1eabn ch\u1ecbu \u00e1p l\u1ef1c t\u1eeb c\u1ea3 ngu\u1ed3n cung t\u00e0i ch\u00ednh v\u00e0 k\u1ef3 v\u1ecdng l\u1ea1m ph\u00e1t.<\/p>\n

Logic k\u1ebft n\u1ed1i c\u1ee7a m\u00f4i tr\u01b0\u1eddng l\u00e3i su\u1ea5t cao to\u00e0n c\u1ea7u<\/h2>\n

Chu\u1ed7i \u201cchu k\u1ef3 v\u1ed1n \u2192 l\u1ea1m ph\u00e1t \u2192 ch\u00ednh s\u00e1ch ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng \u2192 l\u00e3i su\u1ea5t n\u1ee3 c\u00f4ng\u201d \u0111\u01b0\u1ee3c \u00e1p d\u1ee5ng r\u1ed9ng r\u00e3i: Xung \u0111\u1ed9t \u0111\u1ecba ch\u00ednh tr\u1ecb \u1edf Trung \u0110\u00f4ng \u0111\u1ed3ng th\u1eddi \u0111\u1ea9y gi\u00e1 n\u0103ng l\u01b0\u1ee3ng \u1edf ch\u00e2u \u00c2u v\u00e0 M\u1ef9 t\u0103ng cao, t\u0103ng c\u01b0\u1eddng \u00e1p l\u1ef1c th\u1eaft ch\u1eb7t k\u00e9p l\u00ean C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang v\u00e0 Ng\u00e2n h\u00e0ng Trung \u01b0\u01a1ng ch\u00e2u \u00c2u, c\u00f9ng n\u00e2ng cao trung t\u00e2m l\u00e3i su\u1ea5t to\u00e0n c\u1ea7u; l\u1ee3i su\u1ea5t tr\u00e1i phi\u1ebfu kho b\u1ea1c Hoa K\u1ef3 \u0111\u01b0\u1ee3c \u0111\u1ea9y l\u00ean nh\u1edd chi ti\u00eau v\u1ed1n AI c\u1ee7a Hoa K\u1ef3 \u0111\u01b0\u1ee3c truy\u1ec1n ra b\u00ean ngo\u00e0i, l\u00e0m t\u0103ng th\u00eam \u00e1p l\u1ef1c t\u00e1i c\u1ea5p v\u1ed1n \u0111\u1ed1i v\u1edbi c\u00e1c qu\u1ed1c gia thu\u1ed9c khu v\u1ef1c Eurozone m\u1eafc n\u1ee3 nhi\u1ec1u nh\u01b0 Ph\u00e1p v\u00e0 \u0111\u1ea9y ch\u00eanh l\u1ec7ch n\u1ee3 ch\u00ednh ph\u1ee7 t\u0103ng l\u00ean; t\u00e2m l\u00fd ng\u1ea1i r\u1ee7i ro ph\u00e1t sinh t\u1eeb s\u1ef1 gia t\u0103ng r\u1ee7i ro n\u1ee3 c\u00f3 ch\u1ee7 quy\u1ec1n c\u1ee7a ch\u00e2u \u00c2u c\u0169ng \u0111\u00e3 d\u1eabn \u0111\u1ebfn m\u1ed9t th\u1eddi k\u1ef3 quay tr\u1edf l\u1ea1i Kho b\u1ea1c Hoa K\u1ef3, h\u00ecnh th\u00e0nh m\u1ed1i li\u00ean k\u1ebft hai chi\u1ec1u gi\u1eefa c\u00e1c th\u1ecb tr\u01b0\u1eddng. Vi\u1ec7c xem x\u00e9t b\u1ea5t k\u1ef3 th\u1ecb tr\u01b0\u1eddng ho\u1eb7c bi\u1ebfn s\u1ed1 n\u00e0o m\u1ed9t c\u00e1ch c\u00f4 l\u1eadp s\u1ebd \u0111\u00e1nh gi\u00e1 th\u1ea5p kh\u1ea3 n\u0103ng ph\u1ee5c h\u1ed3i c\u1ee7a chu k\u1ef3 l\u00e3i su\u1ea5t cao to\u00e0n c\u1ea7u n\u00e0y.<\/p>\n

\"\u5c40\u90e8\u622a\u53d6_20261012_142736\"<\/p>\n

T\u00f3m t\u1eaft<\/h2>\n

M\u00e2u thu\u1eabn c\u1ed1t l\u00f5i kh\u00f4ng ph\u1ea3i l\u00e0 \u201cd\u1eef li\u1ec7u l\u1ea1m ph\u00e1t quy\u1ebft \u0111\u1ecbnh li\u1ec7u c\u00f3 n\u00ean t\u0103ng l\u00e3i su\u1ea5t hay kh\u00f4ng\u201d m\u00e0 l\u00e0 s\u1ef1 t\u01b0\u01a1ng t\u00e1c \u0111\u1ed9ng gi\u1eefa chu k\u1ef3 v\u1ed1n AI, \u0111\u1ed9 \u1ed5n \u0111\u1ecbnh l\u1ea1m ph\u00e1t v\u00e0 \u0111\u1ed9 tin c\u1eady ch\u00ednh s\u00e1ch c\u1ee7a C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang: AI v\u1eeba l\u00e0 y\u1ebfu t\u1ed1 th\u00fac \u0111\u1ea9y l\u1ea1m ph\u00e1t v\u1eeba l\u00e0 m\u1ed9t bi\u1ebfn s\u1ed1 c\u00f3 th\u1ec3 t\u1ef1 \u0111i\u1ec1u ch\u1ec9nh; nh\u1eefng b\u1ea5t \u0111\u1ed3ng v\u1ec1 ch\u00ednh s\u00e1ch v\u1ec1 c\u01a1 b\u1ea3n l\u00e0 nh\u1eefng kh\u00e1c bi\u1ec7t trong nh\u1eadn \u0111\u1ecbnh v\u1ec1 chi\u1ec1u h\u01b0\u1edbng c\u1ee7a bi\u1ebfn s\u1ed1 n\u00e0y; v\u00e0 s\u1ef1 ph\u1ee5c h\u1ed3i c\u1ee7a tr\u00e1i phi\u1ebfu kho b\u1ea1c Hoa K\u1ef3 c\u0169ng nh\u01b0 s\u1ef1 \u0111i\u1ec1u ch\u1ec9nh c\u1ee7a c\u1ed5 phi\u1ebfu c\u00f4ng ngh\u1ec7 l\u00e0 s\u1ef1 \u0111\u1ecbnh gi\u00e1 tr\u01b0\u1edbc c\u1ee7a th\u1ecb tr\u01b0\u1eddng v\u1ec1 b\u01b0\u1edbc ngo\u1eb7t.<\/p>\n

ACE Markets tu\u00e2n th\u1ee7 x\u00e1c th\u1ef1c ch\u00e9o \u0111a lu\u1ed3ng, th\u00e2m nh\u1eadp c\u00e1c bi\u1ebfn \u0111\u1ed9ng gi\u00e1 b\u1ec1 m\u1eb7t \u0111\u1ec3 x\u00e2y d\u1ef1ng l\u1ea1i chu\u1ed7i truy\u1ec1n t\u1ea3i ho\u00e0n ch\u1ec9nh c\u1ee7a \u201cAI\u2014L\u1ea1m ph\u00e1t\u2014Ch\u00ednh s\u00e1ch\u2014T\u00e0i s\u1ea3n\u201d. Trong t\u01b0\u01a1ng lai, n\u00f3 s\u1ebd t\u1eadp trung theo d\u00f5i ba t\u00edn hi\u1ec7u ch\u00ednh <\/strong>: Chi ti\u00eau v\u1ed1n c\u1ee7a c\u00f4ng ty AI v\u00e0 hi\u1ec7u su\u1ea5t tr\u00e1i phi\u1ebfu t\u00edn d\u1ee5ng, h\u01b0\u1edbng d\u1eabn d\u1ef1 ki\u1ebfn \u200b\u200bc\u1ee7a Fed cho cu\u1ed9c h\u1ecdp th\u00e1ng 10 v\u00e0 nh\u1eefng thay \u0111\u1ed5i nh\u1ecf trong d\u1ea7u th\u00f4 v\u00e0 l\u1ea1m ph\u00e1t c\u01a1 b\u1ea3n.<\/p>","protected":false},"excerpt":{"rendered":"

T\u00ecm hi\u1ec3u c\u00e1ch chu k\u1ef3 v\u1ed1n AI li\u00ean k\u1ebft l\u1ea1m ph\u00e1t, ch\u00ednh s\u00e1ch c\u1ee7a Fed v\u00e0 l\u00e3i su\u1ea5t tr\u00e1i phi\u1ebfu kho b\u1ea1c c\u0169ng nh\u01b0 l\u00fd do t\u1ea1i sao t\u1ef7 l\u1ec7 t\u0103ng l\u00e3i su\u1ea5t v\u00e0 bi\u1ebfn \u0111\u1ed9ng tr\u00e1i phi\u1ebfu ch\u1ee9ng kho\u00e1n l\u1ea1i di chuy\u1ec3n c\u00f9ng nhau.<\/p>","protected":false},"author":1,"featured_media":9955,"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":[1008,1007,888],"class_list":["post-9954","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financial-news","tag-ai-capital-cycle","tag-fed-policy","tag-us-treasury-yields"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.mdwcc.com\/vi\/wp-json\/wp\/v2\/posts\/9954","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=9954"}],"version-history":[{"count":1,"href":"https:\/\/www.mdwcc.com\/vi\/wp-json\/wp\/v2\/posts\/9954\/revisions"}],"predecessor-version":[{"id":9960,"href":"https:\/\/www.mdwcc.com\/vi\/wp-json\/wp\/v2\/posts\/9954\/revisions\/9960"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.mdwcc.com\/vi\/wp-json\/wp\/v2\/media\/9955"}],"wp:attachment":[{"href":"https:\/\/www.mdwcc.com\/vi\/wp-json\/wp\/v2\/media?parent=9954"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.mdwcc.com\/vi\/wp-json\/wp\/v2\/categories?post=9954"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.mdwcc.com\/vi\/wp-json\/wp\/v2\/tags?post=9954"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}