{"id":7902,"date":"2025-12-11T16:07:54","date_gmt":"2025-12-11T08:07:54","guid":{"rendered":"https:\/\/www.kpai1.cn\/?p=7902"},"modified":"2025-12-11T16:08:00","modified_gmt":"2025-12-11T08:08:00","slug":"%e7%be%8e%e8%81%94%e5%82%a8%e9%99%8d%e6%81%af%e5%90%af%e5%b9%95%e5%85%a8%e7%90%83%e6%94%bf%e7%ad%96%e5%88%86%e5%8c%96%ef%bc%8c%e6%ac%a7%e6%97%a5%e5%8d%9a%e5%bc%88%e9%87%8d%e5%a1%912026%e5%b8%82","status":"publish","type":"post","link":"https:\/\/www.kpai1.cn\/vi\/luu-tru\/7902","title":{"rendered":"\u7f8e\u8054\u50a8\u964d\u606f\u542f\u5e55\u5168\u7403\u653f\u7b56\u5206\u5316\uff0c\u6b27\u65e5\u535a\u5f08\u91cd\u58512026\u5e02\u573a\u683c\u5c40"},"content":{"rendered":"

V\u00e0o ng\u00e0y 11 th\u00e1ng 12 n\u0103m 2025, C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang \u0111\u00e3 c\u1eaft gi\u1ea3m l\u00e3i su\u1ea5t l\u1ea7n th\u1ee9 ba 25 \u0111i\u1ec3m c\u01a1 b\u1ea3n xu\u1ed1ng 3,50%-3,75%. \"C\u00e1i m\u1ecf neo l\u1ecfng l\u1ebbo\" n\u00e0y kh\u00f4ng g\u00e2y ra s\u1ef1 theo d\u00f5i to\u00e0n c\u1ea7u m\u00e0 thay v\u00e0o \u0111\u00f3 t\u1ea1o th\u00e0nh m\u1ed9t h\u00e0ng r\u00e0o v\u1edbi \"kh\u00f4ng h\u00e0nh \u0111\u1ed9ng\" c\u1ee7a Ng\u00e2n h\u00e0ng Trung \u01b0\u01a1ng Ch\u00e2u \u00c2u v\u00e0 \"\u0111\u1ebfm ng\u01b0\u1ee3c \u0111\u1ec3 t\u0103ng l\u00e3i su\u1ea5t\" c\u1ee7a Ng\u00e2n h\u00e0ng Trung \u01b0\u01a1ng Nh\u1eadt B\u1ea3n. S\u1ef1 kh\u00e1c bi\u1ec7t v\u1ec1 ch\u00ednh s\u00e1ch ti\u1ec1n t\u1ec7 gi\u1eefa ba n\u1ec1n kinh t\u1ebf l\u1edbn kh\u00f4ng h\u1ec1 b\u1ecb c\u00f4 l\u1eadp m\u00e0 t\u01b0\u01a1ng t\u00e1c v\u1edbi nhau trong khu\u00f4n kh\u1ed5 li\u00ean k\u1ebft gi\u1eefa d\u00f2ng v\u1ed1n, tr\u00f2 ch\u01a1i t\u1ef7 gi\u00e1 v\u00e0 truy\u1ec1n l\u1ea1m ph\u00e1t, v\u1ea1ch ra tr\u00f2 ch\u01a1i c\u1ed1t l\u00f5i c\u1ee7a th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh to\u00e0n c\u1ea7u v\u00e0o n\u0103m 2026.<\/p>\n

C\u1ed1t l\u00f5i c\u1ee7a vi\u1ec7c c\u1eaft gi\u1ea3m l\u00e3i su\u1ea5t c\u1ee7a Fed l\u00e0 nh\u1eb1m \u1ee9ng ph\u00f3 v\u1edbi \"t\u0103ng tr\u01b0\u1edfng kinh t\u1ebf v\u1eeba ph\u1ea3i nh\u01b0ng r\u1ee7i ro \u0111ang r\u00ecnh r\u1eadp\": vi\u1ec7c l\u00e0m ch\u1eadm l\u1ea1i, th\u1ea5t nghi\u1ec7p gia t\u0103ng v\u00e0 l\u1ea1m ph\u00e1t cao n\u00ean \u00e1p d\u1ee5ng \"n\u1edbi l\u1ecfng d\u1ea7n d\u1ea7n\". N\u00f3 c\u0169ng tri\u1ec3n khai ch\u01b0\u01a1ng tr\u00ecnh mua t\u00edn phi\u1ebfu kho b\u1ea1c tr\u1ecb gi\u00e1 30 t\u1ef7 USD v\u00e0 c\u1eaft gi\u1ea3m l\u00e3i su\u1ea5t d\u1ef1 tr\u1eef xu\u1ed1ng 3,65% \u0111\u1ec3 \u0111\u1ea3m b\u1ea3o truy\u1ec1n t\u1ea3i. Bi\u1ec3u \u0111\u1ed3 ch\u1ea5m duy tr\u00ec k\u1ef3 v\u1ecdng c\u1eaft gi\u1ea3m l\u00e3i su\u1ea5t 25 \u0111i\u1ec3m c\u01a1 b\u1ea3n v\u00e0o n\u0103m 2026 v\u00e0 l\u00e0m r\u00f5 ranh gi\u1edbi c\u1ee7a vi\u1ec7c n\u1edbi l\u1ecfng. T\u1ef7 l\u1ec7 phi\u1ebfu b\u1ea7u 9-3 (m\u1ed9t \u1ee7ng h\u1ed9 vi\u1ec7c c\u1eaft gi\u1ea3m 50 \u0111i\u1ec3m c\u01a1 b\u1ea3n v\u00e0 hai ph\u1ea3n \u0111\u1ed1i) \u0111\u00e3 l\u00e0m n\u1ed5i b\u1eadt t\u00ecnh th\u1ebf ti\u1ebfn tho\u00e1i l\u01b0\u1ee1ng nan gi\u1eefa l\u1ea1m ph\u00e1t \u1ed5n \u0111\u1ecbnh v\u00e0 s\u1ef1 lan t\u1ecfa xuy\u00ean bi\u00ean gi\u1edbi. V\u1edbi t\u01b0 c\u00e1ch l\u00e0 m\u1ed9t m\u1ecf neo thanh kho\u1ea3n to\u00e0n c\u1ea7u, vi\u1ec7c n\u1edbi l\u1ecfng c\u1ee7a C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang l\u00e0m suy y\u1ebfu l\u1ee3i th\u1ebf v\u1ec1 l\u00e3i su\u1ea5t c\u1ee7a \u0111\u1ed3ng \u0111\u00f4 la M\u1ef9, tr\u1edf th\u00e0nh \u0111\u1ed9ng l\u1ef1c b\u00ean ngo\u00e0i quan tr\u1ecdng \u0111\u1ec3 Ng\u00e2n h\u00e0ng Trung \u01b0\u01a1ng Ch\u00e2u \u00c2u b\u00e1m s\u00e1t l\u00e3i su\u1ea5t v\u00e0 Ng\u00e2n h\u00e0ng Nh\u1eadt B\u1ea3n xem x\u00e9t t\u0103ng l\u00e3i su\u1ea5t.<\/p>\n

<\/a>Ch\u00e2u \u00c2u t\u1eeb ch\u1ed1i th\u1ef1c hi\u1ec7n ch\u00ednh s\u00e1ch n\u1edbi l\u1ecfng, Nh\u1eadt B\u1ea3n l\u1ee3i d\u1ee5ng t\u00ecnh h\u00ecnh \u0111\u1ec3 t\u0103ng l\u00e3i su\u1ea5t<\/strong><\/p>\n

Ng\u00e2n h\u00e0ng Trung \u01b0\u01a1ng Ch\u00e2u \u00c2u \u0111\u00e3 kh\u00f4ng c\u1eaft gi\u1ea3m l\u00e3i su\u1ea5t, ch\u1ee7 y\u1ebfu l\u00e0 do s\u1ef1 kh\u00e1c bi\u1ec7t v\u1ec1 c\u00e1c nguy\u00ean t\u1eafc c\u01a1 b\u1ea3n: GDP \u0111\u01b0\u1ee3c \u0111i\u1ec1u ch\u1ec9nh t\u0103ng trong qu\u00fd 3 kh\u1eb3ng \u0111\u1ecbnh r\u1ee7i ro kinh t\u1ebf c\u00f3 th\u1ec3 ki\u1ec3m so\u00e1t \u0111\u01b0\u1ee3c, l\u1ea1m ph\u00e1t \u0111ang ti\u1ebfn g\u1ea7n \u0111\u1ebfn m\u1ee5c ti\u00eau 2% trong trung h\u1ea1n v\u00e0 c\u1ea7n tr\u00e1nh thu h\u1eb9p ch\u00eanh l\u1ec7ch l\u00e3i su\u1ea5t g\u00e2y ra d\u00f2ng v\u1ed1n ch\u1ea3y ra ngo\u00e0i v\u00e0 l\u00e0m suy y\u1ebfu s\u1ef1 \u1ed5n \u0111\u1ecbnh c\u1ee7a \u0111\u1ed3ng euro. B\u1ea5t ch\u1ea5p nh\u1eefng kh\u00e1c bi\u1ec7t trong n\u1ed9i b\u1ed9, \u201ckh\u00f4ng c\u1eaft gi\u1ea3m l\u00e3i su\u1ea5t\u201d \u0111\u00e3 tr\u1edf th\u00e0nh th\u1ed1ng nh\u1ea5t, duy tr\u00ec s\u1ee9c h\u1ea5p d\u1eabn c\u1ee7a ch\u00eanh l\u1ec7ch l\u00e3i su\u1ea5t b\u1eb1ng c\u00e1ch tung ra c\u00e1c t\u00edn hi\u1ec7u di\u1ec1u h\u00e2u, h\u00ecnh th\u00e0nh chi\u1ebfn l\u01b0\u1ee3c \u201ch\u00e3m t\u0129nh\u201d \u0111\u1ec3 ph\u00f2ng ng\u1eeba t\u00e1c \u0111\u1ed9ng lan t\u1ecfa c\u1ee7a Fed.<\/p>\n

<\/p>\n

Vi\u1ec7c Fed n\u1edbi l\u1ecfng t\u1ea1o c\u01a1 h\u1ed9i cho Ng\u00e2n h\u00e0ng Nh\u1eadt B\u1ea3n t\u0103ng l\u00e3i su\u1ea5t: Tr\u01b0\u1edbc \u0111\u00f3, \u0111\u1ed3ng Y\u00ean Nh\u1eadt m\u1ea5t gi\u00e1 h\u01a1n 10% do \u0111\u1ea3o ng\u01b0\u1ee3c ch\u00eanh l\u1ec7ch l\u00e3i su\u1ea5t gi\u1eefa Nh\u1eadt B\u1ea3n v\u00e0 M\u1ef9. C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang c\u1eaft gi\u1ea3m l\u00e3i su\u1ea5t \u0111\u1ec3 thu h\u1eb9p ch\u00eanh l\u1ec7ch l\u00e3i su\u1ea5t. C\u00f9ng v\u1edbi vi\u1ec7c l\u1ea1m ph\u00e1t c\u01a1 b\u1ea3n c\u1ee7a Nh\u1eadt B\u1ea3n \u0111ang ti\u1ebfn g\u1ea7n t\u1edbi m\u1ee9c 2% v\u00e0 n\u1ec1n kinh t\u1ebf ch\u1ecbu \u0111\u01b0\u1ee3c t\u00e1c \u0111\u1ed9ng c\u1ee7a thu\u1ebf quan, Ng\u00e2n h\u00e0ng Trung \u01b0\u01a1ng Nh\u1eadt B\u1ea3n \u0111\u00e3 m\u1edf ra c\u01a1 h\u1ed9i b\u00ecnh th\u01b0\u1eddng h\u00f3a ch\u00ednh s\u00e1ch. K\u1ef3 v\u1ecdng c\u1ee7a th\u1ecb tr\u01b0\u1eddng v\u1ec1 \u0111\u1ee3t t\u0103ng l\u00e3i su\u1ea5t v\u00e0o ng\u00e0y 19 th\u00e1ng 12 \u0111\u1ea1t 91%, v\u1edbi l\u00e3i su\u1ea5t d\u1ef1 ki\u1ebfn \u200b\u200bs\u1ebd t\u0103ng t\u1eeb 0,5% l\u00ean 0,75% (m\u1ee9c cao nh\u1ea5t trong 30 n\u0103m). M\u1ee5c ti\u00eau c\u1ed1t l\u00f5i l\u00e0 h\u1ea1n ch\u1ebf s\u1ef1 m\u1ea5t gi\u00e1 c\u1ee7a \u0111\u1ed3ng y\u00ean v\u00e0 \u1ed5n \u0111\u1ecbnh l\u1ee3i su\u1ea5t tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7 k\u1ef3 h\u1ea1n 10 n\u0103m \u1edf m\u1ee9c g\u1ea7n 2% (m\u1ee9c cao k\u1ef7 l\u1ee5c trong d\u00e0i h\u1ea1n). Ngo\u00e0i ra, vi\u1ec7c mua tr\u00e1i phi\u1ebfu c\u1ee7a C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang \u0111\u00e3 l\u00e0m t\u0103ng nhu c\u1ea7u to\u00e0n c\u1ea7u v\u1ec1 t\u00e0i s\u1ea3n an to\u00e0n, t\u1ea1o ra l\u1edbp \u0111\u1ec7m thanh kho\u1ea3n cho 75 t\u1ef7 USD ph\u00e1t h\u00e0nh tr\u00e1i phi\u1ebfu m\u1edbi c\u1ee7a Nh\u1eadt B\u1ea3n v\u00e0 gi\u1ea3m kh\u1ea3 n\u0103ng ch\u1ed1ng l\u1ea1i vi\u1ec7c t\u0103ng l\u00e3i su\u1ea5t.<\/p>\n

<\/a>Li\u00ean k\u1ebft ch\u00ednh s\u00e1ch: t\u00e1i thi\u1ebft d\u00f2ng v\u1ed1n v\u00e0 \u0111\u1ecbnh gi\u00e1 t\u00e0i s\u1ea3n<\/strong><\/p>\n

Vi\u1ec7c c\u1eaft gi\u1ea3m l\u00e3i su\u1ea5t c\u1ee7a C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang \u0111\u00e3 l\u00e0m gi\u1ea3m s\u1ee9c h\u1ea5p d\u1eabn c\u1ee7a \u0111\u1ed3ng \u0111\u00f4 la M\u1ef9, \u0111\u1ed3ng y\u00ean Nh\u1eadt ti\u1ebfp t\u1ee5c m\u1ea1nh l\u00ean so v\u1edbi \u0111\u1ed3ng \u0111\u00f4 la M\u1ef9 do k\u1ef3 v\u1ecdng v\u1ec1 vi\u1ec7c t\u0103ng l\u00e3i su\u1ea5t. \u0110\u1ed3ng euro \u0111\u00e3 \u0111\u01b0\u1ee3c h\u1ed7 tr\u1ee3 b\u1edfi l\u1eadp tr\u01b0\u1eddng \"kh\u00f4ng c\u1eaft gi\u1ea3m l\u00e3i su\u1ea5t\" c\u1ee7a Ng\u00e2n h\u00e0ng Trung \u01b0\u01a1ng Ch\u00e2u \u00c2u. D\u00f9 c\u00f3 bi\u1ebfn \u0111\u1ed9ng nh\u01b0ng n\u00f3 \u0111\u00e3 tr\u1edf n\u00ean ki\u00ean c\u01b0\u1eddng h\u01a1n. S\u1ef1 ph\u00e2n k\u1ef3 ti\u1ec1n t\u1ec7 h\u1ea1n ch\u1ebf l\u1eabn nhau: \u0111\u1ed3ng y\u00ean m\u1ea1nh h\u01a1n c\u00f3 th\u1ec3 bu\u1ed9c Ng\u00e2n h\u00e0ng Trung \u01b0\u01a1ng ch\u00e2u \u00c2u duy tr\u00ec xu h\u01b0\u1edbng di\u1ec1u h\u00e2u v\u00e0 \u0111\u1ed3ng \u0111\u00f4 la M\u1ef9 y\u1ebfu \u0111i qu\u00e1 m\u1ee9c c\u00f3 th\u1ec3 h\u1ea1n ch\u1ebf kh\u1ea3 n\u0103ng c\u1eaft gi\u1ea3m l\u00e3i su\u1ea5t ti\u1ebfp theo c\u1ee7a Fed.<\/p>\n

Vi\u1ec7c Fed mua tr\u00e1i phi\u1ebfu \u0111\u00e3 l\u00e0m gi\u1ea3m l\u1ee3i su\u1ea5t ng\u1eafn h\u1ea1n c\u1ee7a n\u1ee3 M\u1ef9 v\u00e0 k\u1ef3 v\u1ecdng v\u1ec1 vi\u1ec7c c\u1eaft gi\u1ea3m l\u00e3i su\u1ea5t nh\u1eb9 v\u00e0o n\u0103m 2026 \u0111\u00e3 h\u1ea1n ch\u1ebf kh\u1ea3 n\u0103ng t\u0103ng tr\u01b0\u1edfng d\u00e0i h\u1ea1n; L\u1ee3i su\u1ea5t tr\u00e1i phi\u1ebfu Nh\u1eadt B\u1ea3n t\u0103ng do k\u1ef3 v\u1ecdng l\u00e3i su\u1ea5t t\u0103ng v\u00e0 thanh kho\u1ea3n to\u00e0n c\u1ea7u d\u1ed3i d\u00e0o \u0111\u00e3 h\u1ea5p th\u1ee5 m\u1ed9t ph\u1ea7n \u00e1p l\u1ef1c ngu\u1ed3n cung m\u1edbi; L\u1ee3i su\u1ea5t tr\u00e1i phi\u1ebfu ch\u00e2u \u00c2u v\u1eabn \u1edf m\u1ee9c cao, \u0111\u01b0\u1ee3c h\u1ed7 tr\u1ee3 b\u1edfi k\u1ef3 v\u1ecdng \u201ckh\u00f4ng c\u1eaft gi\u1ea3m l\u00e3i su\u1ea5t\u201d. Th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu to\u00e0n c\u1ea7u \u0111\u00e3 h\u00ecnh th\u00e0nh m\u1ed9t m\u00f4 h\u00ecnh m\u1edbi v\u1ec1 \"xu h\u01b0\u1edbng gi\u1ea3m n\u1ee3 c\u1ee7a M\u1ef9, bi\u1ebfn \u0111\u1ed9ng gia t\u0103ng c\u1ee7a n\u1ee3 Nh\u1eadt B\u1ea3n v\u00e0 bi\u1ebfn \u0111\u1ed9ng cao c\u1ee7a n\u1ee3 ch\u00e2u \u00c2u\". Vi\u1ec7c c\u01a1 c\u1ea5u l\u1ea1i ch\u00eanh l\u1ec7ch l\u00e3i su\u1ea5t \u0111\u00e3 k\u00edch ho\u1ea1t vi\u1ec7c t\u00e1i ph\u00e2n b\u1ed5 ngu\u1ed3n v\u1ed1n xuy\u00ean bi\u00ean gi\u1edbi.<\/p>\n

\"\u56fe\u7247<\/p>\n

Vi\u1ec7c n\u1edbi l\u1ecfng c\u1ee7a Fed mang l\u1ea1i c\u01a1 s\u1edf thanh kho\u1ea3n, s\u1ef1 r\u00f5 r\u00e0ng v\u1ec1 ch\u00ednh s\u00e1ch c\u1ee7a Ch\u00e2u \u00c2u v\u00e0 Nh\u1eadt B\u1ea3n l\u00e0m gi\u1ea3m s\u1ef1 kh\u00f4ng ch\u1eafc ch\u1eafn c\u1ee7a th\u1ecb tr\u01b0\u1eddng v\u00e0 c\u00e1c qu\u1ef9 t\u1eadp trung v\u00e0o t\u00e0i s\u1ea3n c\u00f3 ch\u1ea5t l\u01b0\u1ee3ng k\u00e9p l\u00e0 \"thu nh\u1eadp + an to\u00e0n\". B\u1ea1c v\u00e0 c\u00e1c kim lo\u1ea1i qu\u00fd kh\u00e1c \u0111\u00e3 c\u1ee7ng c\u1ed1 \u0111\u00e0 t\u0103ng do l\u00e3i su\u1ea5t th\u1ef1c gi\u1ea3m v\u00e0 nhu c\u1ea7u ph\u00f2ng ng\u1eeba r\u1ee7i ro; th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n mang l\u1ea1i nh\u1eefng c\u01a1 h\u1ed9i mang t\u00ednh c\u01a1 c\u1ea5u. S\u1ef1 m\u1ea5t gi\u00e1 c\u1ee7a \u0111\u1ed3ng \u0111\u00f4 la M\u1ef9 l\u00e0 \u0111i\u1ec1u t\u1ed1t cho th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n \u1edf c\u00e1c th\u1ecb tr\u01b0\u1eddng m\u1edbi n\u1ed5i. Th\u1ecb tr\u01b0\u1eddng ch\u1ee9ng kho\u00e1n ch\u00e2u \u00c2u v\u00e0 Nh\u1eadt B\u1ea3n \u0111\u00e3 \u0111\u01b0\u1ee3c h\u01b0\u1edfng l\u1ee3i t\u1eeb c\u00e1c ch\u00ednh s\u00e1ch \u0111\u1ecba ph\u01b0\u01a1ng \u1ed5n \u0111\u1ecbnh v\u00e0 c\u00e1c y\u1ebfu t\u1ed1 c\u01a1 b\u1ea3n \u0111\u01b0\u1ee3c c\u1ea3i thi\u1ec7n.<\/p>\n

<\/a>Tri\u1ec3n v\u1ecdng t\u01b0\u01a1ng lai: Tr\u00f2 ch\u01a1i v\u00e0 h\u1ee3p t\u00e1c trong s\u1ef1 ti\u1ebfp t\u1ee5c c\u1ee7a s\u1ef1 kh\u00e1c bi\u1ec7t<\/strong><\/p>\n

Con \u0111\u01b0\u1eddng ch\u00ednh s\u00e1ch c\u1ee7a ba ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng l\u1edbn trong n\u0103m 2026 r\u1ea5t r\u00f5 r\u00e0ng: C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang duy tr\u00ec \u201cn\u1edbi l\u1ecfng d\u1ea7n d\u1ea7n\u201d, b\u1ecb \u1ea3nh h\u01b0\u1edfng b\u1edfi s\u1ef1 d\u00ednh ch\u1eb7t c\u1ee7a l\u1ea1m ph\u00e1t ho\u1eb7c nguy c\u01a1 suy tho\u00e1i; Ng\u00e2n h\u00e0ng Trung \u01b0\u01a1ng Ch\u00e2u \u00c2u nh\u1ea5n m\u1ea1nh v\u00e0o l\u00e3i su\u1ea5t \u1ed5n \u0111\u1ecbnh v\u00e0 xu h\u01b0\u1edbng t\u0103ng l\u00e3i su\u1ea5t ph\u1ee5 thu\u1ed9c v\u00e0o nh\u1eefng thay \u0111\u1ed5i nh\u1ecf trong d\u1eef li\u1ec7u; Ng\u00e2n h\u00e0ng Nh\u1eadt B\u1ea3n b\u01b0\u1edbc v\u00e0o giai \u0111o\u1ea1n quan s\u00e1t sau khi t\u0103ng l\u00e3i su\u1ea5t, neo t\u1ef7 gi\u00e1 h\u1ed1i \u0111o\u00e1i, l\u00e3i su\u1ea5t tr\u00e1i phi\u1ebfu ch\u00ednh ph\u1ee7 v\u00e0 l\u1ea1m ph\u00e1t. Kh\u00e1c bi\u1ec7t h\u00f3a ch\u00ednh s\u00e1ch l\u00e0 s\u1ef1 \u201cph\u1ed1i h\u1ee3p n\u0103ng \u0111\u1ed9ng\u201d d\u01b0\u1edbi s\u1ef1 ph\u1ee5 thu\u1ed9c c\u1ee7a n\u1ec1n kinh t\u1ebf to\u00e0n c\u1ea7u ch\u1ee9 kh\u00f4ng ph\u1ea3i l\u00e0 \u201ctr\u00f2 ch\u01a1i c\u00f3 t\u1ed5ng b\u1eb1ng 0\u201d. \u0110\u1ed1i v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0, r\u1ee7i ro v\u00e0 l\u1ee3i nhu\u1eadn c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c c\u00e2n b\u1eb1ng b\u1eb1ng c\u00e1ch n\u1eafm b\u1eaft ba logic c\u1ed1t l\u00f5i: c\u1ed5 t\u1ee9c thanh kho\u1ea3n l\u1ecfng l\u1ebbo c\u1ee7a Fed, c\u01a1 h\u1ed9i l\u00e3i su\u1ea5t ti\u1ec1n t\u1ec7 do s\u1ef1 kh\u00e1c bi\u1ec7t v\u1ec1 ch\u00ednh s\u00e1ch v\u00e0 xu h\u01b0\u1edbng c\u01a1 c\u1ea5u t\u00e0i s\u1ea3n khi t\u00e1i ph\u00e2n b\u1ed5 v\u1ed1n. Nh\u00ecn chung, m\u00f4 h\u00ecnh \"n\u1edbi l\u1ecfng c\u1ed1t l\u00f5i + ph\u00f2ng ng\u1eeba r\u1ee7i ro bi\u00ean\" s\u1ebd th\u1ed1ng tr\u1ecb th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh to\u00e0n c\u1ea7u v\u00e0o n\u0103m 2026. Hi\u1ec7u \u1ee9ng truy\u1ec1n t\u1ea3i v\u00e0 kh\u00f4ng gian tr\u00f2 ch\u01a1i c\u1ee7a li\u00ean k\u1ebft ch\u00ednh s\u00e1ch s\u1ebd l\u00e0 ngu\u1ed3n g\u1ed1c c\u1ed1t l\u00f5i c\u1ee7a c\u00e1c c\u01a1 h\u1ed9i v\u00e0 r\u1ee7i ro th\u1ecb tr\u01b0\u1eddng trong t\u01b0\u01a1ng lai.<\/p>","protected":false},"excerpt":{"rendered":"

\u7f8e\u8054\u50a812\u6708\u964d\u606f25\u57fa\u70b9\u81f33.5%-3.75%\uff0c\u6b27\u592e\u884c\u6309\u5175\u4e0d\u52a8\uff0c\u65e5\u592e\u884c\u52a0\u606f\u9884\u671f\u8fbe91%\u3002\u4e09\u5927\u592e\u884c\u653f\u7b56\u5206\u5316\u91cd\u6784\u5168\u7403\u8d44\u672c\u6d41\u52a8\u4e0e\u8d44\u4ea7\u5b9a\u4ef7\uff0c2026\u5e74”\u6838\u5fc3\u5bbd\u677e+\u8fb9\u7f18\u5bf9\u51b2”\u683c\u5c40\u5c06\u6301\u7eed\uff0c\u6295\u8d44\u8005\u9700\u628a\u63e1\u6d41\u52a8\u6027\u7ea2\u5229\u3001\u5229\u5dee\u673a\u4f1a\u4e0e\u7ed3\u6784\u6027\u884c\u60c5\u4e09\u5927\u903b\u8f91\u3002<\/p>","protected":false},"author":1,"featured_media":7913,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[121],"tags":[217,286,301],"class_list":["post-7902","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financial-news","tag-217","tag-286","tag-301"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/posts\/7902","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=7902"}],"version-history":[{"count":1,"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/posts\/7902\/revisions"}],"predecessor-version":[{"id":7918,"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/posts\/7902\/revisions\/7918"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/media\/7913"}],"wp:attachment":[{"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/media?parent=7902"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/categories?post=7902"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/tags?post=7902"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}