![\"ウォーシュ氏のＦＲＢ資産圧縮論、利下げ志向と両立せず 市場混乱も\"\/](\"https:\/\/www.wacoca.com\/news\/wp-content\/uploads\/2026\/02\/XCBHQIUVOJMAFPH5TAGCWYC46Q.jpg\")
<\/p>\n<\/p>\n
\u7c73\u30ef\u30b7\u30f3\u30c8\u30f3\u306e\uff26\uff32\uff22\u672c\u90e8R\u30012025\u5e749\u6708\u64ae\u5f71\u3000EUTERS\/Ken Cedeno\/\/File Photo<\/p>\n
\uff3b\uff12\u65e5\u3000\u30ed\u30a4\u30bf\u30fc\uff3d – \u7c73\u9023\u90a6\u6e96\u5099\u7406\u4e8b\u4f1a\uff08\uff26\uff32\uff22\uff09\u306e\u6b21\u671f\u8b70\u9577\u306b\u6307\u540d\u3055\u308c\u305f\u30b1\u30d3\u30f3\u30fb\u30a6\u30a9\u30fc\u30b7\u30e5\u6c0f\u306f\u3001\u6570\u5146\u30c9\u30eb\u898f\u6a21\u306b\u81a8\u3089\u3093\u3060\uff26\uff32\uff22\u306e\u30d0\u30e9\u30f3\u30b9\u30b7\u30fc\u30c8\u3092\u5927\u5e45\u306b\u5727\u7e2e\u3057\u305f\u3044\u3068\u8003\u3048\u3066\u3044\u308b\u3068\u307f\u3089\u308c\u308b\u304c\u3001\u91d1\u878d\u306e\u5b9f\u60c5\u3092\u8003\u3048\u308b\u3068\u7c21\u5358\u3067\u306f\u306a\u304f\u3001\u3067\u304d\u305f\u3068\u3057\u3066\u3082\u6642\u9593\u3092\u8981\u3059\u308b\u3068\u3044\u3046\u306e\u304c\u5c02\u9580\u5bb6\u306e\u898b\u7acb\u3066\u3060\u3002<\/p>\n
\u306a\u305c\u304b\u3002\u5e02\u5834\u306e\u5b89\u5b9a\u3092\u7dad\u6301\u3057\u3001\u91d1\u878d\u653f\u7b56\u76ee\u6a19\u3092\u9054\u6210\u3057\u3064\u3064\u3001\uff26\uff32\uff22\u306e\u4fdd\u6709\u8cc7\u7523\u3068\u91d1\u5229\u7ba1\u7406\u4f53\u5236\u3092\u5dfb\u304d\u623b\u3059\u3053\u3068\u306f\u5bb9\u6613\u3067\u306f\u306a\u3044\u304b\u3089\u3060\u3002\u5229\u4e0b\u3052\u3092\u8003\u3048\u3066\u3044\u308b\u306a\u3089\u3001\u306a\u304a\u3055\u3089\u3060\u3002\u4e2d\u592e\u9280\u884c\u306e\u4fdd\u6709\u8cc7\u7523\u3092\u5927\u5e45\u306b\u6e1b\u3089\u3059\u3053\u3068\u306f\u3001\u91d1\u878d\u74b0\u5883\u306e\u5f15\u304d\u7de0\u3081\u306b\u306a\u3063\u3066\u3057\u307e\u3046\u3002<\/p>\n
\uff12\uff10\uff10\uff16\u5e74\u304b\u3089\uff11\uff11\u5e74\u307e\u3067\uff26\uff32\uff22\u7406\u4e8b\u3092\u52d9\u3081\u305f\u30a6\u30a9\u30fc\u30b7\u30e5\u6c0f\u306f\u3001\uff26\uff32\uff22\u306e\u5de8\u984d\u306e\u8cc7\u7523\u4fdd\u6709\u306f\u91d1\u878d\u30b7\u30b9\u30c6\u30e0\u3092\u6b6a\u3081\u3066\u3044\u308b\u3068\u3057\u3066\u3001\u524a\u6e1b\u3059\u3079\u304d\u3060\u3068\u4e3b\u5f35\u3057\u3066\u304d\u305f\u3002\u6628\u5e74\uff11\uff11\u6708\u306e\u7c73\u7d19\u30a6\u30a9\u30fc\u30eb\u30fb\u30b9\u30c8\u30ea\u30fc\u30c8\u30fb\u30b8\u30e3\u30fc\u30ca\u30eb\uff08\uff37\uff33\uff2a\uff09\u3078\u306e\u5bc4\u7a3f\u3067\u3082\u300c\u904e\u53bb\u306e\u5371\u6a5f\u306e\u6642\u4ee3\u306b\u5927\u4f01\u696d\u3092\u652f\u63f4\u3059\u308b\u305f\u3081\u306b\u8a2d\u8a08\u3055\u308c\u305f\uff26\uff32\uff22\u306e\u80a5\u5927\u5316\u3057\u305f\u30d0\u30e9\u30f3\u30b9\u30b7\u30fc\u30c8\u306f\u5927\u5e45\u306b\u7e2e\u5c0f\u3067\u304d\u308b\u300d\u3068\u4e3b\u5f35\u3057\u3001\u305d\u306e\u8cc7\u91d1\u306f\u300c\u4f4e\u91d1\u5229\u3068\u3044\u3046\u5f62\u3067\u5bb6\u8a08\u3084\u4e2d\u5c0f\u4f01\u696d\u3092\u652f\u63f4\u3059\u308b\u300d\u3053\u3068\u306b\u518d\u914d\u5206\u3055\u308c\u308b\u3068\u8aac\u3044\u305f\u3002<\/p>\n
\u30b3\u30ed\u30ca\u798d\u306e\u5371\u6a5f\u5bfe\u5fdc\u3068\u3057\u3066\u306e\u56fd\u50b5\u7b49\u306e\u8cb7\u3044\u5165\u308c\u3067\u3001\uff26\uff32\uff22\u306e\u8cc7\u7523\u306f\uff12\uff12\u5e74\u590f\u306b\uff19\u5146\u30c9\u30eb\u306b\u9054\u3057\u305f\u3002\u305d\u306e\u5f8c\u3001\u91cf\u7684\u5f15\u304d\u7de0\u3081\uff08\uff31\uff34\uff09\u3068\u547c\u3070\u308c\u308b\u7e2e\u5c0f\u30d7\u30ed\u30bb\u30b9\u306b\u3088\u308a\uff12\uff15\u5e74\u5f8c\u534a\u306b\u306f\uff16\u5146\uff16\uff10\uff10\uff10\u5104\u30c9\u30eb\u306b\u307e\u3067\u6e1b\u5c11\u3057\u305f\u3002\u305f\u3060\u6628\u5e74\uff11\uff12\u6708\u3001\u91d1\u878d\u30b7\u30b9\u30c6\u30e0\u306e\u6d41\u52d5\u6027\u3092\u78ba\u4fdd\u3057\u3001\u91d1\u5229\u3092\u76ee\u6a19\u30ec\u30f3\u30b8\u306b\u53ce\u3081\u308b\u76ee\u7684\u3067\u77ed\u671f\u56fd\u50b5\u8cfc\u5165\u3092\u6c7a\u5b9a\u3057\u3001\u4fdd\u6709\u6b8b\u9ad8\u3092\u518d\u3073\u5897\u3084\u3057\u59cb\u3081\u305f\u3002<\/p>\n
![\"Fed](\"https:\/\/www.wacoca.com\/news\/wp-content\/uploads\/2026\/02\/chart.png\")
Fed Chair nominee Warsh a critic of the size of Fed holdings<\/p>\n
\u5371\u6a5f\u6642\u306b\u306f\u77ed\u671f\u91d1\u5229\u304c\u30bc\u30ed\uff05\u307e\u3067\u4e0b\u3052\u3089\u308c\u308b\u53ef\u80fd\u6027\u304c\u9ad8\u3044\u3053\u3068\u3092\u8003\u3048\u308b\u3068\u3001\u30d0\u30e9\u30f3\u30b9\u30b7\u30fc\u30c8\u306e\u6d3b\u7528\u306f\u6975\u3081\u3066\u91cd\u8981\u306a\u653f\u7b56\u624b\u6bb5\u3067\u3001\u91d1\u878d\u653f\u7b56\u306e\u6a19\u6e96\u7684\u306a\u624b\u6bb5\u3068\u306a\u3063\u3066\u3057\u307e\u3063\u3066\u3044\u308b\u3002\u305d\u306e\u904e\u7a0b\u3067\uff26\uff32\uff22\u306e\u91d1\u5229\u7ba1\u7406\u30c4\u30fc\u30eb\u4f53\u7cfb\u304c\u69cb\u7bc9\u3055\u308c\u305f\u305f\u3081\u3001\u5e02\u5834\u306e\u6df7\u4e71\u3092\u62db\u304f\u3053\u3068\u306a\u304f\u4fdd\u6709\u8cc7\u7523\u3092\u610f\u5473\u306e\u3042\u308b\u5f62\u3067\u524a\u6e1b\u3059\u308b\u3053\u3068\u306f\u975e\u5e38\u306b\u56f0\u96e3\u306a\u306e\u3060\u3002<\/p>\n
\uff33\uff2d\uff22\uff23\u30ad\u30e3\u30d4\u30bf\u30eb\u30fb\u30de\u30fc\u30b1\u30c3\u30c4\u306e\u7c73\u91d1\u5229\u30b9\u30c8\u30e9\u30c6\u30b8\u30b9\u30c8\u3001\u30b8\u30e7\u30fc\u30fb\u30a2\u30d9\u30a4\u30c8\u6c0f\u306f\u300c\u30a6\u30a9\u30fc\u30b7\u30e5\u6c0f\u306f\u30d0\u30e9\u30f3\u30b9\u30b7\u30fc\u30c8\u306e\u7e2e\u5c0f\u3068\u91d1\u878d\u5e02\u5834\u306b\u304a\u3051\u308b\uff26\uff32\uff22\u306e\u5f71\u97ff\u529b\u7e2e\u5c0f\u3092\u671b\u3093\u3067\u3044\u308b\u306e\u304b\u3082\u3057\u308c\u306a\u3044\u300d\u3068\u3057\u305f\u4e0a\u3067\u3001\u300c\u30d0\u30e9\u30f3\u30b9\u30b7\u30fc\u30c8\u306e\u898f\u6a21\u3092\u5b9f\u969b\u306b\u7e2e\u5c0f\u3059\u308b\u306e\u306f\u7121\u7406\u3060\u3002\u9280\u884c\u306f\u305d\u306e\u30ec\u30d9\u30eb\u306e\u6e96\u5099\u91d1\u3092\u671b\u3093\u3067\u3044\u308b\u300d\u3068\u8ff0\u3079\u305f\u3002<\/p>\n
\u9280\u884c\u30b7\u30b9\u30c6\u30e0\u306e\u6e96\u5099\u91d1\u304c\uff13\u5146\u30c9\u30eb\u7a0b\u5ea6\u307e\u3067\u6e1b\u5c11\u3059\u308b\u3068\u3001\u77ed\u671f\u91d1\u878d\u5e02\u5834\u91d1\u5229\u306b\u9855\u8457\u306a\u5909\u52d5\u304c\u898b\u3089\u308c\u59cb\u3081\u3001\uff26\uff32\uff22\u306e\u91d1\u5229\u76ee\u6a19\u7ba1\u7406\u80fd\u529b\u304c\u8105\u304b\u3055\u308c\u308b\u3002\u305d\u308c\u304c\uff26\uff32\uff22\u306e\u4fdd\u6709\u8cc7\u7523\u524a\u6e1b\u3092\u5236\u9650\u3059\u308b\u3068\u540c\u6c0f\u306f\u3044\u3046\u3002<\/p>\n
\u5e02\u5834\u306e\u53cd\u5fdc\u4ee5\u5916\u306b\u3082\u5236\u7d04\u8981\u56e0\u306f\u3042\u308b\u3002\uff26\uff32\uff22\u5185\u3067\u30d0\u30e9\u30f3\u30b9\u30b7\u30fc\u30c8\u3092\u653f\u7b56\u30c4\u30fc\u30eb\u3068\u3057\u3066\u6d3b\u7528\u3059\u308b\u65b9\u91dd\u306b\u304a\u304a\u3080\u306d\u8cdb\u540c\u3057\u3066\u3044\u308b\u653f\u7b56\u62c5\u5f53\u8005\u304c\u3001\u518d\u8a2d\u8a08\u306e\u53d6\u308a\u7d44\u307f\u306b\u53cd\u5bfe\u3059\u308b\u53ef\u80fd\u6027\u3060\u3002<\/p>\n
![\"Bank](\"https:\/\/www.wacoca.com\/news\/wp-content\/uploads\/2026\/02\/1770064704_273_chart.png\")
Bank appetite for liquidity determines how far Fed can shrink holdings<\/p>\n
\uff1c\u4fdd\u6709\u8cc7\u7523\u7e2e\u5c0f\u306f\u9577\u3044\u9053\u306e\u308a\uff1e<\/p>\n
\u3067\u306f\u3001\u5e02\u5834\u304c\u4f55\u3092\u8a31\u5bb9\u3059\u308b\u304b\u3068\u3044\u3046\u73fe\u5b9f\u554f\u984c\u3092\u8e0f\u307e\u3048\u305f\u4e0a\u3067\u3001\u30a6\u30a9\u30fc\u30b7\u30e5\u6c0f\u306f\u3069\u3046\u3057\u305f\u3089\uff26\uff32\uff22\u306e\u4fdd\u6709\u8cc7\u7523\u3092\u5727\u7e2e\u3067\u304d\u308b\u306e\u3060\u308d\u3046\u304b\u3002\u30a2\u30ca\u30ea\u30b9\u30c8\u3089\u306f\u3001\u9280\u884c\u306e\u6d41\u52d5\u6027\u7ba1\u7406\u306b\u95a2\u3059\u308b\u898f\u5236\u4e0a\u306e\u8ca0\u62c5\u306e\u4e00\u90e8\u7de9\u548c\u3001\u30c7\u30a3\u30b9\u30ab\u30a6\u30f3\u30c8\u30fb\u30a6\u30a3\u30f3\u30c9\u30a6\u3084\u73fe\u5728\u5b9f\u65bd\u4e2d\u306e\u30b9\u30bf\u30f3\u30c7\u30a3\u30f3\u30b0\u30fb\u30ec\u30dd\u30fb\u30aa\u30da\u30ec\u30fc\u30b7\u30e7\u30f3\u3068\u3044\u3063\u305f\u6d41\u52d5\u6027\u4f9b\u7d66\u5236\u5ea6\u306e\u9b45\u529b\u3092\u9ad8\u3081\u308b\u3053\u3068\u3067\u3001\u6e96\u5099\u91d1\u4fdd\u6709\u610f\u6b32\u304c\u6e1b\u308a\u3001\uff26\uff32\uff22\u306e\u5f71\u97ff\u529b\u304c\u5f90\u3005\u306b\u7e2e\u5c0f\u3057\u3066\u3044\u304f\u53ef\u80fd\u6027\u304c\u3042\u308b\u3068\u6307\u6458\u3057\u3066\u3044\u308b\u3002<\/p>\n
\u30b8\u30e7\u30fc\u30b8\u30fb\u30e1\u30a4\u30bd\u30f3\u5927\u5b66\u30de\u30fc\u30b1\u30bf\u30b9\u30fb\u30bb\u30f3\u30bf\u30fc\u306e\u30b7\u30cb\u30a2\u30fb\u30ea\u30b5\u30fc\u30c1\u30fb\u30d5\u30a7\u30ed\u30fc\u3001\u30c7\u30d3\u30c3\u30c9\u30fb\u30d9\u30c3\u30af\u30ef\u30fc\u30b9\u6c0f\u306f\u3001\u3053\u308c\u3089\u306e\u63aa\u7f6e\u306b\u52a0\u3048\u3066\u3001\u30a6\u30a9\u30fc\u30b7\u30e5\u6c0f\u304c\uff26\uff32\uff22\u306e\u65e2\u5b58\u306e\u5b9a\u671f\u7684\u306a\u67a0\u7d44\u307f\u898b\u76f4\u3057\u306e\u4e00\u74b0\u3068\u3057\u3066\u3001\u30d0\u30e9\u30f3\u30b9\u30b7\u30fc\u30c8\u6d3b\u7528\u65b9\u6cd5\u306e\u898b\u76f4\u3057\u3092\u76db\u308a\u8fbc\u3080\u53ef\u80fd\u6027\u304c\u3042\u308b\u3068\u8ff0\u3079\u305f\u3002<\/p>\n
\u5927\u304d\u306a\u5909\u5316\u306f\u8d77\u3053\u3089\u306a\u3044\u304b\u3082\u3057\u308c\u306a\u3044\u304c\u3001\uff26\uff32\uff22\u304c\u30c4\u30fc\u30eb\u30ad\u30c3\u30c8\u3092\u5fae\u8abf\u6574\u3059\u308b\u3053\u3068\u3067\u3001\u5927\u91cf\u306e\u6d41\u52d5\u6027\u3092\u4fdd\u6709\u3059\u308b\u5fc5\u8981\u6027\u3092\u6e1b\u3089\u3059\u65b9\u6cd5\u306f\u3044\u304f\u3064\u304b\u3042\u308b\u3002<\/p>\n
\u300c\uff26\uff32\uff22\u306f\u3086\u3063\u304f\u308a\u3068\u65b9\u5411\u8ee2\u63db\u3059\u308b\u8239\u306e\u3088\u3046\u306a\u3082\u306e\u3067\u3001\u305d\u308c\u306f\u304a\u305d\u3089\u304f\u826f\u3044\u3053\u3068\u3060\u3002\u91d1\u878d\u30b7\u30b9\u30c6\u30e0\u306b\u5927\u304d\u306a\u6df7\u4e71\u3092\u62db\u304d\u305f\u304f\u306a\u3044\u304b\u3089\u3060\u300d\u3068\u30d9\u30c3\u30af\u30ef\u30fc\u30b9\u6c0f\u306f\u8a9e\u3063\u305f\u3002<\/p>\n
\u30a8\u30d0\u30fc\u30b3\u30a2\uff29\uff33\uff29\u306e\u30a2\u30ca\u30ea\u30b9\u30c8\u3082\u3001\u30a6\u30a9\u30fc\u30b7\u30e5\u6c0f\u304c\u30d0\u30e9\u30f3\u30b9\u30b7\u30fc\u30c8\u306b\u95a2\u3057\u3066\u4f55\u3089\u304b\u306e\u52d5\u304d\u306b\u51fa\u308b\u3068\u3057\u3066\u3082\u3001\u30a2\u30b0\u30ec\u30c3\u30b7\u30d6\u3055\u304c\u306f\u3089\u3080\u30ea\u30b9\u30af\u3092\u8a8d\u8b58\u3057\u3001\u7a4f\u5f53\u306a\u3082\u306e\u306b\u306a\u308b\u3068\u307f\u3066\u3044\u308b\u3002<\/p>\n
\u300c\u5f7c\u306f\u591a\u304f\u306e\u4eba\u306e\u4e88\u60f3\u3088\u308a\u3082\u73fe\u5b9f\u7684\u3060\u308d\u3046\u3002\uff26\uff32\uff22\u306e\u30d0\u30e9\u30f3\u30b9\u30b7\u30fc\u30c8\u653f\u7b56\u306b\u6025\u6fc0\u306a\u5909\u66f4\u3092\u52a0\u3048\u305a\u3001\uff26\uff32\uff22\u3068\u8ca1\u52d9\u7701\u304c\u7dca\u5bc6\u306a\u5354\u529b\u306e\u67a0\u7d44\u307f\u3092\u63d0\u4f9b\u3059\u308b\u5408\u610f\u3092\u7d04\u675f\u3059\u308b\u3060\u308d\u3046\u300d\u3068\u8ff0\u3079\u305f\u3002\u300c\u5e02\u5834\u306f\u3053\u308c\u3092\u30d9\u30bb\u30f3\u30c8\u8ca1\u52d9\u9577\u5b98\u306b\uff31\uff34\u8a08\u753b\u306b\u5bfe\u3059\u308b\u4e8b\u5b9f\u4e0a\u306e\u62d2\u5426\u6a29\u3092\u4e0e\u3048\u308b\u3082\u306e\u3068\u89e3\u91c8\u3057\u3001\u30a6\u30a9\u30fc\u30b7\u30e5\u6c0f\u3082\u305d\u308c\u306b\u6e80\u8db3\u3059\u308b\u3060\u308d\u3046\u300d\u3068\u6307\u6458\u3057\u305f\u3002<\/p>\n
\u200b<\/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","protected":false},"excerpt":{"rendered":"
\u7c73\u30ef\u30b7\u30f3\u30c8\u30f3\u306e\uff26\uff32\uff22\u672c\u90e8R\u30012025\u5e749\u6708\u64ae\u5f71\u3000EUTERS\/Ken Cedeno\/\/File Photo \uff3b\uff12\u65e5\u3000\u30ed\u30a4\u30bf\u30fc\uff3d – \u7c73\u9023\u90a6\u6e96\u5099\u7406\u4e8b\u4f1a\uff08\uff26\uff32\uff22\uff09\u306e\u6b21\u671f\u8b70\u9577\u306b\u6307\u540d\u3055\u308c\u305f\u30b1\u30d3\u30f3\u30fb\u30a6\u30a9\u30fc\u30b7\u30e5\u6c0f\u306f\u3001\u6570\u5146<\/p>\n","protected":false},"author":2,"featured_media":2759146,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[762757],"tags":[762691,762712,52165,763347,763348,6782,527890,762814,766118,766117,766116,762774,102465,39760,589033,762717,135664,763978,763115,762857,188089,762684,762685,762777,762812,762697,762688,762815,238274,705736,89874,396003,578],"class_list":{"0":"post-2759145","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"tag-amers","9":"tag-bisv","10":"tag-bnk","11":"tag-bnks","12":"tag-bsvc","13":"tag-business","14":"tag-business-news","15":"tag-cen","16":"tag-destnojpbsm","17":"tag-destnojptpm","18":"tag-destnojpztm","19":"tag-eci","20":"tag-eco","21":"tag-fed","22":"tag-fin","23":"tag-fins","24":"tag-gen","25":"tag-gfin","26":"tag-govact","27":"tag-infl","28":"tag-int","29":"tag-jfor","30":"tag-jln","31":"tag-mce","32":"tag-mtpix","33":"tag-namer","34":"tag-news1","35":"tag-plcy","36":"tag-pol","37":"tag-trn","38":"tag-us","39":"tag-wash","40":"tag-578"},"share_on_mastodon":{"url":"","error":""},"_links":{"self":[{"href":"https:\/\/www.wacoca.com\/news\/wp-json\/wp\/v2\/posts\/2759145","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=2759145"}],"version-history":[{"count":0,"href":"https:\/\/www.wacoca.com\/news\/wp-json\/wp\/v2\/posts\/2759145\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.wacoca.com\/news\/wp-json\/wp\/v2\/media\/2759146"}],"wp:attachment":[{"href":"https:\/\/www.wacoca.com\/news\/wp-json\/wp\/v2\/media?parent=2759145"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.wacoca.com\/news\/wp-json\/wp\/v2\/categories?post=2759145"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.wacoca.com\/news\/wp-json\/wp\/v2\/tags?post=2759145"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}