{"id":64226,"date":"2026-03-20T10:35:58","date_gmt":"2026-03-20T03:35:58","guid":{"rendered":"https:\/\/hbbgroup.net\/the-big-central-bank-week-is-over-from-dovish-hopes-to-cautious-patience\/"},"modified":"2026-03-20T17:50:00","modified_gmt":"2026-03-20T10:50:00","slug":"the-big-central-bank-week-is-over-from-dovish-hopes-to-cautious-patience","status":"publish","type":"post","link":"https:\/\/hbbgroup.net\/vi\/the-big-central-bank-week-is-over-from-dovish-hopes-to-cautious-patience\/","title":{"rendered":"Tu\u1ea7n l\u1ec5 cao \u0111i\u1ec3m c\u1ee7a c\u00e1c ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng \u0111\u00e3 kh\u00e9p l\u1ea1i: T\u1eeb k\u1ef3 v\u1ecdng n\u1edbi l\u1ecfng sang tr\u1ea1ng th\u00e1i ki\u00ean nh\u1eabn th\u1eadn tr\u1ecdng."},"content":{"rendered":"
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C\u00e1c cu\u1ed9c h\u1ecdp ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng trong tu\u1ea7n n\u00e0y \u0111\u01b0a ra nh\u1eefng quy\u1ebft \u0111\u1ecbnh quen thu\u1ed9c, nh\u01b0ng s\u1eafc th\u00e1i chung l\u1ea1i cho th\u1ea5y s\u1ef1 b\u1ea5t an r\u00f5 r\u1ec7t h\u01a1n. B\u1ed1i c\u1ea3nh hi\u1ec7n t\u1ea1i ch\u01b0a h\u1eb3n chuy\u1ec3n sang l\u1eadp tr\u01b0\u1eddng c\u1ee9ng r\u1eafn, nh\u01b0ng c\u0169ng kh\u00f4ng c\u00f2n \u00f4n h\u00f2a. N\u00f3i ng\u1eafn g\u1ecdn, l\u00e3i su\u1ea5t \u0111\u01b0\u1ee3c gi\u1eef nguy\u00ean, song th\u1ecb tr\u01b0\u1eddng g\u1ea7n nh\u01b0 kh\u00f4ng nh\u1eadn \u0111\u01b0\u1ee3c nhi\u1ec1u t\u00edn hi\u1ec7u tr\u1ea5n an. V\u1eady \u0111\u00e2u l\u00e0 nh\u1eefng \u0111i\u1ec3m \u0111\u00e1ng ch\u00fa \u00fd nh\u1ea5t \u0111\u1ed1i v\u1edbi th\u1ecb tr\u01b0\u1eddng ngo\u1ea1i h\u1ed1i?<\/p>\n

L\u00e3i su\u1ea5t \u0111\u01b0\u1ee3c gi\u1eef nguy\u00ean, nh\u01b0ng gi\u1ecdng \u0111i\u1ec7u t\u1eeb Fed, ECB, BoE, BoJ, BoC v\u00e0 SNB<\/strong> \u0111\u1ec1u cho th\u1ea5y s\u1ef1 th\u1eadn tr\u1ecdng r\u00f5 r\u1ec7t. Gi\u00e1 n\u0103ng l\u01b0\u1ee3ng gia t\u0103ng \u0111ang \u0111\u1eb7t c\u00e1c nh\u00e0 ho\u1ea1ch \u0111\u1ecbnh ch\u00ednh s\u00e1ch v\u00e0o th\u1ebf kh\u00f3, \u0111\u00fang v\u00e0o th\u1eddi \u0111i\u1ec3m \u00e1p l\u1ef1c gi\u00e1 c\u1ea3 t\u01b0\u1edfng nh\u01b0 \u0111\u00e3 b\u1eaft \u0111\u1ea7u h\u1ea1 nhi\u1ec7t, trong khi r\u1ee7i ro t\u0103ng tr\u01b0\u1edfng v\u1eabn c\u00f2n hi\u1ec7n h\u1eefu.<\/p>\n

\u0110\u00e2y r\u00f5 r\u00e0ng kh\u00f4ng ph\u1ea3i l\u00e0 b\u1ed1i c\u1ea3nh l\u00fd t\u01b0\u1edfng \u0111\u1ed1i v\u1edbi c\u00e1c ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng, khi h\u1ecd kh\u00f4ng mu\u1ed1n n\u1edbi l\u1ecfng qu\u00e1 s\u1edbm nh\u01b0ng c\u0169ng ch\u01b0a s\u1eb5n s\u00e0ng th\u1eaft ch\u1eb7t th\u00eam trong m\u00f4i tr\u01b0\u1eddng t\u0103ng tr\u01b0\u1edfng suy y\u1ebfu. \u0110i\u1ec3m chung n\u1ed5i b\u1eadt l\u00fac n\u00e0y l\u00e0 s\u1ef1 ki\u00ean nh\u1eabn, t\u00ednh linh ho\u1ea1t v\u00e0 vi\u1ec7c tr\u00e1nh \u0111\u01b0a ra c\u00e1c cam k\u1ebft c\u1ee9ng nh\u1eafc<\/strong>.<\/p>\n

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Fed: V\u1eabn ki\u00ean nh\u1eabn, nh\u01b0ng gi\u1ecdng \u0111i\u1ec7u b\u1edbt tho\u1ea3i m\u00e1i h\u01a1n<\/strong><\/span><\/h3>\n

Fed<\/strong> gi\u1eef nguy\u00ean l\u00e3i su\u1ea5t trong v\u00f9ng 3,50%\u20133,75%<\/strong>, \u0111\u00fang nh\u01b0 k\u1ef3 v\u1ecdng, nh\u01b0ng gi\u1ecdng \u0111i\u1ec7u l\u1ea7n n\u00e0y thi\u00ean v\u1ec1 th\u1eadn tr\u1ecdng<\/strong>h\u01a1n l\u00e0 \u00f4n h\u00f2a<\/strong>. T\u0103ng tr\u01b0\u1edfng kinh t\u1ebf v\u1eabn v\u1eefng, l\u1ea1m ph\u00e1t v\u1eabn \u1edf m\u1ee9c t\u01b0\u01a1ng \u0111\u1ed1i cao v\u00e0 m\u1ee9c \u0111\u1ed9 b\u1ea5t \u0111\u1ecbnh \u0111\u1ee7 l\u1edbn \u0111\u1ec3 bi\u1ec7n minh cho vi\u1ec7c ti\u1ebfp t\u1ee5c gi\u1eef nguy\u00ean ch\u00ednh s\u00e1ch.<\/p>\n

\u0110i\u1ec3m \u0111\u00e1ng ch\u00fa \u00fd th\u1ef1c s\u1ef1 n\u1eb1m \u1edf c\u00e1c d\u1ef1 b\u00e1o<\/strong>. L\u1ea1m ph\u00e1t n\u0103m 2026<\/strong> \u0111\u01b0\u1ee3c \u0111i\u1ec1u ch\u1ec9nh t\u0103ng, tri\u1ec3n v\u1ecdng t\u0103ng tr\u01b0\u1edfng c\u0169ng nh\u00edch l\u00ean, v\u00e0 d\u00f9 l\u1ed9 tr\u00ecnh l\u00e3i su\u1ea5t trung v\u1ecb g\u1ea7n nh\u01b0 kh\u00f4ng thay \u0111\u1ed5i, ph\u00e2n b\u1ed5 quan \u0111i\u1ec3m \u0111\u00e3 d\u1ecbch chuy\u1ec3n theo h\u01b0\u1edbng c\u1ee9ng r\u1eafn h\u01a1n, khi ng\u00e0y c\u00e0ng nhi\u1ec1u quan ch\u1ee9c \u1ee7ng h\u1ed9 s\u1ed1 l\u1ea7n c\u1eaft gi\u1ea3m \u00edt h\u01a1n. Bi\u1ec3u \u0111\u1ed3 dot plot kh\u00f4ng thay \u0111\u1ed5i m\u1ea1nh, nh\u01b0ng \u0111\u1ed9 nghi\u00eang ch\u00ednh s\u00e1ch<\/strong> th\u00ec r\u00f5 r\u00e0ng \u0111\u00e3 thay \u0111\u1ed5i.<\/p>\n

Jerome Powell<\/strong> c\u1ee7ng c\u1ed1 th\u00eam th\u00f4ng \u0111i\u1ec7p n\u00e0y. \u00d4ng nh\u1ea5n m\u1ea1nh th\u1ebf c\u00e2n b\u1eb1ng kh\u00f3 kh\u0103n gi\u1eefa l\u1ea1m ph\u00e1t dai d\u1eb3ng v\u00e0 th\u1ecb tr\u01b0\u1eddng lao \u0111\u1ed9ng \u0111ang m\u1ec1m \u0111i \u1edf m\u1ee9c bi\u00ean, \u0111\u1ed3ng th\u1eddi l\u01b0u \u00fd r\u1eb1ng thu\u1ebf quan<\/strong> v\u00e0 gi\u00e1 d\u1ea7u t\u0103ng<\/strong> l\u00e0 nh\u1eefng r\u1ee7i ro c\u00f3 th\u1ec3 khi\u1ebfn l\u1ea1m ph\u00e1t \u0111i l\u00ean.<\/p>\n

D\u00f9 v\u1eady, Fed ch\u01b0a v\u1ed9i h\u00e0nh \u0111\u1ed9ng<\/strong>. N\u1ebfu l\u1ea1m ph\u00e1t kh\u00f4ng ti\u1ebfp t\u1ee5c c\u1ea3i thi\u1ec7n, vi\u1ec7c c\u1eaft gi\u1ea3m l\u00e3i su\u1ea5t \u0111\u01a1n gi\u1ea3n l\u00e0 s\u1ebd ch\u01b0a x\u1ea3y ra, v\u00e0 ch\u00ednh s\u00e1ch v\u1eabn s\u1ebd ph\u1ee5 thu\u1ed9c ch\u1eb7t ch\u1ebd v\u00e0o d\u1eef li\u1ec7u.<\/p>\n

H\u00e0m \u00fd:<\/strong> Fed v\u1eabn cho r\u1eb1ng l\u1eadp tr\u01b0\u1eddng ch\u00ednh s\u00e1ch hi\u1ec7n t\u1ea1i nh\u00ecn chung l\u00e0 ph\u00f9 h\u1ee3p, c\u00f3 th\u1ec3 ch\u1ec9 mang t\u00ednh th\u1eaft ch\u1eb7t nh\u1eb9, nh\u01b0ng kh\u00f4ng c\u00f2n nghi\u00eang h\u1eb3n m\u1ed9t c\u00e1ch tho\u1ea3i m\u00e1i v\u1ec1 ph\u00eda n\u1edbi l\u1ecfng n\u1eefa. Fed mu\u1ed1n th\u1ea5y l\u1ea1m ph\u00e1t h\u00e0ng h\u00f3a quay \u0111\u1ea7u gi\u1ea3m tr\u1edf l\u1ea1i, mu\u1ed1n k\u1ef3 v\u1ecdng l\u1ea1m ph\u00e1t ti\u1ebfp t\u1ee5c \u0111\u01b0\u1ee3c neo gi\u1eef \u1ed5n \u0111\u1ecbnh, \u0111\u1ed3ng th\u1eddi c\u0169ng mu\u1ed1n tr\u00e1nh si\u1ebft ch\u00ednh s\u00e1ch qu\u00e1 m\u1ee9c trong b\u1ed1i c\u1ea3nh th\u1ecb tr\u01b0\u1eddng lao \u0111\u1ed9ng m\u1ec1m h\u01a1n. \u0110\u00e2y l\u00e0 m\u1ed9t con \u0111\u01b0\u1eddng r\u1ea5t h\u1eb9p.<\/p>\n

T\u00e1c \u0111\u1ed9ng v\u1edbi FX:<\/strong> \u0110\u00e2y kh\u00f4ng ph\u1ea3i<\/strong> l\u00e0 m\u1ed9t cu\u1ed9c h\u1ecdp g\u00e2y b\u1ea5t l\u1ee3i cho \u0111\u1ed3ng USD. Ng\u01b0\u1ee3c l\u1ea1i, cu\u1ed9c h\u1ecdp n\u00e0y gi\u00fap \u0111\u1ed3ng b\u1ea1c xanh<\/strong> ti\u1ebfp t\u1ee5c \u0111\u01b0\u1ee3c h\u1ed7 tr\u1ee3, \u0111\u1eb7c bi\u1ec7t so v\u1edbi c\u00e1c \u0111\u1ed3ng ti\u1ec1n c\u00f3 l\u1ee3i su\u1ea5t th\u1ea5p h\u01a1n ho\u1eb7c t\u0103ng tr\u01b0\u1edfng ch\u1eadm h\u01a1n, b\u1edfi Fed \u0111\u00e3 ph\u00e1t t\u00edn hi\u1ec7u r\u00f5 r\u1eb1ng vi\u1ec7c c\u1eaft gi\u1ea3m l\u00e3i su\u1ea5t kh\u00f4ng ph\u1ea3i l\u00e0 \u0111i\u1ec1u t\u1ef1 \u0111\u1ed9ng<\/strong>, v\u00e0 n\u1ebfu \u00e1p l\u1ef1c l\u1ea1m ph\u00e1t quay tr\u1edf l\u1ea1i, th\u1eddi \u0111i\u1ec3m c\u1eaft gi\u1ea3m c\u00f3 th\u1ec3 c\u00f2n b\u1ecb l\u00f9i xa h\u01a1n.<\/p>\n

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ECB: Gi\u1eef v\u1eefng tay l\u00e1i, nh\u01b0ng \u0111ang trong tr\u1ea1ng th\u00e1i c\u1ea3nh gi\u00e1c r\u00f5 r\u1ec7t<\/strong><\/span><\/h3>\n

ECB<\/strong> gi\u1eef nguy\u00ean c\u1ea3 ba m\u1ee9c l\u00e3i su\u1ea5t ch\u1ee7 ch\u1ed1t, trong \u0111\u00f3 l\u00e3i su\u1ea5t ti\u1ec1n g\u1eedi<\/strong> \u1edf m\u1ee9c 2,00%<\/strong>, v\u1edbi gi\u1ecdng \u0111i\u1ec7u th\u1eadn tr\u1ecdng nh\u01b0ng c\u00f3 ki\u1ec3m so\u00e1t. Th\u00f4ng \u0111i\u1ec7p ch\u00ednh r\u1ea5t r\u00f5 r\u00e0ng: xung \u0111\u1ed9t t\u1ea1i Trung \u0110\u00f4ng<\/strong> \u0111\u00e3 l\u00e0m gia t\u0103ng b\u1ea5t \u0111\u1ecbnh, t\u1ea1o ra r\u1ee7i ro l\u1ea1m ph\u00e1t theo h\u01b0\u1edbng t\u0103ng v\u00e0 r\u1ee7i ro t\u0103ng tr\u01b0\u1edfng theo h\u01b0\u1edbng gi\u1ea3m.<\/p>\n

C\u00e1c d\u1ef1 b\u00e1o c\u1eadp nh\u1eadt \u0111\u00e3 c\u1ee7ng c\u1ed1 quan \u0111i\u1ec3m n\u00e0y. L\u1ea1m ph\u00e1t, \u0111\u1eb7c bi\u1ec7t l\u00e0 cho n\u0103m 2026<\/strong>, \u0111\u01b0\u1ee3c \u0111i\u1ec1u ch\u1ec9nh t\u0103ng, trong khi t\u0103ng tr\u01b0\u1edfng v\u1eabn \u1edf m\u1ee9c khi\u00eam t\u1ed1n. ECB c\u0169ng s\u1eed d\u1ee5ng ph\u00e2n t\u00edch k\u1ecbch b\u1ea3n<\/strong>, c\u1ea3nh b\u00e1o r\u1eb1ng n\u1ebfu gi\u00e1n \u0111o\u1ea1n n\u0103ng l\u01b0\u1ee3ng k\u00e9o d\u00e0i, l\u1ea1m ph\u00e1t c\u00f3 th\u1ec3 t\u0103ng cao h\u01a1n n\u1eefa v\u00e0 ho\u1ea1t \u0111\u1ed9ng kinh t\u1ebf c\u0169ng s\u1ebd ch\u1ecbu th\u00eam s\u1ee9c \u00e9p.<\/p>\n

Christine Lagarde<\/strong> gi\u1eef gi\u1ecdng \u0111i\u1ec7u b\u00ecnh t\u0129nh nh\u01b0ng kh\u00f4ng ch\u1ee7 quan. B\u00e0 nh\u1ea5n m\u1ea1nh ECB \u0111ang \u1edf v\u1ecb th\u1ebf \u201c\u0111\u01b0\u1ee3c chu\u1ea9n b\u1ecb t\u1ed1t\u201d<\/strong> ch\u1ee9 kh\u00f4ng ph\u1ea3i \u201ctho\u1ea3i m\u00e1i\u201d<\/strong>, \u0111\u1ed3ng th\u1eddi th\u1eeba nh\u1eadn gi\u00e1 n\u0103ng l\u01b0\u1ee3ng s\u1ebd \u0111\u1ea9y l\u1ea1m ph\u00e1t v\u01b0\u1ee3t 2%<\/strong> trong ng\u1eafn h\u1ea1n v\u00e0 c\u00e1c t\u00e1c \u0111\u1ed9ng v\u00f2ng hai<\/strong> c\u1ea7n \u0111\u01b0\u1ee3c theo d\u00f5i ch\u1eb7t ch\u1ebd, d\u00f9 l\u1ea1m ph\u00e1t c\u01a1 b\u1ea3n v\u00e0 xu h\u01b0\u1edbng ti\u1ec1n l\u01b0\u01a1ng \u0111\u00e3 c\u00f3 ph\u1ea7n h\u1ea1 nhi\u1ec7t.<\/p>\n

H\u00e0m \u00fd:<\/strong> ECB \u0111ang \u0111i tr\u00ean m\u1ed9t ranh gi\u1edbi r\u1ea5t m\u1ecfng. C\u01a1 quan n\u00e0y kh\u00f4ng mu\u1ed1n ph\u1ea3n \u1ee9ng th\u00e1i qu\u00e1 tr\u01b0\u1edbc m\u1ed9t c\u00fa s\u1ed1c n\u0103ng l\u01b0\u1ee3ng m\u00e0 c\u00f3 th\u1ec3 ch\u1ec9 mang t\u00ednh t\u1ea1m th\u1eddi, nh\u01b0ng c\u0169ng kh\u00f4ng th\u1ec3 ph\u00e1t \u0111i t\u00edn hi\u1ec7u qu\u00e1 th\u01b0 gi\u00e3n trong b\u1ed1i c\u1ea3nh r\u1ee7i ro l\u1ea1m ph\u00e1t ng\u1eafn h\u1ea1n \u0111ang t\u0103ng l\u00ean. Th\u00f4ng \u0111i\u1ec7p ch\u00ednh l\u00e0 ki\u00ean nh\u1eabn, linh ho\u1ea1t v\u00e0 theo d\u00f5i s\u00e1t c\u00e1c t\u00e1c \u0111\u1ed9ng v\u00f2ng hai<\/strong>.<\/p>\n

T\u00e1c \u0111\u1ed9ng v\u1edbi FX:<\/strong> \u0110\u1ed3ng Euro<\/strong> nh\u1eadn \u0111\u01b0\u1ee3c m\u1ed9t ph\u1ea7n h\u1ed7 tr\u1ee3, d\u00f9 \u0111\u00e2y ch\u01b0a ph\u1ea3i l\u00e0 t\u00edn hi\u1ec7u r\u00f5 r\u00e0ng cho th\u1ea5y xu h\u01b0\u1edbng \u0111ang \u0111\u1ea3o chi\u1ec1u m\u1ea1nh. ECB kh\u00f4ng ph\u00e1t t\u00edn hi\u1ec7u s\u1eafp c\u1eaft gi\u1ea3m l\u00e3i su\u1ea5t ngay, nh\u01b0ng t\u0103ng tr\u01b0\u1edfng tr\u00ec tr\u1ec7 v\u1eabn l\u00e0 l\u1ef1c c\u1ea3n \u0111\u1ed1i v\u1edbi ti\u1ec1m n\u0103ng t\u0103ng c\u1ee7a EUR. T\u1eeb \u0111\u00e2y, EUR nhi\u1ec1u kh\u1ea3 n\u0103ng s\u1ebd b\u1ecb chi ph\u1ed1i nhi\u1ec1u h\u01a1n b\u1edfi m\u1ee9c \u0111\u1ed9 nh\u1ea1y c\u1ea3m v\u1edbi gi\u00e1 n\u0103ng l\u01b0\u1ee3ng<\/strong> v\u00e0 t\u00e2m l\u00fd r\u1ee7i ro to\u00e0n c\u1ea7u<\/strong>, h\u01a1n l\u00e0 ch\u1ec9 b\u1edfi ch\u00ednh s\u00e1ch t\u1eeb Frankfurt.<\/p>\n

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BoE: Quy\u1ebft \u0111\u1ecbnh gi\u1eef nguy\u00ean l\u00e3i su\u1ea5t nh\u01b0ng c\u1ee9ng r\u1eafn h\u01a1n d\u1ef1 ki\u1ebfn<\/strong><\/span><\/h3>\n

Ng\u00e2n h\u00e0ng Trung \u01b0\u01a1ng Anh (BoE)<\/strong> gi\u1eef nguy\u00ean l\u00e3i su\u1ea5t \u1edf m\u1ee9c 3,75%<\/strong>, nh\u01b0ng gi\u1ecdng \u0111i\u1ec7u r\u00f5 r\u00e0ng c\u1ee9ng r\u1eafn h\u01a1n. Quy\u1ebft \u0111\u1ecbnh gi\u1eef nguy\u00ean v\u1edbi s\u1ef1 \u0111\u1ed3ng thu\u1eadn tuy\u1ec7t \u0111\u1ed1i<\/strong> mang s\u1eafc th\u00e1i hawkish h\u01a1n so v\u1edbi k\u1ef3 v\u1ecdng, v\u00e0 c\u00e1c nh\u00e0 ho\u1ea1ch \u0111\u1ecbnh ch\u00ednh s\u00e1ch c\u00f4ng khai nh\u1ea5n m\u1ea1nh lo ng\u1ea1i v\u1ec1 t\u00e1c \u0111\u1ed9ng l\u1ea1m ph\u00e1t t\u1eeb c\u00fa s\u1ed1c n\u0103ng l\u01b0\u1ee3ng.<\/p>\n

T\u00edn hi\u1ec7u ch\u00ednh n\u1eb1m \u1edf vi\u1ec7c \u0111i\u1ec1u ch\u1ec9nh t\u0103ng d\u1ef1 b\u00e1o l\u1ea1m ph\u00e1t ng\u1eafn h\u1ea1n<\/strong>. CPI<\/strong> hi\u1ec7n \u0111\u01b0\u1ee3c d\u1ef1 b\u00e1o quanh 3% trong qu\u00fd II<\/strong>v\u00e0 g\u1ea7n 3,5% trong qu\u00fd III<\/strong>, ch\u1ee7 y\u1ebfu do gi\u00e1 n\u0103ng l\u01b0\u1ee3ng t\u0103ng cao. Th\u1ed1ng \u0111\u1ed1c Andrew Bailey<\/strong> l\u01b0u \u00fd r\u1eb1ng gi\u00e1 x\u0103ng \u0111\u00e3 b\u1eaft \u0111\u1ea7u t\u0103ng, c\u00f2n h\u00f3a \u0111\u01a1n sinh ho\u1ea1t c\u1ee7a c\u00e1c h\u1ed9 gia \u0111\u00ecnh nhi\u1ec1u kh\u1ea3 n\u0103ng c\u0169ng s\u1ebd t\u0103ng theo.<\/p>\n

\u0110i\u1ec3m \u0111\u00e1ng ch\u00fa \u00fd l\u00e0 s\u1ef1 t\u1eadp trung v\u00e0o t\u00e1c \u0111\u1ed9ng v\u00f2ng hai<\/strong>. BoE cho bi\u1ebft \u0111ang theo d\u00f5i r\u1ea5t s\u00e1t kh\u1ea3 n\u0103ng c\u00fa s\u1ed1c n\u0103ng l\u01b0\u1ee3ng lan sang ti\u1ec1n l\u01b0\u01a1ng v\u00e0 gi\u00e1 c\u1ea3, \u0111\u1ed3ng th\u1eddi c\u1ea3nh b\u00e1o r\u1eb1ng m\u1ed9t c\u00fa s\u1ed1c k\u00e9o d\u00e0i h\u01a1n c\u00f3 th\u1ec3 bu\u1ed9c ch\u00ednh s\u00e1ch ph\u1ea3i duy tr\u00ec ch\u1eb7t ch\u1ebd h\u01a1n, d\u00f9 t\u0103ng tr\u01b0\u1edfng ch\u1eadm l\u1ea1i c\u00f3 th\u1ec3 b\u00f9 \u0111\u1eafp ph\u1ea7n n\u00e0o \u00e1p l\u1ef1c \u0111\u00f3 theo th\u1eddi gian.<\/p>\n

H\u00e0m \u00fd:<\/strong> BoE \u0111ang lo ng\u1ea1i<\/strong>, ch\u01b0a \u0111\u1ebfn m\u1ee9c b\u00e1o \u0111\u1ed9ng<\/strong>, nh\u01b0ng r\u00f5 r\u00e0ng kh\u00f4ng h\u1ec1 tho\u1ea3i m\u00e1i. C\u01a1 quan n\u00e0y kh\u00f4ng cho r\u1eb1ng t\u00ecnh hu\u1ed1ng hi\u1ec7n t\u1ea1i s\u1ebd l\u1eb7p l\u1ea1i n\u0103m 2022<\/strong>, nh\u01b0ng c\u0169ng kh\u00f4ng tin t\u01b0\u1edfng r\u1eb1ng l\u1ea1m ph\u00e1t s\u1ebd t\u1ef1 \u0111\u1ed9ng \u0111\u01b0\u1ee3c ki\u1ec3m so\u00e1t. Trong s\u1ed1 c\u00e1c ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng l\u1edbn tu\u1ea7n n\u00e0y, BoE l\u00e0 m\u1ed9t trong nh\u1eefng b\u00ean t\u1ecf ra c\u1ea3nh gi\u00e1c nh\u1ea5t v\u1edbi r\u1ee7i ro t\u00e1c \u0111\u1ed9ng v\u00f2ng hai.<\/p>\n

T\u00e1c \u0111\u1ed9ng v\u1edbi FX:<\/strong> \u0110\u00e2y l\u00e0 y\u1ebfu t\u1ed1 h\u1ed7 tr\u1ee3 \u0111\u1ed3ng B\u1ea3ng Anh<\/strong> \u1edf m\u1ee9c \u0111\u1ed9 nh\u1ea5t \u0111\u1ecbnh. M\u1ed9t quy\u1ebft \u0111\u1ecbnh gi\u1eef nguy\u00ean l\u00e3i su\u1ea5t v\u1edbi s\u1ef1 \u0111\u1ed3ng thu\u1eadn tuy\u1ec7t \u0111\u1ed1i, \u0111i k\u00e8m c\u1ea3nh b\u00e1o r\u1eb1ng ch\u00ednh s\u00e1ch c\u00f3 th\u1ec3 c\u1ea7n duy tr\u00ec ch\u1eb7t ch\u1ebd l\u00e2u h\u01a1n, r\u00f5 r\u00e0ng kh\u00f4ng ph\u1ea3i t\u00edn hi\u1ec7u m\u1ec1m. Tuy nhi\u00ean, t\u0103ng tr\u01b0\u1edfng y\u1ebfu c\u00f3 th\u1ec3 khi\u1ebfn \u0111\u00e0 t\u0103ng c\u1ee7a GBP<\/strong> mang t\u00ednh t\u01b0\u01a1ng \u0111\u1ed1i<\/strong> h\u01a1n l\u00e0 t\u0103ng m\u1ea1nh tr\u00ean di\u1ec7n r\u1ed9ng.<\/p>\n

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BoJ: T\u1ea1m th\u1eddi gi\u1eef nguy\u00ean, nh\u01b0ng thi\u00ean h\u01b0\u1edbng th\u1eaft ch\u1eb7t v\u1eabn c\u00f2n<\/strong><\/span><\/h3>\n

Ng\u00e2n h\u00e0ng Trung \u01b0\u01a1ng Nh\u1eadt B\u1ea3n (BoJ)<\/strong> gi\u1eef nguy\u00ean l\u00e3i su\u1ea5t ng\u1eafn h\u1ea1n \u1edf m\u1ee9c 0,75%<\/strong>, nh\u01b0ng \u0111\u00e2y kh\u00f4ng ph\u1ea3i l\u00e0 m\u1ed9t quy\u1ebft \u0111\u1ecbnh gi\u1eef nguy\u00ean mang t\u00ednh th\u1ee5 \u0111\u1ed9ng. T\u1ef7 l\u1ec7 bi\u1ec3u quy\u1ebft 8\u20131<\/strong> l\u00e0 \u0111i\u1ec3m n\u1ed5i b\u1eadt, khi th\u00e0nh vi\u00ean Takata<\/strong> b\u1ecf phi\u1ebfu ph\u1ea3n \u0111\u1ed1i theo h\u01b0\u1edbng \u1ee7ng h\u1ed9 t\u0103ng l\u00e3i su\u1ea5t, cho th\u1ea5y ni\u1ec1m tin ng\u00e0y c\u00e0ng l\u1edbn r\u1eb1ng l\u1ea1m ph\u00e1t \u0111ang ti\u1ebfn g\u1ea7n m\u1ee5c ti\u00eau v\u00e0 r\u1ee7i ro \u0111ang nghi\u00eang v\u1ec1 ph\u00eda \u0111i l\u00ean.<\/p>\n

Gi\u1ecdng \u0111i\u1ec7u t\u1ed5ng th\u1ec3 c\u0169ng kh\u00f4ng h\u1ec1 \u00f4n h\u00f2a. Th\u00f4ng c\u00e1o ch\u00ednh s\u00e1ch nh\u1ea5n m\u1ea1nh gi\u00e1 d\u1ea7u t\u0103ng, bi\u1ebfn \u0111\u1ed9ng th\u1ecb tr\u01b0\u1eddng v\u00e0 s\u1ef1 c\u1ea7n thi\u1ebft ph\u1ea3i theo d\u00f5i c\u00e1ch gi\u00e1 n\u0103ng l\u01b0\u1ee3ng truy\u1ec1n d\u1eabn v\u00e0o l\u1ea1m ph\u00e1t c\u01a1 b\u1ea3n, trong khi v\u1eabn duy tr\u00ec \u0111\u00e1nh gi\u00e1 r\u1eb1ng Nh\u1eadt B\u1ea3n \u0111ang \u0111i \u0111\u00fang h\u01b0\u1edbng trong m\u1ed9t chu k\u1ef3 t\u0103ng l\u01b0\u01a1ng v\u00e0 gi\u00e1 c\u1ea3 \u1edf m\u1ee9c v\u1eeba ph\u1ea3i.<\/p>\n

Th\u1ed1ng \u0111\u1ed1c Kazuo Ueda<\/strong> ti\u1ebfp t\u1ee5c c\u1ee7ng c\u1ed1 thi\u00ean h\u01b0\u1edbng n\u00e0y. \u00d4ng th\u1eeba nh\u1eadn n\u1ec1n kinh t\u1ebf c\u00f3 ph\u1ea7n ch\u1eadm l\u1ea1i, nh\u01b0ng v\u1eabn cho r\u1eb1ng ph\u00eda tr\u01b0\u1edbc l\u00e0 m\u1ed9t qu\u00e1 tr\u00ecnh ph\u1ee5c h\u1ed3i v\u1eeba ph\u1ea3i, \u0111\u1ed3ng th\u1eddi kh\u1eb3ng \u0111\u1ecbnh l\u00e3i su\u1ea5t s\u1ebd ti\u1ebfp t\u1ee5c \u0111\u01b0\u1ee3c n\u00e2ng l\u00ean n\u1ebfu c\u00e1c d\u1ef1 b\u00e1o hi\u1ec7n t\u1ea1i \u0111\u01b0\u1ee3c duy tr\u00ec. Vi\u1ec7c \u00f4ng nh\u1eafc l\u1ea1i r\u1eb1ng l\u00e3i su\u1ea5t th\u1ef1c<\/strong> v\u1eabn \u0111ang \u1edf m\u1ee9c r\u1ea5t th\u1ea5p l\u00e0 t\u00edn hi\u1ec7u r\u00f5 r\u00e0ng cho th\u1ea5y ch\u00ednh s\u00e1ch hi\u1ec7n t\u1ea1i v\u1eabn c\u00f2n mang t\u00ednh h\u1ed7 tr\u1ee3.<\/p>\n

H\u00e0m \u00fd:<\/strong> Ch\u01b0a t\u0103ng l\u00e3i su\u1ea5t, nh\u01b0ng c\u0169ng kh\u00f4ng h\u1ec1 ph\u1ee7 nh\u1eadn k\u1ef3 v\u1ecdng th\u1eaft ch\u1eb7t th\u00eam. N\u1ebfu c\u00f3 g\u00ec thay \u0111\u1ed5i, th\u00ec ch\u00ednh l\u00e0 vi\u1ec7c l\u00e1 phi\u1ebfu ph\u1ea3n \u0111\u1ed1i v\u00e0 c\u00e1c r\u1ee7i ro l\u1ea1m ph\u00e1t cho th\u1ea5y BoJ \u0111ang d\u1ea7n ti\u1ebfn g\u1ea7n h\u01a1n t\u1edbi qu\u00e1 tr\u00ecnh b\u00ecnh th\u01b0\u1eddng h\u00f3a ch\u00ednh s\u00e1ch<\/strong>.<\/p>\n

T\u00e1c \u0111\u1ed9ng v\u1edbi FX:<\/strong> \u0110\u00e2y l\u00e0 y\u1ebfu t\u1ed1 h\u1ed7 tr\u1ee3 \u0111\u1ed3ng Y\u00ean Nh\u1eadt<\/strong> \u1edf m\u1ee9c bi\u00ean. K\u1ef3 v\u1ecdng v\u1ec1 vi\u1ec7c ti\u1ebfp t\u1ee5c th\u1eaft ch\u1eb7t th\u00eam s\u1ebd gi\u00fap h\u1ea1n ch\u1ebf \u0111\u00e0 gi\u1ea3m c\u1ee7a JPY, d\u00f9 xu h\u01b0\u1edbng r\u1ed9ng h\u01a1n v\u1eabn s\u1ebd ph\u1ee5 thu\u1ed9c v\u00e0o t\u00e2m l\u00fd r\u1ee7i ro to\u00e0n c\u1ea7u<\/strong> v\u00e0 l\u1ee3i su\u1ea5t tr\u00e1i phi\u1ebfu M\u1ef9<\/strong>.<\/p>\n

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BoC: M\u1eafc k\u1eb9t gi\u1eefa t\u0103ng tr\u01b0\u1edfng suy y\u1ebfu v\u00e0 r\u1ee7i ro l\u1ea1m ph\u00e1t gia t\u0103ng<\/strong><\/span><\/h3>\n

Ng\u00e2n h\u00e0ng Trung \u01b0\u01a1ng Canada (BoC)<\/strong> gi\u1eef nguy\u00ean l\u00e3i su\u1ea5t qua \u0111\u00eam<\/strong> \u1edf m\u1ee9c 2,25%<\/strong>, \u0111\u1ed3ng th\u1eddi nh\u1ea5n m\u1ea1nh s\u1ef1 \u0111\u00e1nh \u0111\u1ed5i kh\u00f3 kh\u0103n m\u00e0 c\u01a1 quan n\u00e0y \u0111ang ph\u1ea3i \u0111\u1ed1i m\u1eb7t. T\u0103ng tr\u01b0\u1edfng \u0111\u01b0\u1ee3c d\u1ef1 b\u00e1o s\u1ebd suy y\u1ebfu trong ng\u1eafn h\u1ea1n, trong khi gi\u00e1 x\u0103ng t\u0103ng v\u00e0 xung \u0111\u1ed9t t\u1ea1i Trung \u0110\u00f4ng \u0111ang khi\u1ebfn r\u1ee7i ro l\u1ea1m ph\u00e1t \u0111i l\u00ean.<\/p>\n

Ch\u00ednh s\u1ef1 c\u0103ng k\u00e9o n\u00e0y \u0111\u00e3 \u0111\u1ecbnh h\u00ecnh to\u00e0n b\u1ed9 th\u00f4ng \u0111i\u1ec7p c\u1ee7a BoC. Ng\u00e2n h\u00e0ng nh\u1ea5n m\u1ea1nh r\u1ee7i ro gi\u1ea3m \u0111\u1ed1i v\u1edbi t\u0103ng tr\u01b0\u1edfng song song v\u1edbi r\u1ee7i ro t\u0103ng \u0111\u1ed1i v\u1edbi l\u1ea1m ph\u00e1t, \u0111\u1ed3ng th\u1eddi cho r\u1eb1ng v\u1eabn c\u00f2n qu\u00e1 s\u1edbm \u0111\u1ec3 \u0111\u00e1nh gi\u00e1 \u0111\u1ea7y \u0111\u1ee7 t\u00e1c \u0111\u1ed9ng trong n\u01b0\u1edbc.<\/p>\n

Th\u1ed1ng \u0111\u1ed1c Tiff Macklem<\/strong> c\u1ee7ng c\u1ed1 l\u1eadp tr\u01b0\u1eddng ch\u1edd th\u00eam d\u1eef li\u1ec7u<\/strong>. Ch\u00ednh s\u00e1ch s\u1ebd \u0111\u01b0\u1ee3c quy\u1ebft \u0111\u1ecbnh theo t\u1eebng cu\u1ed9c h\u1ecdp, v\u1edbi kh\u1ea3 n\u0103ng \u0111i\u1ec1u ch\u1ec9nh theo c\u1ea3 hai h\u01b0\u1edbng: th\u1eaft ch\u1eb7t h\u01a1n n\u1ebfu l\u1ea1m ph\u00e1t lan r\u1ed9ng, ho\u1eb7c n\u1edbi l\u1ecfng h\u01a1n n\u1ebfu t\u0103ng tr\u01b0\u1edfng suy y\u1ebfu th\u00eam. T\u00ednh linh ho\u1ea1t<\/strong> l\u00e0 ch\u1ee7 \u0111\u1ec1 then ch\u1ed1t.<\/p>\n

H\u00e0m \u00fd:<\/strong> BoC hi\u1ec7n ch\u01b0a nghi\u00eang h\u1eb3n v\u1ec1 h\u01b0\u1edbng n\u00e0o<\/strong>. Ng\u00e2n h\u00e0ng nh\u1eadn th\u1ea5y b\u1ed1i c\u1ea3nh \u0111ang tr\u1edf n\u00ean ph\u1ee9c t\u1ea1p h\u01a1n, nh\u01b0ng ch\u01b0a th\u1ec3 kh\u1eb3ng \u0111\u1ecbnh t\u0103ng tr\u01b0\u1edfng hay l\u1ea1m ph\u00e1t s\u1ebd l\u00e0 y\u1ebfu t\u1ed1 chi ph\u1ed1i ch\u00ednh. Tr\u01b0\u1edbc m\u1eaft, BoC \u0111ang ch\u1ecdn c\u00e1ch mua th\u1eddi gian<\/strong>.<\/p>\n

T\u00e1c \u0111\u1ed9ng v\u1edbi FX:<\/strong> \u0110\u00e2y l\u00e0 t\u00edn hi\u1ec7u tr\u00e1i chi\u1ec1u<\/strong> \u0111\u1ed1i v\u1edbi \u0111\u1ed3ng CAD<\/strong>. Gi\u00e1 d\u1ea7u v\u00e0 r\u1ee7i ro l\u1ea1m ph\u00e1t t\u1ea1o l\u1ef1c \u0111\u1ee1, nh\u01b0ng t\u0103ng tr\u01b0\u1edfng y\u1ebfu l\u1ea1i h\u1ea1n ch\u1ebf d\u01b0 \u0111\u1ecba t\u0103ng, khi\u1ebfn \u0111\u1ed3ng ti\u1ec1n n\u00e0y nhi\u1ec1u kh\u1ea3 n\u0103ng s\u1ebd ti\u1ebfp t\u1ee5c b\u1ecb chi ph\u1ed1i b\u1edfi gi\u00e1 d\u1ea7u th\u00f4<\/strong> v\u00e0 t\u00e2m l\u00fd r\u1ee7i ro to\u00e0n c\u1ea7u<\/strong>, h\u01a1n l\u00e0 b\u1edfi ni\u1ec1m tin ch\u1eafc ch\u1eafn v\u00e0o ch\u00ednh s\u00e1ch n\u1ed9i \u0111\u1ecba.<\/p>\n

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SNB: Gi\u1eef nguy\u00ean l\u00e3i su\u1ea5t, nh\u01b0ng th\u00f4ng \u0111i\u1ec7p th\u1ef1c s\u1ef1 l\u00e0 v\u1ec1 \u0111\u1ed3ng Franc<\/strong><\/span><\/h3>\n

Ng\u00e2n h\u00e0ng Qu\u1ed1c gia Th\u1ee5y S\u0129 (SNB)<\/strong> gi\u1eef nguy\u00ean l\u00e3i su\u1ea5t \u1edf m\u1ee9c 0,00%<\/strong>, nh\u01b0ng tr\u1ecdng t\u00e2m r\u00f5 r\u00e0ng l\u1ea1i n\u1eb1m \u1edf \u0111\u1ed3ng Franc Th\u1ee5y S\u0129<\/strong>. Ng\u00e2n h\u00e0ng ph\u00e1t t\u00edn hi\u1ec7u r\u1eb1ng c\u00e1c d\u00f2ng ti\u1ec1n tr\u00fa \u1ea9n an to\u00e0n \u0111ang m\u1ed9t l\u1ea7n n\u1eefa tr\u1edf th\u00e0nh v\u1ea5n \u0111\u1ec1 ch\u00ednh s\u00e1ch c\u1ea7n quan t\u00e2m.<\/p>\n

C\u00e1c d\u1ef1 b\u00e1o l\u1ea1m ph\u00e1t \u0111\u01b0\u1ee3c \u0111i\u1ec1u ch\u1ec9nh t\u0103ng nh\u1eb9 trong ng\u1eafn h\u1ea1n do gi\u00e1 n\u0103ng l\u01b0\u1ee3ng, nh\u01b0ng tri\u1ec3n v\u1ecdng trung h\u1ea1n nh\u00ecn chung kh\u00f4ng thay \u0111\u1ed5i nhi\u1ec1u, qua \u0111\u00f3 cho ph\u00e9p l\u00e3i su\u1ea5t ti\u1ebfp t\u1ee5c \u0111\u01b0\u1ee3c gi\u1eef nguy\u00ean. \u0110\u1ed3ng th\u1eddi, SNB nh\u1ea5n m\u1ea1nh r\u1eb1ng h\u1ecd s\u1eb5n s\u00e0ng can thi\u1ec7p nhi\u1ec1u h\u01a1n v\u00e0o th\u1ecb tr\u01b0\u1eddng ngo\u1ea1i h\u1ed1i<\/strong> khi \u0111\u1ed3ng Franc ch\u1ecbu \u00e1p l\u1ef1c t\u0103ng gi\u00e1.<\/p>\n

Cu\u1ed9c h\u1ecdp b\u00e1o sau \u0111\u00f3 c\u00e0ng c\u1ee7ng c\u1ed1 l\u1eadp tr\u01b0\u1eddng n\u00e0y. C\u00e1c quan ch\u1ee9c nh\u1ea5n m\u1ea1nh s\u1ef1 t\u0103ng gi\u00e1 c\u1ee7a \u0111\u1ed3ng n\u1ed9i t\u1ec7, c\u1ea3nh b\u00e1o r\u1ee7i ro \u0111\u1ed1i v\u1edbi \u1ed5n \u0111\u1ecbnh gi\u00e1 c\u1ea3 v\u00e0 kh\u1eb3ng \u0111\u1ecbnh h\u1ecd s\u1eb5n s\u00e0ng h\u00e0nh \u0111\u1ed9ng, th\u00f4ng qua can thi\u1ec7p ngo\u1ea1i h\u1ed1i<\/strong> ho\u1eb7c, n\u1ebfu c\u1ea7n, c\u1ea3 l\u00e3i su\u1ea5t<\/strong>.<\/p>\n

H\u00e0m \u00fd:<\/strong> SNB hi\u1ec7n lo ng\u1ea1i v\u1ec1 s\u1ee9c m\u1ea1nh c\u1ee7a \u0111\u1ed3ng Franc<\/strong> nhi\u1ec1u h\u01a1n l\u00e0 v\u1ec1 l\u1ea1m ph\u00e1t. R\u1ee7i ro l\u1edbn h\u01a1n l\u00fac n\u00e0y l\u00e0 m\u1ed9t \u0111\u1ed3ng ti\u1ec1n b\u1ecb \u0111\u1ecbnh gi\u00e1 qu\u00e1 cao s\u1ebd k\u00e9o l\u1ea1m ph\u00e1t v\u00e0 t\u0103ng tr\u01b0\u1edfng \u0111i xu\u1ed1ng.<\/p>\n

T\u00e1c \u0111\u1ed9ng v\u1edbi FX:<\/strong> \u0110\u00e2y l\u00e0 m\u1ed9t l\u1eddi c\u1ea3nh b\u00e1o \u0111\u1ed1i v\u1edbi nh\u1eefng ai mu\u1ed1n \u0111\u1eb7t c\u01b0\u1ee3c v\u00e0o \u0111\u1ed3ng Franc Th\u1ee5y S\u0129<\/strong>. D\u00f9 v\u1ecb th\u1ebf tr\u00fa \u1ea9n an to\u00e0n v\u1eabn mang l\u1ea1i s\u1ef1 h\u1ed7 tr\u1ee3 nh\u1ea5t \u0111\u1ecbnh, SNB \u0111\u00e3 n\u00f3i r\u1ea5t r\u00f5 r\u1eb1ng h\u1ecd s\u1ebd h\u00e0nh \u0111\u1ed9ng \u0111\u1ec3 ng\u0103n ch\u1eb7n \u0111\u00e0 t\u0103ng qu\u00e1 m\u1ee9c c\u1ee7a CHF.<\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"

C\u00e1c cu\u1ed9c h\u1ecdp ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng trong tu\u1ea7n n\u00e0y \u0111\u01b0a ra nh\u1eefng quy\u1ebft \u0111\u1ecbnh quen thu\u1ed9c, nh\u01b0ng s\u1eafc th\u00e1i […]<\/p>","protected":false},"author":5,"featured_media":64227,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[222],"tags":[],"class_list":["post-64226","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ngoai-hoi"],"acf":[],"_links":{"self":[{"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/posts\/64226","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/comments?post=64226"}],"version-history":[{"count":1,"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/posts\/64226\/revisions"}],"predecessor-version":[{"id":64341,"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/posts\/64226\/revisions\/64341"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/media\/64227"}],"wp:attachment":[{"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/media?parent=64226"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/categories?post=64226"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/tags?post=64226"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}