{"id":38682,"date":"2025-08-13T16:53:49","date_gmt":"2025-08-13T09:53:49","guid":{"rendered":"https:\/\/hbbgroup.net\/vip-chien-luoc-fed-co-the-thoi-bung-lam-phat-jp-morgan-khuyen-nghi-dau-tu-vang-va-tai-san-quoc-te-don-song-2025-2026\/"},"modified":"2025-08-13T16:53:49","modified_gmt":"2025-08-13T09:53:49","slug":"vip-chien-luoc-fed-co-the-thoi-bung-lam-phat-jp-morgan-khuyen-nghi-dau-tu-vang-va-tai-san-quoc-te-don-song-2025-2026","status":"publish","type":"post","link":"https:\/\/hbbgroup.net\/zh\/vip-chien-luoc-fed-co-the-thoi-bung-lam-phat-jp-morgan-khuyen-nghi-dau-tu-vang-va-tai-san-quoc-te-don-song-2025-2026\/","title":{"rendered":"VIP Chi\u1ebfn l\u01b0\u1ee3c: Fed c\u00f3 th\u1ec3 th\u1ed5i b\u00f9ng l\u1ea1m ph\u00e1t \u2013 JP Morgan khuy\u1ebfn ngh\u1ecb \u0111\u1ea7u t\u01b0 v\u00e0ng v\u00e0 t\u00e0i s\u1ea3n qu\u1ed1c t\u1ebf \u0111\u00f3n s\u00f3ng 2025\u20132026"},"content":{"rendered":"<div>\n<h3><strong>(GVNET) JP Morgan Asset Management nh\u1eadn \u0111\u1ecbnh vi\u1ec7c C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang M\u1ef9 (Fed) c\u00f3 kh\u1ea3 n\u0103ng c\u1eaft gi\u1ea3m l\u00e3i su\u1ea5t s\u1edbm theo \u201clogic nguy hi\u1ec3m\u201d s\u1ebd k\u00edch th\u00edch l\u1ea1m ph\u00e1t k\u00e9o d\u00e0i, qua \u0111\u00f3 l\u00e0m gia t\u0103ng r\u1ee7i ro cho n\u1ec1n kinh t\u1ebf v\u00e0 th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh. <\/strong><\/h3>\n<p>Tr\u01b0\u1edbc b\u1ed1i c\u1ea3nh n\u00e0y, chuy\u00ean gia khuy\u1ebfn ngh\u1ecb nh\u00e0 \u0111\u1ea7u t\u01b0 n\u00ean \u0111a d\u1ea1ng h\u00f3a danh m\u1ee5c sang <strong>v\u00e0ng<\/strong> v\u00e0 c\u00e1c <strong>t\u00e0i s\u1ea3n qu\u1ed1c t\u1ebf<\/strong> \u0111\u1ec3 b\u1ea3o v\u1ec7 gi\u00e1 tr\u1ecb \u0111\u1ea7u t\u01b0.<\/p>\n<h4><strong>Fed \u0111\u1ed1i m\u1eb7t \u00e1p l\u1ef1c c\u1eaft gi\u1ea3m l\u00e3i su\u1ea5t<\/strong><\/h4>\n<p>David Kelly, Gi\u00e1m \u0111\u1ed1c Chi\u1ebfn l\u01b0\u1ee3c To\u00e0n c\u1ea7u t\u1ea1i JP Morgan Asset Management, d\u1ef1 b\u00e1o Fed c\u00f3 th\u1ec3 gi\u1ea3m l\u00e3i su\u1ea5t li\u00ean bang 50 \u0111i\u1ec3m c\u01a1 b\u1ea3n trong n\u0103m 2025 v\u00e0 75 \u0111i\u1ec3m c\u01a1 b\u1ea3n trong n\u0103m 2026, b\u1ea5t ch\u1ea5p l\u1ea1m ph\u00e1t v\u1eabn cao h\u01a1n m\u1ee5c ti\u00eau 2%.<br \/>Theo \u00f4ng Kelly, c\u00e1c y\u1ebfu t\u1ed1 nh\u01b0 <strong>t\u00e1c \u0111\u1ed9ng t\u1eeb thu\u1ebf quan, \u0111\u1ed3ng USD suy y\u1ebfu, thi\u1ebfu h\u1ee5t lao \u0111\u1ed9ng<\/strong> v\u00e0 <strong>k\u00edch th\u00edch t\u00e0i kh\u00f3a<\/strong> s\u1ebd khi\u1ebfn l\u1ea1m ph\u00e1t duy tr\u00ec \u1edf m\u1ee9c cao \u00edt nh\u1ea5t \u0111\u1ebfn n\u0103m 2026. Kelly c\u1ea3nh b\u00e1o:<\/p>\n<blockquote>\n<p><em>Vi\u1ec7c h\u1ea1 l\u00e3i su\u1ea5t s\u1edbm c\u00f3 th\u1ec3 kh\u00f4ng \u0111\u1ee7 \u0111\u1ec3 th\u00fac \u0111\u1ea9y t\u0103ng tr\u01b0\u1edfng, nh\u01b0ng l\u1ea1i \u0111\u1ea9y gi\u00e1 b\u1ea5t \u0111\u1ed9ng s\u1ea3n v\u00e0 c\u00e1c lo\u1ea1i t\u00e0i s\u1ea3n kh\u00e1c l\u00ean cao, t\u1ea1o r\u1ee7i ro bong b\u00f3ng.<\/em><\/p>\n<\/blockquote>\n<h4><strong>L\u1ea1m ph\u00e1t v\u00e0 thu\u1ebf quan ti\u1ebfp t\u1ee5c l\u00e0 r\u1ee7i ro ch\u00ednh<\/strong><\/h4>\n<p>JP Morgan c\u1eadp nh\u1eadt d\u1ef1 b\u00e1o l\u1ea1m ph\u00e1t, cho r\u1eb1ng thu\u1ebf quan trung b\u00ecnh th\u1ef1c t\u1ebf v\u1edbi h\u00e0ng nh\u1eadp kh\u1ea9u s\u1ebd \u0111\u1ea1t <strong>14,4%<\/strong>, cao h\u01a1n nhi\u1ec1u so v\u1edbi m\u1ee9c <strong>2,4%<\/strong> n\u0103m 2024. T\u00e1c \u0111\u1ed9ng n\u00e0y c\u00f3 th\u1ec3 khi\u1ebfn ch\u1ec9 s\u1ed1 gi\u00e1 ti\u00eau d\u00f9ng (CPI) M\u1ef9 t\u0103ng l\u00ean <strong>3,5% v\u00e0o qu\u00fd IV\/2025<\/strong> tr\u01b0\u1edbc khi h\u1ea1 nhi\u1ec7t v\u1ec1 2,8% v\u00e0o cu\u1ed1i n\u0103m 2026.<\/p>\n<p>Ngo\u00e0i ra, s\u1ef1 s\u1ee5t gi\u1ea3m 7% c\u1ee7a USD t\u1eeb \u0111\u1ea7u n\u0103m, c\u1ed9ng v\u1edbi t\u0103ng tr\u01b0\u1edfng ti\u1ec1n l\u01b0\u01a1ng \u1ed5n \u0111\u1ecbnh \u1edf m\u1ee9c 3,9% v\u00e0 kh\u1ea3 n\u0103ng c\u00f3 th\u00eam c\u00e1c g\u00f3i k\u00edch th\u00edch t\u00e0i kh\u00f3a tr\u01b0\u1edbc b\u1ea7u c\u1eed gi\u1eefa nhi\u1ec7m k\u1ef3, \u0111\u1ec1u c\u00f3 th\u1ec3 k\u00e9o d\u00e0i \u00e1p l\u1ef1c l\u1ea1m ph\u00e1t.<\/p>\n<h4><strong>Khuy\u1ebfn ngh\u1ecb \u0111\u1ea7u t\u01b0: V\u00e0ng v\u00e0 t\u00e0i s\u1ea3n qu\u1ed1c t\u1ebf<\/strong><\/h4>\n<p>Kelly nh\u1ea5n m\u1ea1nh:<\/p>\n<blockquote>\n<p><em>Nh\u00e0 \u0111\u1ea7u t\u01b0 c\u1ea7n m\u1edf r\u1ed9ng danh m\u1ee5c sang c\u00e1c <strong>t\u00e0i s\u1ea3n thay th\u1ebf<\/strong> v\u00e0 <strong>t\u00e0i s\u1ea3n qu\u1ed1c t\u1ebf \u0111\u1ecbnh gi\u00e1 b\u1eb1ng ngo\u1ea1i t\u1ec7<\/strong> \u0111\u1ec3 ph\u00f2ng ng\u1eeba r\u1ee7i ro l\u1ea1m ph\u00e1t v\u00e0 bi\u1ebfn \u0111\u1ed9ng t\u1ef7 gi\u00e1.<\/em><\/p>\n<\/blockquote>\n<p>JP Morgan d\u1ef1 b\u00e1o <strong>gi\u00e1 v\u00e0ng c\u00f3 th\u1ec3 \u0111\u1ea1t 4.000 USD\/ounce v\u00e0o qu\u00fd I\/2026<\/strong>, nh\u1edd nhu c\u1ea7u m\u1ea1nh t\u1eeb ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng c\u00e1c th\u1ecb tr\u01b0\u1eddng m\u1edbi n\u1ed5i, d\u00f2ng v\u1ed1n ETF v\u00e0 ti\u00eau th\u1ee5 v\u00e0ng trong ng\u00e0nh trang s\u1ee9c \u2013 c\u00f4ng ngh\u1ec7.<\/p>\n<p>Grace Peters, Gi\u00e1m \u0111\u1ed1c Chi\u1ebfn l\u01b0\u1ee3c \u0110\u1ea7u t\u01b0 To\u00e0n c\u1ea7u c\u1ee7a JP Morgan, cho bi\u1ebft:<\/p>\n<blockquote>\n<p><em>Ch\u00fang t\u00f4i v\u1eabn l\u1ea1c quan v\u1edbi v\u00e0ng. K\u1ef3 v\u1ecdng t\u0103ng tr\u01b0\u1edfng GDP d\u01b0\u01a1ng, l\u1ee3i nhu\u1eadn doanh nghi\u1ec7p kh\u1ea3 quan v\u00e0 s\u1ef1 h\u1ed7 tr\u1ee3 t\u1eeb Fed s\u1ebd ti\u1ebfp t\u1ee5c th\u00fac \u0111\u1ea9y nhu c\u1ea7u v\u00e0ng to\u00e0n c\u1ea7u.<\/em><\/p>\n<\/blockquote>\n<h3><strong>Tri\u1ec3n v\u1ecdng th\u1ecb tr\u01b0\u1eddng 2025\u20132026<\/strong><\/h3>\n<ul>\n<li><strong>L\u1ea1m ph\u00e1t M\u1ef9<\/strong>: 2,8% (7\/2025) \u2192 3,5% (Q4\/2025) \u2192 2,8% (Q4\/2026)<\/li>\n<li><strong>L\u00e3i su\u1ea5t Fed<\/strong>: D\u1ef1 ki\u1ebfn gi\u1ea3m 25 \u0111i\u1ec3m c\u01a1 b\u1ea3n v\u00e0o 9\/2025 v\u00e0 12\/2025<\/li>\n<li><strong>Gi\u00e1 v\u00e0ng<\/strong>: M\u1ee5c ti\u00eau 4.000 USD\/ounce (Q1\/2026)<\/li>\n<li><strong>R\u1ee7i ro<\/strong>: L\u1ea1m ph\u00e1t k\u00e9o d\u00e0i, bong b\u00f3ng t\u00e0i s\u1ea3n, bi\u1ebfn \u0111\u1ed9ng t\u1ef7 gi\u00e1<\/li>\n<\/ul>\n<p><strong>K\u1ebft lu\u1eadn:<\/strong><\/p>\n<p>Trong m\u00f4i tr\u01b0\u1eddng l\u00e3i su\u1ea5t v\u00e0 l\u1ea1m ph\u00e1t kh\u00f3 \u0111o\u00e1n, JP Morgan khuy\u1ebfn ngh\u1ecb nh\u00e0 \u0111\u1ea7u t\u01b0 \u01b0u ti\u00ean <strong>\u0111a d\u1ea1ng h\u00f3a \u0111\u1ecba l\u00fd<\/strong> v\u00e0 <strong>ti\u1ec1n t\u1ec7<\/strong>, \u0111\u1eb7c bi\u1ec7t l\u00e0 t\u0103ng t\u1ef7 tr\u1ecdng <strong>v\u00e0ng<\/strong> v\u00e0 <strong>t\u00e0i s\u1ea3n qu\u1ed1c t\u1ebf<\/strong> \u0111\u1ec3 b\u1ea3o to\u00e0n gi\u00e1 tr\u1ecb danh m\u1ee5c, \u0111\u00f3n \u0111\u1ea7u xu h\u01b0\u1edbng th\u1ecb tr\u01b0\u1eddng 2025\u20132026.<\/p>\n<hr>\n<div>\n<figure><img loading=\"lazy\" decoding=\"async\" width=\"917\" height=\"1024\" src=\"https:\/\/giavang.net\/wp-content\/uploads\/2025\/02\/xKhong-co-tieu-de-917x1024.jpg.pagespeed.ic.QtPzlLjjwA.jpg\" alt srcset =\"https:\/\/giavang.net\/wp-content\/uploads\/2025\/02\/xKhong-co-tieu-de-917x1024.jpg.pagespeed.ic.QtPzlLjjwA.jpg 917w, https:\/\/giavang.net\/wp-content\/uploads\/2025\/02\/Khong-co-tieu-de-269x300.jpg 269w, https:\/\/giavang.net\/wp-content\/uploads\/2025\/02\/xKhong-co-tieu-de-768x857.jpg.pagespeed.ic.UoFQ0VA08Z.jpg 768w, https:\/\/giavang.net\/wp-content\/uploads\/2025\/02\/xKhong-co-tieu-de-1376x1536.jpg.pagespeed.ic.uhgANEohfj.jpg 1376w, https:\/\/giavang.net\/wp-content\/uploads\/2025\/02\/xKhong-co-tieu-de-960x1071.jpg.pagespeed.ic.UDnxn7Xrgw.jpg 960w, https:\/\/giavang.net\/wp-content\/uploads\/2025\/02\/Khong-co-tieu-de-358x400.jpg 358w, https:\/\/giavang.net\/wp-content\/uploads\/2025\/02\/xKhong-co-tieu-de-585x653.jpg.pagespeed.ic.2XxN07KEhh.jpg 585w, https:\/\/giavang.net\/wp-content\/uploads\/2025\/02\/xKhong-co-tieu-de.jpg.pagespeed.ic.IYoa-O-U4n.jpg 1636w\" data-pagespeed-url-hash=\"2139270918\"  onload=\"pagespeed.lazyLoadImages.loadIfVisibleAndMaybeBeacon(this);\" onerror=\"this.onerror=null;pagespeed.lazyLoadImages.loadIfVisibleAndMaybeBeacon(this);\"><\/figure>\n<div>\n<p><strong>Chu Ph\u01b0\u01a1ng \u2013 Chuy\u00ean gia Giavang Net<\/strong><br \/>Chu Ph\u01b0\u01a1ng \u2013 Th\u1ea1c s\u0129 Kinh t\u1ebf Qu\u1ed1c t\u1ebf v\u1edbi h\u01a1n 12 n\u0103m theo d\u00f5i th\u1ecb tr\u01b0\u1eddng V\u00e0ng, Ngo\u1ea1i h\u1ed1i. V\u1edbi vai tr\u00f2 l\u00e0 chuy\u00ean gia ph\u00e2n t\u00edch th\u1ecb tr\u01b0\u1eddng t\u1ea1i Giavang.net; Chu Ph\u01b0\u01a1ng chia s\u1ebb c\u00e1c th\u00f4ng tin kinh t\u1ebf, ch\u00ednh tr\u1ecb c\u00f3 t\u1ea7m \u1ea3nh h\u01b0\u1edfng t\u1edbi th\u1ecb tr\u01b0\u1eddng, ph\u00e2n t\u00edch \u2013 d\u1ef1 b\u00e1o tri\u1ec3n v\u1ecdng th\u1ecb tr\u01b0\u1eddng c\u1ea3 theo g\u00f3c \u0111\u1ed9 c\u01a1 b\u1ea3n v\u00e0 k\u0129 thu\u1eadt<\/p>\n<ul>\n<li>\ud83d\udceb Facebook: <a href=\"https:\/\/www.facebook.com\/giavangface\">Phuong Chu \u2013 Giavang Net<\/a><\/li>\n<li>\ud83d\udceb Email: <a href=\"http:\/\/giavang.net\/mailto:admin@giavang.net\">admin@giavang.net<\/a><\/li>\n<li>\ud83d\udceb Zalo:<a href=\"https:\/\/zalo.me\/g\/hbkfmi008\">https:\/\/zalo.me\/g\/hbkfmi008<\/a><\/li>\n<\/ul><\/div>\n<\/div><\/div>","protected":false},"excerpt":{"rendered":"<p>(GVNET) JP Morgan Asset Management nh\u1eadn \u0111\u1ecbnh vi\u1ec7c C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang M\u1ef9 (Fed) c\u00f3 kh\u1ea3 n\u0103ng c\u1eaft gi\u1ea3m [&hellip;]<\/p>","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1,219],"tags":[],"class_list":["post-38682","post","type-post","status-publish","format-standard","hentry","category-uncategorized","category-vang"],"acf":[],"_links":{"self":[{"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/posts\/38682","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/comments?post=38682"}],"version-history":[{"count":0,"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/posts\/38682\/revisions"}],"wp:attachment":[{"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/media?parent=38682"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/categories?post=38682"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hbbgroup.net\/zh\/wp-json\/wp\/v2\/tags?post=38682"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}