{"id":19217,"date":"2023-03-21T11:26:24","date_gmt":"2023-03-21T04:26:24","guid":{"rendered":"http:\/\/infina.vn\/blog\/?p=19217"},"modified":"2023-07-25T11:47:48","modified_gmt":"2023-07-25T04:47:48","slug":"tinh-the-tien-thoai-luong-nan-cua-fed","status":"publish","type":"post","link":"https:\/\/infina.vn\/blog\/tinh-the-tien-thoai-luong-nan-cua-fed\/","title":{"rendered":"T\u00ecnh th\u1ebf ti\u1ebfn tho\u00e1i l\u01b0\u1ee1ng nan c\u1ee7a Fed"},"content":{"rendered":"\n\n
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\n 3.7\/5 - (3 votes) <\/div>\n <\/div>\n

“C\u00e1c h\u00e0nh \u0111\u1ed9ng ch\u00ednh s\u00e1ch c\u1ee7a ch\u00fang t\u00f4i ph\u00e1t huy t\u00e1c d\u1ee5ng trong nhi\u1ec1u \u0111i\u1ec1u ki\u1ec7n t\u00e0i ch\u00ednh”. \u0110\u00e2y l\u00e0 ph\u00e1t bi\u1ec3u c\u1ee7a Ch\u1ee7 t\u1ecbch C\u1ee5c D\u1ef1 tr\u1eef li\u00ean bang M\u1ef9 (Fed<\/a>) Jerome Powell v\u00e0o cu\u1ed1i n\u0103m ngo\u00e1i khi \u0111\u1ec1 c\u1eadp \u0111\u1ebfn m\u1ed1i quan h\u1ec7 nh\u00e2n qu\u1ea3 c\u1ee7a ch\u00ednh s\u00e1ch ti\u1ec1n t\u1ec7.<\/p>\n

Khi l\u00e3i su\u1ea5t t\u0103ng, \u0111i\u1ec1u ki\u1ec7n t\u00e0i ch\u00ednh th\u1eaft ch\u1eb7t h\u01a1n khi\u1ebfn c\u00e1c c\u00f4ng ty v\u00e0 ng\u01b0\u1eddi ti\u00eau d\u00f9ng c\u1eaft gi\u1ea3m chi ti\u00eau, khi\u1ebfn n\u1ec1n kinh t\u1ebf suy tho\u00e1i v\u00e0 l\u1ea1m ph\u00e1t th\u1ea5p h\u01a1n. N\u1ec1n kinh t\u1ebf 10 ng\u00e0y qua \u0111\u00e3 minh h\u1ecda m\u1ed9t chu\u1ed7i nh\u00e2n qu\u1ea3 \u00edt \u0111\u01b0\u1ee3c mong \u0111\u1ee3i h\u01a1n: t\u1eeb l\u00e3i su\u1ea5t cao h\u01a1n \u0111\u1ebfn kh\u1ee7ng ho\u1ea3ng trong l\u0129nh v\u1ef1c ng\u00e2n h\u00e0ng.<\/p>\n

Xem th\u00eam: V\u1ebft n\u1ee9t kinh t\u1ebf \u0111\u00e3 xu\u1ea5t hi\u1ec7n, nh\u01b0ng Fed v\u1eabn s\u1ebd n\u00e2ng l\u00e3i su\u1ea5t?<\/a><\/p>\n

Nh\u1eefng \u0111i\u1ec1u ki\u1ec7n t\u00e0i ch\u00ednh \u0111\u1ea7y “s\u00f3ng gi\u00f3” n\u00e0y \u0111\u1eb7t ra m\u1ed9t t\u00ecnh th\u1ebf ti\u1ebfn tho\u00e1i l\u01b0\u1ee1ng nan cho Fed. \u0110\u00f3 l\u00e0 li\u1ec7u c\u00f3 n\u00ean ti\u1ebfp t\u1ee5c t\u0103ng l\u00e3i su\u1ea5t \u0111\u1ec3 ki\u1ec1m ch\u1ebf l\u1ea1m ph\u00e1t hay \u1ed5n \u0111\u1ecbnh t\u00e0i ch\u00ednh b\u00e2y gi\u1edd l\u00e0 \u01b0u ti\u00ean h\u00e0ng \u0111\u1ea7u?<\/p>\n

T\u1ea1i cu\u1ed9c h\u1ecdp ch\u00ednh s\u00e1ch ti\u1ec1n t\u1ec7 th\u01b0\u1eddng k\u1ef3 ng\u00e0y 22\/3, c\u00e1c nh\u00e0 ho\u1ea1ch \u0111\u1ecbnh ch\u00ednh s\u00e1ch s\u1ebd \u0111\u01b0a ra quy\u1ebft \u0111\u1ecbnh v\u1ec1 l\u00e3i su\u1ea5t. Theo The Economist, tr\u01b0\u1edbc t\u00ecnh tr\u1ea1ng h\u1ed7n lo\u1ea1n b\u1eaft \u0111\u1ea7u v\u1edbi vi\u1ec7c ti\u1ec1n g\u1eedi b\u1ecb r\u00fat h\u00e0ng lo\u1ea1t kh\u1ecfi Silicon Valley Bank (SVB), l\u1ea7n t\u0103ng l\u00e3i su\u1ea5t th\u1ee9 9 li\u00ean ti\u1ebfp v\u1eabn l\u00e0 m\u1ed9t kh\u1ea3 n\u0103ng. Tr\u01b0\u1edbc \u0111\u00f3, nhi\u1ec1u tranh lu\u1eadn \u0111\u00e3 n\u1ed5 ra v\u1ec1 vi\u1ec7c Fed s\u1ebd t\u0103ng l\u00e3i su\u1ea5t 25 \u0111i\u1ec3m c\u01a1 b\u1ea3n hay 50 \u0111i\u1ec3m c\u01a1 b\u1ea3n. Gi\u1edd \u0111\u00e2y, th\u1ecb tr\u01b0\u1eddng l\u1ea1i b\u0103n kho\u0103n li\u1ec7u Fed c\u00f3 t\u0103ng l\u00e3i su\u1ea5t hay kh\u00f4ng.<\/p>\n

K\u1ecbch b\u1ea3n Fed ng\u1eebng t\u0103ng l\u00e3i su\u1ea5t d\u1ef1a tr\u00ean 2 lu\u1eadn \u0111i\u1ec3m. \u0110\u1ea7u ti\u00ean, l\u00e3i su\u1ea5t cao h\u01a1n l\u00e0 g\u1ed1c r\u1ec5 c\u1ee7a s\u1ef1 h\u1ed7n lo\u1ea1n t\u00e0i ch\u00ednh. Ngay c\u1ea3 khi SVB l\u00e0 m\u1ed9t ngo\u1ea1i l\u1ec7 v\u00ec \u0111\u00f3 l\u00e0 sai l\u1ea7m c\u1ee7a ch\u00ednh ng\u00e2n h\u00e0ng, th\u00ec c\u00e1c ng\u00e2n h\u00e0ng v\u00e0 c\u00f4ng ty t\u00e0i ch\u00ednh kh\u00e1c t\u1eeb c\u00e1c qu\u1ef9 ph\u00f2ng h\u1ed9 cho \u0111\u1ebfn c\u00f4ng ty b\u1ea3o hi\u1ec3m \u0111\u1ec1u c\u00f3 nh\u1eefng kho\u1ea3n l\u1ed7 n\u1eb7ng n\u1ec1 so v\u1edbi th\u1ecb tr\u01b0\u1eddng \u0111\u1ed1i v\u1edbi vi\u1ec7c n\u1eafm gi\u1eef tr\u00e1i phi\u1ebfu. Vi\u1ec7c t\u0103ng l\u00e3i su\u1ea5t h\u01a1n n\u1eefa c\u00f3 th\u1ec3 l\u00e0m t\u0103ng th\u00eam kho\u1ea3n l\u1ed7 danh ngh\u0129a c\u1ee7a c\u00e1c tr\u00e1i phi\u1ebfu m\u00e0 h\u1ecd n\u1eafm gi\u1eef.<\/p>\n

Xem th\u00eam: Fed s\u1ebd t\u0103ng l\u00e3i su\u1ea5t cho \u0111\u1ebfn khi kinh t\u1ebf M\u1ef9 suy tho\u00e1i?<\/a><\/p>\n

Th\u1ee9 hai, s\u1ef1 b\u1ea5t \u1ed5n l\u00e0 l\u1ef1c c\u1ea3n \u0111\u1ed1i v\u1edbi n\u1ec1n kinh t\u1ebf. Khi ni\u1ec1m tin r\u1ea1n n\u1ee9t, c\u00e1c c\u00f4ng ty c\u1ed1 g\u1eafng b\u1ea3o to\u00e0n v\u1ed1n. C\u00e1c ng\u00e2n h\u00e0ng cho vay \u00edt h\u01a1n v\u00e0 c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 r\u00fat lui. C\u00e1c bi\u1ec7n ph\u00e1p \u0111o l\u01b0\u1eddng \u0111i\u1ec1u ki\u1ec7n t\u00e0i ch\u00ednh bao g\u1ed3m l\u00e3i su\u1ea5t, ch\u00eanh l\u1ec7ch t\u00edn d\u1ee5ng v\u00e0 gi\u00e1 tr\u1ecb c\u1ed5 phi\u1ebfu \u0111\u00e3 th\u1eaft ch\u1eb7t m\u1ea1nh m\u1ebd trong 10 ng\u00e0y qua.<\/p>\n

C\u1ef1u Ch\u1ee7 t\u1ecbch Fed – Chi nh\u00e1nh Boston Eric Rosengren \u0111\u00e3 so s\u00e1nh nh\u1eefng di\u1ec5n bi\u1ebfn v\u1eeba qua v\u1edbi h\u1eadu qu\u1ea3 c\u1ee7a m\u1ed9t tr\u1eadn \u0111\u1ed9ng \u0111\u1ea5t. “Tr\u01b0\u1edbc khi ti\u1ebfp t\u1ee5c cu\u1ed9c s\u1ed1ng b\u00ecnh th\u01b0\u1eddng, c\u1ea7n th\u1eadn tr\u1ecdng xem li\u1ec7u c\u00f3 d\u01b0 ch\u1ea5n hay kh\u00f4ng v\u00e0 c\u00e1c t\u00f2a nh\u00e0 c\u00f3 v\u1eefng ch\u1eafc v\u1ec1 m\u1eb7t c\u1ea5u tr\u00fac hay kh\u00f4ng. Logic t\u01b0\u01a1ng t\u1ef1 c\u0169ng \u0111\u01b0\u1ee3c \u00e1p d\u1ee5ng cho ch\u00ednh s\u00e1ch ti\u1ec1n t\u1ec7 sau m\u1ed9t c\u00fa s\u1ed1c t\u00e0i ch\u00ednh”, \u00f4ng Rosengren nh\u1eadn x\u00e9t.<\/p>\n

Nh\u1eefng ng\u01b0\u1eddi \u1ee7ng h\u1ed9 th\u00fac \u0111\u1ea9y t\u0103ng l\u00e3i su\u1ea5t ch\u1ea5p nh\u1eadn r\u1eb1ng b\u1ea5t \u1ed5n t\u00e0i ch\u00ednh l\u00e0 m\u1ed9t h\u00ecnh th\u1ee9c th\u1eaft ch\u1eb7t ch\u00ednh s\u00e1ch ti\u1ec1n t\u1ec7. Nh\u01b0ng h\u1ecd xem \u0111\u00e2y l\u00e0 l\u00fd l\u1ebd \u0111\u1ec3 t\u0103ng 25 \u0111i\u1ec3m c\u01a1 b\u1ea3n thay v\u00ec 50 \u0111i\u1ec3m c\u01a1 b\u1ea3n nh\u01b0 nhi\u1ec1u ng\u01b0\u1eddi \u0111\u00e3 \u1ee7ng h\u1ed9. Vi\u1ec7c ti\u1ebfp t\u1ee5c n\u00e2ng l\u00e3i su\u1ea5t \u1edf th\u1eddi \u0111i\u1ec3m hi\u1ec7n t\u1ea1i c\u0169ng s\u1ebd ph\u00e1t \u0111i th\u00f4ng \u0111i\u1ec7p r\u1eb1ng Fed v\u1eabn “c\u1ee9ng r\u1eafn” v\u1edbi c\u00e1c m\u1ee5c ti\u00eau ki\u1ec1m ch\u1ebf l\u1ea1m ph\u00e1t v\u1ed1n v\u1eabn \u1edf ng\u01b0\u1ee1ng kh\u00e1 cao.<\/p>\n

Vi\u1ec7c t\u0103ng l\u00e3i su\u1ea5t c\u0169ng s\u1ebd ch\u1ee9ng t\u1ecf Fed c\u00f3 th\u1ec3 l\u00e0m hai vi\u1ec7c c\u00f9ng m\u1ed9t l\u00fac. Trong m\u1ed9t th\u1ebf gi\u1edbi l\u00fd t\u01b0\u1edfng, c\u00e1c quan ch\u1ee9c c\u00f3 th\u1ec3 qu\u1ea3n l\u00fd s\u1ef1 \u1ed5n \u0111\u1ecbnh t\u00e0i ch\u00ednh trong khi v\u1eabn ki\u1ec3m so\u00e1t \u0111\u01b0\u1ee3c l\u1ea1m ph\u00e1t. V\u1edbi s\u1ef1 k\u1ebft h\u1ee3p c\u1ee7a b\u1ea3o \u0111\u1ea3m ti\u1ec1n g\u1eedi, c\u01a1 s\u1edf thanh kho\u1ea3n m\u1edbi v\u00e0 s\u1ef1 h\u1ed7 tr\u1ee3 t\u1eeb c\u00e1c ng\u00e2n h\u00e0ng l\u1edbn h\u01a1n, m\u1ed9t khu\u00f4n kh\u1ed5 hi\u1ec7n \u0111\u00e3 s\u1eb5n s\u00e0ng \u0111\u1ec3 c\u1ee7ng c\u1ed1 c\u00e1c t\u1ed5 ch\u1ee9c t\u00e0i ch\u00ednh c\u1ee7a M\u1ef9.<\/p>\n

Quy m\u00f4 h\u1ed7 tr\u1ee3 c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c th\u1ea5y r\u00f5 t\u1eeb m\u1ee9c \u0111\u1ed9 m\u1edf r\u1ed9ng c\u1ee7a b\u1ea3ng c\u00e2n \u0111\u1ed1i k\u1ebf to\u00e1n c\u1ee7a Fed. Trong tu\u1ea7n k\u1ebft th\u00fac ng\u00e0y 15\/3, c\u00e1c ng\u00e2n h\u00e0ng vay g\u1ea7n 153 t\u1ef7 USD t\u1eeb k\u00eanh cho vay chi\u1ebft kh\u1ea5u c\u1ee7a Fed, cao h\u01a1n r\u1ea5t nhi\u1ec1u so v\u1edbi ng\u01b0\u1ee1ng ch\u01b0a \u0111\u1ebfn 5 t\u1ef7 USD c\u1ee7a tu\u1ea7n li\u1ec1n tr\u01b0\u1edbc \u0111\u00f3. Ngo\u00e0i ra, c\u00e1c ng\u00e2n h\u00e0ng c\u0169ng vay 11,9 t\u1ef7 USD t\u1eeb k\u00eanh thanh kho\u1ea3n m\u1edbi c\u1ee7a ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng M\u1ef9.<\/p>\n

\u0110i\u1ec1u n\u00e0y \u0111\u00e3 l\u00e0m gi\u1ea3m b\u1edbt t\u00ecnh tr\u1ea1ng b\u00e1n th\u00e1o tr\u00ean th\u1ecb tr\u01b0\u1eddng, \u00edt nh\u1ea5t l\u00e0 v\u00e0o th\u1eddi \u0111i\u1ec3m hi\u1ec7n t\u1ea1i v\u00e0 c\u00f3 th\u1ec3 gi\u00fap Fed c\u00f3 kh\u00f4ng gian \u0111\u1ec3 chuy\u1ec3n s\u1ef1 ch\u00fa \u00fd c\u1ee7a th\u1ecb tr\u01b0\u1eddng tr\u1edf l\u1ea1i v\u1ea5n \u0111\u1ec1 l\u1ea1m ph\u00e1t. Tr\u00ean th\u1ef1c t\u1ebf, Ng\u00e2n h\u00e0ng Trung \u01b0\u01a1ng ch\u00e2u \u00c2u (ECB) \u0111\u00e3 th\u00f4ng b\u00e1o t\u0103ng l\u00e3i su\u1ea5t 50 \u0111i\u1ec3m c\u01a1 b\u1ea3n trong cu\u1ed9c h\u1ecdp ng\u00e0y 16\/3 b\u1ea5t ch\u1ea5p c\u00e1c bi\u1ebfn \u0111\u1ed9ng tr\u00ean th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh.<\/p>\n

Sau c\u00f9ng l\u00e0 c\u00e2u h\u1ecfi v\u1ec1 t\u00e2m l\u00fd th\u1ecb tr\u01b0\u1eddng – y\u1ebfu t\u1ed1 n\u1ed5i b\u1eadt h\u01a1n t\u1ea5t c\u1ea3 v\u00e0o th\u1eddi \u0111i\u1ec3m ho\u1ea3ng lo\u1ea1n. Theo The Economist, vi\u1ec7c t\u0103ng l\u00e3i su\u1ea5t ph\u1ea7n n\u00e0o s\u1ebd tr\u1ea5n an th\u1ecb tr\u01b0\u1eddng, b\u1edfi n\u1ebfu ng\u1eebng t\u0103ng l\u00e3i su\u1ea5t c\u00f3 th\u1ec3 khi\u1ebfn th\u1ecb tr\u01b0\u1eddng ngh\u0129 r\u1eb1ng Fed \u0111ang th\u1ef1c s\u1ef1 \u0111ang lo l\u1eafng v\u1ec1 n\u1ec1n kinh t\u1ebf. Vi\u1ec7c l\u00e3i su\u1ea5t \u0111\u01b0\u1ee3c t\u0103ng c\u0169ng s\u1ebd ph\u00e1t \u0111i th\u00f4ng \u0111i\u1ec7p r\u1eb1ng cu\u1ed9c kh\u1ee7ng ho\u1ea3ng \u0111\u00e3 \u0111\u01b0\u1ee3c ki\u1ec3m so\u00e1t.<\/p>\n

T\u00e1c gi\u1ea3: Th\u1ebf V\u0169 (theo b\u00e1o ch\u00ed n\u01b0\u1edbc ngo\u00e0i)<\/em><\/strong><\/p>\n

Ngu\u1ed3n: B\u00e1o \u0111\u1ea7u t\u01b0<\/a><\/em><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

“Các hành động chính sách của chúng tôi phát huy tác dụng trong nhiều điều kiện tài chính”. Đây là phát biểu của Chủ tịch Cục Dự trữ liên bang Mỹ (Fed) Jerome Powell vào cuối năm ngoái khi đề cập đến mối quan hệ nhân quả của chính sách tiền tệ. Khi lãi suất […]<\/p>\n","protected":false},"author":17,"featured_media":19219,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1246],"tags":[],"class_list":{"0":"post-19217","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-kinh-te-the-gioi"},"_links":{"self":[{"href":"https:\/\/infina.vn\/blog\/wp-json\/wp\/v2\/posts\/19217","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infina.vn\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infina.vn\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infina.vn\/blog\/wp-json\/wp\/v2\/users\/17"}],"replies":[{"embeddable":true,"href":"https:\/\/infina.vn\/blog\/wp-json\/wp\/v2\/comments?post=19217"}],"version-history":[{"count":0,"href":"https:\/\/infina.vn\/blog\/wp-json\/wp\/v2\/posts\/19217\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/infina.vn\/blog\/wp-json\/wp\/v2\/media\/19219"}],"wp:attachment":[{"href":"https:\/\/infina.vn\/blog\/wp-json\/wp\/v2\/media?parent=19217"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infina.vn\/blog\/wp-json\/wp\/v2\/categories?post=19217"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infina.vn\/blog\/wp-json\/wp\/v2\/tags?post=19217"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}