{"id":10736,"date":"2026-07-29T16:14:44","date_gmt":"2026-07-29T08:14:44","guid":{"rendered":"https:\/\/www.kpai1.cn\/?p=10736"},"modified":"2026-07-29T16:14:47","modified_gmt":"2026-07-29T08:14:47","slug":"7%e6%9c%88%e7%be%8e%e8%81%94%e5%82%a8%e8%ae%ae%e6%81%af%e4%bc%9a%e8%ae%ae-%e5%98%b4%e7%a1%ac%e6%89%8b%e8%bd%af%e8%83%8c%e5%90%8e%e7%9a%84%e4%b8%89%e9%87%8d%e6%b7%b1","status":"publish","type":"post","link":"https:\/\/www.kpai1.cn\/vi\/luu-tru\/10736","title":{"rendered":"Cu\u1ed9c h\u1ecdp l\u00e3i su\u1ea5t c\u1ee7a C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang v\u00e0o th\u00e1ng 7 - tr\u00f2 ch\u01a1i s\u00e2u g\u1ea5p ba \u0111\u1eb1ng sau \"l\u1eddi n\u00f3i c\u1ee9ng r\u1eafn v\u00e0 b\u00e0n tay m\u1ec1m m\u1ea1i\""},"content":{"rendered":"

V\u00e0o \u0111\u1ea7u gi\u1edd s\u00e1ng th\u1ee9 N\u0103m theo gi\u1edd B\u1eafc Kinh, C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang s\u1ebd c\u00f4ng b\u1ed1 quy\u1ebft \u0111\u1ecbnh l\u00e3i su\u1ea5t th\u00e1ng 7. Cu\u1ed9c h\u1ecdp l\u00e3i su\u1ea5t th\u1ee9 2 sau khi t\u00e2n Ch\u1ee7 t\u1ecbch Warsh nh\u1eadm ch\u1ee9c \u0111ang r\u01a1i v\u00e0o t\u00ecnh tr\u1ea1ng ch\u00eanh l\u1ec7ch k\u1ef3 v\u1ecdng ch\u01b0a t\u1eebng c\u00f3. C\u00f4ng c\u1ee5 FedWatch c\u1ee7a CME Group cho th\u1ea5y th\u1ecb tr\u01b0\u1eddng \u0111ang \u0111\u1ecbnh gi\u00e1 g\u1ea7n 40% m\u1ee9c t\u0103ng l\u00e3i su\u1ea5t n\u00e0y v\u00e0 c\u1ea3 phe mua l\u1eabn phe b\u00e1n \u0111\u1ec1u kh\u00f4ng \u0111\u1ee7 thuy\u1ebft ph\u1ee5c. Theo quan \u0111i\u1ec3m c\u1ee7a nh\u00f3m nghi\u00ean c\u1ee9u v\u0129 m\u00f4 Wmax, cu\u1ed9c tranh lu\u1eadn tr\u00ean th\u1ecb tr\u01b0\u1eddng lu\u00f4n xoay quanh logic h\u1eddi h\u1ee3t v\u1ec1 vi\u1ec7c \"li\u1ec7u d\u1eef li\u1ec7u l\u1ea1m ph\u00e1t c\u00f3 h\u1ed7 tr\u1ee3 t\u0103ng l\u00e3i su\u1ea5t hay kh\u00f4ng\", nh\u01b0ng ch\u01b0a ch\u1ea1m \u0111\u1ebfn b\u1ea3n ch\u1ea5t c\u1ed1t l\u00f5i c\u1ee7a quy\u1ebft \u0111\u1ecbnh n\u00e0y: C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang d\u01b0\u1edbi th\u1eddi Warsh \u0111\u00e3 nh\u1ea3y ra kh\u1ecfi khu\u00f4n kh\u1ed5 ph\u1ea3n \u1ee9ng tuy\u1ebfn t\u00ednh \"ch\u00ednh s\u00e1ch d\u1eef li\u1ec7u\" truy\u1ec1n th\u1ed1ng. S\u1ef1 k\u1ebft h\u1ee3p \u0111\u01b0\u1ee3c mong \u0111\u1ee3i hi\u1ec7n nay gi\u1eefa \"tuy\u00ean truy\u1ec1n di\u1ec1u h\u00e2u xuy\u00ean su\u1ed1t nh\u01b0ng kh\u00f4ng h\u00e0nh \u0111\u1ed9ng th\u1ef1c t\u1ebf\" \u0111\u1ee9ng sau s\u1ef1 \u0111\u00e1nh \u0111\u1ed5i ch\u00ednh x\u00e1c c\u1ee7a n\u00f3 trong ba kh\u00eda c\u1ea1nh tri\u1ebft l\u00fd ch\u00ednh s\u00e1ch, ch\u01b0\u01a1ng tr\u00ecnh c\u1ea3i c\u00e1ch v\u00e0 m\u00f4i tr\u01b0\u1eddng ch\u00ednh tr\u1ecb, v\u00e0 chi\u1ec1u s\u00e2u c\u1ee7a qu\u00e1 tr\u00ecnh ra quy\u1ebft \u0111\u1ecbnh c\u1ee7a n\u00f3 v\u01b0\u1ee3t xa s\u1ef1 \u0111\u1ed3ng thu\u1eadn c\u1ee7a th\u1ecb tr\u01b0\u1eddng hi\u1ec7n t\u1ea1i.<\/p>\n

<\/a>T\u00e1i thi\u1ebft tri\u1ebft l\u00fd ch\u00ednh s\u00e1ch: \u0111\u00e1nh gi\u00e1 l\u1ea1m ph\u00e1t ngo\u00e0i khu\u00f4n kh\u1ed5 truy\u1ec1n th\u1ed1ng<\/strong><\/p>\n

S\u1ef1 leo thang xung \u0111\u1ed9t gi\u1eefa Hoa K\u1ef3 v\u00e0 Iran \u0111\u00e3 \u0111\u1ea9y gi\u00e1 n\u0103ng l\u01b0\u1ee3ng t\u0103ng cao v\u00e0 vi\u1ec7c m\u1edf r\u1ed9ng c\u01a1 s\u1edf h\u1ea1 t\u1ea7ng AI \u0111\u00e3 \u0111\u1ea9y chi ph\u00ed th\u01b0\u1ee3ng ngu\u1ed3n. \u0110\u00e2y l\u00e0 nh\u1eefng l\u00fd do c\u1ed1t l\u00f5i khi\u1ebfn th\u1ecb tr\u01b0\u1eddng hi\u1ec7n nay ch\u1ee7 tr\u01b0\u01a1ng t\u0103ng l\u00e3i su\u1ea5t. Tuy nhi\u00ean, Wmax nh\u1eadn th\u1ea5y r\u1eb1ng logic \u0111\u00e1nh gi\u00e1 t\u00e1c \u0111\u1ed9ng c\u1ee7a l\u1ea1m ph\u00e1t c\u1ee7a Warsh \u0111\u00e3 h\u00ecnh th\u00e0nh s\u1ef1 kh\u00e1c bi\u1ec7t r\u00f5 r\u00e0ng v\u1edbi c\u00e1c ch\u1ee7 t\u1ecbch Fed tr\u01b0\u1edbc \u0111\u00e2y.<\/p>\n

\"\u0110\u00e1nh<\/p>\n

M\u1ed9t m\u1eb7t, li\u00ean quan \u0111\u1ebfn bi\u1ebfn \u0111\u1ed9ng gi\u00e1 n\u0103ng l\u01b0\u1ee3ng, Warsh \u0111\u00e3 n\u00f3i r\u00f5 t\u1ea1i phi\u00ean \u0111i\u1ec1u tr\u1ea7n Th\u01b0\u1ee3ng vi\u1ec7n r\u1eb1ng nh\u1eefng c\u00fa s\u1ed1c t\u1eeb ph\u00eda cung \u0111\u1ed1i v\u1edbi m\u1ed9t m\u1eb7t h\u00e0ng n\u1eb1m ngo\u00e0i ph\u1ea1m vi ki\u1ec3m so\u00e1t tr\u1ef1c ti\u1ebfp c\u1ee7a C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang v\u00e0 kh\u00f4ng nh\u1ea5t thi\u1ebft d\u1eabn \u0111\u1ebfn l\u1ea1m ph\u00e1t t\u1ed5ng th\u1ec3 ngo\u00e0i t\u1ea7m ki\u1ec3m so\u00e1t. Ch\u1ec9 c\u1ea7n \u00e1p l\u1ef1c gi\u00e1 lan r\u1ed9ng kh\u00f4ng lan r\u1ed9ng, Fed kh\u00f4ng c\u1ea7n s\u1eed d\u1ee5ng c\u00e1c c\u00f4ng c\u1ee5 t\u0103ng l\u00e3i su\u1ea5t \u0111\u1ec3 \u1ee9ng ph\u00f3. Nh\u1eadn \u0111\u1ecbnh n\u00e0y c\u0169ng \u0111\u01b0\u1ee3c x\u00e1c nh\u1eadn b\u1edfi d\u1eef li\u1ec7u CPI th\u00e1ng 6 - tr\u01b0\u1edbc khi b\u00f9ng ph\u00e1t m\u1ed9t v\u00f2ng xung \u0111\u1ed9t m\u1edbi \u1edf Trung \u0110\u00f4ng, \u00e1p l\u1ef1c l\u1ea1m ph\u00e1t t\u1ed5ng th\u1ec3 \u1edf M\u1ef9 \u0111\u00e3 c\u00f3 xu h\u01b0\u1edbng gi\u1ea3m b\u1edbt.<\/p>\n

M\u1eb7t kh\u00e1c, Wash c\u0169ng th\u1eadn tr\u1ecdng tr\u01b0\u1edbc nh\u1eefng lo ng\u1ea1i v\u1ec1 chi ph\u00ed gia t\u0103ng do \u0111\u1ea7u t\u01b0 v\u00e0o AI mang l\u1ea1i. Theo ph\u00e2n t\u00edch c\u1ee7a Wmax, Wash \u0111\u1ecbnh ngh\u0129a vi\u1ec7c t\u0103ng gi\u00e1 li\u00ean quan \u0111\u1ebfn AI l\u00e0 \u201cs\u1ef1 \u0111i\u1ec1u ch\u1ec9nh m\u1ed9t l\u1ea7n do cung v\u00e0 c\u1ea7u kh\u00f4ng ph\u00f9 h\u1ee3p\u201d v\u00e0 tin r\u1eb1ng th\u1ecb tr\u01b0\u1eddng s\u1ebd t\u1ef1 \u0111i\u1ec1u ch\u1ec9nh th\u00f4ng qua vi\u1ec7c m\u1edf r\u1ed9ng ngu\u1ed3n cung thay v\u00ec l\u1ea1m ph\u00e1t k\u00e9o d\u00e0i \u0111\u00f2i h\u1ecfi ph\u1ea3i th\u1eaft ch\u1eb7t v\u00e0 ng\u0103n ch\u1eb7n b\u1eb1ng ch\u00ednh s\u00e1ch ti\u1ec1n t\u1ec7. \u0110\u1ecbnh ngh\u0129a ch\u1eb7t ch\u1ebd v\u1ec1 \u201cl\u1ea1m ph\u00e1t dai d\u1eb3ng\u201d n\u00e0y l\u00e0 \u0111\u1eb7c \u0111i\u1ec3m c\u1ed1t l\u00f5i c\u1ee7a khung ch\u00ednh s\u00e1ch Warsh v\u00e0 \u0111\u00e2y c\u0169ng l\u00e0 m\u1ed9t ch\u1ee9c n\u0103ng ph\u1ea3n \u1ee9ng m\u1edbi m\u00e0 h\u1ea7u h\u1ebft c\u00e1c th\u1ec3 ch\u1ebf th\u1ecb tr\u01b0\u1eddng ch\u01b0a ho\u00e0n to\u00e0n th\u00edch nghi. H\u1ecd v\u1eabn \u0111ang s\u1eed d\u1ee5ng khu\u00f4n kh\u1ed5 c\u0169 \u0111\u1ec3 t\u00ednh to\u00e1n x\u00e1c su\u1ea5t t\u0103ng l\u00e3i su\u1ea5t v\u00e0 \u0111\u01b0\u01a1ng nhi\u00ean s\u1ebd ti\u1ebfp t\u1ee5c \u0111\u00e1nh gi\u00e1 qu\u00e1 cao kh\u1ea3 n\u0103ng t\u0103ng l\u00e3i su\u1ea5t.<\/p>\n

<\/a>\u01afu ti\u00ean ch\u01b0\u01a1ng tr\u00ecnh c\u1ea3i c\u00e1ch: Ch\u1edd \u0111\u1ee3i v\u00e0 quan s\u00e1t l\u00e0 c\u00e2u gi\u1edd \u0111\u1ec3 \u0111\u1ecbnh h\u00ecnh l\u1ea1i khu\u00f4n kh\u1ed5<\/strong><\/p>\n

Kh\u00e1c v\u1edbi c\u00e1ch th\u1ecb tr\u01b0\u1eddng gi\u1ea3i th\u00edch \"kh\u00f4ng t\u0103ng l\u00e3i su\u1ea5t\" \u0111\u01a1n gi\u1ea3n l\u00e0 m\u1ed9t c\u00e1ch ti\u1ebfp c\u1eadn ch\u1edd xem \u0111\u1ed1i v\u1edbi n\u1ec1n kinh t\u1ebf, Wmax tin r\u1eb1ng m\u1ed9t trong nh\u1eefng c\u00e2n nh\u1eafc c\u1ed1t l\u00f5i \u0111\u1ec3 t\u1ea1m d\u1eebng t\u0103ng l\u00e3i su\u1ea5t l\u00e0 d\u00e0nh ch\u1ed7 cho cu\u1ed9c c\u1ea3i c\u00e1ch h\u1ec7 th\u1ed1ng c\u1ee7a C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang do Warsh l\u00e3nh \u0111\u1ea1o. N\u0103m nh\u00f3m c\u00f4ng t\u00e1c chuy\u00ean gia b\u00ean ngo\u00e0i do Warsh th\u00e0nh l\u1eadp sau khi nh\u1eadm ch\u1ee9c bao g\u1ed3m c\u00e1c l\u0129nh v\u1ef1c c\u1ed1t l\u00f5i nh\u01b0 ph\u01b0\u01a1ng ph\u00e1p \u0111\u00e1nh gi\u00e1 kinh t\u1ebf, t\u00e1i thi\u1ebft khu\u00f4n kh\u1ed5 l\u1ea1m ph\u00e1t, qu\u1ea3n l\u00fd b\u1ea3ng c\u00e2n \u0111\u1ed1i k\u1ebf to\u00e1n v\u00e0 t\u1ed1i \u01b0u h\u00f3a truy\u1ec1n th\u00f4ng ch\u00ednh s\u00e1ch. B\u1ea3n ch\u1ea5t l\u00e0 ti\u1ebfn h\u00e0nh \u0111\u00e1nh gi\u00e1 to\u00e0n di\u1ec7n c\u00e1c kh\u00e1i ni\u1ec7m ch\u00ednh s\u00e1ch ti\u1ec1n t\u1ec7 trong v\u00e0i th\u1eadp k\u1ef7 qua, bao g\u1ed3m c\u1ea3 vi\u1ec7c C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang c\u00f3 ph\u1ee5 thu\u1ed9c qu\u00e1 nhi\u1ec1u v\u00e0o d\u1ef1 b\u00e1o hay kh\u00f4ng, li\u1ec7u c\u01a1 quan n\u00e0y c\u00f3 \u0111\u00e1nh gi\u00e1 th\u1ea5p r\u1ee7i ro l\u1ea1m ph\u00e1t hay kh\u00f4ng v\u00e0 li\u1ec7u c\u00e1c c\u00f4ng ngh\u1ec7 m\u1edbi nh\u01b0 AI c\u00f3 thay \u0111\u1ed5i logic c\u01a1 b\u1ea3n c\u1ee7a ho\u1ea1t \u0111\u1ed9ng kinh t\u1ebf hay kh\u00f4ng.<\/p>\n

\"\u0110\u00e1nh<\/p>\n

Wmax ch\u1ec9 ra th\u00eam r\u1eb1ng n\u1ebfu b\u1ea1n v\u1ed9i v\u00e0ng b\u1eaft \u0111\u1ea7u t\u0103ng l\u00e3i su\u1ea5t khi t\u1ed5 ch\u1ee9c cu\u1ed9c h\u1ecdp FOMC l\u1ea7n th\u1ee9 hai, \u0111i\u1ec1u \u0111\u00f3 s\u1ebd t\u01b0\u01a1ng \u0111\u01b0\u01a1ng v\u1edbi vi\u1ec7c m\u1eb7c \u0111\u1ecbnh c\u00e1c \u00fd t\u01b0\u1edfng ph\u1ea3n \u1ee9ng truy\u1ec1n th\u1ed1ng tr\u01b0\u1edbc khi khung ch\u00ednh s\u00e1ch \u0111\u01b0\u1ee3c \u0111\u00e1nh gi\u00e1 l\u1ea1i, \u0111i\u1ec1u n\u00e0y s\u1ebd tr\u1ef1c ti\u1ebfp lo\u1ea1i b\u1ecf t\u1ea7m quan tr\u1ecdng c\u1ee7a \u0111\u1ee3t c\u1ea3i c\u00e1ch n\u00e0y. L\u1eddi l\u1ebd di\u1ec1u h\u00e2u hi\u1ec7n nay gi\u1ed1ng nh\u01b0 m\u1ed9t \"v\u00f9ng \u0111\u1ec7m qu\u1ea3n l\u00fd k\u1ef3 v\u1ecdng\" - kh\u00f4ng ch\u1ec9 duy tr\u00ec \u0111\u1ed9 tin c\u1eady c\u1ee7a th\u1ecb tr\u01b0\u1eddng trong vi\u1ec7c ch\u1ed1ng l\u1ea1m ph\u00e1t m\u00e0 c\u00f2n c\u00e2u gi\u1edd \u0111\u1ec3 nh\u00f3m l\u00e0m vi\u1ec7c \u0111\u01b0a ra k\u1ebft lu\u1eadn, \u0111\u1ea1t \u0111\u01b0\u1ee3c s\u1ef1 c\u00e2n b\u1eb1ng gi\u1eefa \"tuy\u00ean b\u1ed1 c\u1ee9ng r\u1eafn v\u00e0 h\u00e0nh \u0111\u1ed9ng \u0111\u00ecnh ch\u1ec9\". Chi\u1ebfn l\u01b0\u1ee3c n\u00e0y c\u0169ng x\u00e1c nh\u1eadn ch\u00ednh x\u00e1c quan s\u00e1t c\u1ee7a nh\u1eefng ng\u01b0\u1eddi tham gia th\u1ecb tr\u01b0\u1eddng: b\u1ea3n th\u00e2n nh\u00f3m l\u00e0m vi\u1ec7c l\u00e0 \u201cv\u00f9ng \u0111\u1ec7m th\u1eddi gian\u201d cho ch\u00ednh s\u00e1ch c\u1ee7a Warsh.<\/p>\n

<\/a>Nh\u1eefng h\u1ea1n ch\u1ebf v\u1ec1 m\u00f4i tr\u01b0\u1eddng ch\u00ednh tr\u1ecb: nh\u1eefng c\u00e2n nh\u1eafc th\u1ef1c t\u1ebf \u0111\u1ec3 c\u00e2n b\u1eb1ng \u0111\u1ed9 tin c\u1eady<\/strong><\/p>\n

Ngo\u00e0i nh\u1eefng \u0111\u00e1nh gi\u00e1 \u1edf c\u1ea5p \u0111\u1ed9 kinh t\u1ebf v\u00e0 c\u1ea3i c\u00e1ch, kh\u00f4ng th\u1ec3 b\u1ecf qua s\u1ee9c n\u1eb7ng c\u1ee7a c\u00e1c bi\u1ebfn s\u1ed1 ch\u00ednh tr\u1ecb. Wmax quan s\u00e1t th\u1ea5y r\u1eb1ng m\u1eb7c d\u00f9 Warsh li\u00ean t\u1ee5c nh\u1ea5n m\u1ea1nh t\u00ednh \u0111\u1ed9c l\u1eadp trong ch\u00ednh s\u00e1ch c\u1ee7a C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang, nh\u01b0ng c\u00e1c \u01b0u ti\u00ean ch\u00ednh tr\u1ecb c\u1ee7a ch\u00ednh quy\u1ec1n Trump \u0111\u00e3 tr\u1edf th\u00e0nh m\u1ed9t h\u1ea1n ch\u1ebf th\u1ef1c t\u1ebf kh\u00f4ng th\u1ec3 b\u1ecf qua ho\u00e0n to\u00e0n trong qu\u00e1 tr\u00ecnh ra quy\u1ebft \u0111\u1ecbnh c\u1ee7a h\u1ecd. Trump t\u1eeb l\u00e2u \u0111\u00e3 \u1ee7ng h\u1ed9 l\u00e3i su\u1ea5t th\u1ea5p v\u00e0 ti\u1ebfp t\u1ee5c g\u00e2y \u00e1p l\u1ef1c l\u00ean C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang, th\u1eadm ch\u00ed c\u00f2n c\u00f4ng khai ch\u1ec9 tr\u00edch s\u1ef1 t\u1ed3n t\u1ea1i c\u1ee7a \"nh\u1eefng ng\u01b0\u1eddi kh\u00f4ng mu\u1ed1n th\u1ef1c hi\u1ec7n nh\u1eefng h\u00e0nh \u0111\u1ed9ng \u0111\u00fang \u0111\u1eafn\" trong H\u1ed9i \u0111\u1ed3ng Th\u1ed1ng \u0111\u1ed1c. \u0110\u1ed3ng th\u1eddi, v\u1eabn c\u00f2n nh\u1eefng b\u1ea5t \u1ed5n v\u1ec1 s\u1ed1 ph\u1eadn c\u1ee7a c\u1ef1u Ch\u1ee7 t\u1ecbch Powell. N\u1ebfu c\u00e1c cu\u1ed9c \u0111i\u1ec1u tra li\u00ean quan ti\u1ebfp theo \u0111\u01b0\u1ee3c th\u1ef1c hi\u1ec7n, s\u1ebd c\u00f3 nh\u1eefng v\u1ecb tr\u00ed tuy\u1ec3n d\u1ee5ng nh\u00e2n s\u1ef1 trong ban gi\u00e1m \u0111\u1ed1c. N\u1ebfu Warsh mu\u1ed1n t\u00e1c \u0111\u1ed9ng \u0111\u1ebfn vi\u1ec7c l\u1ef1a ch\u1ecdn gi\u00e1m \u0111\u1ed1c ti\u1ebfp theo, \u00f4ng ta c\u1ea7n tr\u00e1nh nh\u1eefng xung \u0111\u1ed9t tr\u1ef1c ti\u1ebfp m\u1edbi v\u1edbi Nh\u00e0 Tr\u1eafng.<\/p>\n

Wmax tin r\u1eb1ng c\u00e1ch gi\u1ea3i th\u00edch c\u1ee7a th\u1ecb tr\u01b0\u1eddng hi\u1ec7n nay v\u1ec1 c\u00e1c y\u1ebfu t\u1ed1 ch\u00ednh tr\u1ecb nh\u00ecn chung l\u00e0 h\u1eddi h\u1ee3t, ho\u1eb7c ch\u1ec9 \u0111\u01a1n gi\u1ea3n kh\u1eb3ng \u0111\u1ecbnh r\u1eb1ng Fed \u201cnh\u1eadn l\u1ec7nh t\u1eeb Nh\u00e0 Tr\u1eafng\u201d ho\u1eb7c ho\u00e0n to\u00e0n ph\u1edbt l\u1edd nh\u1eefng \u1ea3nh h\u01b0\u1edfng ch\u00ednh tr\u1ecb. Logic th\u1ef1c s\u1ef1 l\u00e0: Warsh c\u1ea7n t\u00ecm s\u1ef1 c\u00e2n b\u1eb1ng gi\u1eefa \u201cduy tr\u00ec uy t\u00edn ch\u1ed1ng l\u1ea1m ph\u00e1t\u201d v\u00e0 \u201cduy tr\u00ec kh\u00f4ng gian ch\u00ednh tr\u1ecb cho c\u1ea3i c\u00e1ch\u201d. Vi\u1ec7c t\u0103ng l\u00e3i su\u1ea5t m\u1ed9t c\u00e1ch v\u1ed9i v\u00e0ng s\u1ebd kh\u00f4ng ch\u1ec9 b\u1ecb nh\u1eefng ng\u01b0\u1eddi b\u1ea3o th\u1ee7 coi l\u00e0 \"ti\u1ebfp t\u1ee5c \u0111\u01b0\u1eddng l\u1ed1i c\u1ee7a Powell\" m\u00e0 c\u00f2n c\u00f3 th\u1ec3 g\u00e2y ra c\u00e1c cu\u1ed9c t\u1ea5n c\u00f4ng t\u1eeb phe Trump, thay v\u00e0o \u0111\u00f3 s\u1ebd l\u00e0m gi\u1ea3m kh\u00f4ng gian c\u1ee7a \u00f4ng cho nh\u1eefng c\u1ea3i c\u00e1ch ti\u1ebfp theo. S\u1ef1 c\u00e2n b\u1eb1ng ch\u00ednh tr\u1ecb \u0111a chi\u1ec1u n\u00e0y l\u00e0 logic c\u01a1 b\u1ea3n d\u1ec5 b\u1ecb th\u1ecb tr\u01b0\u1eddng b\u1ecf qua nh\u1ea5t trong v\u00f2ng b\u1ea5t \u0111\u1ed3ng d\u1ef1 ki\u1ebfn \u200b\u200bn\u00e0y.<\/p>\n

\"\u0110\u00e1nh<\/p>\n

<\/a>M\u1eb7t tr\u00e1i c\u1ee7a vi\u1ec7c t\u0103ng l\u00e3i su\u1ea5t: T\u1ea5m g\u01b0\u01a1ng l\u1ecbch s\u1eed v\u00e0 tr\u00f2 ch\u01a1i k\u1ef3 v\u1ecdng<\/strong><\/p>\n

T\u1ea5t nhi\u00ean, Wmax kh\u00f4ng lo\u1ea1i tr\u1eeb ho\u00e0n to\u00e0n kh\u1ea3 n\u0103ng t\u0103ng l\u00e3i su\u1ea5t. Vi\u1ec7c \"t\u0103ng l\u00e3i su\u1ea5t ph\u00f2ng th\u1ee7\" \u0111\u01b0\u1ee3c m\u1ed9t s\u1ed1 ng\u01b0\u1eddi \u1ee7ng h\u1ed9 kh\u00f4ng ph\u1ea3i l\u00e0 kh\u00f4ng c\u00f3 c\u01a1 s\u1edf - l\u1ea1m ph\u00e1t hi\u1ec7n t\u1ea1i c\u1ee7a M\u1ef9 v\u1eabn \u1edf m\u1ee9c 3,5% so v\u1edbi c\u00f9ng k\u1ef3 n\u0103m ngo\u00e1i, cao h\u01a1n \u0111\u00e1ng k\u1ec3 so v\u1edbi m\u1ee5c ti\u00eau ch\u00ednh s\u00e1ch 2%. N\u1ebfu \u0111\u1ed9 tin c\u1eady c\u1ee7a vi\u1ec7c ch\u1ed1ng l\u1ea1m ph\u00e1t c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c c\u1ee7ng c\u1ed1 th\u00f4ng qua m\u1ed9t l\u1ea7n t\u0103ng l\u00e3i su\u1ea5t, th\u00ec \u0111i\u1ec1u \u0111\u00f3 c\u0169ng ph\u00f9 h\u1ee3p v\u1edbi tri\u1ebft l\u00fd qu\u1ea3n tr\u1ecb c\u1ee7a Warsh l\u00e0 \"\u01b0u ti\u00ean x\u00e2y d\u1ef1ng l\u1ea1i uy t\u00edn c\u1ee7a ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng\". Tuy nhi\u00ean, Wmax \u0111\u00e3 xem x\u00e9t c\u00e1c m\u00f4 h\u00ecnh l\u1ecbch s\u1eed v\u00e0 ph\u00e1t hi\u1ec7n ra r\u1eb1ng trong l\u1ecbch s\u1eed c\u1ee7a C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang hi\u1ec7n \u0111\u1ea1i, vi\u1ec7c kh\u00f4ng b\u1eaft \u0111\u1ea7u th\u1eaft ch\u1eb7t li\u00ean t\u1ee5c sau m\u1ed9t l\u1ea7n t\u0103ng l\u00e3i su\u1ea5t l\u00e0 c\u1ef1c k\u1ef3 hi\u1ebfm. Hai tr\u01b0\u1eddng h\u1ee3p ngo\u1ea1i l\u1ec7 duy nh\u1ea5t c\u00f3 b\u1ed1i c\u1ea3nh l\u1ecbch s\u1eed \u0111\u1eb7c bi\u1ec7t.<\/p>\n

\u0110i\u1ec1u n\u00e0y c\u00f3 ngh\u0129a l\u00e0 \u0111i\u1ec3m th\u1ef1c s\u1ef1 c\u1ee7a tr\u00f2 ch\u01a1i t\u1ea1i cu\u1ed9c h\u1ecdp n\u00e0y kh\u00f4ng ph\u1ea3i l\u00e0 \u201cc\u00f3 n\u00ean t\u0103ng l\u00e3i su\u1ea5t th\u00eam 25 \u0111i\u1ec3m c\u01a1 b\u1ea3n hay kh\u00f4ng\u201d m\u00e0 l\u00e0 li\u1ec7u C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang c\u00f3 ch\u00ednh th\u1ee9c tri\u1ec3n khai m\u1ed9t chu k\u1ef3 th\u1eaft ch\u1eb7t ho\u00e0n ch\u1ec9nh hay kh\u00f4ng. \u0110i\u1ec1u \u0111\u00e1ng \u0111\u01b0\u1ee3c ch\u00fa \u00fd h\u01a1n l\u00e0 r\u1ee7i ro ng\u01b0\u1ee3c \u1ea9n ch\u1ee9a trong m\u00f4 h\u00ecnh \u201cgiao ti\u1ebfp t\u1ed1i gi\u1ea3n\u201d do Wash qu\u1ea3ng b\u00e1. Wmax \u0111\u00e3 ch\u1ec9 ra r\u1eb1ng \u00fd \u0111\u1ecbnh ban \u0111\u1ea7u c\u1ee7a Warsh l\u00e0 gi\u1ea3m h\u01b0\u1edbng d\u1eabn v\u1ec1 ph\u00eda tr\u01b0\u1edbc v\u00e0 bu\u1ed9c th\u1ecb tr\u01b0\u1eddng ph\u1ea3i gi\u1ea3i th\u00edch d\u1eef li\u1ec7u m\u1ed9t c\u00e1ch \u0111\u1ed9c l\u1eadp. Tuy nhi\u00ean, thay v\u00e0o \u0111\u00f3, nh\u1eefng k\u1ef3 v\u1ecdng ng\u00e0y c\u00e0ng t\u0103ng v\u1ec1 vi\u1ec7c t\u0103ng l\u00e3i su\u1ea5t c\u00f3 th\u1ec3 t\u1ea1o ra \u00e1p l\u1ef1c cho \u201cnh\u1eefng k\u1ef3 v\u1ecdng t\u1ef1 th\u1ef1c hi\u1ec7n\u201d - ngay c\u1ea3 khi d\u1eef li\u1ec7u kinh t\u1ebf kh\u00f4ng \u1ee7ng h\u1ed9 vi\u1ec7c t\u0103ng l\u00e3i su\u1ea5t, k\u1ef3 v\u1ecdng ng\u00e0y c\u00e0ng t\u0103ng c\u1ee7a th\u1ecb tr\u01b0\u1eddng s\u1ebd g\u00e2y \u00e1p l\u1ef1c ra quy\u1ebft \u0111\u1ecbnh l\u00ean c\u00e1c th\u00e0nh vi\u00ean \u1ee7y ban. T\u00e1c d\u1ee5ng ph\u1ee5 c\u1ee7a m\u00f4 h\u00ecnh truy\u1ec1n th\u00f4ng ch\u00ednh s\u00e1ch n\u00e0y v\u1eabn ch\u01b0a \u0111\u01b0\u1ee3c th\u1ecb tr\u01b0\u1eddng \u0111\u00e1nh gi\u00e1 \u0111\u1ea7y \u0111\u1ee7.<\/a><\/p>\n

Kh\u1ea5u tr\u1eeb c\u00e1c lo\u1ea1i t\u00e0i s\u1ea3n ch\u00ednh: C\u00fa s\u1ed1c c\u1ee7a \u0111\u1ed3ng \u0111\u00f4 la M\u1ef9 v\u00e0 v\u00e0ng<\/strong><\/p>\n

Tr\u01b0\u1edbc xu h\u01b0\u1edbng c\u1ee7a \u0111\u1ed3ng \u0111\u00f4 la M\u1ef9 v\u00e0 v\u00e0ng, v\u1ed1n \u0111\u01b0\u1ee3c th\u1ecb tr\u01b0\u1eddng r\u1ea5t quan t\u00e2m, Wmax \u0111\u00e3 \u0111\u01b0a ra kh\u1ea5u tr\u1eeb chi ti\u1ebft h\u01a1n so v\u1edbi s\u1ef1 \u0111\u1ed3ng thu\u1eadn c\u1ee7a th\u1ecb tr\u01b0\u1eddng t\u1eeb ba kh\u00eda c\u1ea1nh l\u00e0 c\u01a1 c\u1ea5u bi\u1ec3u quy\u1ebft c\u1ee7a \u1ee7y ban, \u0111\u1ecbnh gi\u00e1 v\u1ecb th\u1ebf v\u00e0 giao d\u1ecbch theo m\u00f9a. \u0110\u1ed1i v\u1edbi \u0111\u1ed3ng \u0111\u00f4 la M\u1ef9, n\u1ebfu l\u00e3i su\u1ea5t kh\u00f4ng thay \u0111\u1ed5i t\u1ea1i cu\u1ed9c h\u1ecdp n\u00e0y, xu h\u01b0\u1edbng c\u1ee7a \u0111\u1ed3ng \u0111\u00f4 la M\u1ef9 s\u1ebd ph\u1ee5 thu\u1ed9c tr\u1ef1c ti\u1ebfp v\u00e0o m\u1ee9c \u0111\u1ed9 b\u1ecf phi\u1ebfu b\u1ea5t \u0111\u1ed3ng gi\u1eefa c\u00e1c th\u00e0nh vi\u00ean: n\u1ebfu c\u00f3 t\u1eeb hai th\u00e0nh vi\u00ean b\u1ea5t \u0111\u1ed3ng tr\u1edf xu\u1ed1ng \u1ee7ng h\u1ed9 vi\u1ec7c t\u0103ng l\u00e3i su\u1ea5t, k\u1ef3 v\u1ecdng c\u1ee7a th\u1ecb tr\u01b0\u1eddng v\u1ec1 vi\u1ec7c t\u0103ng l\u00e3i su\u1ea5t s\u1ebd nhanh ch\u00f3ng m\u1edd nh\u1ea1t v\u00e0 \u0111\u1ed3ng \u0111\u00f4 la M\u1ef9 s\u1ebd \u0111i\u1ec1u ch\u1ec9nh; n\u1ebfu t\u1ea5t c\u1ea3 c\u00e1c th\u00e0nh vi\u00ean nh\u1ea5t tr\u00ed kh\u00f4ng thay \u0111\u1ed5i, m\u1ee9c \u0111\u1ed9 b\u00e1n \u0111\u00f4 la M\u1ef9 s\u1ebd ti\u1ebfp t\u1ee5c m\u1edf r\u1ed9ng. Hi\u1ec7n t\u1ea1i, v\u1ecb th\u1ebf mua \u0111\u1ed3ng \u0111\u00f4 la M\u1ef9 c\u1ee7a c\u00e1c t\u1ed5 ch\u1ee9c qu\u1ea3n l\u00fd t\u00e0i s\u1ea3n \u0111\u00e3 \u0111\u1ea1t m\u1ee9c cao m\u1edbi k\u1ec3 t\u1eeb n\u0103m 2015 v\u00e0 m\u1ee9c ph\u00ed b\u1ea3o hi\u1ec3m di\u1ec1u h\u00e2u l\u1edbn \u0111\u00e3 \u0111\u01b0\u1ee3c t\u00ednh tr\u01b0\u1edbc. M\u1ed9t khi k\u1ef3 v\u1ecdng kh\u00f4ng nh\u01b0 k\u1ef3 v\u1ecdng, \u0111\u1ed9ng l\u1ef1c \u0111i\u1ec1u ch\u1ec9nh s\u1ebd c\u00e0ng tr\u1edf n\u00ean quan tr\u1ecdng h\u01a1n.<\/p>\n

<\/p>\n

\u0110\u1ed1i v\u1edbi v\u00e0ng, Wmax x\u00e1c \u0111\u1ecbnh v\u1eabn kh\u00f3 ph\u00e1 v\u1ee1 m\u00f4 h\u00ecnh s\u1ed1c trong ng\u1eafn h\u1ea1n. M\u1ed9t m\u1eb7t, nhu c\u1ea7u ph\u00f2ng ng\u1eeba xung \u0111\u1ed9t \u0111\u1ecba ch\u00ednh tr\u1ecb \u1edf Trung \u0110\u00f4ng v\u1eabn ch\u01b0a \u0111\u01b0\u1ee3c gi\u1ea3i t\u1ecfa ho\u00e0n to\u00e0n; m\u1eb7t kh\u00e1c, k\u1ef3 v\u1ecdng v\u1ec1 vi\u1ec7c t\u0103ng l\u00e3i su\u1ea5t \u0111\u00e3 ti\u1ebfp t\u1ee5c k\u00ecm h\u00e3m gi\u00e1 v\u00e0ng, v\u00e0 c\u00e1c l\u1ef1c l\u01b0\u1ee3ng d\u00e0i v\u00e0 ng\u1eafn \u1edf tr\u1ea1ng th\u00e1i t\u01b0\u01a1ng \u0111\u1ed1i c\u00e2n b\u1eb1ng. C\u00f9ng v\u1edbi \u0111\u1eb7c \u0111i\u1ec3m m\u00f9a v\u1ee5 c\u1ee7a giao d\u1ecbch th\u1ecb tr\u01b0\u1eddng m\u1ecfng v\u00e0 vi\u1ec7c c\u00f4ng b\u1ed1 b\u00e1o c\u00e1o t\u00e0i ch\u00ednh doanh nghi\u1ec7p t\u1eadp trung v\u00e0o m\u00f9a h\u00e8, t\u1ea5t c\u1ea3 c\u00e1c b\u00ean \u0111\u1ec1u kh\u00f4ng c\u00f3 \u00fd \u0111\u1ecbnh k\u00edch ho\u1ea1t xu h\u01b0\u1edbng gi\u00e1 v\u00e0o th\u1eddi \u0111i\u1ec3m n\u00e0y. Ch\u1ea5t x\u00fac t\u00e1c th\u1ef1c s\u1ef1 cho s\u1ef1 ph\u00e1 v\u1ee1 c\u00f3 th\u1ec3 ph\u1ea3i \u0111\u1ee3i \u0111\u1ebfn cu\u1ed9c h\u1ecdp l\u00e3i su\u1ea5t v\u00e0o th\u00e1ng 9 - khi \u0111\u00f3 C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang s\u1ebd c\u00f3 th\u00eam d\u1eef li\u1ec7u l\u1ea1m ph\u00e1t \u0111\u1ea7y \u0111\u1ee7 v\u00e0 nh\u00f3m l\u00e0m vi\u1ec7c c\u0169ng d\u1ef1 ki\u1ebfn \u200b\u200b\u200b\u200bs\u1ebd \u0111\u01b0a ra k\u1ebft lu\u1eadn theo t\u1eebng giai \u0111o\u1ea1n. Ch\u1ec9 c\u00f3 \u0111\u1ecbnh h\u01b0\u1edbng ch\u00ednh s\u00e1ch r\u00f5 r\u00e0ng m\u1edbi \u0111\u1ea9y v\u00e0ng ra kh\u1ecfi ph\u1ea1m vi s\u1ed1c hi\u1ec7n t\u1ea1i.<\/p>\n

Nh\u00ecn chung, Wmax cho r\u1eb1ng \u201cgi\u1eef nguy\u00ean l\u00e3i su\u1ea5t + gi\u1eef ng\u00f4n ng\u1eef di\u1ec1u h\u00e2u\u201d v\u1eabn l\u00e0 gi\u1ea3i ph\u00e1p t\u1ed1i \u01b0u cho cu\u1ed9c g\u1eb7p n\u00e0y, \u0111\u1ed3ng th\u1eddi c\u0169ng ph\u00f9 h\u1ee3p nh\u1ea5t v\u1edbi nhi\u1ec1u y\u00eau c\u1ea7u hi\u1ec7n t\u1ea1i c\u1ee7a Warsh. Gi\u00e1 tr\u1ecb c\u1ed1t l\u00f5i c\u1ee7a cu\u1ed9c h\u1ecdp n\u00e0y kh\u00f4ng n\u1eb1m \u1edf b\u1ea3n th\u00e2n nh\u1eefng thay \u0111\u1ed5i v\u1ec1 l\u00e3i su\u1ea5t m\u00e0 \u1edf ch\u1ed7 th\u1ecb tr\u01b0\u1eddng c\u00f3 th\u1ec3 hi\u1ec3u r\u00f5 h\u01a1n v\u1ec1 ch\u1ee9c n\u0103ng ph\u1ea3n \u1ee9ng v\u00e0 \u0111\u1ecbnh h\u01b0\u1edbng ch\u00ednh s\u00e1ch th\u1ef1c s\u1ef1 c\u1ee7a Wash th\u00f4ng qua c\u00e1c ngh\u1ecb quy\u1ebft v\u00e0 h\u1ecdp b\u00e1o. Trong t\u01b0\u01a1ng lai, Wmax c\u0169ng s\u1ebd ti\u1ebfp t\u1ee5c theo d\u00f5i ti\u1ebfn tr\u00ecnh c\u1ea3i c\u00e1ch c\u1ee7a C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang v\u00e0 di\u1ec5n bi\u1ebfn c\u1ee7a d\u1eef li\u1ec7u l\u1ea1m ph\u00e1t, cung c\u1ea5p c\u01a1 s\u1edf h\u01b0\u1edbng t\u1edbi t\u01b0\u01a1ng lai \u0111\u1ec3 \u0111\u01b0a ra ph\u00e1n \u0111o\u00e1n v\u1ec1 vi\u1ec7c ph\u00e2n b\u1ed5 c\u00e1c lo\u1ea1i t\u00e0i s\u1ea3n ch\u00ednh.<\/p>","protected":false},"excerpt":{"rendered":"

M\u1eb7c d\u00f9 t\u00e0i kho\u1ea3n v\u00e0ng Fort Knox \u0111\u00e3 ho\u00e0n t\u1ea5t nh\u01b0ng n\u00f3 \u0111\u00e3 b\u1ecb t\u00e1ch kh\u1ecfi \u0111\u1ed3ng \u0111\u00f4 la M\u1ef9 v\u00e0 ni\u1ec1m tin c\u1ee7a th\u1ecb tr\u01b0\u1eddng v\u00e0o h\u1ec7 th\u1ed1ng ti\u1ec1n t\u1ec7 h\u1ee3p ph\u00e1p \u0111\u00e3 t\u0103ng l\u00ean. H\u1ec7 th\u1ed1ng petrodollar \u0111ang n\u1edbi l\u1ecfng, qu\u00e1 tr\u00ecnh phi \u0111\u00f4 la h\u00f3a to\u00e0n c\u1ea7u \u0111ang t\u0103ng t\u1ed1c v\u00e0 t\u1ef7 l\u1ec7 d\u1ef1 tr\u1eef \u0111\u00f4 la M\u1ef9 \u0111\u00e3 gi\u1ea3m xu\u1ed1ng 57%, m\u1ee9c th\u1ea5p nh\u1ea5t trong 25 n\u0103m. L\u00e3i su\u1ea5t ng\u1eafn h\u1ea1n k\u00ecm h\u00e3m gi\u00e1 v\u00e0ng v\u00e0 s\u1ef1 suy y\u1ebfu c\u1ee7a t\u00edn d\u1ee5ng d\u00e0i h\u1ea1n b\u1eb1ng \u0111\u1ed3ng \u0111\u00f4 la M\u1ef9 h\u1ed7 tr\u1ee3 vi\u1ec7c \u0111\u1ecbnh gi\u00e1 l\u1ea1i v\u00e0ng nh\u01b0 m\u1ed9t t\u00e0i s\u1ea3n kh\u00f4ng c\u00f3 r\u1ee7i ro t\u00edn d\u1ee5ng ch\u00ednh ph\u1ee7.<\/p>","protected":false},"author":1,"featured_media":10737,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"footnotes":""},"categories":[121],"tags":[1522,793,1523,1524],"class_list":["post-10736","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financial-news","tag-1522","tag-793","tag-1523","tag-1524"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/posts\/10736","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/comments?post=10736"}],"version-history":[{"count":1,"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/posts\/10736\/revisions"}],"predecessor-version":[{"id":10742,"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/posts\/10736\/revisions\/10742"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/media\/10737"}],"wp:attachment":[{"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/media?parent=10736"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/categories?post=10736"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/tags?post=10736"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}