{"id":68174,"date":"2026-04-06T08:44:12","date_gmt":"2026-04-06T01:44:12","guid":{"rendered":"https:\/\/hbbgroup.net\/us-dollar-weekly-forecast-supported-by-policy-tested-by-geopolitics-2\/"},"modified":"2026-04-06T11:41:15","modified_gmt":"2026-04-06T04:41:15","slug":"du-bao-hang-tuan-ve-dong-do-la-my-duoc-ho-tro-boi-chinh-sach-bi-thu-thach-boi-dia-chinh-tri","status":"publish","type":"post","link":"https:\/\/hbbgroup.net\/vi\/du-bao-hang-tuan-ve-dong-do-la-my-duoc-ho-tro-boi-chinh-sach-bi-thu-thach-boi-dia-chinh-tri\/","title":{"rendered":"D\u1ef1 b\u00e1o h\u00e0ng tu\u1ea7n v\u1ec1 \u0111\u1ed3ng \u0111\u00f4 la M\u1ef9: \u0110\u01b0\u1ee3c h\u1ed7 tr\u1ee3 b\u1edfi ch\u00ednh s\u00e1ch, b\u1ecb th\u1eed th\u00e1ch b\u1edfi \u0111\u1ecba ch\u00ednh tr\u1ecb."},"content":{"rendered":"
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Tu\u1ea7n \u0111\u00f3 l\u00e0<\/span><\/h3>\n

Nh\u00ecn v\u00e0o bi\u1ec3u \u0111\u1ed3 tu\u1ea7n, \u0111\u1ed3ng \u0111\u00f4 la M\u1ef9 (USD) \u0111\u00e3 giao d\u1ecbch bi\u1ebfn \u0111\u1ed9ng m\u1ea1nh h\u01a1n, kh\u00f3 duy tr\u00ec \u0111\u01b0\u1ee3c \u0111\u00e0 t\u0103ng m\u1ea1nh c\u1ee7a tu\u1ea7n tr\u01b0\u1edbc. Nh\u01b0 th\u01b0\u1eddng l\u1ec7 trong th\u1eddi gian g\u1ea7n \u0111\u00e2y, th\u1ecb tr\u01b0\u1eddng v\u1eabn th\u1eadn tr\u1ecdng, v\u1edbi s\u1ef1 b\u1ea5t \u1ed5n xung quanh cu\u1ed9c xung \u0111\u1ed9t \u1edf Trung \u0110\u00f4ng v\u1eabn l\u00e0 t\u00e2m \u0111i\u1ec3m ch\u00fa \u00fd, c\u1ed9ng th\u00eam vi\u1ec7c thi\u1ebfu t\u00edn hi\u1ec7u r\u00f5 r\u00e0ng v\u00e0 nh\u1ea5t qu\u00e1n t\u1eeb Nh\u00e0 Tr\u1eafng. Trong b\u1ed1i c\u1ea3nh \u0111\u00f3, ch\u1ec9 s\u1ed1 \u0111\u00f4 la M\u1ef9 (DXY) \u0111\u00e3 gi\u1ea3m nh\u1eb9, m\u1eb7c d\u00f9 v\u1eabn gi\u1eef v\u1eefng tr\u00ean m\u1ee9c t\u00e2m l\u00fd quan tr\u1ecdng 100,00. S\u1ef1 \u0111i\u1ec1u ch\u1ec9nh gi\u1ea3m nh\u1eb9 c\u1ee7a \u0111\u1ed3ng \u0111\u00f4 la M\u1ef9 nh\u00ecn chung theo xu h\u01b0\u1edbng gi\u1ea3m c\u1ee7a l\u1ee3i su\u1ea5t tr\u00e1i phi\u1ebfu kho b\u1ea1c M\u1ef9 tr\u00ean to\u00e0n \u0111\u01b0\u1eddng cong, ph\u1ea3n \u00e1nh t\u00ednh ch\u1ea5t l\u00ean xu\u1ed1ng c\u1ee7a c\u00e1c tin t\u1ee9c xung quanh t\u00ecnh h\u00ecnh \u0111\u1ecba ch\u00ednh tr\u1ecb.<\/span><\/p>\n

C\u00e1c ph\u00e1t ng\u00f4n vi\u00ean c\u1ee7a Fed cho bi\u1ebft: h\u1ecd h\u00e0i l\u00f2ng v\u1edbi vi\u1ec7c gi\u1eef nguy\u00ean m\u1ee9c hi\u1ec7n t\u1ea1i, nh\u01b0ng l\u1ea1m ph\u00e1t c\u00f3 nguy c\u01a1 quay tr\u1edf l\u1ea1i<\/span><\/h3>\n

Tu\u1ea7n n\u00e0y, l\u1eadp tr\u01b0\u1eddng c\u1ee7a C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang (Fed) nghi\u00eang v\u1ec1 s\u1ef1 ki\u00ean nh\u1eabn, nh\u01b0ng v\u1edbi m\u1ed9t s\u1ef1 thay \u0111\u1ed5i tinh t\u1ebf v\u1ec1 gi\u1ecdng \u0111i\u1ec7u. C\u00e1c nh\u00e0 ho\u1ea1ch \u0111\u1ecbnh ch\u00ednh s\u00e1ch nh\u00ecn chung h\u00e0i l\u00f2ng v\u1edbi m\u1ee9c l\u00e3i su\u1ea5t hi\u1ec7n t\u1ea1i, nh\u01b0ng h\u1ecd ng\u00e0y c\u00e0ng nh\u1eadn th\u1ee9c r\u00f5 r\u1eb1ng c\u00e2u chuy\u1ec7n l\u1ea1m ph\u00e1t, \u0111\u1eb7c bi\u1ec7t l\u00e0 th\u00f4ng qua n\u0103ng l\u01b0\u1ee3ng, v\u1eabn ch\u01b0a ho\u00e0n to\u00e0n \u0111\u01b0\u1ee3c ki\u1ec3m so\u00e1t. <\/span><\/p>\n

Powell v\u00e0 Williams gi\u1eef v\u1eefng l\u1eadp tr\u01b0\u1eddng trung dung. C\u1ea3 hai \u0111\u1ec1u cho r\u1eb1ng ch\u00ednh s\u00e1ch \u0111ang \u1edf tr\u1ea1ng th\u00e1i t\u1ed1t v\u00e0 kh\u00f4ng c\u1ea7n thi\u1ebft ph\u1ea3i h\u00e0nh \u0111\u1ed9ng g\u1ea5p r\u00fat. L\u1ea1m ph\u00e1t v\u1eabn \u0111\u01b0\u1ee3c d\u1ef1 ki\u1ebfn \u200b\u200bs\u1ebd tr\u1edf l\u1ea1i m\u1ee5c ti\u00eau; th\u1ecb tr\u01b0\u1eddng lao \u0111\u1ed9ng \u0111ang h\u1ea1 nhi\u1ec7t nh\u01b0ng \u1ed5n \u0111\u1ecbnh, v\u00e0 Fed c\u00f3 th\u1ec3 ch\u1edd \u0111\u1ee3i v\u00e0 quan s\u00e1t di\u1ec5n bi\u1ebfn c\u1ee7a d\u1eef li\u1ec7u.<\/span><\/p>\n

Nh\u01b0ng xung quanh c\u1ed1t l\u00f5i \u1ed5n \u0111\u1ecbnh \u0111\u00f3, th\u00f4ng \u0111i\u1ec7p tr\u1edf n\u00ean tinh t\u1ebf h\u01a1n. <\/span><\/p>\n

M\u1ed9t m\u1eb7t, Miran \u0111\u01b0a ra m\u1ed9t th\u00f4ng \u0111i\u1ec7p r\u00f5 r\u00e0ng \u00f4n h\u00f2a, b\u00e1c b\u1ecf n\u1ed7i lo ng\u1ea1i v\u1ec1 l\u1ea1m ph\u00e1t v\u00e0 thay v\u00e0o \u0111\u00f3 ch\u1ec9 ra c\u00e1c d\u1ea5u hi\u1ec7u suy y\u1ebfu tr\u00ean th\u1ecb tr\u01b0\u1eddng lao \u0111\u1ed9ng. Th\u00f4ng \u0111i\u1ec7p c\u1ee7a \u00f4ng r\u1ea5t \u0111\u01a1n gi\u1ea3n: Fed c\u00f3 th\u1ec3 \u0111\u00e3 l\u00e0m \u0111\u1ee7, v\u00e0 c\u00f3 th\u1ec3 c\u00f3 d\u01b0 \u0111\u1ecba \u0111\u1ec3 n\u1edbi l\u1ecfng n\u1ebfu c\u00e1c \u0111i\u1ec1u ki\u1ec7n ti\u1ebfp t\u1ee5c suy y\u1ebfu. <\/span><\/p>\n

M\u1eb7t kh\u00e1c, Schmid v\u00e0 Logan ti\u1ebfp t\u1ee5c duy tr\u00ec cu\u1ed9c tranh lu\u1eadn v\u1ec1 l\u1ea1m ph\u00e1t. C\u1ea3 hai \u0111\u1ec1u c\u1ea3nh b\u00e1o r\u1eb1ng \u00e1p l\u1ef1c gi\u00e1 c\u1ea3 c\u00f3 th\u1ec3 dai d\u1eb3ng h\u01a1n d\u1ef1 ki\u1ebfn, \u0111\u1eb7c bi\u1ec7t n\u1ebfu chi ph\u00ed n\u0103ng l\u01b0\u1ee3ng cao h\u01a1n b\u1eaft \u0111\u1ea7u lan r\u1ed9ng h\u01a1n. \u0110\u1eb7c bi\u1ec7t, Schmid \u0111\u00e3 ph\u1ea3n b\u00e1c \u00fd ki\u1ebfn \u200b\u200bcho r\u1eb1ng l\u1ea1m ph\u00e1t s\u1ebd d\u1ec5 d\u00e0ng quay tr\u1edf l\u1ea1i m\u1ee9c 2%. <\/span><\/p>\n

\u1ede gi\u1eefa hai \u00fd ki\u1ebfn \u200b\u200b\u0111\u00f3, Musalem v\u00e0 Goolsbee nh\u1ea5n m\u1ea1nh s\u1ef1 ph\u1ee9c t\u1ea1p ng\u00e0y c\u00e0ng t\u0103ng c\u1ee7a tri\u1ec3n v\u1ecdng. Ch\u00ednh s\u00e1ch \u0111ang \u0111\u01b0\u1ee3c \u0111\u1ecbnh v\u1ecb t\u1ed1t, nh\u01b0ng r\u1ee7i ro hi\u1ec7n r\u00f5 r\u00e0ng l\u00e0 hai chi\u1ec1u. C\u00e1c c\u00fa s\u1ed1c n\u0103ng l\u01b0\u1ee3ng, thu\u1ebf quan v\u00e0 c\u0103ng th\u1eb3ng \u0111\u1ecba ch\u00ednh tr\u1ecb \u0111ang l\u00e0m gia t\u0103ng s\u1ef1 b\u1ea5t \u1ed5n, khi\u1ebfn vi\u1ec7c t\u00ecm ra m\u1ed9t l\u1ed9 tr\u00ecnh ch\u00ednh s\u00e1ch r\u00f5 r\u00e0ng tr\u1edf n\u00ean kh\u00f3 kh\u0103n h\u01a1n.<\/span><\/p>\n

\u0110i\u1ec3m chung r\u1ea5t r\u00f5 r\u00e0ng. <\/span><\/p>\n

C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang kh\u00f4ng v\u1ed9i v\u00e0ng h\u00e0nh \u0111\u1ed9ng, nh\u01b0ng h\u1ecd s\u1ebd kh\u00f4ng tuy\u00ean b\u1ed1 chi\u1ebfn th\u1eafng tr\u01b0\u1edbc l\u1ea1m ph\u00e1t.<\/span><\/p>\n

L\u1ea1m ph\u00e1t v\u1eabn \u1edf m\u1ee9c cao.<\/span><\/h3>\n

M\u1ef9 kh\u1edfi \u0111\u1ea7u n\u0103m m\u1edbi v\u1edbi b\u1ed1i c\u1ea3nh l\u1ea1m ph\u00e1t gi\u1ea3m nh\u1eb9. Ch\u1ec9 s\u1ed1 gi\u00e1 ti\u00eau d\u00f9ng (CPI) t\u1ed5ng th\u1ec3 t\u0103ng 2,4% so v\u1edbi c\u00f9ng k\u1ef3 n\u0103m ngo\u00e1i trong th\u00e1ng Hai, t\u01b0\u01a1ng \u0111\u01b0\u01a1ng v\u1edbi t\u1ed1c \u0111\u1ed9 c\u1ee7a th\u00e1ng Gi\u00eang, trong khi ch\u1ec9 s\u1ed1 l\u1ea1m ph\u00e1t l\u00f5i \u1ed5n \u0111\u1ecbnh \u1edf m\u1ee9c 2,5% so v\u1edbi c\u00f9ng k\u1ef3 n\u0103m ngo\u00e1i. <\/span><\/p>\n

Tho\u1ea1t nh\u00ecn, \u0111i\u1ec1u \u0111\u00f3 cho th\u1ea5y l\u1ea1m ph\u00e1t \u0111ang \u0111i \u0111\u00fang h\u01b0\u1edbng, ngay c\u1ea3 khi n\u00f3 v\u1eabn cao h\u01a1n m\u1ee5c ti\u00eau 2% c\u1ee7a C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang (Fed).<\/span><\/p>\n

\u0110\u1ed1i v\u1edbi th\u1ecb tr\u01b0\u1eddng, \u0111i\u1ec1u \u0111\u00f3 \u0111\u1ee7 \u0111\u1ec3 duy tr\u00ec lu\u1eadn \u0111i\u1ec3m gi\u1ea3m ph\u00e1t, d\u1ea7n d\u1ea7n kh\u00f4i ph\u1ee5c k\u1ef3 v\u1ecdng v\u1ec1 vi\u1ec7c c\u1eaft gi\u1ea3m l\u00e3i su\u1ea5t c\u00f3 th\u1ec3 di\u1ec5n ra sau n\u00e0y. Nh\u01b0ng t\u1eeb g\u00f3c nh\u00ecn c\u1ee7a Fed, \u0111i\u1ec1u n\u00e0y gi\u1ed1ng nh\u01b0 ti\u1ebfn b\u1ed9 h\u01a1n l\u00e0 chi\u1ebfn th\u1eafng, \u0111\u1eb7c bi\u1ec7t l\u00e0 khi t\u00e1c \u0111\u1ed9ng \u0111\u1ea7y \u0111\u1ee7 c\u1ee7a thu\u1ebf quan l\u00ean gi\u00e1 c\u1ea3 v\u1eabn ch\u01b0a ch\u1eafc ch\u1eafn. <\/span><\/p>\n

Ch\u1ec9 s\u1ed1 chi ti\u00eau ti\u00eau d\u00f9ng c\u00e1 nh\u00e2n (PCE) m\u00e0 Fed \u01b0a th\u00edch c\u0169ng cho th\u1ea5y c\u00e2u chuy\u1ec7n t\u01b0\u01a1ng t\u1ef1, nh\u01b0ng v\u1edbi gi\u1ecdng \u0111i\u1ec7u th\u1eadn tr\u1ecdng h\u01a1n m\u1ed9t ch\u00fat. D\u1eef li\u1ec7u th\u00e1ng Gi\u00eang cho th\u1ea5y l\u1ea1m ph\u00e1t gi\u1ea3m xu\u1ed1ng 2,8% so v\u1edbi c\u00f9ng k\u1ef3 n\u0103m ngo\u00e1i t\u1eeb m\u1ee9c 2,9%, v\u1eabn cao h\u01a1n m\u1ee5c ti\u00eau m\u1ed9t c\u00e1ch tho\u1ea3i m\u00e1i. <\/span><\/p>\n

Nh\u00ecn v\u1ec1 ph\u00eda tr\u01b0\u1edbc, di\u1ec5n bi\u1ebfn l\u1ea1m ph\u00e1t c\u00f3 th\u1ec3 tr\u1edf n\u00ean ph\u1ee9c t\u1ea1p h\u01a1n. Gi\u00e1 d\u1ea7u t\u0103ng cao, do Iran \u0111\u00f3ng c\u1eeda eo bi\u1ec3n Hormuz, c\u00f3 nguy c\u01a1 nhanh ch\u00f3ng \u0111\u1ea9y gi\u00e1 nhi\u00ean li\u1ec7u v\u00e0 v\u1eadn t\u1ea3i l\u00ean cao. N\u1ebfu nh\u1eefng \u00e1p l\u1ef1c n\u00e0y ti\u1ebfp di\u1ec5n, xu h\u01b0\u1edbng gi\u1ea3m ph\u00e1t c\u00f3 th\u1ec3 tr\u1edf n\u00ean kh\u00f3 l\u01b0\u1eddng h\u01a1n trong nh\u1eefng th\u00e1ng t\u1edbi.<\/span><\/p>\n

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V\u00e0 th\u1ecb tr\u01b0\u1eddng lao \u0111\u1ed9ng kh\u00f4ng cho th\u1ea5y d\u1ea5u hi\u1ec7u n\u00e0o cho th\u1ea5y s\u1ebd ti\u1ebfp t\u1ee5c h\u1ea1 nhi\u1ec7t.<\/span><\/h3>\n

Th\u1ef1c t\u1ebf, d\u1eef li\u1ec7u m\u1edbi nh\u1ea5t t\u1eeb \u200b\u200bC\u1ee5c Th\u1ed1ng k\u00ea Lao \u0111\u1ed9ng (BLS) cho th\u1ea5y n\u1ec1n kinh t\u1ebf \u0111\u00e3 t\u1ea1o th\u00eam 178.000 vi\u1ec7c l\u00e0m trong th\u00e1ng 3, v\u01b0\u1ee3t xa c\u00e1c \u01b0\u1edbc t\u00ednh ban \u0111\u1ea7u v\u00e0 \u0111\u1ea3o ng\u01b0\u1ee3c ho\u00e0n to\u00e0n so v\u1edbi m\u1ee9c gi\u1ea3m 133.000 vi\u1ec7c l\u00e0m \u0111\u01b0\u1ee3c \u0111i\u1ec1u ch\u1ec9nh l\u1ea1i trong th\u00e1ng 2. Th\u00eam v\u00e0o \u0111\u00f3, t\u1ef7 l\u1ec7 th\u1ea5t nghi\u1ec7p gi\u1ea3m xu\u1ed1ng c\u00f2n 4,3%, trong khi thu nh\u1eadp b\u00ecnh qu\u00e2n theo gi\u1edd, m\u1ed9t ch\u1ec9 s\u1ed1 ph\u1ea3n \u00e1nh l\u1ea1m ph\u00e1t ti\u1ec1n l\u01b0\u01a1ng, \u0111\u00e3 t\u0103ng 3,5% trong 12 th\u00e1ng qua, m\u1eb7c d\u00f9 gi\u1ea3m so v\u1edbi m\u1ee9c 3,8% c\u1ee7a th\u00e1ng tr\u01b0\u1edbc.<\/span><\/p>\n

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\u0110\u1ecbnh v\u1ecb USD: T\u00e1i thi\u1ebft l\u1eadp v\u1ecb th\u1ebf mua t\u1ea1m th\u1eddi<\/span><\/h3>\n

\u0110\u1ed3ng \u0111\u00f4 la M\u1ef9 \u0111ang \u00e2m th\u1ea7m l\u1ea5y l\u1ea1i \u0111\u01b0\u1ee3c s\u1ef1 \u01b0a chu\u1ed9ng. Sau khi n\u1eafm gi\u1eef m\u1ed9t v\u1ecb th\u1ebf b\u00e1n r\u00f2ng nh\u1ecf v\u00e0o \u0111\u1ea7u th\u00e1ng, c\u00e1c t\u00e0i kho\u1ea3n \u0111\u1ea7u c\u01a1 \u0111\u00e3 chuy\u1ec3n tr\u1edf l\u1ea1i th\u00e0nh c\u00e1c v\u1ecb th\u1ebf mua r\u00f2ng khi\u00eam t\u1ed1n, v\u00e0 v\u1ecb th\u1ebf n\u00e0y nh\u00ecn chung \u1ed5n \u0111\u1ecbnh trong tu\u1ea7n v\u1eeba qua. <\/span><\/p>\n

\u0110\u1ed3ng th\u1eddi, kh\u1ed1i l\u01b0\u1ee3ng giao d\u1ecbch m\u1edf \u0111\u00e3 t\u0103ng l\u00ean, cho th\u1ea5y \u0111\u00e2y l\u00e0 c\u00e1c v\u1ecb th\u1ebf m\u1edbi ch\u1ee9 kh\u00f4ng ch\u1ec9 \u0111\u01a1n thu\u1ea7n l\u00e0 vi\u1ec7c \u0111\u00f3ng v\u1ecb th\u1ebf b\u00e1n. S\u1ef1 thay \u0111\u1ed5i n\u00e0y ho\u00e0n to\u00e0n ph\u00f9 h\u1ee3p v\u1edbi s\u1ef1 ph\u1ee5c h\u1ed3i r\u1ed9ng h\u01a1n c\u1ee7a \u0111\u1ed3ng \u0111\u00f4 la M\u1ef9, \u0111\u01b0\u1ee3c h\u1ed7 tr\u1ee3 b\u1edfi l\u1ee3i su\u1ea5t tr\u00e1i phi\u1ebfu M\u1ef9 \u1ed5n \u0111\u1ecbnh v\u00e0 s\u1ef1 b\u1ea5t \u1ed5n \u0111\u1ecba ch\u00ednh tr\u1ecb dai d\u1eb3ng. <\/span><\/p>\n

\u0110i\u1ec1u n\u00e0y ng\u1ee5 \u00fd r\u1eb1ng \u0111\u1ed3ng \u0111\u00f4 la c\u00f3 th\u1ec3 \u0111ang \u1edf giai \u0111o\u1ea1n \u0111\u1ea7u c\u1ee7a qu\u00e1 tr\u00ecnh t\u00e1i thi\u1ebft v\u1ecb th\u1ebf r\u1ed9ng h\u01a1n. M\u1eb7c d\u00f9 v\u1ecb th\u1ebf ch\u01b0a b\u1ecb c\u0103ng th\u1eb3ng, xu h\u01b0\u1edbng hi\u1ec7n t\u1ea1i c\u1ee7ng c\u1ed1 h\u00e0nh \u0111\u1ed9ng gi\u00e1 t\u0103ng g\u1ea7n \u0111\u00e2y v\u00e0 cho th\u1ea5y r\u1eb1ng c\u00e1c \u0111\u1ee3t gi\u1ea3m gi\u00e1 c\u00f3 th\u1ec3 b\u1eaft \u0111\u1ea7u thu h\u00fat ng\u01b0\u1eddi mua m\u1ed9t c\u00e1ch nh\u1ea5t qu\u00e1n h\u01a1n, \u0111\u1eb7c bi\u1ec7t n\u1ebfu l\u1ee3i su\u1ea5t v\u1eabn \u0111\u01b0\u1ee3c h\u1ed7 tr\u1ee3 v\u00e0 t\u00e2m l\u00fd r\u1ee7i ro v\u1eabn c\u00f2n mong manh.<\/span><\/p>\n

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\u0110i\u1ec1u g\u00ec s\u1ebd x\u1ea3y ra ti\u1ebfp theo v\u1edbi \u0111\u1ed3ng \u0111\u00f4 la M\u1ef9?<\/span><\/h3>\n

Tu\u1ea7n t\u1edbi, l\u1ecbch tr\u00ecnh c\u00e1c s\u1ef1 ki\u1ec7n ch\u00ednh tr\u1ecb c\u1ee7a M\u1ef9 ch\u1ee7 y\u1ebfu s\u1ebd t\u1eadp trung v\u00e0o l\u1ea1m ph\u00e1t, v\u1edbi vi\u1ec7c c\u00f4ng b\u1ed1 s\u1ed1 li\u1ec7u gi\u00e1 c\u1ea3 \u0111\u01b0\u1ee3c theo d\u00f5i b\u1edfi Ch\u1ec9 s\u1ed1 Gi\u00e1 ti\u00eau d\u00f9ng (CPI) v\u00e0 Chi ti\u00eau ti\u00eau d\u00f9ng c\u00e1 nh\u00e2n (PCE). Ngo\u00e0i ra, c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 d\u1ef1 ki\u1ebfn \u200b\u200bs\u1ebd theo d\u00f5i s\u00e1t sao vi\u1ec7c c\u00f4ng b\u1ed1 Bi\u00ean b\u1ea3n cu\u1ed9c h\u1ecdp c\u1ee7a FOMC sau quy\u1ebft \u0111\u1ecbnh gi\u1eef nguy\u00ean ch\u00ednh s\u00e1ch ti\u1ec1n t\u1ec7 th\u1eaft ch\u1eb7t t\u1ea1i cu\u1ed9c h\u1ecdp ng\u00e0y 18 th\u00e1ng 3.<\/span><\/p>\n

\u0110i\u1ec3m m\u1ea5u ch\u1ed1t<\/span><\/h3>\n

C\u1ea7n l\u01b0u \u00fd r\u1eb1ng \u0111\u1ee3t t\u0103ng gi\u00e1 c\u1ee7a \u0111\u1ed3ng \u0111\u00f4 la M\u1ef9, b\u1eaft \u0111\u1ea7u t\u1eeb cu\u1ed1i th\u00e1ng 1, ban \u0111\u1ea7u \u0111\u01b0\u1ee3c th\u00fac \u0111\u1ea9y b\u1edfi m\u1ed9t lo\u1ea1t d\u1eef li\u1ec7u kinh t\u1ebf m\u1ea1nh m\u1ebd h\u01a1n c\u1ee7a M\u1ef9 v\u00e0 th\u00f4ng \u0111i\u1ec7p nh\u1ea5t qu\u00e1n, \u1ed5n \u0111\u1ecbnh h\u01a1n t\u1eeb C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang (Fed). <\/span><\/p>\n

\u0110\u1ed9ng l\u1ef1c \u0111\u00f3 c\u00e0ng \u0111\u01b0\u1ee3c c\u1ee7ng c\u1ed1 khi T\u1ed5ng th\u1ed1ng Trump \u0111\u1ec1 c\u1eed Kevin Warsh l\u00e0m ng\u01b0\u1eddi k\u1ebf nhi\u1ec7m Jerome Powell, m\u1ed9t t\u00edn hi\u1ec7u m\u00e0 th\u1ecb tr\u01b0\u1eddng cho l\u00e0 c\u00f3 th\u1ec3 \u00edt \u00f4n h\u00f2a h\u01a1n d\u1ef1 ki\u1ebfn. G\u1ea7n \u0111\u00e2y, c\u0103ng th\u1eb3ng \u0111\u1ecba ch\u00ednh tr\u1ecb leo thang \u0111\u00e3 cung c\u1ea5p th\u00eam s\u1ef1 h\u1ed7 tr\u1ee3, m\u1ed9t \u0111\u1ed9ng l\u1ef1c \u0111\u01b0\u1ee3c c\u1ee7ng c\u1ed1 th\u00eam b\u1edfi cu\u1ed9c h\u1ecdp FOMC g\u1ea7n \u0111\u00e2y.<\/span><\/p>\n

\u0110\u1ed3ng th\u1eddi, l\u1ea1m ph\u00e1t v\u1eabn \u1edf m\u1ee9c h\u01a1i cao so v\u1edbi m\u1ee9c an to\u00e0n. N\u1ebfu qu\u00e1 tr\u00ecnh gi\u1ea3m ph\u00e1t b\u1eaft \u0111\u1ea7u m\u1ea5t \u0111\u00e0, th\u1ecb tr\u01b0\u1eddng c\u00f3 th\u1ec3 nhanh ch\u00f3ng gi\u1ea3m b\u1edbt k\u1ef3 v\u1ecdng v\u1ec1 vi\u1ec7c c\u1eaft gi\u1ea3m l\u00e3i su\u1ea5t s\u1edbm ho\u1eb7c m\u1ea1nh m\u1ebd.<\/span><\/p>\n

Trong k\u1ecbch b\u1ea3n \u0111\u00f3, Fed c\u00f3 th\u1ec3 s\u1ebd ki\u00ean nh\u1eabn h\u01a1n, duy tr\u00ec l\u1eadp tr\u01b0\u1eddng \u1ed5n \u0111\u1ecbnh, \u0111i\u1ec1u n\u00e0y theo th\u1eddi gian c\u00f3 th\u1ec3 mang l\u1ea1i s\u1ef1 h\u1ed7 tr\u1ee3 m\u1edbi cho \u0111\u1ed3ng \u0111\u00f4 la.<\/span><\/p>\n

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C\u00e2u h\u1ecfi th\u01b0\u1eddng g\u1eb7p v\u1ec1 Fed<\/span><\/h3>\n
\n
<\/section>\n
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Ch\u00ednh s\u00e1ch ti\u1ec1n t\u1ec7 \u1edf M\u1ef9 \u0111\u01b0\u1ee3c \u0111\u1ecbnh h\u00ecnh b\u1edfi C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang (Fed). Fed c\u00f3 hai nhi\u1ec7m v\u1ee5 ch\u00ednh: \u0111\u1ea1t \u0111\u01b0\u1ee3c s\u1ef1 \u1ed5n \u0111\u1ecbnh gi\u00e1 c\u1ea3 v\u00e0 th\u00fac \u0111\u1ea9y vi\u1ec7c l\u00e0m \u0111\u1ea7y \u0111\u1ee7. C\u00f4ng c\u1ee5 ch\u00ednh \u0111\u1ec3 \u0111\u1ea1t \u0111\u01b0\u1ee3c nh\u1eefng m\u1ee5c ti\u00eau n\u00e0y l\u00e0 \u0111i\u1ec1u ch\u1ec9nh l\u00e3i su\u1ea5t. Khi gi\u00e1 c\u1ea3 t\u0103ng qu\u00e1 nhanh v\u00e0 l\u1ea1m ph\u00e1t v\u01b0\u1ee3t qu\u00e1 m\u1ee5c ti\u00eau 2% c\u1ee7a Fed, Fed s\u1ebd t\u0103ng l\u00e3i su\u1ea5t, l\u00e0m t\u0103ng chi ph\u00ed vay m\u01b0\u1ee3n tr\u00ean to\u00e0n n\u1ec1n kinh t\u1ebf. \u0110i\u1ec1u n\u00e0y d\u1eabn \u0111\u1ebfn \u0111\u1ed3ng \u0111\u00f4 la M\u1ef9 m\u1ea1nh h\u01a1n v\u00ec n\u00f3 l\u00e0m cho M\u1ef9 tr\u1edf th\u00e0nh n\u01a1i h\u1ea5p d\u1eabn h\u01a1n \u0111\u1ed1i v\u1edbi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 qu\u1ed1c t\u1ebf. Khi l\u1ea1m ph\u00e1t gi\u1ea3m xu\u1ed1ng d\u01b0\u1edbi 2% ho\u1eb7c t\u1ef7 l\u1ec7 th\u1ea5t nghi\u1ec7p qu\u00e1 cao, Fed c\u00f3 th\u1ec3 gi\u1ea3m l\u00e3i su\u1ea5t \u0111\u1ec3 khuy\u1ebfn kh\u00edch vay m\u01b0\u1ee3n, \u0111i\u1ec1u n\u00e0y g\u00e2y \u00e1p l\u1ef1c l\u00ean \u0111\u1ed3ng \u0111\u00f4 la M\u1ef9. C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang (Fed) t\u1ed5 ch\u1ee9c t\u00e1m cu\u1ed9c h\u1ecdp ch\u00ednh s\u00e1ch m\u1ed7i n\u0103m, n\u01a1i \u1ee6y ban Th\u1ecb tr\u01b0\u1eddng M\u1edf Li\u00ean bang (FOMC) \u0111\u00e1nh gi\u00e1 c\u00e1c \u0111i\u1ec1u ki\u1ec7n kinh t\u1ebf v\u00e0 \u0111\u01b0a ra c\u00e1c quy\u1ebft \u0111\u1ecbnh v\u1ec1 ch\u00ednh s\u00e1ch ti\u1ec1n t\u1ec7. FOMC c\u00f3 s\u1ef1 tham gia c\u1ee7a m\u01b0\u1eddi hai quan ch\u1ee9c Fed \u2013 b\u1ea3y th\u00e0nh vi\u00ean c\u1ee7a H\u1ed9i \u0111\u1ed3ng Th\u1ed1ng \u0111\u1ed1c, ch\u1ee7 t\u1ecbch Ng\u00e2n h\u00e0ng D\u1ef1 tr\u1eef Li\u00ean bang New York, v\u00e0 b\u1ed1n trong s\u1ed1 m\u01b0\u1eddi m\u1ed9t ch\u1ee7 t\u1ecbch Ng\u00e2n h\u00e0ng D\u1ef1 tr\u1eef khu v\u1ef1c c\u00f2n l\u1ea1i, nh\u1eefng ng\u01b0\u1eddi ph\u1ee5c v\u1ee5 nhi\u1ec7m k\u1ef3 m\u1ed9t n\u0103m theo h\u00ecnh th\u1ee9c lu\u00e2n phi\u00ean. <\/span><\/p>\n

Trong nh\u1eefng t\u00ecnh hu\u1ed1ng c\u1ef1c \u0111oan, C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang (Fed) c\u00f3 th\u1ec3 \u00e1p d\u1ee5ng ch\u00ednh s\u00e1ch n\u1edbi l\u1ecfng \u0111\u1ecbnh l\u01b0\u1ee3ng (Quantitative Easing – QE). QE l\u00e0 qu\u00e1 tr\u00ecnh m\u00e0 Fed t\u0103ng \u0111\u00e1ng k\u1ec3 l\u01b0\u1ee3ng t\u00edn d\u1ee5ng l\u01b0u th\u00f4ng trong m\u1ed9t h\u1ec7 th\u1ed1ng t\u00e0i ch\u00ednh \u0111ang b\u1ecb \u0111\u00ecnh tr\u1ec7. \u0110\u00e2y l\u00e0 m\u1ed9t bi\u1ec7n ph\u00e1p ch\u00ednh s\u00e1ch kh\u00f4ng ti\u00eau chu\u1ea9n \u0111\u01b0\u1ee3c s\u1eed d\u1ee5ng trong c\u00e1c cu\u1ed9c kh\u1ee7ng ho\u1ea3ng ho\u1eb7c khi l\u1ea1m ph\u00e1t c\u1ef1c k\u1ef3 th\u1ea5p. \u0110\u00e2y l\u00e0 v\u0169 kh\u00ed \u0111\u01b0\u1ee3c Fed l\u1ef1a ch\u1ecdn trong cu\u1ed9c \u0110\u1ea1i kh\u1ee7ng ho\u1ea3ng t\u00e0i ch\u00ednh n\u0103m 2008. N\u00f3 bao g\u1ed3m vi\u1ec7c Fed in th\u00eam \u0111\u00f4 la v\u00e0 s\u1eed d\u1ee5ng ch\u00fang \u0111\u1ec3 mua tr\u00e1i phi\u1ebfu ch\u1ea5t l\u01b0\u1ee3ng cao t\u1eeb c\u00e1c t\u1ed5 ch\u1ee9c t\u00e0i ch\u00ednh. QE th\u01b0\u1eddng l\u00e0m suy y\u1ebfu \u0111\u1ed3ng \u0111\u00f4 la M\u1ef9.<\/span><\/p>\n

Th\u1eaft ch\u1eb7t \u0111\u1ecbnh l\u01b0\u1ee3ng (Quantitative Tightening – QT) l\u00e0 qu\u00e1 tr\u00ecnh ng\u01b0\u1ee3c l\u1ea1i c\u1ee7a QE, theo \u0111\u00f3 C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang ng\u1eebng mua tr\u00e1i phi\u1ebfu t\u1eeb c\u00e1c t\u1ed5 ch\u1ee9c t\u00e0i ch\u00ednh v\u00e0 kh\u00f4ng t\u00e1i \u0111\u1ea7u t\u01b0 v\u1ed1n g\u1ed1c t\u1eeb c\u00e1c tr\u00e1i phi\u1ebfu \u0111\u00e1o h\u1ea1n \u0111\u1ec3 mua tr\u00e1i phi\u1ebfu m\u1edbi. N\u00f3 th\u01b0\u1eddng c\u00f3 t\u00e1c \u0111\u1ed9ng t\u00edch c\u1ef1c \u0111\u1ebfn gi\u00e1 tr\u1ecb c\u1ee7a \u0111\u1ed3ng \u0111\u00f4 la M\u1ef9.<\/span><\/p>\n

D\u1ef1 b\u00e1o h\u00e0ng tu\u1ea7n v\u1ec1 \u0111\u1ed3ng \u0111\u00f4 la M\u1ef9: \u0110\u01b0\u1ee3c h\u1ed7 tr\u1ee3 b\u1edfi ch\u00ednh s\u00e1ch, b\u1ecb th\u1eed th\u00e1ch b\u1edfi \u0111\u1ecba ch\u00ednh tr\u1ecb<\/sup><\/strong>.<\/h1>\n<\/section>\n<\/div>\n<\/div>\n<\/div>\n\n\n

<\/p>","protected":false},"excerpt":{"rendered":"

Tu\u1ea7n \u0111\u00f3 l\u00e0 Nh\u00ecn v\u00e0o bi\u1ec3u \u0111\u1ed3 tu\u1ea7n, \u0111\u1ed3ng \u0111\u00f4 la M\u1ef9 (USD) \u0111\u00e3 giao d\u1ecbch bi\u1ebfn \u0111\u1ed9ng m\u1ea1nh h\u01a1n, […]<\/p>","protected":false},"author":5,"featured_media":68175,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[222],"tags":[],"class_list":["post-68174","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\/68174","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=68174"}],"version-history":[{"count":1,"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/posts\/68174\/revisions"}],"predecessor-version":[{"id":68498,"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/posts\/68174\/revisions\/68498"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/media\/68175"}],"wp:attachment":[{"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/media?parent=68174"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/categories?post=68174"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hbbgroup.net\/vi\/wp-json\/wp\/v2\/tags?post=68174"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}