{"id":45806,"date":"2026-04-28T01:53:31","date_gmt":"2026-04-28T01:53:31","guid":{"rendered":"https:\/\/www.vtmarkets.com\/uncategorized\/45806\/"},"modified":"2026-04-28T01:53:31","modified_gmt":"2026-04-28T01:53:31","slug":"td%e8%a8%bc%e5%88%b8%e3%80%81frb%e3%81%af%e6%94%bf%e7%ad%96%e9%87%91%e5%88%a9%e3%82%923-50%ef%bd%9e3-75%ef%bc%85%e3%81%a7%e6%8d%ae%e3%81%88%e7%bd%ae%e3%81%8d%e3%81%a8%e4%ba%88%e6%83%b3%e3%80%80","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/jp-asia\/live-updates\/45806\/","title":{"rendered":"TD\u8a3c\u5238\u3001FRB\u306f\u653f\u7b56\u91d1\u5229\u30923.50\uff5e3.75\uff05\u3067\u636e\u3048\u7f6e\u304d\u3068\u4e88\u60f3\u3000\u30a4\u30e9\u30f3\u60c5\u52e2\u306e\u7dca\u8feb\u5316\u3067\u3082\u30d1\u30a6\u30a8\u30eb\u8b70\u9577\u306f\u4e2d\u7acb\u59ff\u52e2\u7dad\u6301\u3078"},"content":{"rendered":"

TD\u30bb\u30ad\u30e5\u30ea\u30c6\u30a3\u30fc\u30ba\u306f\u30014\u6708\u306eFOMC\uff08\u7c73\u9023\u90a6\u516c\u958b\u5e02\u5834\u59d4\u54e1\u4f1a\uff09\u3067\u30d5\u30a7\u30c7\u30e9\u30eb\u30fb\u30d5\u30a1\u30f3\u30c9\uff08FF\uff09\u91d1\u5229\uff08\u91d1\u878d\u653f\u7b56\u306e\u4e2d\u5fc3\u3068\u306a\u308b\u77ed\u671f\u91d1\u5229\uff09\u30923.50\uff5e3.75%\u306b\u636e\u3048\u7f6e\u304f\u3068\u4e88\u60f3\u3057\u3066\u3044\u308b\u3002\u30d1\u30a6\u30a8\u30eb\u8b70\u9577\u306f\u3001\u6b21\u306e\u653f\u7b56\u5909\u66f4\u306b\u3064\u3044\u3066\u660e\u78ba\u306a\u6307\u91dd\uff08\u30d5\u30a9\u30ef\u30fc\u30c9\u30ac\u30a4\u30c0\u30f3\u30b9\uff09\u3092\u907f\u3051\u308b\u898b\u901a\u3057\u3060\u3002<\/p>\n

\u540c\u793e\u306e\u30ce\u30fc\u30c8\u306b\u3088\u308c\u3070\u3001\u52b4\u50cd\u5e02\u5834\u306f\u5747\u8861\uff08\u904e\u71b1\u3082\u6025\u6e1b\u901f\u3082\u3057\u3066\u3044\u306a\u3044\u72b6\u614b\uff09\u3092\u4fdd\u3063\u3066\u3044\u308b\u4e00\u65b9\u3001\u7dcf\u5408\u30a4\u30f3\u30d5\u30ec\u7387\uff08\u30d8\u30c3\u30c9\u30e9\u30a4\u30f3\u30fb\u30a4\u30f3\u30d5\u30ec\uff1d\u98df\u54c1\u30fb\u30a8\u30cd\u30eb\u30ae\u30fc\u3092\u542b\u3080\u5168\u4f53\u306e\u7269\u4fa1\u4e0a\u6607\u7387\uff09\u306f\u3001\u30a4\u30e9\u30f3\u3092\u5de1\u308b\u60c5\u52e2\u306b\u95a2\u9023\u3057\u305f\u539f\u6cb9\u6025\u9a30\uff08\u30aa\u30a4\u30eb\u30b7\u30e7\u30c3\u30af\uff09\u3067\u62bc\u3057\u4e0a\u3052\u3089\u308c\u305f\u3068\u3044\u3046\u3002\u4e0d\u78ba\u5b9f\u6027\u304c\u9ad8\u3044\u3068\u3057\u3066\u3001\u59d4\u54e1\u4f1a\u306f\u300c\u8f9b\u62b1\u5f37\u3044\u300d\u59ff\u52e2\uff08\u5f53\u9762\u306f\u52d5\u304b\u305a\u69d8\u5b50\u898b\uff09\u3092\u7e70\u308a\u8fd4\u3059\u3068\u307f\u3066\u3044\u308b\u3002<\/p>\n

Powell Status And Leadership Outlook<\/h3>\n

\u53f8\u6cd5\u7701\u304c\u30d1\u30a6\u30a8\u30eb\u6c0f\u306b\u95a2\u3059\u308b\u8abf\u67fb\u3092\u6253\u3061\u5207\u3063\u305f\u3068\u5831\u544a\u3057\u3066\u304a\u308a\u3001\u3053\u308c\u304c\u540c\u6c0f\u306b\u3068\u3063\u3066\u8b70\u9577\u3068\u3057\u3066\u6700\u5f8c\u306e\u4f1a\u5408\u306b\u306a\u308b\u53ef\u80fd\u6027\u304c\u3042\u308b\u3068\u3044\u3046\u3002\u3055\u3089\u306b\u3001\u30a6\u30a9\u30fc\u30b7\u30e5\u6c0f\u306e\u627f\u8a8d\u5f8c\u306b\u30d1\u30a6\u30a8\u30eb\u6c0f\u304c\u7406\u4e8b\uff08FRB\u30dc\u30fc\u30c9\u30fb\u30e1\u30f3\u30d0\u30fc\uff09\u3068\u3057\u3066\u6b8b\u308b\u304b\u3069\u3046\u304b\u306f\u3001\u30d1\u30a6\u30a8\u30eb\u6c0f\u672c\u4eba\u306e\u5224\u65ad\u306b\u306a\u308b\u3068\u3057\u3066\u3044\u308b\u3002<\/p>\n

\u30a6\u30a9\u30fc\u30b7\u30e5\u6c0f\u306e\u4e0a\u9662\u516c\u8074\u4f1a\u306f\u3001\u76ee\u5148\u306e\u653f\u7b56\u306b\u3064\u3044\u3066\u9650\u5b9a\u7684\u306a\u60c5\u5831\u3057\u304b\u793a\u3055\u306a\u304b\u3063\u305f\u3068\u8aac\u660e\u3002\u30ce\u30fc\u30c8\u306f\u3001\u30a4\u30e9\u30f3\u60c5\u52e2\u306b\u4f34\u3046\u4e0d\u78ba\u5b9f\u6027\u306e\u305f\u3081\u3001\u8db3\u5143\u3067\u306e\u5373\u6642\u5229\u4e0b\u3052\uff08\u653f\u7b56\u91d1\u5229\u306e\u5f15\u304d\u4e0b\u3052\uff09\u306f\u96e3\u3057\u3044\u3068\u307f\u308b\u3002<\/p>\n

TD\u30bb\u30ad\u30e5\u30ea\u30c6\u30a3\u30fc\u30ba\u306f\u3001FRB\u304c2026\u5e749\u6708\u307e\u3067\u636e\u3048\u7f6e\u304d\u3092\u7d9a\u3051\u3001\u305d\u306e\u5f8c2027\u5e743\u6708\u307e\u3067\u306b\u5408\u8a0875bp\uff08\u30d9\u30fc\u30b7\u30b9\u30dd\u30a4\u30f3\u30c8\uff1d\u91d1\u52290.01%\u523b\u307f\u3067\u306e\u5909\u5316\u300275bp\u306f0.75%\uff09\u306e\u5229\u4e0b\u3052\u3092\u5b9f\u65bd\u3059\u308b\u3068\u4e88\u6e2c\u3002\u5185\u8a33\u306f9\u6708\u306812\u6708\u306b\u540450bp\u30012027\u5e743\u6708\u306b25bp\u3068\u3057\u3066\u304a\u308a\u3001\u91d1\u5229\u306f3.00%\u306b\u306a\u308b\u898b\u901a\u3057\u3060\u3002<\/p>\n

\u95a2\u7a0e\uff08\u8f38\u5165\u54c1\u306b\u304b\u3051\u308b\u7a0e\uff09\u3068\u539f\u6cb9\u306e\u5f71\u97ff\u304c\u8584\u308c\u308c\u3070\u3001\u57fa\u8abf\u30a4\u30f3\u30d5\u30ec\uff08\u30a8\u30cd\u30eb\u30ae\u30fc\u306a\u3069\u5909\u52d5\u306e\u5927\u304d\u3044\u8981\u56e0\u3092\u9664\u3044\u305f\u7269\u4fa1\u306e\u6d41\u308c\uff09\u306f\u6539\u5584\u3059\u308b\u53ef\u80fd\u6027\u304c\u3042\u308b\u3068\u3044\u3046\u3002\u307e\u305f\u4eca\u9031\u516c\u8868\u306e1-3\u6708\u671fECI\uff08\u96c7\u7528\u30b3\u30b9\u30c8\u6307\u6570\uff1d\u8cc3\u91d1\u3084\u798f\u5229\u539a\u751f\u3092\u542b\u3080\u52b4\u50cd\u30b3\u30b9\u30c8\u306e\u6307\u6a19\uff09\u3092\u3001\u52b4\u50cd\u30b3\u30b9\u30c8\uff08\u8cc3\u91d1\u306a\u3069\uff09\u304c\u7269\u4fa1\u3092\u62bc\u3057\u4e0a\u3052\u308b\u5727\u529b\u306e\u70b9\u691c\u6750\u6599\u3068\u4f4d\u7f6e\u3065\u3051\u3066\u3044\u308b\u3002<\/p>\n

Trading Implications For Rates Volatility<\/h3>\n

FRB\u304c\u653f\u7b56\u91d1\u5229\u30923.50\uff5e3.75%\u3067\u636e\u3048\u7f6e\u304f\u3068\u306e\u898b\u65b9\u304b\u3089\u3001\u77ed\u671f\u91d1\u5229\u306f\u5f53\u9762\u5b89\u5b9a\u3057\u3084\u3059\u3044\u30022\u6708\u306b\u30d6\u30ec\u30f3\u30c8\u539f\u6cb9\uff08\u5317\u6d77\u7523\u539f\u6cb9\u306e\u56fd\u969b\u6307\u6a19\uff09\u304c1\u30d0\u30ec\u30eb110\u30c9\u30eb\u8d85\u307e\u3067\u4e0a\u6607\u3057\u305f\u30a4\u30e9\u30f3\u95a2\u9023\u306e\u539f\u6cb9\u30b7\u30e7\u30c3\u30af\u304c\u3001FRB\u3092\u614e\u91cd\u59ff\u52e2\u306b\u3068\u3069\u3081\u3066\u3044\u308b\u3002\u3053\u3046\u3057\u305f\u74b0\u5883\u3067\u306f\u3001SOFR\u5148\u7269\uff08\u62c5\u4fdd\u4ed8\u304d\u7fcc\u65e5\u7269\u8abf\u9054\u91d1\u5229\uff1d\u7c73\u56fd\u306e\u4ee3\u8868\u7684\u306a\u77ed\u671f\u91d1\u5229\u6307\u6a19\u306e\u5148\u7269\uff09\u306b\u9023\u52d5\u3059\u308b\u9031\u6b21\u30fb\u6708\u6b21\u306a\u3069\u6e80\u671f\u306e\u77ed\u3044\u30aa\u30d7\u30b7\u30e7\u30f3\u3067\u3001\u30dc\u30e9\u30c6\u30a3\u30ea\u30c6\u30a3\uff08\u4fa1\u683c\u5909\u52d5\u306e\u5927\u304d\u3055\uff09\u3092\u58f2\u308b\u6226\u7565\u304c\u3001\u30d7\u30ec\u30df\u30a2\u30e0\uff08\u30aa\u30d7\u30b7\u30e7\u30f3\u6599\uff09\u7372\u5f97\u306e\u72d9\u3044\u3068\u3057\u3066\u6210\u308a\u7acb\u3061\u5f97\u308b\u3002<\/p>\n

\u305f\u3060\u3057\u4e0d\u78ba\u5b9f\u6027\u304c\u9ad8\u3044\u4ee5\u4e0a\u3001\u3053\u306e\u843d\u3061\u7740\u304d\u304c\u7d9a\u304f\u3068\u306f\u9650\u3089\u306a\u3044\u3002\u4e2d\u6771\u60c5\u52e2\u306e\u60aa\u5316\u30fb\u6c88\u9759\u5316\u306e\u3044\u305a\u308c\u3067\u3082\u3001\u91d1\u5229\u3068\u539f\u6cb9\u4fa1\u683c\u304c\u6025\u5909\u3059\u308b\u6050\u308c\u304c\u3042\u308b\u3002\u305d\u306e\u305f\u3081\u3001\u590f\u4ee5\u964d\u306b\u6e80\u671f\u3092\u8fce\u3048\u308b\u9577\u3081\u306e\u30aa\u30d7\u30b7\u30e7\u30f3\u3001\u4f8b\u3048\u30709\u6708FOMC\u5f8c\u3092\u6e80\u671f\u3068\u3059\u308b\u3082\u306e\u3092\u8cb7\u3063\u3066\u3001\u6025\u306a\u653f\u7b56\u5909\u66f4\u306b\u5099\u3048\u308b\u30d8\u30c3\u30b8\uff08\u640d\u5931\u3092\u6291\u3048\u308b\u305f\u3081\u306e\u4fdd\u967a\uff09\u306b\u3059\u308b\u9078\u629e\u80a2\u304c\u3042\u308b\u3002<\/p>\n

9\u6708\u306b\u5229\u4e0b\u3052\u304c\u59cb\u307e\u308a\u3001\u5e74\u672b\u307e\u3067\u306b\u5408\u8a0850bp\u4e0b\u304c\u308b\u9053\u7b4b\u3092\u60f3\u5b9a\u3059\u308b\u306a\u3089\u3001\u30c8\u30ec\u30fc\u30c0\u30fc\u306f2026\u5e74\u5f8c\u534a\u306b\u6c7a\u6e08\u3055\u308c\u308b\u91d1\u5229\u5148\u7269\u3001\u4f8b\u3048\u307012\u6708\u9650\u306eSOFR\u5148\u7269\u3092\u8cb7\u3044\u3001\u73fe\u5728\u306e\u9ad8\u3081\u306e\u91d1\u5229\u6c34\u6e96\uff08\u5229\u56de\u308a\u6c34\u6e96\uff09\u3092\u78ba\u4fdd\u3059\u308b\uff08\u5c06\u6765\u306e\u91d1\u5229\u4f4e\u4e0b\u3092\u5148\u7269\u4fa1\u683c\u306b\u53cd\u6620\u3055\u305b\u308b\uff09\u30dd\u30b8\u30b7\u30e7\u30f3\u3092\u53d6\u308a\u5f97\u308b\u3002\u539f\u6cb9\u3068\u95a2\u7a0e\u306e\u5f71\u97ff\u304c\u5f8c\u9000\u3059\u308c\u3070\u3001FRB\u306f\u7de9\u548c\uff08\u5229\u4e0b\u3052\uff09\u5c40\u9762\u306b\u623b\u308b\u3068\u3044\u3046\u898b\u65b9\u3092\u53cd\u6620\u3059\u308b\u3002<\/p>\n

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