{"id":12040,"date":"2026-05-02T22:54:09","date_gmt":"2026-05-02T15:54:09","guid":{"rendered":"https:\/\/taichinhphowall.com\/index.php\/2026\/05\/02\/kevin-warsh-va-su-chuyen-giao-quyen-luc-tai-fed\/"},"modified":"2026-05-02T22:54:09","modified_gmt":"2026-05-02T15:54:09","slug":"kevin-warsh-va-su-chuyen-giao-quyen-luc-tai-fed","status":"publish","type":"post","link":"https:\/\/taichinhphowall.com\/index.php\/2026\/05\/02\/kevin-warsh-va-su-chuyen-giao-quyen-luc-tai-fed\/","title":{"rendered":"Kevin Warsh v\u00e0 s\u1ef1 chuy\u1ec3n giao quy\u1ec1n l\u1ef1c t\u1ea1i Fed"},"content":{"rendered":"
\n

Vi\u1ec7c Kevin Warsh gia nh\u1eadp C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang M\u1ef9 (Fed) \u0111ang t\u1ea1o ra nh\u1eefng lu\u1ed3ng d\u01b0 lu\u1eadn tr\u00e1i chi\u1ec1u, \u0111\u1eb7c bi\u1ec7t l\u00e0 s\u1ef1 lo ng\u1ea1i v\u1ec1 c\u00e1ch m\u00e0 th\u1ecb tr\u01b0\u1eddng thu nh\u1eadp c\u1ed1 \u0111\u1ecbnh s\u1ebd ph\u1ea3n \u1ee9ng v\u1edbi s\u1ef1 thay \u0111\u1ed5i trong c\u1ea5u tr\u00fac th\u01b0\u1ee3ng t\u1ea7ng n\u00e0y. Trong b\u1ed1i c\u1ea3nh c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 v\u1eabn \u0111ang t\u1eadp trung v\u00e0o qu\u00e1 tr\u00ecnh x\u00e1c nh\u1eadn nh\u00e2n s\u1ef1 m\u1edbi cho gh\u1ebf ch\u1ee7 t\u1ecbch, nhi\u1ec1u kh\u1ea3 n\u0103ng h\u1ecd \u0111\u00e3 v\u00f4 t\u00ecnh b\u1ecf l\u1ee1 nh\u1eefng bi\u1ebfn \u0111\u1ed9ng \u00e2m th\u1ea7m nh\u01b0ng \u0111\u1ea7y r\u1ee7i ro trong th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu \u2013 n\u01a1i v\u1ed1n nh\u1ea1y c\u1ea3m h\u01a1n bao gi\u1edd h\u1ebft v\u1edbi m\u1ed7i b\u01b0\u1edbc \u0111i \u0111i\u1ec1u h\u00e0nh ch\u00ednh s\u00e1ch ti\u1ec1n t\u1ec7.<\/p>\n

\n \"Kevin
\u1ea2nh t\u1eeb ngu\u1ed3n: cnbc.com<\/em><\/figcaption><\/figure>\n

S\u1ef1 chuy\u1ec3n giao quy\u1ec1n l\u1ef1c t\u1ea1i Fed v\u00e0 n\u1ed7i lo bi\u1ebfn \u0111\u1ed9ng<\/h2>\n

S\u1ef1 hi\u1ec7n di\u1ec7n c\u1ee7a Kevin Warsh t\u1ea1i Fed \u0111\u01b0\u1ee3c xem l\u00e0 m\u1ed9t d\u1ea5u m\u1ed1c quan tr\u1ecdng, m\u1ed9t cu\u1ed9c “thay m\u00e1u” trong \u0111\u1ed9i ng\u0169 c\u1ea7m l\u00e1i ch\u00ednh s\u00e1ch ti\u1ec1n t\u1ec7 c\u1ee7a M\u1ef9. Paisley Nardini, Gi\u00e1m \u0111\u1ed1c \u0111i\u1ec1u h\u00e0nh t\u1ea1i Simplify Asset Management, nh\u1ea5n m\u1ea1nh r\u1eb1ng th\u1ecb tr\u01b0\u1eddng th\u01b0\u1eddng c\u00f3 xu h\u01b0\u1edbng ph\u1ea3n \u1ee9ng r\u1ea5t nhanh v\u1edbi nh\u1eefng thay \u0111\u1ed5i v\u1ec1 phong c\u00e1ch \u0111i\u1ec1u h\u00e0nh v\u00e0 \u0111\u1ecbnh h\u01b0\u1edbng truy\u1ec1n th\u00f4ng c\u1ee7a m\u1ed9t t\u00e2n ch\u1ee7 t\u1ecbch. Ngay c\u1ea3 khi ch\u01b0a c\u00f3 b\u1ea5t k\u1ef3 quy\u1ebft \u0111\u1ecbnh ch\u00ednh s\u00e1ch c\u1ee5 th\u1ec3 n\u00e0o \u0111\u01b0\u1ee3c ban h\u00e0nh, gi\u1edbi t\u00e0i ch\u00ednh \u0111\u00e3 b\u1eaft \u0111\u1ea7u th\u1ef1c hi\u1ec7n c\u00e1c b\u01b0\u1edbc \u0111\u1ecbnh gi\u00e1 l\u1ea1i k\u1ef3 v\u1ecdng v\u1ec1 t\u01b0\u01a1ng lai. Nh\u1eefng g\u1ee3n s\u00f3ng t\u1eeb s\u1ef1 thay \u0111\u1ed5i n\u00e0y c\u00f3 kh\u1ea3 n\u0103ng lan t\u1ecfa m\u1ea1nh m\u1ebd trong th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu kho b\u1ea1c tr\u01b0\u1edbc khi th\u1ecb tr\u01b0\u1eddng c\u1ed5 phi\u1ebfu k\u1ecbp nh\u1eadn ra s\u1ef1 xoay chuy\u1ec3n c\u1ee7a th\u1eddi cu\u1ed9c, gi\u1ed1ng nh\u01b0 c\u00e1ch c\u00e1c l\u1ec7nh tr\u1eebng ph\u1ea1t kinh t\u1ebf Cuba v\u00e0 nh\u1eefng h\u1ec7 l\u1ee5y t\u1eeb chi\u1ebfn l\u01b0\u1ee3c g\u00e2y \u00e1p l\u1ef1c t\u1ed1i \u0111a \u0111\u00e3 l\u00e0m \u0111\u1ea3o l\u1ed9n tr\u1eadt t\u1ef1 th\u01b0\u01a1ng m\u1ea1i v\u1ed1n c\u00f3.<\/p>\n

B\u1ea3n ch\u1ea5t nh\u1ea1y c\u1ea3m c\u1ee7a th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu<\/h2>\n

Th\u1ef1c t\u1ebf cho th\u1ea5y m\u1ed9t ngh\u1ecbch l\u00fd l\u00e0 trong khi th\u1ebf gi\u1edbi \u0111ang b\u1eadn r\u1ed9n v\u1edbi nh\u1eefng b\u1ea5t \u1ed5n \u0111\u1ecba ch\u00ednh tr\u1ecb, t\u1eeb cu\u1ed9c xung \u0111\u1ed9t t\u1ea1i Trung \u0110\u00f4ng \u0111\u1ebfn nh\u1eefng c\u0103ng th\u1eb3ng qu\u00e2n s\u1ef1 \u0111ang khi\u1ebfn Trung Qu\u1ed1c ph\u1ea3i l\u00ean ti\u1ebfng k\u00eau g\u1ecdi duy tr\u00ec UNIFIL tr\u01b0\u1edbc leo thang xung \u0111\u1ed9t t\u1ea1i Lebanon, th\u00ec th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu l\u1ea1i \u0111\u1ed1i m\u1eb7t v\u1edbi nh\u1eefng \u00e1p l\u1ef1c n\u1ed9i t\u1ea1i t\u1eeb ch\u00ednh c\u1ea5u tr\u00fac v\u1eadn h\u00e0nh c\u1ee7a Fed. L\u1ea1m ph\u00e1t v\u1eabn \u0111ang l\u01a1 l\u1eedng quanh m\u1ee9c 3,5% theo ch\u1ec9 s\u1ed1 PCE, bu\u1ed9c c\u00e1c nh\u00e0 \u0111i\u1ec1u h\u00e0nh ph\u1ea3i c\u00e2n nh\u1eafc k\u1ef9 l\u01b0\u1ee1ng gi\u1eefa m\u1ee5c ti\u00eau vi\u1ec7c l\u00e0m v\u00e0 ki\u1ec1m ch\u1ebf gi\u00e1 c\u1ea3. D\u01b0\u1edbi th\u1eddi Ch\u1ee7 t\u1ecbch Jerome Powell, tr\u00e1i phi\u1ebfu \u0111\u00e3 tr\u1ea3i qua m\u1ed9t giai \u0111o\u1ea1n tr\u1ea7m l\u1eafng v\u00e0 \u0111\u1ea7y th\u00e1ch th\u1ee9c v\u1edbi l\u1ee3i su\u1ea5t th\u1ea5p k\u1ef7 l\u1ee5c so v\u1edbi l\u1ecbch s\u1eed, khi\u1ebfn nhi\u1ec1u nh\u00e0 \u0111\u1ea7u t\u01b0 m\u1ea5t d\u1ea7n s\u1ef1 ki\u00ean nh\u1eabn. Tuy nhi\u00ean, s\u1ef1 xu\u1ea5t hi\u1ec7n c\u1ee7a Kevin Warsh mang \u0111\u1ebfn m\u1ed9t bi\u1ebfn s\u1ed1 m\u1edbi, n\u01a1i c\u00e1c r\u1ee7i ro v\u1ec1 k\u1ef3 h\u1ea1n (duration) v\u00e0 s\u1ee9c m\u1ea1nh t\u00edn d\u1ee5ng (credit strength) tr\u1edf th\u00e0nh t\u00e2m \u0111i\u1ec3m c\u1ee7a s\u1ef1 th\u1eadn tr\u1ecdng.<\/p>\n

\u0110\u00e1nh gi\u00e1 l\u1ea1i r\u1ee7i ro trong chu k\u1ef3 m\u1edbi<\/h2>\n

Nh\u00ecn s\u00e2u v\u00e0o b\u1ea3n ch\u1ea5t c\u1ee7a c\u00e1c kho\u1ea3n n\u1ee3, c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 hi\u1ec7n \u0111ang ph\u1ea3i \u0111\u1ed1i m\u1eb7t v\u1edbi hai th\u00e1ch th\u1ee9c l\u1edbn nh\u1ea5t. Th\u1ee9 nh\u1ea5t l\u00e0 r\u1ee7i ro v\u1ec1 k\u1ef3 h\u1ea1n; nh\u1eefng ai \u0111ang n\u1eafm gi\u1eef c\u00e1c tr\u00e1i phi\u1ebfu d\u00e0i h\u1ea1n v\u1edbi k\u1ef3 v\u1ecdng l\u00e3i su\u1ea5t s\u1ebd s\u1edbm h\u1ea1 nhi\u1ec7t c\u00f3 th\u1ec3 \u0111\u1ed1i m\u1eb7t v\u1edbi t\u1ed5n th\u1ea5t l\u1edbn n\u1ebfu Fed gi\u1eef nguy\u00ean l\u1ed9 tr\u00ecnh th\u1eaft ch\u1eb7t ho\u1eb7c tr\u00ec ho\u00e3n c\u00e1c quy\u1ebft \u0111\u1ecbnh c\u1eaft gi\u1ea3m. Th\u1ee9 hai l\u00e0 s\u1ef1 m\u1ecfng manh c\u1ee7a bi\u00ean l\u1ee3i nhu\u1eadn t\u00edn d\u1ee5ng. Khi c\u00e1c m\u1ee9c ch\u00eanh l\u1ec7ch t\u00edn d\u1ee5ng \u0111ang ti\u1ec7m c\u1eadn m\u1ee9c th\u1ea5p nh\u1ea5t trong nhi\u1ec1u th\u1eadp k\u1ef7, th\u1ecb tr\u01b0\u1eddng d\u01b0\u1eddng nh\u01b0 \u0111ang qu\u00e1 l\u1ea1c quan v\u1ec1 kh\u1ea3 n\u0103ng ch\u1ed1ng ch\u1ecbu c\u1ee7a n\u1ec1n kinh t\u1ebf. Gi\u00e1m \u0111\u1ed1c \u0111i\u1ec1u h\u00e0nh JPMorgan, Jamie Dimon, c\u0169ng t\u1eebng c\u1ea3nh b\u00e1o r\u1eb1ng m\u1ed9t cu\u1ed9c suy tho\u00e1i t\u00edn d\u1ee5ng \u2013 n\u1ebfu x\u1ea3y ra \u2013 s\u1ebd t\u00e0n kh\u1ed1c h\u01a1n nhi\u1ec1u so v\u1edbi h\u00ecnh dung c\u1ee7a \u0111\u00e1m \u0111\u00f4ng. Trong m\u1ed9t th\u1ebf gi\u1edbi \u0111\u1ea7y bi\u1ebfn \u0111\u1ed9ng, n\u01a1i c\u00e1c m\u00e0n l\u1ed9i ng\u01b0\u1ee3c d\u00f2ng trong th\u1ec3 thao nh\u01b0 t\u1ea1i NBA playoffs ch\u1ec9 mang t\u00ednh ch\u1ea5t gi\u1ea3i tr\u00ed, th\u00ec s\u1ef1 t\u0129nh l\u1eb7ng tr\u00ean th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh \u0111\u00f4i khi l\u1ea1i l\u00e0 “b\u00f3ng ma” b\u00e1o hi\u1ec7u cho nh\u1eefng c\u01a1n b\u00e3o s\u1eafp t\u1edbi.<\/p>\n

B\u00e0i vi\u1ebft \u0111\u00e3 \u0111\u01b0\u1ee3c bi\u00ean t\u1eadp l\u1ea1i t\u1eeb ngu\u1ed3n: cnbc.com<\/em><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Vi\u1ec7c Kevin Warsh gia nh\u1eadp C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang M\u1ef9 (Fed) \u0111ang t\u1ea1o ra nh\u1eefng lu\u1ed3ng d\u01b0 lu\u1eadn tr\u00e1i chi\u1ec1u, \u0111\u1eb7c bi\u1ec7t l\u00e0 s\u1ef1 lo ng\u1ea1i v\u1ec1 c\u00e1ch m\u00e0 th\u1ecb tr\u01b0\u1eddng thu nh\u1eadp c\u1ed1 \u0111\u1ecbnh s\u1ebd ph\u1ea3n \u1ee9ng v\u1edbi s\u1ef1 thay \u0111\u1ed5i trong c\u1ea5u tr\u00fac th\u01b0\u1ee3ng t\u1ea7ng n\u00e0y. Trong b\u1ed1i c\u1ea3nh c\u00e1c nh\u00e0 \u0111\u1ea7u […]<\/p>\n","protected":false},"author":1,"featured_media":12039,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[70],"tags":[],"class_list":["post-12040","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tin-tuc-the-gioi"],"_links":{"self":[{"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/posts\/12040","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/comments?post=12040"}],"version-history":[{"count":0,"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/posts\/12040\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/media\/12039"}],"wp:attachment":[{"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/media?parent=12040"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/categories?post=12040"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/tags?post=12040"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}