![\"コラム：トランプ米政権「次の100日」、市場が過小評価する下振れリスク\"\/](\"https:\/\/www.wacoca.com\/news\/wp-content\/uploads\/2025\/05\/KF2FV3M6SVPYHI34C7GYW2VJT4.jpg\")
<\/p>\n<\/p>\n
\u3000\uff14\u6708\uff13\uff10\u65e5\u3001 \u30c8\u30e9\u30f3\u30d7\u7c73\u5927\u7d71\u9818\u306e\u7b2c\uff12\u6b21\u653f\u6a29\u767a\u8db3\u5f8c\u306e\uff11\uff10\uff10\u65e5\u9593\u306f\u3001\u4e16\u754c\u5e02\u5834\u306b\u4fe1\u3058\u3089\u308c\u306a\u3044\u307b\u3069\u306e\u6fc0\u52d5\u3092\u3082\u305f\u3089\u3057\u305f\u3002\u5199\u771f\u306f\uff14\u6708\uff12\uff19\u65e5\u3001\u5c31\u4efb\uff11\uff10\uff10\u65e5\u3092\u8a18\u5ff5\u3059\u308b\u96c6\u4f1a\u306b\u51fa\u5e2d\u3057\u305f\u30c8\u30e9\u30f3\u30d7\u6c0f\uff08\uff12\uff10\uff12\uff15\u5e74\u3000\u30ed\u30a4\u30bf\u30fc\/Evelyn Hockstein\uff09<\/p>\n
[\u30aa\u30fc\u30e9\u30f3\u30c9\uff08\u7c73\u30d5\u30ed\u30ea\u30c0\u5dde\uff09 \uff13\uff10\u65e5 \u30ed\u30a4\u30bf\u30fc] – \u30c8\u30e9\u30f3\u30d7\u7c73\u5927\u7d71\u9818\u306e\u7b2c\uff12\u6b21\u653f\u6a29\u767a\u8db3\u5f8c\u306e\uff11\uff10\uff10\u65e5\u9593\u306f\u3001\u4e16\u754c\u5e02\u5834\u306b\u4fe1\u3058\u3089\u308c\u306a\u3044\u307b\u3069\u306e\u6fc0\u52d5\u3092\u3082\u305f\u3089\u3057\u305f\u3002\u7c73\u56fd\u3078\u306e\u8f38\u5165\u95a2\u7a0e\u5f37\u5316\u304c\u5f15\u304d\u8d77\u3053\u3057\u305f\u6df7\u4e71\u304c\u7c73\u56fd\u306e\u8cc7\u7523\u4fa1\u5024\u3092\u6570\u5146\u30c9\u30eb\u3082\u62bc\u3057\u4e0b\u3052\u305f\u304b\u3089\u3060\u3002\u6b21\u306e\uff11\uff10\uff10\u65e5\u9593\u306f\u3069\u3046\u306a\u308b\u306e\u3060\u308d\u3046\u304b\u3002\u304a\u305d\u3089\u304f\u5909\u52d5\u5e45\u306f\u5c0f\u3055\u304f\u306a\u308b\u3060\u308d\u3046\u304c\u3001\u91d1\u878d\u5e02\u5834\u306f\u4e0b\u632f\u308c\u30ea\u30b9\u30af\u3092\u904e\u5c0f\u8a55\u4fa1\u3057\u3066\u3044\u308b\u304b\u3082\u3057\u308c\u306a\u3044\u3002<\/p>\n
\u4e16\u754c\u4e2d\u306e\u6295\u8cc7\u5bb6\u306e\u9593\u3067\u7c73\u56fd\u8cc7\u7523\u3092\u4fdd\u6709\u3059\u308b\u610f\u6b32\u304c\u4f4e\u4e0b\u3057\u305f\u305f\u3081\u3001\u7c73\u682a\u5f0f\u5e02\u5834\u3068\u30c9\u30eb\u76f8\u5834\u306f\u30c8\u30e9\u30f3\u30d7\u6c0f\u306e\u5728\u4efb\uff11\uff10\uff10\u65e5\u3067\u5927\u304d\u304f\u4f4e\u4e0b\u3057\u305f\u3002<\/p>\n
\uff33\uff06\uff30\u7dcf\u5408\uff15\uff10\uff10\u7a2e\u682a\u4fa1\u6307\u6570\u3092\u542b\u3081\u305f\u591a\u304f\u306e\u5e02\u5834\u306f\u3001\u30c8\u30e9\u30f3\u30d7\u6c0f\u306e\u5c31\u4efb\u5f8c\uff11\u30ab\u6708\u9593\u306b\u904e\u53bb\u6700\u9ad8\u5024\u3092\u66f4\u65b0\u3057\u3066\u3044\u305f\u3002\u306b\u3082\u304b\u304b\u308f\u3089\u305a\u3001\u653f\u6a29\u767a\u8db3\uff11\uff10\uff10\u65e5\u9593\u306e\u7c73\u682a\u4fa1\u306e\u4e0b\u843d\u5e45\u3068\u3057\u3066\u306f\uff11\uff19\uff17\uff13\u5e74\u306e\u30cb\u30af\u30bd\u30f3\u7b2c\uff12\u6b21\u653f\u6a29\u4ee5\u6765\u306e\u5927\u304d\u3055\u3068\u306a\u308a\u3001\u30c9\u30eb\u5b9f\u52b9\u30ec\u30fc\u30c8\u306f\uff11\uff10\uff05\u5f31\u4e0b\u843d\u3057\u305f\u3002<\/p>\n
\u3057\u304b\u3057\u3001\u30c8\u30e9\u30f3\u30d7\u6c0f\u304c\u3088\u308a\u904e\u6fc0\u306a\u653f\u7b56\u306e\u4e00\u90e8\u3092\u5f8c\u9000\u3055\u305b\u3001\u66b4\u8a00\u3092\u5410\u304f\u56de\u6570\u3092\u6e1b\u3089\u3057\u305f\u3053\u3068\u3067\u3001\u4e16\u754c\u306e\u682a\u5f0f\u5e02\u5834\u306e\u3044\u304f\u3064\u304b\u306f\u5b89\u5024\u304b\u3089\u53cd\u767a\u3057\u305f\u3002\u30e2\u30eb\u30ac\u30f3\u30fb\u30b9\u30bf\u30f3\u30ec\u30fc\u30fb\u30ad\u30e3\u30d4\u30bf\u30eb\u30fb\u30a4\u30f3\u30bf\u30fc\u30ca\u30b7\u30e7\u30ca\u30eb\uff08\uff2d\uff33\uff23\uff29\uff09\u4e16\u754c\u682a\u4fa1\u6307\u6570\u306f\u73fe\u5728\u3001\u30c8\u30e9\u30f3\u30d7\u6c0f\u306e\u5c31\u4efb\u304b\u3089\u306e\u4e0b\u843d\u7387\u306f\uff13\uff05\u306b\u3068\u3069\u307e\u3063\u3066\u3044\u308b\u3002\u4e2d\u56fd\u682a\u3068\u82f1\u56fd\u682a\u3001\u6b27\u5dde\u682a\u306f\u307b\u307c\u6a2a\u3070\u3044\u3060\u3063\u305f\u4e00\u65b9\u3001\uff2d\uff33\uff23\uff29\u306e\u65e5\u672c\u3092\u9664\u304f\u30a2\u30b8\u30a2\u6307\u6570\u3001\u30c9\u30a4\u30c4\u306e\uff24\uff21\uff38\u6307\u6570\u3001\u30a4\u30f3\u30c9\u306e\uff33\uff25\uff2e\uff33\uff25\uff38\u6307\u6570\u306f\uff12\u2015\uff17\uff05\u4e0a\u6607\u3057\u305f\u3002<\/p>\n
\u3060\u304c\u3001\u30c8\u30e9\u30f3\u30d7\u653f\u6a29\u306e\u6b21\u306e\uff11\uff10\uff10\u65e5\u9593\u306b\u4f55\u304c\u5f85\u3063\u3066\u3044\u308b\u306e\u304b\u306b\u5bfe\u3057\u3066\u5e02\u5834\u306f\u3084\u3084\u697d\u89b3\u7684\u3059\u304e\u308b\u304b\u3082\u3057\u308c\u306a\u3044\u3002<\/p>\n
![\"Line](\"https:\/\/www.wacoca.com\/news\/wp-content\/uploads\/2025\/05\/chart.png\")
Line chart showing approval and disapproval polling numbers on Trump’s economic policy<\/p>\n
\uff1c\u4e0d\u5b89\u5b9a\u306a\u5c55\u958b\uff1e<\/p>\n
\u30c8\u30e9\u30f3\u30d7\u6c0f\u306b\u3088\u308b\u95a2\u7a0e\u5f15\u304d\u4e0a\u3052\u3092\u5de1\u308b\u6df7\u4e71\u306e\u30d4\u30fc\u30af\u306f\u304a\u305d\u3089\u304f\u904e\u53bb\u306e\u3082\u306e\u3068\u306a\u3063\u305f\u3082\u306e\u306e\u3001\u4eee\u306b\u95a2\u7a0e\u306e\u5f15\u304d\u4e0a\u3052\u5e45\u304c\u7e2e\u5c0f\u3055\u308c\u305f\u3068\u3057\u3066\u3082\u3001\u904e\u53bb\u6570\u5341\u5e74\u9593\u3067\u6700\u9ad8\u6c34\u6e96\u3067\u3042\u308b\u3053\u3068\u306b\u306f\u5909\u308f\u308a\u306f\u306a\u3044\u3002\u307e\u305f\u3001\u4e16\u754c\u306e\u4e8c\u5927\u7d4c\u6e08\u5927\u56fd\u3067\u3042\u308b\u4e2d\u56fd\u3068\u7c73\u56fd\u306e\u8cbf\u6613\u6469\u64e6\u306f\u3059\u3050\u306b\u53ce\u675f\u3059\u308b\u3053\u3068\u306f\u306a\u3044\u3060\u308d\u3046\u3002\u5e02\u5834\u306f\u3001\u3053\u3046\u3057\u305f\u72b6\u6cc1\u304c\u5f15\u304d\u8d77\u3053\u3059\u3068\u307f\u3089\u308c\u308b\u8cbf\u6613\u306e\u6df7\u4e71\u3068\u666f\u6c17\u6e1b\u901f\u3092\u60f3\u5b9a\u3057\u3066\u3044\u306a\u3044\u3088\u3046\u3060\u3002<\/p>\n
\u4e16\u754c\u306e\u682a\u5f0f\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u306f\uff11\u6708\u4ee5\u964d\u306b\u5272\u5b89\u306b\u306a\u3063\u305f\u3082\u306e\u306e\u3001\u4e0b\u3052\u5e45\u306f\u305d\u308c\u307b\u3069\u5927\u304d\u304f\u306f\u306a\u304f\u3001\u6b27\u5dde\u682a\u306e\u30d0\u30ea\u30e5\u30a8\u30fc\u30b7\u30e7\u30f3\u306f\u518d\u3073\u4e0a\u6607\u3057\u59cb\u3081\u3066\u3044\u308b\u3002\u4e00\u65b9\u3001\uff33\uff06\uff30\u7dcf\u5408\uff15\uff10\uff10\u7a2e\u682a\u4fa1\u6307\u6570\u69cb\u6210\u4f01\u696d\u306e\uff11\u5e74\u5148\u306e\uff11\u682a\u5f53\u305f\u308a\u5229\u76ca\u898b\u901a\u3057\u306f\u904e\u53bb\u6700\u9ad8\u3092\u66f4\u65b0\u3057\u7d9a\u3051\u3066\u304a\u308a\u3001\uff11\u682a\u5f53\u305f\u308a\uff12\uff18\uff10\u30c9\u30eb\u3092\u8d85\u3048\u3088\u3046\u3068\u3057\u3066\u3044\u308b\u3002<\/p>\n
\u3053\u308c\u306f\u7c73\u56fd\u3068\u4e16\u754c\u306e\u7d4c\u6e08\u306e\u529b\u5f37\u3055\u306b\u5bfe\u3059\u308b\u81ea\u4fe1\u306a\u306e\u3060\u308d\u3046\u304b\u3001\u305d\u308c\u3068\u3082\u81ea\u5df1\u6e80\u8db3\u306a\u306e\u3060\u308d\u3046\u304b\u3002\u30c8\u30a5\u30eb\u30fc\u30a4\u30b9\u30c8\u306e\u30ad\u30fc\u30b9\u30fb\u30e9\u30fc\u30ca\u30fc\u6700\u9ad8\u6295\u8cc7\u8cac\u4efb\u8005\uff08\uff23\uff29\uff2f\uff09\u306f\u5f8c\u8005\u3060\u3068\u898b\u3066\u3044\u308b\u3002<\/p>\n
\u30e9\u30fc\u30ca\u30fc\u6c0f\u306f\u3001\uff33\uff06\uff30\u7dcf\u5408\uff15\uff10\uff10\u7a2e\u306e\u77ed\u671f\u7684\u306a\u4e0a\u6607\u4f59\u5730\u306f\uff15\uff05\u4ee5\u4e0b\u3067\u3001\u4e0b\u843d\u4f59\u5730\u306f\uff11\uff10\uff05\u8d85\u3060\u3068\u307f\u3066\u304a\u308a\u300c\u5e02\u5834\u306f\u76f4\u8fd1\u306e\u5b89\u5024\u3067\u60aa\u3044\u6750\u6599\u3092\u7e54\u308a\u8fbc\u3093\u3067\u3044\u305f\u304c\u3001\u4eca\u5f8c\u3055\u3089\u306b\u4e0d\u5b89\u5b9a\u306a\u5c55\u958b\u3068\u306a\u3063\u305f\u5834\u5408\u306e\u30d0\u30c3\u30d5\u30a1\u30fc\u306f\u5c11\u306a\u304f\u306a\u3063\u3066\u3044\u308b\u300d\u3068\u6307\u6458\u3002\u305d\u306e\u4e0a\u3067\u300c\u73fe\u5728\u306e\u6c34\u6e96\u3067\u306f\u30ea\u30b9\u30af\u3078\u306e\u30ea\u30bf\u30fc\u30f3\u306f\u305d\u308c\u307b\u3069\u9b45\u529b\u7684\u3067\u306a\u3044\u3088\u3046\u306b\u6620\u308b\u300d\u3068\u306e\u898b\u65b9\u3092\u793a\u3057\u305f\u3002<\/p>\n
\u7c73\u4e2d\u8cbf\u6613\u306e\u7a81\u7136\u306e\u7834\u7dbb\u3001\u904e\u53bb\u6700\u9ad8\u6c34\u6e96\u306e\u4e0d\u78ba\u5b9f\u6027\u3001\u7c73\u56fd\u304c\u6570\u5341\u3082\u306e\u8cbf\u6613\u76f8\u624b\u56fd\u3068\u306e\u4ea4\u6e09\u3092\u7e70\u308a\u5e83\u3052\u3066\u3044\u308b\u9593\u306b\u5bb6\u8a08\u3084\u4f01\u696d\u304c\u6570\u30ab\u6708\u9593\u306b\u308f\u305f\u3063\u3066\u76f4\u9762\u3059\u308b\u624b\u8a70\u307e\u308a\u72b6\u614b\u306f\u3001\u56fd\u969b\u901a\u8ca8\u57fa\u91d1\uff08\uff29\uff2d\uff26\uff09\u304c\u5148\u9031\u793a\u3057\u305f\u4e16\u754c\u306e\u7d4c\u6e08\u6210\u9577\u7387\u306e\u4e0b\u65b9\u4fee\u6b63\u304c\u7518\u3059\u304e\u308b\u304b\u3082\u3057\u308c\u306a\u3044\u3053\u3068\u3092\u793a\u5506\u3057\u3066\u3044\u308b\u3002\u4eee\u306b\u666f\u6c17\u5f8c\u9000\u3092\u907f\u3051\u3089\u308c\u305f\u3068\u3057\u3066\u3082\u3001\u30b9\u30bf\u30b0\u30d5\u30ec\u30fc\u30b7\u30e7\u30f3\uff08\u666f\u6c17\u4f4e\u8ff7\u306e\u4e2d\u3067\u306e\u7269\u4fa1\u4e0a\u6607\uff09\u3078\u306e\u7a81\u5165\u306f\u9003\u308c\u3089\u308c\u306a\u3044\u304b\u3082\u3057\u308c\u306a\u3044\u3002<\/p>\n
\uff1c\u30c8\u30e9\u30f3\u30d7\u6c0f\u306e\u30d4\u30fc\u30af\uff1e<\/p>\n
\u5f37\u6c17\u306a\u898b\u65b9\u3068\u3057\u3066\u3042\u308b\u306e\u306f\u3001\u5c31\u4efb\u5f8c\uff11\uff10\uff10\u65e5\u9593\u304c\u300c\u30c8\u30e9\u30f3\u30d7\u6c0f\u306e\u30d4\u30fc\u30af\u300d\u306b\u306a\u308b\u3068\u306e\u30b7\u30ca\u30ea\u30aa\u3060\u3002\u305d\u308c\u306f\u5e02\u5834\u5168\u4f53\u306b\u53ca\u3076\u885d\u6483\u3001\u6df7\u4e71\u3001\u5927\u5e45\u4e0b\u843d\u304c\u4eca\u5f8c\u6570\u30ab\u6708\u4ee5\u5185\u306b\u7e70\u308a\u8fd4\u3055\u308c\u308b\u3053\u3068\u306f\u306a\u3044\u3068\u306e\u898b\u7acb\u3066\u3060\u3002\u305d\u306e\u5834\u5408\u306b\u306f\u7c73\u56fd\u306e\u5bfe\u7acb\u56fd\u3084\u540c\u76df\u56fd\u3068\u306e\u7dca\u5f35\u304c\u89e3\u3051\u3001\u4e16\u754c\u304c\u5e73\u5e38\u306b\u8fd1\u3044\u72b6\u614b\u306b\u623b\u308b\u3053\u3068\u306b\u306a\u308b\u3002<\/p>\n
\u304a\u305d\u3089\u304f\u3053\u308c\u3089\u306e\u4e00\u90e8\u306f\u5b9f\u73fe\u3057\u3064\u3064\u3042\u308b\u3002\u30c8\u30e9\u30f3\u30d7\u653f\u6a29\u306e\u653f\u7b56\u306b\u5bfe\u3059\u308b\u30c6\u30b9\u30e9\u6700\u9ad8\u7d4c\u55b6\u8cac\u4efb\u8005\uff08\uff23\uff25\uff2f\uff09\u306e\u30a4\u30fc\u30ed\u30f3\u30fb\u30de\u30b9\u30af\u6c0f\u306e\u5f71\u97ff\u529b\u306f\u5f31\u307e\u3063\u3066\u304a\u308a\u3001\u30de\u30b9\u30af\u6c0f\u304c\u653f\u5e9c\u52b9\u7387\u5316\u7701\uff08\uff24\uff2f\uff27\uff25\uff09\u306b\u5272\u304f\u6642\u9593\u306f\u7e2e\u5c0f\u3057\u3066\u3044\u308b\u3002\u30c8\u30e9\u30f3\u30d7\u6c0f\u306f\u30d1\u30a6\u30a8\u30eb\u7c73\u9023\u90a6\u6e96\u5099\u7406\u4e8b\u4f1a\uff08\uff26\uff32\uff22\uff09\u8b70\u9577\u3078\u306e\u653b\u6483\u3092\u548c\u3089\u3052\u3001\u653f\u6a29\u3068\u3057\u3066\u306f\u95a2\u7a0e\u3092\u5de1\u3063\u3066\u3088\u308a\u878d\u548c\u7684\u306b\u9032\u3081\u308b\u59ff\u52e2\u3092\u793a\u3057\u3066\u3044\u308b\u3002<\/p>\n
\u305d\u3046\u8003\u3048\u308b\u3068\u3001\u7c73\u56fd\u306e\u300c\u5de8\u5927\uff29\uff34\u4f01\u696d\u300d\u306e\u73fe\u5728\u306e\u682a\u4fa1\u306f\u5272\u5b89\u306b\u306a\u3063\u3066\u304a\u308a\u3001\u30c9\u30eb\u306e\u5b89\u5168\u8cc7\u7523\u3068\u3057\u3066\u306e\u5730\u4f4d\u306b\u5bfe\u3059\u308b\u7591\u5ff5\u306f\u8a87\u5f35\u3055\u308c\u3059\u304e\u3066\u3044\u308b\u3068\u306e\u53cd\u8ad6\u3082\u3042\u308b\u304b\u3082\u3057\u308c\u306a\u3044\u3002\u7c73\u7d4c\u6e08\u306f\u4f9d\u7136\u3068\u3057\u3066\u4e16\u754c\u3067\u6700\u3082\u9769\u65b0\u7684\u3067\u30c0\u30a4\u30ca\u30df\u30c3\u30af\u3067\u3042\u308a\u3001\u6b27\u5dde\u3084\u4e2d\u56fd\u3067\u306f\u5927\u898f\u6a21\u306a\u8ca1\u653f\u51fa\u52d5\u304c\u63a7\u3048\u3066\u3044\u308b\u3002<\/p>\n
\u305d\u308c\u3067\u306f\u3001\u682a\u5f0f\u306f\u8cb7\u3044\u6642\u306a\u306e\u304b\u3002\u305d\u308c\u306f\u65e9\u8a08\u3060\u308d\u3046\u3002\uff2a\uff30\u30e2\u30eb\u30ac\u30f3\u306e\u6700\u8fd1\u306e\u8abf\u67fb\u306b\u3088\u308b\u3068\u3001\u6295\u8cc7\u5bb6\u3089\u306f\u8cbf\u6613\u6226\u4e89\u306e\u7de9\u548c\u3092\u671f\u5f85\u3057\u3066\u3044\u308b\u304b\u3082\u3057\u308c\u306a\u3044\u3082\u306e\u306e\u3001\u65b0\u3057\u3044\u4e16\u754c\u79e9\u5e8f\u3092\u4f5c\u308d\u3046\u3068\u3059\u308b\u30c8\u30e9\u30f3\u30d7\u653f\u6a29\u306e\u59ff\u52e2\u306b\u3088\u3063\u3066\u300c\u6c38\u7d9a\u7684\u306a\u640d\u5bb3\u300d\u304c\u3082\u305f\u3089\u3055\u308c\u308b\u3053\u3068\u3092\u6050\u308c\u3066\u3044\u308b\u3002\u307e\u305f\u3001\u6295\u8cc7\u5bb6\u306f\u300c\uff08\u30c8\u30e9\u30f3\u30d7\u653f\u6a29\u306e\uff09\u6700\u7d42\u7684\u306a\u65b9\u91dd\u306b\u3064\u3044\u3066\u307b\u3068\u3093\u3069\u78ba\u4fe1\u304c\u6301\u3066\u306a\u3044\u300d\u3068\u304b\u3001\u3069\u306e\u30af\u30e9\u30b9\u306e\u8cc7\u7523\u3092\u4fdd\u6709\u3059\u3079\u304d\u304b\u304c\u5206\u304b\u3089\u306a\u3044\u3068\u3044\u3063\u305f\u60a9\u307f\u3092\u62b1\u3048\u3066\u3044\u308b\u3002<\/p>\n
\u4eee\u306b\u30c8\u30e9\u30f3\u30d7\u653f\u6a29\u306e\u6b21\u306e\uff11\uff10\uff10\u65e5\u304c\u6700\u521d\u306e\uff11\uff10\uff10\u65e5\u3088\u308a\u305a\u3063\u3068\u6ce2\u4e71\u304c\u5c11\u306a\u3044\u3068\u3057\u3066\u3082\u3001\u78ba\u5b9f\u6027\u304c\u4f4e\u304f\u3001\u4e0d\u78ba\u5b9f\u6027\u304c\u9ad8\u304f\u3001\u9577\u671f\u7684\u306b\u30c0\u30e1\u30fc\u30b8\u304c\u53ca\u3076\u3053\u3068\u3078\u306e\u61f8\u5ff5\u306b\u76ee\u3092\u3064\u3076\u3063\u3066\u5f37\u6c17\u306a\u59ff\u52e2\u3067\u81e8\u3080\u3053\u3068\u306f\u56f0\u96e3\u3060\u3002<\/p>\n
\uff08\u7b46\u8005\u306f\u30ed\u30a4\u30bf\u30fc\u306e\u30b3\u30e9\u30e0\u30cb\u30b9\u30c8\u3067\u3059\u3002\u672c\u30b3\u30e9\u30e0\u306f\u7b46\u8005\u306e\u500b\u4eba\u7684\u898b\u89e3\u306b\u57fa\u3065\u3044\u3066\u66f8\u304b\u308c\u3066\u3044\u307e\u3059\uff09<\/p>\n
\u79c1\u305f\u3061\u306e\u884c\u52d5\u898f\u7bc4\uff1a\u30c8\u30e0\u30bd\u30f3\u30fb\u30ed\u30a4\u30bf\u30fc\u300c\u4fe1\u983c\u306e\u539f\u5247\u300d, opens new tab<\/p>\n
\u7b46\u8005\u306f\u300cReuters Breakingviews\u300d\u306e\u30b3\u30e9\u30e0\u30cb\u30b9\u30c8\u3067\u3059\u3002\u672c\u30b3\u30e9\u30e0\u306f\u7b46\u8005\u306e\u500b\u4eba\u7684\u898b\u89e3\u306b\u57fa\u3065\u3044\u3066\u66f8\u304b\u308c\u3066\u3044\u307e\u3059\u3002<\/p>\n
![](\"https:\/\/www.wacoca.com\/news\/wp-content\/uploads\/2025\/05\/https:\/\/s3.amazonaws.com\/arc-authors\/reuters\/ea13cc1e-3d0f-431b-af60-b632b140c50b.png\"\/)
<\/p>\n
Jamie McGeever has been a financial journalist since 1998, reporting from Brazil, Spain, New York, London, and now back in the U.S. again. Focus on economics, central banks, policymakers, and global markets – especially FX and fixed income. Follow me on Twitter: @ReutersJamie<\/p>\n","protected":false},"excerpt":{"rendered":"
\u3000\uff14\u6708\uff13\uff10\u65e5\u3001 \u30c8\u30e9\u30f3\u30d7\u7c73\u5927\u7d71\u9818\u306e\u7b2c\uff12\u6b21\u653f\u6a29\u767a\u8db3\u5f8c\u306e\uff11\uff10\uff10\u65e5\u9593\u306f\u3001\u4e16\u754c\u5e02\u5834\u306b\u4fe1\u3058\u3089\u308c\u306a\u3044\u307b\u3069\u306e\u6fc0\u52d5\u3092\u3082\u305f\u3089\u3057\u305f\u3002\u5199\u771f\u306f\uff14\u6708\uff12\uff19\u65e5\u3001\u5c31\u4efb\uff11\uff10\uff10\u65e5\u3092\u8a18\u5ff5\u3059\u308b\u96c6\u4f1a\u306b\u51fa\u5e2d\u3057\u305f\u30c8\u30e9\u30f3\u30d7\u6c0f\uff08\uff12\uff10\uff12\uff15\u5e74\u3000\u30ed\u30a4\u30bf\u30fc\/Evelyn Hoc<\/p>\n","protected":false},"author":2,"featured_media":2514200,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[674789],"tags":[762691,762764,14869,762699,762711,228885,762712,762713,52165,763347,764221,762767,763348,762714,762814,222298,762715,762682,762683,766561,766116,762892,762774,102465,762786,762716,762698,762762,762734,39760,589033,762717,762718,762915,25615,135664,762857,188089,762724,765958,763476,762725,762726,762727,762684,762685,79981,762777,762811,763032,762697,762688,762815,238274,496517,762729,762968,762708,762813,688579,762690,762679,99360,48489,705736,784990,89874,30355,396003,70245,72702],"class_list":{"0":"post-2514199","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-united-states","8":"tag-amers","9":"tag-anlins","10":"tag-asia","11":"tag-asxpac","12":"tag-aut","13":"tag-auto","14":"tag-bisv","15":"tag-bisv08","16":"tag-bnk","17":"tag-bnks","18":"tag-bnks1","19":"tag-bojj","20":"tag-bsvc","21":"tag-carm","22":"tag-cen","23":"tag-clm","24":"tag-cmpny","25":"tag-cycs","26":"tag-cycs08","27":"tag-destnojpzam","28":"tag-destnojpztm","29":"tag-easia","30":"tag-eci","31":"tag-eco","32":"tag-econ","33":"tag-eleav","34":"tag-emea","35":"tag-erep","36":"tag-europ","37":"tag-fed","38":"tag-fin","39":"tag-fins","40":"tag-fins08","41":"tag-frx","42":"tag-gdp","43":"tag-gen","44":"tag-infl","45":"tag-int","46":"tag-invbis","47":"tag-invbnk","48":"tag-invbr","49":"tag-invm","50":"tag-invm1","51":"tag-invs08","52":"tag-jfor","53":"tag-jln","54":"tag-jp","55":"tag-mce","56":"tag-mktrep","57":"tag-mtgfx","58":"tag-namer","59":"tag-news1","60":"tag-plcy","61":"tag-pol","62":"tag-potus","63":"tag-publ","64":"tag-ratiregulatory-policy","65":"tag-ratisustainable-ev-supply-chain","66":"tag-rep","67":"tag-stx","68":"tag-topcmb","69":"tag-topnws","70":"tag-trd","71":"tag-trf","72":"tag-trn","73":"tag-united-states-of-america","74":"tag-us","75":"tag-usa","76":"tag-wash","77":"tag-70245","78":"tag-72702"},"share_on_mastodon":{"url":"","error":"Validation failed: Text character limit of 500 exceeded"},"_links":{"self":[{"href":"https:\/\/www.wacoca.com\/news\/wp-json\/wp\/v2\/posts\/2514199","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.wacoca.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.wacoca.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.wacoca.com\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.wacoca.com\/news\/wp-json\/wp\/v2\/comments?post=2514199"}],"version-history":[{"count":0,"href":"https:\/\/www.wacoca.com\/news\/wp-json\/wp\/v2\/posts\/2514199\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.wacoca.com\/news\/wp-json\/wp\/v2\/media\/2514200"}],"wp:attachment":[{"href":"https:\/\/www.wacoca.com\/news\/wp-json\/wp\/v2\/media?parent=2514199"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.wacoca.com\/news\/wp-json\/wp\/v2\/categories?post=2514199"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.wacoca.com\/news\/wp-json\/wp\/v2\/tags?post=2514199"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}