{"id":8694,"date":"2026-02-03T15:46:34","date_gmt":"2026-02-03T07:46:34","guid":{"rendered":"https:\/\/www.kpai1.cn\/?p=8694"},"modified":"2026-02-03T15:48:46","modified_gmt":"2026-02-03T07:48:46","slug":"%e7%be%8e%e8%81%94%e5%82%a8%e7%8b%ac%e7%ab%8b%e6%80%a7%e6%8b%89%e9%94%af%e6%88%98-%e6%94%bf%e7%ad%96%e8%87%aa%e4%b8%bb%e6%80%a7%e5%9d%9a%e5%ae%88%e4%b8%8e%e6%94%bf%e6%b2%bb%e5%b9%b2","status":"publish","type":"post","link":"https:\/\/www.kpai1.cn\/vi\/luu-tru\/8694","title":{"rendered":"Cu\u1ed9c gi\u1eb1ng co v\u1ec1 t\u00ednh \u0111\u1ed9c l\u1eadp c\u1ee7a C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang\u2014m\u1ed9t tr\u00f2 ch\u01a1i s\u00e2u s\u1eafc gi\u1eefa \u0111\u1ed9c l\u1eadp v\u1ec1 ch\u00ednh s\u00e1ch v\u00e0 can thi\u1ec7p ch\u00ednh tr\u1ecb"},"content":{"rendered":"

D\u1ef1a tr\u00ean theo d\u00f5i chuy\u00ean s\u00e2u v\u00e0 ph\u00e2n t\u00edch chuy\u00ean nghi\u1ec7p v\u1ec1 b\u1ed1i c\u1ea3nh ch\u00ednh tr\u1ecb Hoa K\u1ef3, c\u00e1c quy t\u1eafc qu\u1ea3n tr\u1ecb c\u1ee7a C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang, logic ra quy\u1ebft \u0111\u1ecbnh ch\u00ednh s\u00e1ch v\u00e0 k\u1ef3 v\u1ecdng c\u1ee7a th\u1ecb tr\u01b0\u1eddng, Wmax tin r\u1eb1ng m\u00e2u thu\u1eabn c\u1ed1t l\u00f5i hi\u1ec7n t\u1ea1i xung quanh C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang \u0111\u00e3 t\u1eadp trung v\u00e0o tr\u00f2 ch\u01a1i kh\u1ed1c li\u1ec7t gi\u1eefa \"b\u1ea3o v\u1ec7 s\u1ef1 \u0111\u1ed9c l\u1eadp v\u1ec1 th\u1ec3 ch\u1ebf\" v\u00e0 \"\u00e1p l\u1ef1c can thi\u1ec7p ch\u00ednh tr\u1ecb\". Cu\u1ed9c \u0111i\u1ec1u tra c\u1ee7a ch\u00ednh quy\u1ec1n Trump \u0111\u1ed1i v\u1edbi Powell v\u00e0 s\u1ef1 b\u1ebf t\u1eafc trong vi\u1ec7c \u0111\u1ec1 c\u1eed ch\u1ee7 t\u1ecbch m\u1edbi \u0111\u00e3 t\u1ea1o ra nhi\u1ec1u s\u1ef1 ki\u1ec3m tra v\u00e0 c\u00e2n b\u1eb1ng v\u1edbi s\u1ef1 ki\u00ean tr\u00ec ch\u00ednh s\u00e1ch c\u1ee7a C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang v\u00e0 s\u1ef1 h\u1ed7 tr\u1ee3 t\u1eeb b\u00ean ngo\u00e0i. R\u1ea5t kh\u00f3 \u0111\u1ec3 thay \u0111\u1ed5i l\u1eadp tr\u01b0\u1eddng trung l\u1eadp c\u1ee7a ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng trong ng\u1eafn h\u1ea1n. V\u1ec1 l\u00e2u d\u00e0i, n\u00f3 ph\u1ee5 thu\u1ed9c v\u00e0o s\u1ef1 ph\u00e1t tri\u1ec3n k\u00e9p c\u1ee7a c\u01a1 c\u1ea5u quy\u1ec1n l\u1ef1c v\u00e0 d\u1eef li\u1ec7u kinh t\u1ebf.<\/p>\n

<\/a>Tr\u00f2 ch\u01a1i ch\u00ednh tr\u1ecb leo thang: b\u1ebf t\u1eafc \u0111i\u1ec1u tra v\u00e0 \u0111\u1ec1 c\u1eed l\u00e0m gi\u1ea3m k\u1ef3 v\u1ecdng v\u1ec1 ch\u00ednh s\u00e1ch<\/strong><\/p>\n

Wmax, th\u00f4ng qua ph\u00e2n t\u00edch ch\u00ednh x\u00e1c v\u1ec1 c\u01a1 c\u1ea5u quy\u1ec1n l\u1ef1c v\u00e0 quy tr\u00ecnh t\u01b0 ph\u00e1p c\u1ee7a Th\u01b0\u1ee3ng vi\u1ec7n, \u0111\u00e3 ph\u00e1t hi\u1ec7n ra r\u1eb1ng cu\u1ed9c \u0111i\u1ec1u tra h\u00ecnh s\u1ef1 c\u1ee7a ch\u00ednh quy\u1ec1n Trump \u0111\u1ed1i v\u1edbi Powell (t\u1eadp trung v\u00e0o d\u1ef1 \u00e1n c\u1ea3i t\u1ea1o T\u00f2a nh\u00e0 C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang) \u0111\u00e3 g\u00e2y ra m\u1ed9t tr\u00f2 ch\u01a1i ch\u00ednh tr\u1ecb c\u00f3 h\u1ec7 th\u1ed1ng v\u00e0 tr\u1edf th\u00e0nh m\u1ea5u ch\u1ed1t c\u1ed1t l\u00f5i c\u1ea3n tr\u1edf vi\u1ec7c \u0111\u1ec1 c\u1eed ch\u1ee7 t\u1ecbch m\u1edbi v\u00e0 vi\u1ec7c th\u1ef1c thi c\u00e1c ch\u00ednh s\u00e1ch. Th\u01b0\u1ee3ng ngh\u1ecb s\u0129 \u0111\u1ea3ng C\u1ed9ng h\u00f2a Thom Tillis, ng\u01b0\u1eddi c\u00f3 quy\u1ec1n b\u1ecf phi\u1ebfu ch\u1ee7 ch\u1ed1t trong \u1ee6y ban Ng\u00e2n h\u00e0ng, tuy\u00ean b\u1ed1 r\u00f5 r\u00e0ng s\u1ebd ch\u1eb7n t\u1ea5t c\u1ea3 c\u00e1c cu\u1ed9c b\u1ed5 nhi\u1ec7m nh\u00e2n s\u1ef1 c\u1ee7a C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang cho \u0111\u1ebfn khi cu\u1ed9c \u0111i\u1ec1u tra ho\u00e0n t\u1ea5t, l\u00ean \u00e1n cu\u1ed9c \u0111i\u1ec1u tra l\u00e0 m\u1ed9t cu\u1ed9c t\u1ea5n c\u00f4ng tr\u1eafng tr\u1ee3n v\u00e0o t\u00ednh \u0111\u1ed9c l\u1eadp c\u1ee7a ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng v\u00e0 nh\u1eadn \u0111\u01b0\u1ee3c s\u1ef1 \u1ee7ng h\u1ed9 t\u1eeb m\u1ed9t s\u1ed1 th\u00e0nh vi\u00ean c\u1ee7a c\u1ea3 hai b\u00ean. \u0110\u1ea3ng C\u1ed9ng h\u00f2a tin r\u1eb1ng c\u00f3 s\u1ef1 kh\u00e1c bi\u1ec7t c\u01a1 b\u1ea3n gi\u1eefa \"ch\u1ec9 tr\u00edch b\u1eb1ng l\u1eddi n\u00f3i\" v\u00e0 \"\u0111e d\u1ecda bu\u1ed9c t\u1ed9i h\u00ecnh s\u1ef1\". L\u00e3nh \u0111\u1ea1o \u0111\u1ea3ng D\u00e2n ch\u1ee7 Chuck Schumer c\u0169ng k\u00eau g\u1ecdi \u0111\u00ecnh ch\u1ec9 x\u00e1c nh\u1eadn \u1ee9ng c\u1eed vi\u00ean ch\u1ee7 t\u1ecbch m\u1edbi Kevin Warsh.<\/p>\n

\"IMG_256\"<\/p>\n

M\u1eb7c d\u00f9 Trump nh\u1ea5t quy\u1ebft \u201c\u0111i\u1ec1u tra \u0111\u1ebfn c\u00f9ng\u201d v\u00e0 nh\u1eafc l\u1ea1i c\u00e1c c\u00e1o bu\u1ed9c ch\u1ed1ng l\u1ea1i Powell, th\u1eadm ch\u00ed c\u00f2n \u00e1m ch\u1ec9 r\u1eb1ng \u00f4ng s\u1eb5n s\u00e0ng \u0111\u1ee3i Tillis ngh\u1ec9 h\u01b0u v\u00e0o n\u0103m 2027 tr\u01b0\u1edbc khi ti\u1ebfn h\u00e0nh \u0111\u1ec1 c\u1eed, nh\u01b0ng s\u1ef1 b\u1ebf t\u1eafc n\u00e0y \u0111\u00e3 g\u00e2y ra nhi\u1ec1u ph\u1ea3n \u1ee9ng d\u00e2y chuy\u1ec1n: M\u1ed9t m\u1eb7t, n\u1ebfu Warsh kh\u00f4ng \u0111\u01b0\u1ee3c ph\u00ea chu\u1ea9n tr\u01b0\u1edbc khi k\u1ebft th\u00fac nhi\u1ec7m k\u1ef3 c\u1ee7a Ch\u1ee7 t\u1ecbch Powell v\u00e0o ng\u00e0y 15 th\u00e1ng 5, \u201cquy\u1ec1n ch\u1ec9 \u0111\u1ecbnh quy\u1ec1n ch\u1ee7 t\u1ecbch\u201d s\u1ebd g\u1eb7p r\u1eafc r\u1ed1i. v\u01b0\u1edbng v\u00e0o c\u00e1c tranh ch\u1ea5p ph\u00e1p l\u00fd (ch\u01b0a c\u00f3 ti\u1ec1n l\u1ec7 r\u00f5 r\u00e0ng v\u1ec1 vi\u1ec7c ph\u00e2n chia quy\u1ec1n h\u1ea1n v\u00e0 tr\u00e1ch nhi\u1ec7m gi\u1eefa Nh\u00e0 Tr\u1eafng v\u00e0 H\u1ed9i \u0111\u1ed3ng Th\u1ed1ng \u0111\u1ed1c C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang); m\u1eb7t kh\u00e1c, s\u1ef1 h\u00e1o h\u1ee9c k\u00edch th\u00edch n\u1ec1n kinh t\u1ebf th\u00f4ng qua c\u1eaft gi\u1ea3m l\u00e3i su\u1ea5t c\u1ee7a ch\u00ednh quy\u1ec1n Trump s\u1ebd bu\u1ed9c ph\u1ea3i tr\u00ec ho\u00e3n, v\u00e0 \u0111a s\u1ed1 \u0111\u1ea3ng C\u1ed9ng h\u00f2a trong Qu\u1ed1c h\u1ed9i s\u1ebd ph\u1ea3i \u0111\u1ed1i m\u1eb7t v\u1edbi \u00e1p l\u1ef1c b\u1ea7u c\u1eed v\u00e0o th\u00e1ng 11 n\u0103m 2026. S\u1ef1 kh\u00f4ng h\u00e0i l\u00f2ng c\u1ee7a c\u1eed tri v\u1edbi \u0111i\u1ec1u ki\u1ec7n kinh t\u1ebf c\u00e0ng l\u00e0m t\u0103ng th\u00eam m\u00e2u thu\u1eabn n\u00e0y. Theo nh\u1eadn \u0111\u1ecbnh c\u1ee7a Wmax, m\u1eb7c d\u00f9 Nh\u00e0 Tr\u1eafng c\u00f3 \u0111\u1ed9ng c\u01a1 ph\u00e1 v\u1ee1 th\u1ebf b\u1ebf t\u1eafc nh\u01b0ng hi\u1ec7n t\u1ea1i ch\u01b0a c\u00f3 d\u1ea5u hi\u1ec7u n\u00e0o cho th\u1ea5y s\u1ebd d\u1eebng cu\u1ed9c \u0111i\u1ec1u tra v\u00e0 cu\u1ed9c gi\u1eb1ng co gi\u1eefa th\u1ee7 t\u1ee5c t\u01b0 ph\u00e1p v\u00e0 tr\u00f2 ch\u01a1i ch\u00ednh tr\u1ecb s\u1ebd ti\u1ebfp t\u1ee5c.<\/p>\n

<\/a>Ch\u00ednh s\u00e1ch c\u1ee7a Fed v\u1eabn v\u1eefng ch\u1eafc: d\u1eef li\u1ec7u kinh t\u1ebf \u1ee7ng h\u1ed9 l\u1eadp tr\u01b0\u1eddng trung l\u1eadp, k\u1ef3 v\u1ecdng c\u1eaft gi\u1ea3m l\u00e3i su\u1ea5t m\u00e1t m\u1ebb<\/strong><\/p>\n

Wmax D\u1ef1a tr\u00ean vi\u1ec7c d\u1ee1 b\u1ecf ch\u1ee9c n\u0103ng ph\u1ea3n \u1ee9ng ch\u00ednh s\u00e1ch c\u1ee7a C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang m\u1ed9t c\u00e1ch chuy\u00ean nghi\u1ec7p v\u00e0 k\u1ebft h\u1ee3p v\u1edbi d\u1eef li\u1ec7u kinh t\u1ebf c\u01a1 b\u1ea3n, cu\u1ed9c h\u1ecdp c\u1ee7a \u1ee6y ban Th\u1ecb tr\u01b0\u1eddng M\u1edf Li\u00ean bang (FOMC) tu\u1ea7n n\u00e0y r\u1ea5t c\u00f3 th\u1ec3 s\u1ebd duy tr\u00ec s\u1ef1 \u1ed5n \u0111\u1ecbnh v\u1ec1 l\u00e3i su\u1ea5t v\u00e0 s\u1ebd kh\u00f4ng b\u1eaft \u0111\u1ea7u \"chu k\u1ef3 n\u1edbi l\u1ecfng t\u0103ng t\u1ed1c\" do Trump y\u00eau c\u1ea7u trong ng\u1eafn h\u1ea1n. Logic h\u1ed7 tr\u1ee3 c\u1ed1t l\u00f5i bao g\u1ed3m: th\u1ee9 nh\u1ea5t, c\u00e1c n\u1ec1n t\u1ea3ng kinh t\u1ebf v\u1eefng ch\u1eafc - t\u0103ng tr\u01b0\u1edfng GDP m\u1ea1nh, t\u1ef7 l\u1ec7 th\u1ea5t nghi\u1ec7p \u1ed5n \u0111\u1ecbnh, th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh n\u0103ng \u0111\u1ed9ng v\u00e0 m\u00f4i tr\u01b0\u1eddng t\u00e0i ch\u00ednh l\u1ecfng l\u1ebbo n\u00f3i chung, t\u1ea5t c\u1ea3 \u0111\u1ec1u n\u00eau b\u1eadt t\u00ednh h\u1ee3p l\u00fd c\u1ee7a vi\u1ec7c duy tr\u00ec m\u1ee9c l\u00e3i su\u1ea5t hi\u1ec7n t\u1ea1i; th\u1ee9 hai, l\u1ea1m ph\u00e1t v\u1eabn cao h\u01a1n m\u1ee5c ti\u00eau, ch\u00ednh s\u00e1ch t\u00e0i kh\u00f3a s\u1eafp \u0111\u01b0\u1ee3c tri\u1ec3n khai v\u00e0 t\u00e1c \u0111\u1ed9ng c\u1ee7a c\u00e1c m\u1ee9c thu\u1ebf b\u1ed5 sung \u0111\u1ed1i v\u1edbi gi\u00e1 c\u1ea3 v\u1eabn ch\u01b0a r\u00f5 r\u00e0ng. C\u00e1c nh\u00e0 ho\u1ea1ch \u0111\u1ecbnh ch\u00ednh s\u00e1ch th\u01b0\u1eddng tin r\u1eb1ng l\u1eadp tr\u01b0\u1eddng hi\u1ec7n t\u1ea1i g\u1ea7n nh\u01b0 trung l\u1eadp v\u00e0 kh\u00f4ng c\u00f3 \u0111\u1ee7 l\u00fd do \u0111\u1ec3 b\u1eaft \u0111\u1ea7u k\u00edch th\u00edch.<\/p>\n

\"IMG_256\"<\/p>\n

K\u1ef3 v\u1ecdng c\u1ee7a th\u1ecb tr\u01b0\u1eddng \u0111\u00e3 d\u1ea7n d\u1ea7n ti\u1ebfn g\u1ea7n h\u01a1n \u0111\u1ebfn logic ch\u00ednh s\u00e1ch c\u1ee7a C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang: th\u1ecb tr\u01b0\u1eddng t\u01b0\u01a1ng lai \u0111\u00e3 h\u1ea1 k\u1ef3 v\u1ecdng c\u1eaft gi\u1ea3m l\u00e3i su\u1ea5t n\u0103m 2026 xu\u1ed1ng ch\u1ec9 c\u00f2n 44 \u0111i\u1ec3m c\u01a1 b\u1ea3n v\u00e0 vi\u1ec7c \u0111\u1ecbnh gi\u00e1 \u0111\u1ea7y \u0111\u1ee7 cho l\u1ea7n c\u1eaft gi\u1ea3m l\u00e3i su\u1ea5t ti\u1ebfp theo \u0111\u00e3 b\u1ecb ho\u00e3n l\u1ea1i \u0111\u1ebfn th\u00e1ng B\u1ea3y. \u0110i\u1ec1u n\u00e0y kh\u00e1c xa v\u1edbi \u201cm\u1ee9c c\u1eaft gi\u1ea3m l\u00e3i su\u1ea5t \u0111\u00e1ng k\u1ec3\u201d m\u00e0 Trump y\u00eau c\u1ea7u v\u00e0 \u201cm\u1ee9c c\u1eaft gi\u1ea3m l\u00e3i su\u1ea5t 150 \u0111i\u1ec3m c\u01a1 b\u1ea3n trong n\u0103m\u201d do t\u00e2n Th\u1ed1ng \u0111\u1ed1c Fed Stephen Millan \u0111\u1ec1 xu\u1ea5t. Wmax quan s\u00e1t th\u00eam r\u1eb1ng ngay c\u1ea3 khi th\u1ecb tr\u01b0\u1eddng lo l\u1eafng r\u1eb1ng Trump c\u00f3 th\u1ec3 t\u00e1c \u0111\u1ed9ng \u0111\u1ebfn C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang th\u00f4ng qua \u0111i\u1ec1u ch\u1ec9nh nh\u00e2n s\u1ef1, h\u1ee3p \u0111\u1ed3ng t\u01b0\u01a1ng lai l\u00e3i su\u1ea5t v\u1eabn \u0111\u1eb7t c\u01b0\u1ee3c r\u1eb1ng l\u00e3i su\u1ea5t ch\u00ednh s\u00e1ch s\u1ebd kh\u00f4ng th\u1ea5p h\u01a1n 3,2% tr\u01b0\u1edbc cu\u1ed1i n\u0103m 2027, n\u00eau b\u1eadt nh\u1eefng h\u1ea1n ch\u1ebf c\u1ee9ng r\u1eafn c\u1ee7a d\u1eef li\u1ec7u kinh t\u1ebf v\u1ec1 ch\u00ednh s\u00e1ch - ch\u1ec9 m\u1ed9t thay \u0111\u1ed5i l\u1edbn trong t\u00ecnh h\u00ecnh kinh t\u1ebf m\u1edbi c\u00f3 th\u1ec3 khi\u1ebfn C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang \u0111i\u1ec1u ch\u1ec9nh suy ngh\u0129 hi\u1ec7n t\u1ea1i c\u1ee7a m\u00ecnh.<\/p>\n

<\/a>T\u0103ng c\u01b0\u1eddng h\u1ed7 tr\u1ee3 t\u1eeb b\u00ean ngo\u00e0i: T\u00f2a \u00e1n t\u1ed1i cao v\u00e0 c\u00e1c ch\u00ednh tr\u1ecb gia x\u00e2y d\u1ef1ng tuy\u1ebfn ph\u00f2ng th\u1ee7 v\u1eefng ch\u1eafc cho n\u1ec1n \u0111\u1ed9c l\u1eadp<\/strong><\/p>\n

Wmax l\u01b0u \u00fd r\u1eb1ng t\u00ednh \u0111\u1ed9c l\u1eadp c\u1ee7a Fed \u0111ang nh\u1eadn \u0111\u01b0\u1ee3c s\u1ef1 h\u1ed7 tr\u1ee3 k\u00e9p t\u1eeb b\u00ean ngo\u00e0i t\u1eeb c\u1ea5p \u0111\u1ed9 t\u01b0 ph\u00e1p v\u00e0 ch\u00ednh tr\u1ecb, c\u1ee7ng c\u1ed1 h\u01a1n n\u1eefa ni\u1ec1m tin c\u1ee7a Fed trong vi\u1ec7c ch\u1ed1ng l\u1ea1i \u00e1p l\u1ef1c ch\u00ednh tr\u1ecb. Trong phi\u00ean \u0111i\u1ec1u tr\u1ea7n t\u1ea1i T\u00f2a \u00e1n T\u1ed1i cao tu\u1ea7n tr\u01b0\u1edbc v\u1ec1 vi\u1ec7c sa th\u1ea3i Th\u1ed1ng \u0111\u1ed1c C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang Lisa Cook, c\u00e1c th\u1ea9m ph\u00e1n (bao g\u1ed3m c\u1ea3 Th\u1ea9m ph\u00e1n b\u1ea3o th\u1ee7 Brett Kavanaugh) \u0111\u00e3 c\u1ea3nh b\u00e1o r\u00f5 r\u00e0ng r\u1eb1ng vi\u1ec7c sa th\u1ea3i Cook khi b\u00e0 v\u1eabn \u0111ang trong qu\u00e1 tr\u00ecnh t\u1ed1 t\u1ee5ng s\u1ebd \"l\u00e0m gi\u1ea3m, n\u1ebfu kh\u00f4ng n\u00f3i l\u00e0 ph\u00e1 h\u1ee7y ho\u00e0n to\u00e0n, t\u00ednh \u0111\u1ed9c l\u1eadp c\u1ee7a C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang.\" L\u1eadp tr\u01b0\u1eddng n\u00e0y tr\u1ef1c ti\u1ebfp h\u1ea1n ch\u1ebf n\u1ed7 l\u1ef1c c\u1ee7a Trump nh\u1eb1m ki\u1ec3m so\u00e1t C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang th\u00f4ng qua c\u00e1c cu\u1ed9c thanh tr\u1eebng nh\u00e2n s\u1ef1.<\/p>\n

\"IMG_256\"<\/p>\n

\u0110\u1ed3ng th\u1eddi, c\u00f3 s\u1ef1 \u0111\u1ed3ng thu\u1eadn gi\u1eefa c\u00e1c \u0111\u1ea3ng \u1ee7ng h\u1ed9 s\u1ef1 \u0111\u1ed9c l\u1eadp c\u1ee7a Fed v\u1edbi c\u1ea3 hai \u0111\u1ea3ng trong Qu\u1ed1c h\u1ed9i: Ngo\u00e0i c\u00e1c nh\u00e0 l\u1eadp ph\u00e1p \u0110\u1ea3ng C\u1ed9ng h\u00f2a nh\u01b0 Tillis ph\u1ea3n \u0111\u1ed1i cu\u1ed9c \u0111i\u1ec1u tra, \u0110\u1ea3ng D\u00e2n ch\u1ee7 c\u0169ng r\u00f5 r\u00e0ng ph\u1ea3n \u0111\u1ed1i \u201ch\u00e0nh \u0111\u1ed9ng tr\u1ea3 \u0111\u0169a\u201d c\u1ee7a Trump. S\u1ef1 \u0111\u1ed3ng thu\u1eadn n\u00e0y \u0111\u00e3 tr\u1edf th\u00e0nh r\u00e0o c\u1ea3n quan tr\u1ecdng \u0111\u1ec3 Fed ch\u1ed1ng l\u1ea1i s\u1ef1 can thi\u1ec7p ch\u00ednh tr\u1ecb. \u0110i\u1ec1u \u0111\u00e1ng ch\u00fa \u00fd l\u00e0 l\u1eadp tr\u01b0\u1eddng g\u1ea7n \u0111\u00e2y c\u1ee7a Powell v\u1ec1 \u0111\u1ed9c l\u1eadp ng\u00e0y c\u00e0ng tr\u1edf n\u00ean gay g\u1eaft, khi th\u1eb3ng th\u1eebng cho r\u1eb1ng cu\u1ed9c \u0111i\u1ec1u tra l\u00e0 \"c\u00e1i c\u1edb \u0111\u1ec3 \u00e9p c\u1eaft gi\u1ea3m l\u00e3i su\u1ea5t\". Th\u1ecb tr\u01b0\u1eddng suy \u0111o\u00e1n r\u1eb1ng \u00f4ng \u1ea5y c\u00f3 th\u1ec3 ph\u00e1 v\u1ee1 th\u00f4ng l\u1ec7 \"t\u1eeb ch\u1ee9c H\u1ed9i \u0111\u1ed3ng Th\u1ed1ng \u0111\u1ed1c khi Ch\u1ee7 t\u1ecbch r\u1eddi nhi\u1ec7m s\u1edf\" \u0111\u1ed3ng th\u1eddi ki\u1ec3m tra v\u00e0 c\u00e2n b\u1eb1ng h\u01a1n n\u1eefa c\u00e1c xu h\u01b0\u1edbng ch\u00ednh s\u00e1ch c\u1ee7a Ch\u1ee7 t\u1ecbch m\u1edbi b\u1eb1ng c\u00e1ch ti\u1ebfp t\u1ee5c \u1edf trong H\u1ed9i \u0111\u1ed3ng Qu\u1ea3n tr\u1ecb trong nhi\u1ec7m k\u1ef3 k\u00e9o d\u00e0i \u0111\u1ebfn n\u0103m 2028. Wmax tin r\u1eb1ng s\u1ef1 k\u1ebft h\u1ee3p gi\u1eefa h\u1ed7 tr\u1ee3 b\u00ean ngo\u00e0i v\u00e0 s\u1ef1 ki\u00ean tr\u00ec b\u00ean trong s\u1ebd khi\u1ebfn Fed kh\u00f3 b\u1ecb \u00e1p l\u1ef1c ch\u00ednh tr\u1ecb \u00e9p bu\u1ed9c trong ng\u1eafn h\u1ea1n.<\/p>\n

<\/a>C\u00e1c bi\u1ebfn s\u1ed1 ch\u00ednh d\u00e0i h\u1ea1n: \u0111i\u1ec1u ch\u1ec9nh nh\u00e2n s\u1ef1 v\u00e0 s\u1ef1 ph\u00e1t tri\u1ec3n k\u00e9p c\u1ee7a d\u1eef li\u1ec7u kinh t\u1ebf<\/strong><\/p>\n

Ph\u00e2n t\u00edch to\u00e0n di\u1ec7n c\u1ee7a Wmax cho th\u1ea5y v\u1ec1 l\u00e2u d\u00e0i, \u0111\u1ecbnh h\u01b0\u1edbng ch\u00ednh s\u00e1ch c\u1ee7a Fed s\u1ebd ph\u1ee5 thu\u1ed9c v\u00e0o hai bi\u1ebfn s\u1ed1 c\u1ed1t l\u00f5i: th\u1ee9 nh\u1ea5t, s\u1ef1 ph\u00e1t tri\u1ec3n c\u1ee7a c\u01a1 c\u1ea5u nh\u00e2n s\u1ef1 - n\u1ebfu T\u00f2a \u00e1n T\u1ed1i cao cu\u1ed1i c\u00f9ng cho ph\u00e9p Trump th\u1ef1c hi\u1ec7n nh\u1eefng \u0111i\u1ec1u ch\u1ec9nh to\u00e0n di\u1ec7n \u0111\u1ed1i v\u1edbi H\u1ed9i \u0111\u1ed3ng Th\u1ed1ng \u0111\u1ed1c, ho\u1eb7c n\u1ebfu Trump c\u00f3 th\u1ec3 b\u1ed5 sung th\u00eam gh\u1ebf trong h\u1ed9i \u0111\u1ed3ng qu\u1ea3n tr\u1ecb sau khi Powell ch\u1ecdn r\u1eddi nhi\u1ec7m s\u1edf, xu h\u01b0\u1edbng ch\u00ednh s\u00e1ch c\u1ee7a Fed c\u00f3 th\u1ec3 d\u1ea7n chuy\u1ec3n sang n\u1edbi l\u1ecfng; th\u1ee9 hai, \u0110\u00f3 l\u00e0 s\u1ef1 m\u01a1 h\u1ed3 c\u1ee7a d\u1eef li\u1ec7u kinh t\u1ebf - Nh\u00e0 kinh t\u1ebf tr\u01b0\u1edfng to\u00e0n c\u1ea7u Seth Carpenter c\u1ee7a Morgan Stanley \u0111\u1ed3ng \u00fd v\u1edbi Wmax r\u1eb1ng \u1ea3nh h\u01b0\u1edfng c\u1ed1t l\u00f5i c\u1ee7a t\u00e2n ch\u1ee7 t\u1ecbch s\u1ebd \u0111\u01b0\u1ee3c ph\u1ea3n \u00e1nh \u1edf ch\u1ed7 \"khi d\u1eef li\u1ec7u kinh t\u1ebf kh\u00f3 di\u1ec5n gi\u1ea3i\" (ch\u1eb3ng h\u1ea1n nh\u01b0 k\u1ecbch b\u1ea3n t\u0103ng tr\u01b0\u1edfng m\u1ea1nh c\u00f9ng t\u1ed3n t\u1ea1i v\u1edbi th\u1ecb tr\u01b0\u1eddng lao \u0111\u1ed9ng y\u1ebfu k\u00e9m), v\u00e0 kh\u1ea3 n\u0103ng l\u00e3nh \u0111\u1ea1o \u1ee7y ban c\u1ee7a \u00f4ng s\u1ebd \u1ea3nh h\u01b0\u1edfng tr\u1ef1c ti\u1ebfp \u0111\u1ebfn \u0111\u01b0\u1eddng l\u1ed1i ch\u00ednh s\u00e1ch.<\/p>\n

\"IMG_256\"<\/p>\n

Ngo\u00e0i ra, l\u1ef1a ch\u1ecdn \u1edf l\u1ea1i hay ra \u0111i c\u1ee7a Powell v\u1eabn l\u00e0 m\u1ed9t m\u1ea5u ch\u1ed1t ti\u1ec1m n\u0103ng: n\u1ebfu v\u1eabn \u1edf trong ban gi\u00e1m \u0111\u1ed1c, \u00f4ng s\u1ebd tr\u1edf th\u00e0nh gi\u00e1m \u0111\u1ed1c \u0111\u1ea7u ti\u00ean trong 50 n\u0103m qua ti\u1ebfp t\u1ee5c gi\u1eef ch\u1ee9c sau khi t\u1eeb ch\u1ee9c ch\u1ee7 t\u1ecbch, h\u00ecnh th\u00e0nh c\u00e1c cu\u1ed9c ki\u1ec3m tra v\u00e0 c\u00e2n b\u1eb1ng n\u1ed9i b\u1ed9 v\u1edbi kinh nghi\u1ec7m v\u00e0 t\u1ea7m \u1ea3nh h\u01b0\u1edfng c\u1ee7a m\u00ecnh; N\u1ebfu ch\u1ecdn r\u1eddi \u0111i, Trump d\u1ef1 ki\u1ebfn \u200b\u200bs\u1ebd c\u1ee7ng c\u1ed1 h\u01a1n n\u1eefa ph\u1ea7n l\u1edbn s\u1ed1 gh\u1ebf trong ban gi\u00e1m \u0111\u1ed1c v\u00e0 th\u00fac \u0111\u1ea9y nh\u1eefng thay \u0111\u1ed5i v\u1ec1 ch\u00ednh s\u00e1ch. Wmax s\u1ebd ti\u1ebfp t\u1ee5c theo d\u00f5i di\u1ec5n bi\u1ebfn c\u1ee7a hai bi\u1ebfn s\u1ed1 n\u00e0y c\u0169ng nh\u01b0 ti\u1ebfn tr\u00ecnh \u0111i\u1ec1u tra t\u01b0 ph\u00e1p, quy tr\u00ecnh \u0111\u1ec1 c\u1eed v\u00e0o Th\u01b0\u1ee3ng vi\u1ec7n v\u00e0 nh\u1eefng thay \u0111\u1ed5i trong d\u1eef li\u1ec7u kinh t\u1ebf c\u1ed1t l\u00f5i (l\u1ea1m ph\u00e1t, vi\u1ec7c l\u00e0m, GDP).<\/p>\n

<\/a>WmaxK\u1ebft lu\u1eadn c\u1ed1t l\u00f5i<\/strong><\/p>\n

C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang hi\u1ec7n \u0111ang trong giai \u0111o\u1ea1n quan tr\u1ecdng c\u1ee7a tr\u00f2 ch\u01a1i \u201cleo thang \u00e1p l\u1ef1c ch\u00ednh tr\u1ecb v\u00e0 c\u1ee7ng c\u1ed1 tuy\u1ebfn ph\u00f2ng th\u1ee7 \u0111\u1ed9c l\u1eadp\u201d. Ch\u00ednh s\u00e1ch ng\u1eafn h\u1ea1n s\u1ebd tu\u00e2n th\u1ee7 l\u1eadp tr\u01b0\u1eddng trung l\u1eadp b\u1ecb chi ph\u1ed1i b\u1edfi d\u1eef li\u1ec7u kinh t\u1ebf v\u00e0 k\u1ef3 v\u1ecdng c\u1eaft gi\u1ea3m l\u00e3i su\u1ea5t ti\u1ebfp t\u1ee5c h\u1ea1 nhi\u1ec7t; xu h\u01b0\u1edbng d\u00e0i h\u1ea1n ph\u1ee5 thu\u1ed9c v\u00e0o s\u1ef1 c\u1ed9ng h\u01b0\u1edfng ba chi\u1ec1u c\u1ee7a m\u00f4 h\u00ecnh nh\u00e2n s\u1ef1, ph\u00e1n quy\u1ebft c\u1ee7a t\u00f2a \u00e1n v\u00e0 c\u00e1c nguy\u00ean t\u1eafc c\u01a1 b\u1ea3n v\u1ec1 kinh t\u1ebf. C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u1ea7n t\u1eadp trung v\u00e0o k\u1ebf ho\u1ea1ch c\u1ee7a Powell v\u1ec1 l\u1ed9 tr\u00ecnh ch\u00ednh s\u00e1ch t\u1ea1i cu\u1ed9c h\u1ecdp FOMC tu\u1ea7n n\u00e0y, ph\u1ea3n \u1ee9ng c\u1ee7a \u00f4ng tr\u01b0\u1edbc \u00e1p l\u1ef1c ch\u00ednh tr\u1ecb v\u00e0 ti\u1ebfn tr\u00ecnh ti\u1ebfp theo trong vi\u1ec7c \u0111\u1ec1 c\u1eed Warsh, tr\u00e1nh khu\u1ebfch \u0111\u1ea1i \u1ed3n \u00e0o ch\u00ednh tr\u1ecb qu\u00e1 m\u1ee9c v\u00e0 t\u1eadp trung v\u00e0o t\u00e1c \u0111\u1ed9ng th\u1ef1c t\u1ebf c\u1ee7a d\u1eef li\u1ec7u kinh t\u1ebf \u0111\u1ed1i v\u1edbi ch\u00ednh s\u00e1ch. Wmax s\u1ebd d\u1ef1a v\u00e0o s\u1ef1 ki\u1ec3m so\u00e1t chuy\u00ean s\u00e2u v\u1ec1 ch\u00ednh tr\u1ecb, lu\u1eadt ph\u00e1p Hoa K\u1ef3 v\u00e0 logic ch\u00ednh s\u00e1ch c\u1ee7a C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang, k\u1ebft h\u1ee3p v\u1edbi d\u1eef li\u1ec7u th\u1ecb tr\u01b0\u1eddng theo th\u1eddi gian th\u1ef1c, \u0111\u1ec3 cung c\u1ea5p cho c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 t\u00e0i li\u1ec7u tham kh\u1ea3o ra quy\u1ebft \u0111\u1ecbnh kh\u00e1ch quan v\u00e0 \u0111\u00e1ng tin c\u1eady nh\u1eb1m gi\u00fap \u0111\u1ed1i ph\u00f3 v\u1edbi nh\u1eefng bi\u1ebfn \u0111\u1ed9ng c\u1ee7a th\u1ecb tr\u01b0\u1eddng trong c\u00e1c tr\u00f2 ch\u01a1i ph\u1ee9c t\u1ea1p.<\/p>","protected":false},"excerpt":{"rendered":"

Cu\u1ed9c \u0111i\u1ec1u tra h\u00ecnh s\u1ef1 c\u1ee7a ch\u00ednh quy\u1ec1n Trump \u0111\u1ed1i v\u1edbi Powell v\u00e0 s\u1ef1 b\u1ebf t\u1eafc trong vi\u1ec7c \u0111\u1ec1 c\u1eed Warsh \u0111\u00e3 khi\u1ebfn tr\u00f2 ch\u01a1i ch\u00ednh tr\u1ecb leo thang. C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang \u0111\u00e3 duy tr\u00ec l\u1eadp tr\u01b0\u1eddng trung l\u1eadp b\u1ecb chi ph\u1ed1i b\u1edfi d\u1eef li\u1ec7u kinh t\u1ebf trong ng\u1eafn h\u1ea1n v\u00e0 k\u1ef3 v\u1ecdng v\u1ec1 vi\u1ec7c c\u1eaft gi\u1ea3m l\u00e3i su\u1ea5t ti\u1ebfp t\u1ee5c h\u1ea1 nhi\u1ec7t. T\u00f2a \u00e1n T\u1ed1i cao v\u00e0 Qu\u1ed1c h\u1ed9i c\u00f3 s\u1ef1 h\u1ed7 tr\u1ee3 c\u1ee7a c\u00e1c \u0111\u1ea3ng ph\u00e1i \u0111\u1ec3 x\u00e2y d\u1ef1ng tuy\u1ebfn ph\u00f2ng th\u1ee7 v\u1eefng ch\u1eafc cho n\u1ec1n \u0111\u1ed9c l\u1eadp. \u0110\u1ecbnh h\u01b0\u1edbng d\u00e0i h\u1ea1n ph\u1ee5 thu\u1ed9c v\u00e0o s\u1ef1 c\u1ed9ng h\u01b0\u1edfng ba chi\u1ec1u c\u1ee7a c\u01a1 c\u1ea5u nh\u00e2n s\u1ef1 v\u00e0 c\u00e1c n\u1ec1n t\u1ea3ng kinh t\u1ebf.<\/p>","protected":false},"author":1,"featured_media":8739,"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":[584,178,445],"class_list":["post-8694","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financial-news","tag-584","tag-178","tag-445"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/posts\/8694","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=8694"}],"version-history":[{"count":2,"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/posts\/8694\/revisions"}],"predecessor-version":[{"id":8745,"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/posts\/8694\/revisions\/8745"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/media\/8739"}],"wp:attachment":[{"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/media?parent=8694"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/categories?post=8694"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.kpai1.cn\/vi\/wp-json\/wp\/v2\/tags?post=8694"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}