{"id":10905,"date":"2026-08-12T15:16:47","date_gmt":"2026-08-12T07:16:47","guid":{"rendered":"https:\/\/www.kpai1.cn\/?p=10905"},"modified":"2026-08-12T15:16:53","modified_gmt":"2026-08-12T07:16:53","slug":"7%e6%9c%88cpi%e8%90%bd%e5%9c%b0%e5%89%8d%e5%a4%9c-%e9%80%9a%e8%83%80%e9%99%8d%e6%b8%a9%e5%ae%9a%e5%8a%bf%e4%b8%8e%e9%bb%84%e9%87%91%e7%9f%ad%e7%a9%ba%e4%b8%ad%e5%a4%9a%e7%9a%84","status":"publish","type":"post","link":"https:\/\/www.kpai1.cn\/vi\/luu-tru\/10905","title":{"rendered":"Tr\u01b0\u1edbc th\u1ec1m ch\u1ec9 s\u1ed1 CPI gi\u1ea3m v\u00e0o th\u00e1ng 7\u2014L\u1ea1m ph\u00e1t s\u1ebd h\u1ea1 nhi\u1ec7t v\u00e0 m\u00f4 h\u00ecnh ph\u00e2n k\u1ef3 \u201cng\u1eafn h\u1ea1n v\u00e0 d\u00e0i h\u1ea1n\u201d c\u1ee7a v\u00e0ng"},"content":{"rendered":"

V\u00e0o t\u1ed1i th\u1ee9 T\u01b0, gi\u1edd B\u1eafc Kinh, d\u1eef li\u1ec7u CPI th\u00e1ng 7 c\u1ee7a Hoa K\u1ef3 s\u1ebd \u0111\u01b0\u1ee3c c\u00f4ng b\u1ed1 v\u00e0 s\u1ef1 ch\u00fa \u00fd c\u1ee7a th\u1ecb tr\u01b0\u1eddng m\u1ed9t l\u1ea7n n\u1eefa t\u1eadp trung v\u00e0o m\u1ed1i li\u00ean h\u1ec7 gi\u1eefa xu h\u01b0\u1edbng l\u1ea1m ph\u00e1t v\u00e0 \u0111\u01b0\u1eddng l\u1ed1i ch\u00ednh s\u00e1ch c\u1ee7a C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang. \u0110\u1ed3ng th\u1eddi, v\u00e0ng l\u1ea7n \u0111\u1ea7u ti\u00ean b\u01b0\u1edbc v\u00e0o v\u00f9ng qu\u00e1 mua sau khi tr\u1ea3i qua \u0111\u1ee3t ph\u1ee5c h\u1ed3i m\u1ea1nh g\u1ea7n 9% k\u1ec3 t\u1eeb th\u00e1ng 8, v\u00e0 s\u1ef1 ph\u00e2n k\u1ef3 d\u00e0i h\u1ea1n \u0111\u1ed9t ng\u1ed9t t\u0103ng c\u01b0\u1eddng. Theo quan \u0111i\u1ec3m c\u1ee7a nh\u00f3m nghi\u00ean c\u1ee9u v\u0129 m\u00f4 Wmax, cu\u1ed9c th\u1ea3o lu\u1eadn th\u1ecb tr\u01b0\u1eddng hi\u1ec7n t\u1ea1i v\u1eabn \u0111\u01b0\u1ee3c chia th\u00e0nh hai kh\u00eda c\u1ea1nh ri\u00eang bi\u1ec7t: \"m\u1ee9c d\u1eef li\u1ec7u CPI\" v\u00e0 \"d\u1ef1 b\u00e1o t\u0103ng gi\u1ea3m v\u00e0ng\", kh\u00f4ng x\u00e1c \u0111\u1ecbnh \u0111\u01b0\u1ee3c c\u00f9ng m\u1ed9t b\u1ed9 logic v\u0129 m\u00f4 \u0111\u01b0\u1ee3c chia s\u1ebb \u0111\u1eb1ng sau c\u1ea3 hai - s\u1ef1 suy gi\u1ea3m c\u1ee7a c\u00e1c c\u00fa s\u1ed1c l\u1ea1m ph\u00e1t t\u1ea1m th\u1eddi, \u0111\u00e0 t\u0103ng tr\u01b0\u1edfng vi\u1ec7c l\u00e0m ch\u1eadm l\u1ea1i v\u00e0 vi\u1ec7c \u0111\u1ecbnh gi\u00e1 l\u1ea1i ch\u00ednh s\u00e1ch c\u1ee7a Fed d\u1ef1 ki\u1ebfn, c\u00f9ng nhau h\u00ecnh th\u00e0nh m\u1ed9t m\u00f4 h\u00ecnh ph\u1ee9c h\u1ee3p \"l\u1ea1m ph\u00e1t gi\u1ea3m v\u1eeba ph\u1ea3i, n\u1ec1n kinh t\u1ebf h\u1ea1 c\u00e1nh nh\u1eb9 v\u00e0 v\u00e0ng m\u1ea1nh trong trung h\u1ea1n nh\u01b0ng qu\u00e1 n\u00f3ng trong ng\u1eafn h\u1ea1n.\" D\u1ef1a tr\u00ean vi\u1ec7c lo\u1ea1i b\u1ecf c\u00e1c th\u00e0nh ph\u1ea7n l\u1ea1m ph\u00e1t h\u00e0ng qu\u00fd v\u00e0 s\u1ed1 li\u1ec7u th\u1ed1ng k\u00ea l\u1ecbch s\u1eed v\u1ec1 c\u00e1c kh\u00eda c\u1ea1nh k\u1ef9 thu\u1eadt v\u00e0ng, Wmax \u0111\u00e3 \u0111\u01b0a ra nh\u1eadn \u0111\u1ecbnh nhi\u1ec1u l\u1edbp h\u01a1n so v\u1edbi s\u1ef1 \u0111\u1ed3ng thu\u1eadn c\u1ee7a th\u1ecb tr\u01b0\u1eddng.<\/p>\n

<\/a>Nghi\u00ean c\u1ee9u v\u00e0 nh\u1eadn \u0111\u1ecbnh l\u1ea1m ph\u00e1t: Th\u1eddi \u0111i\u1ec3m kh\u00f3 kh\u0103n nh\u1ea5t \u0111\u00e3 qua, CPI ti\u1ebfp t\u1ee5c h\u1ea1 nhi\u1ec7t v\u1eeba ph\u1ea3i trong th\u00e1ng 7<\/strong><\/p>\n

Wmax nh\u1eadn \u0111\u1ecbnh CPI th\u00e1ng 7 s\u1ebd ti\u1ebfp t\u1ee5c \u0111\u00e0 t\u0103ng v\u1eeba ph\u1ea3i trong th\u00e1ng 6. CPI chung d\u1ef1 ki\u1ebfn \u200b\u200bch\u1ec9 t\u0103ng kho\u1ea3ng 0,05% so v\u1edbi th\u00e1ng tr\u01b0\u1edbc v\u00e0 CPI c\u01a1 b\u1ea3n s\u1ebd t\u0103ng kho\u1ea3ng 0,19% so v\u1edbi th\u00e1ng tr\u01b0\u1edbc. D\u1ef1 \u0111o\u00e1n n\u00e0y th\u1eadm ch\u00ed c\u00f2n th\u1ea5p h\u01a1n m\u1ed9t ch\u00fat so v\u1edbi k\u1ef3 v\u1ecdng \u0111\u1ed3ng thu\u1eadn c\u1ee7a th\u1ecb tr\u01b0\u1eddng. Logic c\u1ed1t l\u00f5i \u1ee7ng h\u1ed9 nh\u1eadn \u0111\u1ecbnh n\u00e0y n\u1eb1m \u1edf vi\u1ec7c Wmax quy k\u1ebft s\u1ef1 ph\u1ee5c h\u1ed3i b\u1ea5t ng\u1edd c\u1ee7a l\u1ea1m ph\u00e1t trong 5 th\u00e1ng \u0111\u1ea7u n\u0103m 2026. S\u1ef1 ph\u1ee5c h\u1ed3i l\u1ea1m ph\u00e1t tr\u01b0\u1edbc \u0111\u00f3 ch\u1ee7 y\u1ebfu \u0111\u01b0\u1ee3c th\u00fac \u0111\u1ea9y b\u1edfi c\u00e1c y\u1ebfu t\u1ed1 t\u1ea1m th\u1eddi nh\u01b0 chuy\u1ec3n giao thu\u1ebf quan, bi\u1ebfn \u0111\u1ed9ng gi\u00e1 d\u1ea7u v\u00e0 \"hi\u1ec7u \u1ee9ng World Cup\", ch\u1ee9 kh\u00f4ng ph\u1ea3i do h\u1ec7 th\u1ed1ng qu\u00e1 n\u00f3ng v\u1ec1 ph\u00eda c\u1ea7u. Sau khi b\u01b0\u1edbc v\u00e0o qu\u00fd 3, nh\u1eefng tr\u1edf ng\u1ea1i n\u00e0y d\u1ea7n m\u1edd d\u1ea7n: gi\u00e1 n\u0103ng l\u01b0\u1ee3ng d\u1ef1 ki\u1ebfn \u200b\u200bgi\u1ea3m 2,0% so v\u1edbi th\u00e1ng tr\u01b0\u1edbc do gi\u00e1 x\u0103ng d\u1ea7u b\u00e1n l\u1ebb gi\u1ea3m, tr\u1edf th\u00e0nh nguy\u00ean nh\u00e2n ch\u00ednh k\u00e9o CPI chung \u0111i xu\u1ed1ng; V\u1ec1 nh\u00e0 \u1edf, gi\u00e1 thu\u00ea t\u01b0\u01a1ng \u0111\u01b0\u01a1ng ch\u1ee7 s\u1edf h\u1eefu (OER) d\u1ef1 ki\u1ebfn \u200b\u200bs\u1ebd t\u0103ng 0,23% so v\u1edbi th\u00e1ng tr\u01b0\u1edbc v\u00e0 gi\u00e1 thu\u00ea s\u01a1 c\u1ea5p d\u1ef1 ki\u1ebfn \u200b\u200bs\u1ebd t\u0103ng 0,16%, ti\u1ebfp t\u1ee5c ph\u1ea3n \u00e1nh xu h\u01b0\u1edbng l\u1ea1m ph\u00e1t nh\u00e0 \u1edf h\u1ea1 nhi\u1ec7t.<\/p>\n

V\u1ec1 t\u00e1c \u0111\u1ed9ng c\u1ee7a thu\u1ebf quan \u0111ang \u0111\u01b0\u1ee3c th\u1ecb tr\u01b0\u1eddng quan t\u00e2m l\u1edbn, nh\u1eadn \u0111\u1ecbnh c\u1ee7a Wmax ch\u00ednh x\u00e1c h\u01a1n. M\u1eb7c d\u00f9 m\u1ee9c \u0111\u00f3ng g\u00f3p h\u00e0ng n\u0103m c\u1ee7a thu\u1ebf quan v\u00e0o PCE c\u1ed1t l\u00f5i v\u1eabn cao t\u1edbi 0,7 \u0111i\u1ec3m ph\u1ea7n tr\u0103m, khi\u1ebfn ch\u1ec9 s\u1ed1 n\u00e0y hi\u1ec7n v\u1eabn \u1edf m\u1ee9c 3,3%, nh\u01b0ng t\u00e1c \u0111\u1ed9ng bi\u00ean \u1edf m\u1ee9c h\u00e0ng th\u00e1ng v\u1ec1 c\u01a1 b\u1ea3n \u0111\u00e3 ch\u1ea5m d\u1ee9t. Wmax k\u1ef3 v\u1ecdng ph\u1ea7n ch\u00eanh l\u1ec7ch t\u1eeb thu\u1ebf quan s\u1ebd c\u00f3 xu h\u01b0\u1edbng v\u1ec1 0 theo th\u1eddi gian trong v\u00f2ng s\u00e1u th\u00e1ng \u0111\u1ebfn m\u1ed9t n\u0103m t\u1edbi. Nh\u1eadn \u0111\u1ecbnh n\u00e0y c\u00f3 ngh\u0129a l\u00e0 th\u1ecb tr\u01b0\u1eddng hi\u1ec7n \u0111ang \u0111\u00e1nh gi\u00e1 qu\u00e1 cao m\u1ed9t c\u00e1ch c\u00f3 h\u1ec7 th\u1ed1ng v\u1ec1 t\u00ecnh tr\u1ea1ng l\u1ea1m ph\u00e1t k\u00e9o d\u00e0i c\u1ee7a thu\u1ebf quan - h\u1ea7u h\u1ebft c\u00e1c t\u1ed5 ch\u1ee9c v\u1eabn coi thu\u1ebf quan l\u00e0 \u00e1p l\u1ef1c l\u1ea1m ph\u00e1t trung v\u00e0 d\u00e0i h\u1ea1n, v\u00e0 Wmax, th\u00f4ng qua vi\u1ec7c theo d\u00f5i nh\u1ecbp truy\u1ec1n t\u1ea3i thu\u1ebf quan theo t\u1eebng qu\u00fd, \u0111\u00e3 x\u00e1c \u0111\u1ecbnh tr\u01b0\u1edbc \u0111\u00f3 t\u00edn hi\u1ec7u cho th\u1ea5y t\u00e1c \u0111\u1ed9ng bi\u00ean c\u1ee7a n\u00f3 \u0111\u00e3 \u0111\u1ea1t \u0111\u1ebfn \u0111\u1ec9nh \u0111i\u1ec3m.<\/p>\n

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

<\/a>Con \u0111\u01b0\u1eddng ch\u00ednh s\u00e1ch: Nhu c\u1ea7u t\u0103ng l\u00e3i su\u1ea5t trong n\u0103m \u0111\u00e3 gi\u1ea3m b\u1edbt v\u00e0 PCE v\u1eabn l\u00e0 \u0111i\u1ec3m t\u1ef1a c\u1ed1t l\u00f5i cho vi\u1ec7c ra quy\u1ebft \u0111\u1ecbnh.<\/strong><\/p>\n

\u1ede c\u1ea5p \u0111\u1ed9 ch\u00ednh s\u00e1ch ti\u1ec1n t\u1ec7, Wmax tin r\u1eb1ng C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang kh\u00f4ng c\u1ea7n thi\u1ebft ph\u1ea3i t\u0103ng l\u00e3i su\u1ea5t trong n\u0103m nay. M\u1eb7c d\u00f9 Ch\u1ee7 t\u1ecbch C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang Kevin Warsh g\u1ea7n \u0111\u00e2y \u0111\u00e3 b\u00e0y t\u1ecf l\u1eadp tr\u01b0\u1eddng ch\u1eafc ch\u1eafn v\u1ec1 m\u1ee5c ti\u00eau l\u1ea1m ph\u00e1t, nh\u01b0ng Wmax nh\u1ea5n m\u1ea1nh r\u1eb1ng khi gi\u00e1 thu\u00ea v\u00e0 t\u0103ng tr\u01b0\u1edfng ti\u1ec1n l\u01b0\u01a1ng gi\u1ea3m m\u1ed9t c\u00e1ch t\u1ef1 nhi\u00ean, th\u00ec vi\u1ec7c gi\u1ea3m gi\u00e1 l\u00e0 kh\u00f4ng th\u1ec3 tr\u00e1nh kh\u1ecfi v\u00e0 l\u1eadp tr\u01b0\u1eddng di\u1ec1u h\u00e2u gi\u1ed1ng nh\u01b0 m\u1ed9t c\u00f4ng c\u1ee5 qu\u1ea3n l\u00fd k\u1ef3 v\u1ecdng h\u01a1n l\u00e0 h\u01b0\u1edbng d\u1eabn h\u00e0nh \u0111\u1ed9ng th\u1ef1c t\u1ebf. \u0110\u1ec3 \u0111\u00e1p l\u1ea1i c\u00e1c cu\u1ed9c th\u1ea3o lu\u1eadn tr\u00ean th\u1ecb tr\u01b0\u1eddng v\u1ec1 vi\u1ec7c li\u1ec7u Fed c\u00f3 t\u1eeb b\u1ecf PCE c\u1ed1t l\u00f5i l\u00e0m th\u01b0\u1edbc \u0111o l\u1ea1m ph\u00e1t \u01b0a th\u00edch hay kh\u00f4ng, Wmax \u0111\u00e3 th\u1ec3 hi\u1ec7n quan \u0111i\u1ec3m ti\u00eau c\u1ef1c r\u00f5 r\u00e0ng. Wmax nh\u1eadn \u0111\u1ecbnh \u00edt nh\u1ea5t cho \u0111\u1ebfn n\u0103m 2027, PCE v\u1eabn s\u1ebd l\u00e0 \u0111i\u1ec3m t\u1ef1a c\u1ed1t l\u00f5i trong vi\u1ec7c ra quy\u1ebft \u0111\u1ecbnh c\u1ee7a Fed.<\/p>\n

Nh\u1eadn \u0111\u1ecbnh n\u00e0y d\u1ef1a tr\u00ean vi\u1ec7c theo d\u00f5i chuy\u00ean s\u00e2u v\u1ec1 t\u1ed1c \u0111\u1ed9 c\u1ea3i c\u00e1ch khung ch\u00ednh s\u00e1ch c\u1ee7a Fed - n\u0103m nh\u00f3m c\u00f4ng t\u00e1c chuy\u00ean gia b\u00ean ngo\u00e0i \u0111\u01b0\u1ee3c th\u00e0nh l\u1eadp sau khi Warsh nh\u1eadm ch\u1ee9c v\u1eabn \u0111ang trong giai \u0111o\u1ea1n \u0111\u00e1nh gi\u00e1. B\u1ea5t k\u1ef3 s\u1ef1 \u0111i\u1ec1u ch\u1ec9nh n\u1ed9i dung n\u00e0o c\u1ee7a ch\u1ec9 b\u00e1o l\u1ea1m ph\u00e1t \u0111\u1ec1u y\u00eau c\u1ea7u m\u1ed9t qu\u00e1 tr\u00ecnh t\u00e1i thi\u1ebft khu\u00f4n kh\u1ed5 ho\u00e0n ch\u1ec9nh v\u00e0 kh\u00f4ng c\u00f3 kh\u1ea3 n\u0103ng chuy\u1ec3n \u0111\u1ed5i trong th\u1eddi gian ng\u1eafn. Cu\u1ed9c th\u1ea3o lu\u1eadn tr\u00ean th\u1ecb tr\u01b0\u1eddng v\u1ec1 \u201cc\u00e1c ch\u1ec9 s\u1ed1 thay \u0111\u1ed5i\u201d v\u1ec1 c\u01a1 b\u1ea3n l\u00e0 \u0111\u00e1nh gi\u00e1 sai v\u1ec1 t\u1ed1c \u0111\u1ed9 ch\u01b0\u01a1ng tr\u00ecnh c\u1ea3i c\u00e1ch c\u1ee7a Fed. Wmax c\u0169ng ch\u1ec9 ra r\u1eb1ng ngay c\u1ea3 khi t\u1ef7 l\u1ec7 l\u1ea1m ph\u00e1t d\u00e0i h\u1ea1n cao h\u01a1n m\u1ee5c ti\u00eau 2% m\u1ed9t ch\u00fat v\u00e0i ph\u1ea7n m\u01b0\u1eddi \u0111i\u1ec3m ph\u1ea7n tr\u0103m, d\u1ef1a tr\u00ean kinh nghi\u1ec7m l\u1ecbch s\u1eed c\u1ee7a hai th\u1eadp k\u1ef7 tr\u01b0\u1edbc \u0111\u1ea1i d\u1ecbch, \u0111i\u1ec1u n\u00e0y s\u1ebd kh\u00f4ng g\u00e2y ra m\u1ed1i \u0111e d\u1ecda \u0111\u00e1ng k\u1ec3 cho n\u1ec1n kinh t\u1ebf. Nh\u1eadn \u0111\u1ecbnh n\u00e0y d\u00e0nh ch\u1ed7 cho s\u1ef1 linh ho\u1ea1t c\u1ee7a Fed trong qu\u00e1 tr\u00ecnh b\u00ecnh th\u01b0\u1eddng h\u00f3a ch\u00ednh s\u00e1ch, \u0111\u1ed3ng th\u1eddi c\u0169ng c\u00f3 ngh\u0129a th\u1ecb tr\u01b0\u1eddng kh\u00f4ng c\u1ea7n ph\u1ea3i \u0111\u00e1nh gi\u00e1 qu\u00e1 cao r\u1ee7i ro t\u0103ng l\u00e3i su\u1ea5t v\u00ec \u201cl\u1ea1m ph\u00e1t h\u01a1i cao h\u01a1n m\u1ee5c ti\u00eau\u201d.<\/p>\n

<\/a>Lo ng\u1ea1i v\u1ec1 vi\u1ec7c l\u00e0m: \u0110\u1ed9ng l\u1ef1c \u0111\u1eb1ng sau cu\u1ed9c kh\u1ee7ng ho\u1ea3ng phi n\u00f4ng nghi\u1ec7p \u0111\u00e3 ch\u1eadm l\u1ea1i, nh\u01b0ng n\u1ec1n t\u1ea3ng kinh t\u1ebf v\u1eabn kh\u00f4ng b\u1ecb lung lay<\/strong><\/p>\n

D\u1eef li\u1ec7u b\u1ea3ng l\u01b0\u01a1ng phi n\u00f4ng nghi\u1ec7p trong th\u00e1ng 7 l\u00e0 m\u1ed9t b\u1ea5t ng\u1edd l\u1edbn - m\u1ee9c gi\u1ea3m th\u1ef1c t\u1ebf ch\u1ec9 l\u00e0 23.000, t\u1ec7 h\u01a1n nhi\u1ec1u so v\u1edbi m\u1ee9c t\u0103ng d\u1ef1 ki\u1ebfn \u200b\u200bl\u00e0 80.000, l\u00e0m d\u1ea5y l\u00ean lo ng\u1ea1i v\u1ec1 suy tho\u00e1i kinh t\u1ebf. Wmax, d\u1ef1a tr\u00ean s\u1ef1 k\u1ebft h\u1ee3p gi\u1eefa c\u00e1c s\u1eeda \u0111\u1ed5i \u0111\u1ed1i v\u1edbi b\u1ea3ng l\u01b0\u01a1ng phi n\u00f4ng nghi\u1ec7p trong ba th\u00e1ng qua v\u00e0 d\u1eef li\u1ec7u kh\u1ea3o s\u00e1t h\u1ed9 gia \u0111\u00ecnh trong ch\u00edn th\u00e1ng qua, \u0111\u00e3 gi\u1ea3m m\u1ea1nh xu\u1ed1ng ch\u1ec9 c\u00f2n 5.000 vi\u1ec7c l\u00e0m ti\u1ec1m n\u0103ng \u0111\u01b0\u1ee3c t\u1ea1o ra h\u00e0ng th\u00e1ng t\u1eeb m\u1ee9c 75.000 tr\u01b0\u1edbc \u0111\u00f3. B\u1ea3n s\u1eeda \u0111\u1ed5i ph\u1ea3n \u00e1nh s\u1ef1 ch\u1eadm l\u1ea1i nghi\u00eam tr\u1ecdng trong \u0111\u00e0 t\u0103ng tr\u01b0\u1edfng vi\u1ec7c l\u00e0m \u0111\u01b0\u1ee3c che \u0111\u1eady b\u1edfi d\u1eef li\u1ec7u h\u00e0ng th\u00e1ng kh\u00f4ng \u1ed5n \u0111\u1ecbnh.<\/p>\n

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

Tuy nhi\u00ean, Wmax kh\u00f4ng cho r\u1eb1ng \u0111i\u1ec1u n\u00e0y c\u00f3 ngh\u0129a l\u00e0 n\u1ec1n kinh t\u1ebf \u0111\u00e3 b\u01b0\u1edbc v\u00e0o suy tho\u00e1i; \u0110\u00e1nh gi\u00e1 t\u1ed5ng th\u1ec3 n\u1ec1n kinh t\u1ebf M\u1ef9 v\u1eabn \u1edf m\u1ee9c \u201ckh\u00e1 t\u1ed1t\u201d v\u00e0 d\u1ef1 ki\u1ebfn \u200b\u200bGDP c\u1ee7a M\u1ef9 s\u1ebd duy tr\u00ec m\u1ee9c t\u0103ng tr\u01b0\u1edfng t\u1eeb 2% \u0111\u1ebfn 2,5% trong m\u1ed9t ho\u1eb7c hai n\u0103m t\u1edbi, ph\u00f9 h\u1ee3p v\u1edbi t\u1ed1c \u0111\u1ed9 t\u0103ng tr\u01b0\u1edfng ti\u1ec1m n\u0103ng d\u00e0i h\u1ea1n c\u1ee7a n\u1ec1n kinh t\u1ebf M\u1ef9. Wmax th\u1eeba nh\u1eadn r\u1eb1ng l\u1ea1m ph\u00e1t th\u1ef1c s\u1ef1 l\u00e0 m\u1ed9t c\u0103n b\u1ec7nh k\u00e9o d\u00e0i trong 5 n\u0103m qua v\u00e0 chu k\u1ef3 qu\u1ea3n tr\u1ecb \u0111\u00e3 v\u01b0\u1ee3t qu\u00e1 mong \u0111\u1ee3i ban \u0111\u1ea7u, nh\u01b0ng khi c\u00e1c y\u1ebfu t\u1ed1 th\u00fac \u0111\u1ea9y ti\u00eau c\u1ef1c ti\u00eau tan, n\u1ec1n kinh t\u1ebf M\u1ef9 \u0111ang d\u1ea7n ti\u1ebfn t\u1edbi m\u1ed9t m\u00f4i tr\u01b0\u1eddng l\u1ea1m ph\u00e1t l\u00e0nh t\u00ednh v\u00e0o n\u0103m 2027. Nh\u1eadn \u0111\u1ecbnh v\u1ec1 vi\u1ec7c \"vi\u1ec7c l\u00e0m ch\u1eadm l\u1ea1i nh\u01b0ng kh\u00f4ng suy tho\u00e1i\" c\u00f3 \u00fd ngh\u0129a quan tr\u1ecdng \u0111\u1ed1i v\u1edbi vi\u1ec7c \u0111\u1ecbnh gi\u00e1 t\u00e0i s\u1ea3n: n\u00f3 kh\u00f4ng ch\u1ec9 l\u00e0m suy y\u1ebfu nhu c\u1ea7u t\u0103ng l\u00e3i su\u1ea5t m\u00e0 c\u00f2n kh\u00f4ng k\u00edch ho\u1ea1t c\u00e1c giao d\u1ecbch suy tho\u00e1i kh\u00f4ng th\u00edch r\u1ee7i ro, v\u1ed1n ch\u1ec9 t\u1ea1o th\u00e0nh n\u1ec1n t\u1ea3ng v\u0129 m\u00f4 \u0111\u1ec3 v\u00e0ng m\u1ea1nh l\u00ean trong trung h\u1ea1n.<\/p>\n

<\/a>Nghi\u00ean c\u1ee9u v\u00e0 nh\u1eadn \u0111\u1ecbnh v\u00e0ng: Mua qu\u00e1 m\u1ee9c k\u1ef9 thu\u1eadt g\u00e2y ra r\u1ee7i ro \u0111i\u1ec1u ch\u1ec9nh ng\u1eafn h\u1ea1n nh\u01b0ng c\u1ea5u tr\u00fac t\u0103ng trung h\u1ea1n ch\u01b0a b\u1ecb ph\u00e1 v\u1ee1<\/strong><\/p>\n

Gi\u00e1 v\u00e0ng t\u01b0\u01a1ng lai \u0111\u00e3 t\u0103ng g\u1ea7n 9% k\u1ec3 t\u1eeb th\u00e1ng 8 v\u00e0 t\u0103ng h\u01a1n 7% ch\u1ec9 trong m\u1ed9t tu\u1ea7n v\u00e0o tu\u1ea7n tr\u01b0\u1edbc, m\u1ee9c t\u0103ng h\u00e0ng tu\u1ea7n l\u1edbn nh\u1ea5t k\u1ec3 t\u1eeb th\u00e1ng 1. S\u1ef1 ph\u1ee5c h\u1ed3i \u0111\u00e3 \u0111\u1ea9y gi\u00e1 v\u00e0ng tr\u1edf l\u1ea1i tr\u00ean m\u1ee9c trung b\u00ecnh \u0111\u1ed9ng 50 ng\u00e0y, v\u1edbi m\u1ee9c gi\u00e1 \u0111\u00f3ng c\u1eeda h\u00f4m th\u1ee9 S\u00e1u \u1edf \u0111\u1ed9 l\u1ec7ch chu\u1ea9n ho\u00e0n to\u00e0n tr\u00ean m\u1ee9c trung b\u00ecnh \u0111\u1ed9ng 50 ng\u00e0y. \u0110\u00e1ng ch\u00fa \u00fd h\u01a1n n\u1eefa, \u0111\u00e2y l\u00e0 l\u1ea7n \u0111\u1ea7u ti\u00ean v\u00e0ng r\u01a1i v\u00e0o v\u00f9ng qu\u00e1 mua k\u1ec3 t\u1eeb ng\u00e0y 10 th\u00e1ng 3, sau 103 ng\u00e0y giao d\u1ecbch li\u00ean ti\u1ebfp kh\u00f4ng c\u00f3 m\u1ee9c qu\u00e1 mua t\u01b0\u01a1ng t\u1ef1 \u2013 m\u1ed9t trong nh\u1eefng kho\u1ea3ng th\u1eddi gian d\u00e0i nh\u1ea5t \u0111\u01b0\u1ee3c ghi nh\u1eadn m\u00e0 kh\u00f4ng c\u00f3 m\u1ee9c qu\u00e1 mua t\u01b0\u01a1ng t\u1ef1.<\/p>\n

Th\u1ed1ng k\u00ea c\u1ee7a Wmax v\u1ec1 d\u1eef li\u1ec7u l\u1ecbch s\u1eed cho th\u1ea5y khi v\u00e0ng ch\u01b0a \u0111i v\u00e0o v\u00f9ng qu\u00e1 mua trong h\u01a1n 100 ng\u00e0y giao d\u1ecbch v\u00e0 sau \u0111\u00f3 \u0111\u00f3ng c\u1eeda l\u1ea1i \u1edf v\u00f9ng qu\u00e1 mua, l\u1ee3i nhu\u1eadn trong t\u01b0\u01a1ng lai th\u01b0\u1eddng \u00e2m. Trong c\u00e1c tr\u01b0\u1eddng h\u1ee3p tr\u01b0\u1edbc \u0111\u00e2y \u0111\u00e1p \u1ee9ng ti\u00eau ch\u00ed n\u00e0y, l\u1ee3i nhu\u1eadn trung b\u00ecnh c\u1ee7a v\u00e0ng l\u00e0 l\u1ed7 0,22% sau m\u1ed9t tu\u1ea7n, 0,34% sau m\u1ed9t th\u00e1ng, 0,53% sau ba th\u00e1ng, 0,62% sau 12 th\u00e1ng v\u00e0 ch\u1ec9 37% \u0111\u1ea1t \u0111\u01b0\u1ee3c l\u1ee3i nhu\u1eadn d\u01b0\u01a1ng sau m\u1ed9t n\u0103m. K\u1ebft qu\u1ea3 th\u1ed1ng k\u00ea n\u00e0y c\u00f3 ngh\u0129a l\u00e0 v\u00e0ng ng\u00e0y c\u00e0ng kh\u00f3 ti\u1ebfp t\u1ee5c xu h\u01b0\u1edbng t\u0103ng nhanh v\u00e0 nguy c\u01a1 ngh\u1ec9 ng\u01a1i ng\u1eafn h\u1ea1n \u0111\u00e3 t\u0103ng l\u00ean. Tuy nhi\u00ean, Wmax c\u0169ng nh\u1ea5n m\u1ea1nh r\u1eb1ng \u0111i\u1ec1u n\u00e0y kh\u00f4ng c\u00f3 ngh\u0129a l\u00e0 gi\u00e1 v\u00e0ng ch\u1eafc ch\u1eafn s\u1ebd gi\u1ea3m xu\u1ed1ng - t\u00ecnh tr\u1ea1ng mua qu\u00e1 m\u1ee9c k\u1ef9 thu\u1eadt ch\u1ec9 ph\u1ea3n \u00e1nh nh\u1ecbp \u0111\u1ed9 ng\u1eafn h\u1ea1n qu\u00e1 n\u00f3ng v\u00e0 kh\u00f4ng l\u00e0m thay \u0111\u1ed5i logic c\u01a1 b\u1ea3n c\u1ee7a xu h\u01b0\u1edbng t\u0103ng trung h\u1ea1n.<\/p>\n

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

<\/a>Ch\u1ea5t x\u00fac t\u00e1c CPI: S\u1ef1 kh\u00e1c bi\u1ec7t gi\u1eefa b\u1ea3n th\u00e2n d\u1eef li\u1ec7u v\u00e0 di\u1ec5n gi\u1ea3i th\u1ecb tr\u01b0\u1eddng l\u00e0 bi\u1ebfn s\u1ed1 c\u1ed1t l\u00f5i \u0111\u1ed1i v\u1edbi v\u00e0ng trong ng\u1eafn h\u1ea1n<\/strong><\/p>\n

Gi\u00e1 v\u00e0ng hi\u1ec7n t\u1ea1i \u0111\u00e3 t\u0103ng tr\u00ean m\u1ee9c h\u1ed7 tr\u1ee3 4.000 USD\/ounce. Nhu c\u1ea7u to\u00e0n c\u1ea7u ng\u00e0y c\u00e0ng t\u0103ng, \u0111\u1eb7c bi\u1ec7t l\u00e0 t\u1eeb Trung Qu\u1ed1c, \u0111\u00e3 t\u1ea1o n\u1ec1n t\u1ea3ng v\u1eefng ch\u1eafc cho s\u1ef1 t\u0103ng gi\u00e1 v\u00e0ng v\u00e0 l\u00e0m m\u1edbi s\u1ef1 quan t\u00e2m c\u1ee7a c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u1ed1i v\u1edbi kim lo\u1ea1i qu\u00fd. V\u00e0ng giao ngay m\u1ed9t l\u1ea7n n\u1eefa v\u01b0\u1ee3t qua m\u1ee9c trung b\u00ecnh \u0111\u1ed9ng 100 ng\u00e0y \u1edf ch\u00e2u \u00c1 v\u00e0o th\u1ee9 T\u01b0. Nh\u01b0ng c\u00e1c nh\u00e0 giao d\u1ecbch kh\u00f4ng mu\u1ed1n \u0111\u1eb7t c\u01b0\u1ee3c l\u1edbn tr\u01b0\u1edbc b\u00e1o c\u00e1o l\u1ea1m ph\u00e1t CPI. Wmax tin r\u1eb1ng m\u1ea5u ch\u1ed1t t\u00e1c \u0111\u1ed9ng c\u1ee7a ch\u1ec9 s\u1ed1 CPI n\u00e0y \u0111\u1ed1i v\u1edbi v\u00e0ng kh\u00f4ng ph\u1ea3i l\u00e0 gi\u00e1 tr\u1ecb tuy\u1ec7t \u0111\u1ed1i c\u1ee7a d\u1eef li\u1ec7u m\u00e0 l\u00e0 c\u00e1ch th\u1ecb tr\u01b0\u1eddng di\u1ec5n gi\u1ea3i d\u1eef li\u1ec7u v\u00e0 \u0111i\u1ec1u ch\u1ec9nh ph\u00e1n \u0111o\u00e1n c\u1ee7a m\u00ecnh \u0111\u1ed1i v\u1edbi ch\u00ednh s\u00e1ch c\u1ee7a Fed cho ph\u00f9 h\u1ee3p.<\/p>\n

N\u1ebfu CPI c\u1ee7a M\u1ef9 cao h\u01a1n \u0111\u00e1ng k\u1ec3 so v\u1edbi d\u1ef1 ki\u1ebfn, l\u1ea1m ph\u00e1t m\u1ea1nh c\u00f3 th\u1ec3 tr\u1edf th\u00e0nh t\u00e1c nh\u00e2n \u0111i\u1ec1u ch\u1ec9nh k\u1ef9 thu\u1eadt, khi\u1ebfn l\u1ee3i nhu\u1eadn ng\u1eafn h\u1ea1n t\u00edch l\u0169y tr\u01b0\u1edbc \u0111\u00f3 b\u01b0\u1edbc v\u00e0o giai \u0111o\u1ea1n \u0111i\u1ec1u ch\u1ec9nh; n\u1ebfu CPI th\u1ea5p h\u01a1n d\u1ef1 ki\u1ebfn, \u0111i\u1ec1u n\u00e0y c\u00f3 th\u1ec3 c\u1ee7ng c\u1ed1 th\u00eam s\u1ef1 chuy\u1ec3n d\u1ecbch ch\u00ednh s\u00e1ch c\u1ee7a Fed sang k\u1ef3 v\u1ecdng v\u00e0 t\u1ea1o \u0111\u1ed9ng l\u1ef1c t\u0103ng gi\u00e1 m\u1edbi cho gi\u00e1 v\u00e0ng. Wmax l\u01b0u \u00fd r\u1eb1ng th\u1ecb tr\u01b0\u1eddng v\u00e0ng hi\u1ec7n t\u1ea1i \u0111ang th\u1ec3 hi\u1ec7n ch\u1ee7 \u0111\u1ec1 l\u1ea1m ph\u00e1t \u0111\u00ecnh tr\u1ec7 ng\u00e0y c\u00e0ng r\u00f5 r\u00e0ng - m\u1eb7c d\u00f9 gi\u00e1 d\u1ea7u v\u00e0 l\u00e3i su\u1ea5t ti\u1ebfp t\u1ee5c t\u0103ng, CTA v\u1eabn duy tr\u00ec v\u1ecb th\u1ebf mua tr\u00ean 4.400 USD\/ounce v\u00e0 kim lo\u1ea1i qu\u00fd nh\u00ecn chung v\u1eabn duy tr\u00ec xu h\u01b0\u1edbng mua. \u0110i\u1ec1u \u0111\u00f3 c\u00f3 ngh\u0129a l\u00e0 c\u00f3 th\u1ec3 ph\u1ea3i c\u1ea7n \u0111\u1ebfn m\u1ed9t b\u00e1o c\u00e1o l\u1ea1m ph\u00e1t m\u1ea1nh h\u01a1n d\u1ef1 ki\u1ebfn \u200b\u200b\u0111\u1ec3 l\u00e0m thay \u0111\u1ed5i di\u1ec5n bi\u1ebfn th\u1ecb tr\u01b0\u1eddng hi\u1ec7n t\u1ea1i.<\/p>\n

Nh\u00ecn v\u00e0o c\u00e1c m\u1ee9c gi\u00e1 ch\u00ednh, Wmax quanh m\u1ee9c 4.200 USD \u0111ang ng\u00e0y c\u00e0ng tr\u1edf n\u00ean quan tr\u1ecdng, trong khi th\u1eed nghi\u1ec7m t\u0103ng gi\u00e1 ch\u00ednh m\u1ed9t l\u1ea7n n\u1eefa t\u1eadp trung v\u00e0o \u0111\u01b0\u1eddng trung b\u00ecnh \u0111\u1ed9ng 200 ng\u00e0y, hi\u1ec7n \u1edf ngay d\u01b0\u1edbi 4.500 USD. V\u00e0ng \u0111\u00e3 d\u1eebng xu h\u01b0\u1edbng gi\u1ea3m, nh\u01b0ng m\u1ed9t \u0111\u1ee3t ph\u1ee5c h\u1ed3i m\u1edbi c\u1ee7a th\u1ecb tr\u01b0\u1eddng v\u1eabn ch\u01b0a \u0111\u01b0\u1ee3c x\u00e1c nh\u1eadn. Vi\u1ec7c x\u00e1c nh\u1eadn xu h\u01b0\u1edbng trung h\u1ea1n v\u1eabn \u0111\u00f2i h\u1ecfi s\u1ef1 \u0111\u1ed9t ph\u00e1 hi\u1ec7u qu\u1ea3 c\u1ee7a gi\u00e1 t\u1ea1i c\u00e1c m\u1ee9c kh\u00e1ng c\u1ef1 quan tr\u1ecdng.<\/p>\n

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

<\/a>Nghi\u00ean c\u1ee9u v\u00e0 \u0111\u00e1nh gi\u00e1 to\u00e0n di\u1ec7n: m\u1ed9t m\u00f4 h\u00ecnh kh\u00e1c bi\u1ec7t trong ng\u1eafn h\u1ea1n v\u00e0 ng\u1eafn h\u1ea1n<\/strong><\/p>\n

Nh\u00ecn chung, Wmax tin r\u1eb1ng th\u1ecb tr\u01b0\u1eddng v\u00e0ng hi\u1ec7n t\u1ea1i \u0111ang \u1edf tr\u1ea1ng th\u00e1i ph\u00e2n h\u00f3a r\u00f5 r\u00e0ng: trong ng\u1eafn h\u1ea1n, \u0111\u00e3 c\u00f3 nguy c\u01a1 \u0111i\u1ec1u ch\u1ec9nh sau khi qu\u00e1 n\u00f3ng v\u00e0 c\u00e1c quy lu\u1eadt th\u1ed1ng k\u00ea l\u1ecbch s\u1eed c\u1ee7a c\u00f4ng ngh\u1ec7 ch\u1ec9 ra \u00e1p l\u1ef1c ngh\u1ec9 ng\u01a1i; nh\u01b0ng xu h\u01b0\u1edbng t\u0103ng trung h\u1ea1n v\u1eabn ch\u01b0a chuy\u1ec3n sang ti\u00eau c\u1ef1c v\u00e0 c\u00e1c h\u1ed7 tr\u1ee3 c\u01a1 b\u1ea3n nh\u01b0 mua v\u00e0ng c\u1ee7a ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng to\u00e0n c\u1ea7u, nhu c\u1ea7u ph\u00f2ng ng\u1eeba r\u1ee7i ro \u0111\u1ecba ch\u00ednh tr\u1ecb v\u00e0 k\u1ef3 v\u1ecdng v\u1ec1 s\u1ef1 thay \u0111\u1ed5i ch\u00ednh s\u00e1ch c\u1ee7a Fed v\u1eabn v\u1eefng ch\u1eafc. Ch\u1ec9 m\u1ed9t ph\u1ea7n d\u1eef li\u1ec7u l\u1ea1m ph\u00e1t l\u00e0 kh\u00f4ng \u0111\u1ee7 \u0111\u1ec3 l\u00e0m h\u1ecfng c\u1ea5u tr\u00fac \u0111i l\u00ean l\u1edbn h\u01a1n c\u1ee7a v\u00e0ng.<\/p>\n

\u0110\u1ed1i v\u1edbi vi\u1ec7c ph\u00e2n b\u1ed5 t\u00e0i s\u1ea3n l\u1edbn, l\u1eddi khuy\u00ean c\u1ee7a Wmax l\u00e0 h\u00e3y th\u1eadn tr\u1ecdng v\u1edbi v\u00e0ng trong ng\u1eafn h\u1ea1n v\u00e0 c\u1ea3nh gi\u00e1c v\u1edbi nh\u1eefng \u0111i\u1ec1u ch\u1ec9nh k\u1ef9 thu\u1eadt do CPI v\u01b0\u1ee3t qu\u00e1 mong \u0111\u1ee3i g\u00e2y ra; trong trung h\u1ea1n, h\u00e3y duy tr\u00ec \u00fd t\u01b0\u1edfng ph\u00e2n b\u1ed5 t\u0103ng gi\u00e1 v\u00e0 s\u1eed d\u1ee5ng c\u1eeda s\u1ed5 \u0111i\u1ec1u ch\u1ec9nh \u0111\u1ec3 tri\u1ec3n khai d\u1ea7n d\u1ea7n. Ph\u00e1n quy\u1ebft \u201cng\u1eafn h\u1ea1n d\u00e0i h\u1ea1n\u201d n\u00e0y d\u1ef1a tr\u00ean vi\u1ec7c lo\u1ea1i b\u1ecf chi ti\u1ebft c\u00e1c th\u00e0nh ph\u1ea7n l\u1ea1m ph\u00e1t, \u0111i\u1ec1u ch\u1ec9nh bi\u00ean c\u1ee7a \u0111\u1ed9ng l\u1ef1c vi\u1ec7c l\u00e0m, theo d\u00f5i s\u00e2u v\u1ec1 khung ch\u00ednh s\u00e1ch c\u1ee7a C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang v\u00e0 x\u00e1c th\u1ef1c ch\u00e9o \u0111a chi\u1ec1u c\u00e1c s\u1ed1 li\u1ec7u th\u1ed1ng k\u00ea l\u1ecbch s\u1eed k\u1ef9 thu\u1eadt c\u1ee7a v\u00e0ng, thay v\u00ec kh\u1ea5u tr\u1eeb tuy\u1ebfn t\u00ednh m\u1ed9t chi\u1ec1u.<\/p>\n

Hi\u1ec7n t\u1ea1i, h\u1ea7u h\u1ebft nh\u1eefng ng\u01b0\u1eddi tham gia th\u1ecb tr\u01b0\u1eddng v\u1eabn b\u1ecb m\u1eafc k\u1eb9t trong logic t\u01b0\u01a1ng \u1ee9ng \u0111\u01a1n gi\u1ea3n l\u00e0 \"CPI cao \u2192 v\u00e0ng gi\u1ea3m\" ho\u1eb7c \"CPI th\u1ea5p \u2192 v\u00e0ng t\u0103ng\", kh\u00f4ng x\u00e1c \u0111\u1ecbnh \u0111\u01b0\u1ee3c m\u1ed1i li\u00ean h\u1ec7 ph\u1ee9c t\u1ea1p gi\u1eefa vi\u1ec7c gi\u1ea3m l\u1ea1m ph\u00e1t, vi\u1ec7c l\u00e0m c\u1eadn bi\u00ean ch\u1eadm l\u1ea1i, k\u1ef3 v\u1ecdng thay \u0111\u1ed5i ch\u00ednh s\u00e1ch v\u00e0 t\u00ecnh tr\u1ea1ng mua qu\u00e1 m\u1ee9c k\u1ef9 thu\u1eadt c\u1ee7a v\u00e0ng. Trong t\u01b0\u01a1ng lai, ch\u00fang t\u00f4i s\u1ebd ti\u1ebfp t\u1ee5c theo d\u00f5i ph\u1ea3n \u1ee9ng c\u1ee7a th\u1ecb tr\u01b0\u1eddng sau khi CPI ch\u1ea1m m\u1ee9c c\u01a1 b\u1ea3n v\u00e0o th\u00e1ng 7, di\u1ec5n bi\u1ebfn c\u1ee7a c\u00e1c t\u00edn hi\u1ec7u ch\u00ednh s\u00e1ch c\u1ee7a C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang v\u00e0 s\u1ef1 \u0111\u1ed9t ph\u00e1 c\u1ee7a c\u00e1c m\u1ee9c gi\u00e1 ch\u1ee7 ch\u1ed1t c\u1ee7a v\u00e0ng, c\u0169ng nh\u01b0 c\u1eadp nh\u1eadt c\u00e1c khuy\u1ebfn ngh\u1ecb ph\u00e2n b\u1ed5 m\u1ed9t c\u00e1ch k\u1ecbp th\u1eddi.<\/p>","protected":false},"excerpt":{"rendered":"

Wmax Macro Research d\u1ef1 \u0111o\u00e1n CPI c\u1ee7a M\u1ef9 s\u1ebd ti\u1ebfp t\u1ee5c h\u1ea1 nhi\u1ec7t v\u1eeba ph\u1ea3i trong th\u00e1ng 7, l\u1ea1m ph\u00e1t n\u0103ng l\u01b0\u1ee3ng v\u00e0 nh\u00e0 \u1edf \u0111\u1ec1u gi\u1ea3m v\u00e0 t\u00e1c \u0111\u1ed9ng bi\u00ean c\u1ee7a thu\u1ebf quan s\u1ebd l\u00ean \u0111\u1ebfn \u0111\u1ec9nh \u0111i\u1ec3m. V\u00e0ng l\u1ea7n \u0111\u1ea7u ti\u00ean b\u01b0\u1edbc v\u00e0o v\u00f9ng qu\u00e1 mua sau khi ph\u1ee5c h\u1ed3i g\u1ea7n 9% trong th\u00e1ng 8. Th\u1ed1ng k\u00ea l\u1ecbch s\u1eed v\u00e0 k\u1ef9 thu\u1eadt ch\u1ec9 ra \u00e1p l\u1ef1c \u0111i\u1ec1u ch\u1ec9nh ng\u1eafn h\u1ea1n, nh\u01b0ng vi\u1ec7c mua v\u00e0ng c\u1ee7a ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng to\u00e0n c\u1ea7u v\u00e0 nh\u1eefng thay \u0111\u1ed5i ch\u00ednh s\u00e1ch d\u1ef1 ki\u1ebfn \u200b\u200bs\u1ebd h\u1ed7 tr\u1ee3 c\u1ea5u tr\u00fac t\u0103ng gi\u00e1 trong trung h\u1ea1n. Ph\u00e2n t\u00edch s\u1ef1 ph\u00e2n t\u00edch l\u1ea1m ph\u00e1t, \u0111i\u1ec3m t\u1ef1a ra quy\u1ebft \u0111\u1ecbnh c\u1ee7a Fed v\u00e0 gi\u00e1 v\u00e0ng ch\u1ee7 ch\u1ed1t, cho th\u1ea5y m\u00f4 h\u00ecnh v\u00e0 logic ph\u00e2n b\u1ed5 kh\u00e1c bi\u1ec7t c\u1ee7a xu h\u01b0\u1edbng t\u0103ng ng\u1eafn h\u1ea1n v\u00e0 d\u00e0i h\u1ea1n.<\/p>","protected":false},"author":1,"featured_media":10906,"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":[1554,723,1555,372],"class_list":["post-10905","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financial-news","tag-1554","tag-cpi","tag-1555","tag-372"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/posts\/10905","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=10905"}],"version-history":[{"count":1,"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/posts\/10905\/revisions"}],"predecessor-version":[{"id":10911,"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/posts\/10905\/revisions\/10911"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/media\/10906"}],"wp:attachment":[{"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/media?parent=10905"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/categories?post=10905"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/tags?post=10905"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}