{"id":14420,"date":"2026-05-10T11:22:28","date_gmt":"2026-05-10T04:22:28","guid":{"rendered":"https:\/\/taichinhphowall.com\/index.php\/2026\/05\/10\/cat-giam-lai-suat-va-ap-luc-tu-bai-toan-lam-phat-cua-fed\/"},"modified":"2026-05-10T11:22:28","modified_gmt":"2026-05-10T04:22:28","slug":"cat-giam-lai-suat-va-ap-luc-tu-bai-toan-lam-phat-cua-fed","status":"publish","type":"post","link":"https:\/\/taichinhphowall.com\/index.php\/2026\/05\/10\/cat-giam-lai-suat-va-ap-luc-tu-bai-toan-lam-phat-cua-fed\/","title":{"rendered":"C\u1eaft gi\u1ea3m l\u00e3i su\u1ea5t v\u00e0 \u00e1p l\u1ef1c t\u1eeb b\u00e0i to\u00e1n l\u1ea1m ph\u00e1t c\u1ee7a FED"},"content":{"rendered":"
\n

C\u1eaft gi\u1ea3m l\u00e3i su\u1ea5t \u0111ang d\u1ea7n tr\u1edf th\u00e0nh m\u1ed9t l\u1ef1a ch\u1ecdn xa v\u1eddi \u0111\u1ed1i v\u1edbi C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang M\u1ef9 (FED) khi c\u00e1c d\u1eef li\u1ec7u kinh t\u1ebf g\u1ea7n \u0111\u00e2y cho th\u1ea5y n\u1ec1n t\u1ea3ng v\u0129 m\u00f4 kh\u00f4ng c\u00f2n \u1ee7ng h\u1ed9 cho vi\u1ec7c n\u1edbi l\u1ecfng ch\u00ednh s\u00e1ch ti\u1ec1n t\u1ec7. Nh\u1eefng b\u1eb1ng ch\u1ee9ng t\u1eeb b\u00e1o c\u00e1o vi\u1ec7c l\u00e0m th\u00e1ng 4 v\u1eeba qua \u0111\u00e3 ph\u1ea3n \u00e1nh m\u1ed9t th\u1ef1c t\u1ebf r\u1eb1ng, n\u1ed7i lo l\u1edbn nh\u1ea5t c\u1ee7a c\u00e1c nh\u00e0 ho\u1ea1ch \u0111\u1ecbnh ch\u00ednh s\u00e1ch hi\u1ec7n nay kh\u00f4ng c\u00f2n l\u00e0 th\u1ecb tr\u01b0\u1eddng lao \u0111\u1ed9ng suy y\u1ebfu, m\u00e0 ch\u00ednh l\u00e0 \u00e1p l\u1ef1c t\u1eeb chi ph\u00ed sinh ho\u1ea1t \u0111\u00e8 n\u1eb7ng l\u00ean \u0111\u1eddi s\u1ed1ng ng\u01b0\u1eddi d\u00e2n, trong khi l\u1ea1m ph\u00e1t v\u1eabn dai d\u1eb3ng ch\u01b0a c\u00f3 d\u1ea5u hi\u1ec7u h\u1ea1 nhi\u1ec7t.<\/p>\n

\n \"C\u1eaft
\u1ea2nh t\u1eeb ngu\u1ed3n: cnbc.com<\/em><\/figcaption><\/figure>\n

Th\u1ecb tr\u01b0\u1eddng lao \u0111\u1ed9ng \u1ed5n \u0111\u1ecbnh l\u00e0m gi\u1ea3m \u00e1p l\u1ef1c h\u1ea1 l\u00e3i su\u1ea5t<\/h2>\n

V\u1edbi con s\u1ed1 115.000 vi\u1ec7c l\u00e0m m\u1edbi \u0111\u01b0\u1ee3c t\u1ea1o ra trong th\u00e1ng 4, b\u1ee9c tranh th\u1ecb tr\u01b0\u1eddng lao \u0111\u1ed9ng M\u1ef9 \u0111ang cho th\u1ea5y s\u1ef1 \u1ed5n \u0111\u1ecbnh c\u1ea7n thi\u1ebft. D\u00f9 kh\u00f4ng ph\u1ea3i l\u00e0 m\u1ee9c t\u0103ng tr\u01b0\u1edfng \u0111\u1ed9t ph\u00e1, nh\u01b0ng con s\u1ed1 n\u00e0y \u0111\u1ee7 \u0111\u1ec3 FED c\u1ea3m th\u1ea5y an t\u00e2m r\u1eb1ng th\u1ecb tr\u01b0\u1eddng kh\u00f4ng r\u01a1i v\u00e0o t\u00ecnh tr\u1ea1ng \u0111\u00ecnh tr\u1ec7. Khi n\u1ed7i lo v\u1ec1 suy tho\u00e1i t\u1ea1m th\u1eddi \u0111\u01b0\u1ee3c g\u00e1c l\u1ea1i, s\u1ef1 t\u1eadp trung c\u1ee7a c\u00e1c th\u00e0nh vi\u00ean \u1ee6y ban Th\u1ecb tr\u01b0\u1eddng M\u1edf Li\u00ean bang (FOMC) bu\u1ed9c ph\u1ea3i xoay chuy\u1ec3n sang m\u1ee5c ti\u00eau ki\u1ec3m so\u00e1t l\u1ea1m ph\u00e1t. S\u1ef1 chuy\u1ec3n d\u1ecbch n\u00e0y kh\u00f4ng ch\u1ec9 l\u00e0 thay \u0111\u1ed5i trong t\u01b0 duy \u0111i\u1ec1u h\u00e0nh m\u00e0 c\u00f2n l\u00e0 s\u1ef1 chu\u1ea9n b\u1ecb cho m\u1ed9t giai \u0111o\u1ea1n l\u00e3i su\u1ea5t duy tr\u00ec \u1edf m\u1ee9c cao k\u00e9o d\u00e0i.<\/p>\n

\u0110\u00e1ng ch\u00fa \u00fd, c\u00e1c chuy\u00ean gia t\u1ea1i Goldman Sachs Asset Management cho r\u1eb1ng, FOMC ho\u00e0n to\u00e0n c\u00f3 kh\u1ea3 n\u0103ng lo\u1ea1i b\u1ecf t\u01b0 t\u01b0\u1edfng n\u1edbi l\u1ecfng ch\u00ednh s\u00e1ch trong c\u00e1c tuy\u00ean b\u1ed1 s\u1eafp t\u1edbi. \u0110i\u1ec1u n\u00e0y \u0111\u1ed3ng ngh\u0129a v\u1edbi vi\u1ec7c phe “di\u1ec1u h\u00e2u” \u0111ang gi\u00e0nh l\u1ea1i th\u1ebf th\u01b0\u1ee3ng phong trong cu\u1ed9c tranh lu\u1eadn n\u1ed9i b\u1ed9, \u0111\u1ea9y l\u00f9i kh\u1ea3 n\u0103ng c\u1eaft gi\u1ea3m l\u00e3i su\u1ea5t v\u1ed1n \u0111\u00e3 t\u1eebng \u0111\u01b0\u1ee3c k\u1ef3 v\u1ecdng r\u1ed9ng r\u00e3i tr\u01b0\u1edbc \u0111\u00f3. S\u1ef1 r\u1ea1n n\u1ee9t n\u00e0y c\u0169ng t\u1eebng \u0111\u01b0\u1ee3c ph\u1ea3n \u00e1nh r\u00f5 n\u00e9t qua c\u00e1c quy\u1ebft \u0111\u1ecbnh g\u1ea7n \u0111\u00e2y, khi nh\u1eefng b\u1ea5t \u0111\u1ed3ng trong n\u1ed9i b\u1ed9 v\u1ec1 ng\u00f4n t\u1eeb \u0111i\u1ec1u h\u00e0nh ch\u00ednh s\u00e1ch cho th\u1ea5y s\u1ef1 th\u1eadn tr\u1ecdng ng\u00e0y c\u00e0ng t\u0103ng, nh\u01b0 \u0111\u00e3 \u0111\u01b0\u1ee3c \u0111\u1ec1 c\u1eadp trong b\u00e0i vi\u1ebft v\u1ec1 Fed gi\u1eef nguy\u00ean l\u00e3i su\u1ea5t v\u00e0 s\u1ef1 r\u1ea1n n\u1ee9t trong ch\u00ednh s\u00e1ch ti\u1ec1n t\u1ec7<\/a>.<\/p>\n

B\u00e0i to\u00e1n l\u1ea1m ph\u00e1t v\u00e0 s\u1ef1 b\u1ebf t\u1eafc c\u1ee7a ch\u00ednh s\u00e1ch ti\u1ec1n t\u1ec7<\/h2>\n

Th\u1ef1c t\u1ebf cho th\u1ea5y m\u1ed9t ngh\u1ecbch l\u00fd l\u00e0 trong khi k\u1ef3 v\u1ecdng c\u1eaft gi\u1ea3m l\u00e3i su\u1ea5t c\u1ee7a th\u1ecb tr\u01b0\u1eddng d\u1ea7n tan bi\u1ebfn, l\u1ea1m ph\u00e1t v\u1eabn neo \u1edf m\u1ee9c 3,3% trong th\u00e1ng 3, v\u01b0\u1ee3t xa m\u1ee5c ti\u00eau 2% m\u00e0 FED \u0111\u1ec1 ra. Austan Goolsbee, Ch\u1ee7 t\u1ecbch FED chi nh\u00e1nh Chicago, \u0111\u00e3 th\u1eb3ng th\u1eafn chia s\u1ebb m\u1ed1i quan ng\u1ea1i v\u1ec1 xu h\u01b0\u1edbng l\u1ea1m ph\u00e1t khi ch\u1ec9 ra r\u1eb1ng \u00e1p l\u1ef1c gi\u00e1 c\u1ea3 kh\u00f4ng ch\u1ec9 \u0111\u1ebfn t\u1eeb n\u0103ng l\u01b0\u1ee3ng hay thu\u1ebf quan m\u00e0 \u0111\u00e3 lan r\u1ed9ng sang l\u0129nh v\u1ef1c d\u1ecbch v\u1ee5. Vi\u1ec7c kh\u00f4ng th\u1ec3 ki\u1ec3m so\u00e1t m\u1ee5c ti\u00eau l\u1ea1m ph\u00e1t trong su\u1ed1t ba n\u0103m qua bu\u1ed9c c\u00e1c nh\u00e0 ho\u1ea1ch \u0111\u1ecbnh ch\u00ednh s\u00e1ch ph\u1ea3i gi\u1eef th\u00e1i \u0111\u1ed9 “b\u1ea5t bi\u1ebfn” tr\u01b0\u1edbc c\u00e1c bi\u1ebfn \u0111\u1ed9ng ng\u1eafn h\u1ea1n.<\/p>\n

Trong b\u1ed1i c\u1ea3nh hi\u1ec7n t\u1ea1i, vi\u1ec7c c\u1eaft gi\u1ea3m l\u00e3i su\u1ea5t g\u1ea7n nh\u01b0 kh\u00f4ng c\u00f2n l\u00e0 \u01b0u ti\u00ean khi kh\u00f4ng c\u00f3 b\u1ea5t k\u1ef3 t\u00edn hi\u1ec7u kinh t\u1ebf n\u00e0o y\u00eau c\u1ea7u ph\u1ea3i h\u00e0nh \u0111\u1ed9ng ngay l\u1eadp t\u1ee9c. C\u00e1c nh\u00e0 giao d\u1ecbch tr\u00ean th\u1ecb tr\u01b0\u1eddng t\u01b0\u01a1ng lai hi\u1ec7n \u0111\u00e3 lo\u1ea1i b\u1ecf ho\u00e0n to\u00e0n x\u00e1c su\u1ea5t c\u1eaft gi\u1ea3m l\u00e3i su\u1ea5t cho \u0111\u1ebfn n\u0103m 2031, th\u1eadm ch\u00ed \u0111\u01b0\u1eddng cong l\u00e3i su\u1ea5t c\u00f2n h\u00e0m \u00fd kh\u1ea3 n\u0103ng FED s\u1ebd ph\u1ea3i n\u00e2ng l\u00e3i su\u1ea5t \u0111\u1ec3 \u0111\u1ed1i ph\u00f3 v\u1edbi t\u00ecnh h\u00ecnh trong t\u01b0\u01a1ng lai. \u0110i\u1ec1u n\u00e0y t\u1ea1o n\u00ean m\u1ed9t \u00e1p l\u1ef1c kh\u00f4ng nh\u1ecf l\u00ean \u0111\u1ed9i ng\u0169 l\u00e3nh \u0111\u1ea1o m\u1edbi t\u1ea1i FED, bao g\u1ed3m c\u1ea3 t\u00e2n Ch\u1ee7 t\u1ecbch Kevin Warsh, ng\u01b0\u1eddi t\u1eebng \u0111\u01b0\u1ee3c k\u1ef3 v\u1ecdng s\u1ebd th\u00fac \u0111\u1ea9y ch\u00ednh s\u00e1ch n\u1edbi l\u1ecfng nh\u01b0ng nay \u0111ang \u0111\u1ed1i di\u1ec7n v\u1edbi th\u1ef1c t\u1ebf kh\u1eafc nghi\u1ec7t c\u1ee7a n\u1ec1n kinh t\u1ebf, t\u01b0\u01a1ng t\u1ef1 nh\u01b0 nh\u1eefng gam m\u00e0u tr\u1ea7m l\u1eafng c\u1ee7a th\u1ecb tr\u01b0\u1eddng \u0111\u00e3 \u0111\u01b0\u1ee3c ph\u00e2n t\u00edch t\u1ea1i b\u00e0i vi\u1ebft Ch\u1ee9ng kho\u00e1n th\u00e1ng 5: Khi nh\u1eefng gam m\u00e0u v\u0129 m\u00f4 v\u1eabn c\u00f2n tr\u1ea7m l\u1eafng<\/a>.<\/p>\n

S\u1ef1 ho\u00e0i nghi v\u1ec1 kh\u1ea3 n\u0103ng xoay tr\u1ee5c ch\u00ednh s\u00e1ch<\/h2>\n

Khi c\u00e1c d\u1eef li\u1ec7u v\u0129 m\u00f4 tr\u1edf n\u00ean kh\u00f3 \u0111o\u00e1n \u0111\u1ecbnh h\u01a1n, v\u1ecb th\u1ebf c\u1ee7a FED c\u00e0ng tr\u1edf n\u00ean ph\u1ee9c t\u1ea1p. Nh\u1eefng n\u1ed7 l\u1ef1c s\u1eed d\u1ee5ng ng\u00f4n t\u1eeb \u0111\u1ec3 \u0111\u1ecbnh h\u01b0\u1edbng k\u1ef3 v\u1ecdng th\u1ecb tr\u01b0\u1eddng c\u1ee7a FED d\u01b0\u1eddng nh\u01b0 kh\u00f4ng c\u00f2n hi\u1ec7u qu\u1ea3 khi ch\u00ednh c\u00e1c th\u00e0nh vi\u00ean c\u0169ng kh\u00f4ng t\u00ecm \u0111\u01b0\u1ee3c ti\u1ebfng n\u00f3i chung. Vi\u1ec7c duy tr\u00ec l\u00e3i su\u1ea5t \u1edf m\u1ee9c hi\u1ec7n t\u1ea1i kh\u00f4ng ch\u1ec9 l\u00e0 m\u1ed9t l\u1ef1a ch\u1ecdn an to\u00e0n m\u00e0 c\u00f2n l\u00e0 s\u1ef1 th\u1eeba nh\u1eadn r\u1eb1ng FED c\u1ea7n th\u00eam th\u1eddi gian \u0111\u1ec3 \u0111\u00e1nh gi\u00e1 nh\u1eefng bi\u1ebfn s\u1ed1 t\u1eeb l\u1ea1m ph\u00e1t d\u1ecbch v\u1ee5. Nh\u1eefng b\u01b0\u1edbc ngo\u1eb7t n\u00e0y c\u0169ng \u0111\u00e1nh d\u1ea5u m\u1ed9t giai \u0111o\u1ea1n quan tr\u1ecdng trong l\u1ecbch s\u1eed \u0111i\u1ec1u h\u00e0nh c\u1ee7a c\u01a1 quan n\u00e0y, \u0111i\u1ec1u \u0111\u00e3 \u0111\u01b0\u1ee3c th\u1ea3o lu\u1eadn s\u00e2u s\u1eafc trong b\u00e0i vi\u1ebft Quy\u1ebft \u0111\u1ecbnh l\u00e3i su\u1ea5t c\u1ee7a FED: B\u01b0\u1edbc ngo\u1eb7t cu\u1ed1i c\u00f9ng c\u1ee7a k\u1ef7 nguy\u00ean Jerome Powell<\/a>.<\/p>\n

Nh\u00ecn s\u00e2u v\u00e0o b\u1ea3n ch\u1ea5t, vi\u1ec7c FED c\u1ed1 ch\u1ea5p c\u1eaft gi\u1ea3m l\u00e3i su\u1ea5t trong b\u1ed1i c\u1ea3nh l\u1ea1m ph\u00e1t v\u1eabn \u1edf m\u1ee9c cao s\u1ebd l\u00e0 m\u1ed9t canh b\u1ea1c r\u1ee7i ro \u0111\u1ed1i v\u1edbi s\u1ef1 \u1ed5n \u0111\u1ecbnh d\u00e0i h\u1ea1n c\u1ee7a n\u1ec1n kinh t\u1ebf M\u1ef9. Thay v\u00ec ch\u1ea1y theo k\u1ef3 v\u1ecdng c\u1ee7a th\u1ecb tr\u01b0\u1eddng, s\u1ef1 ki\u00ean nh\u1eabn l\u00fac n\u00e0y ch\u00ednh l\u00e0 c\u00f4ng c\u1ee5 ch\u00ednh s\u00e1ch m\u1ea1nh m\u1ebd nh\u1ea5t m\u00e0 FED c\u00f3 trong tay, ngay c\u1ea3 khi \u0111i\u1ec1u \u0111\u00f3 t\u1ea1o ra nh\u1eefng th\u00e1ch th\u1ee9c kh\u00f4ng nh\u1ecf cho t\u00e2n l\u00e3nh \u0111\u1ea1o trong vi\u1ec7c th\u1ef1c thi c\u00e1c cam k\u1ebft tr\u01b0\u1edbc \u0111\u00f3.<\/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":"

C\u1eaft gi\u1ea3m l\u00e3i su\u1ea5t \u0111ang d\u1ea7n tr\u1edf th\u00e0nh m\u1ed9t l\u1ef1a ch\u1ecdn xa v\u1eddi \u0111\u1ed1i v\u1edbi C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang M\u1ef9 (FED) khi c\u00e1c d\u1eef li\u1ec7u kinh t\u1ebf g\u1ea7n \u0111\u00e2y cho th\u1ea5y n\u1ec1n t\u1ea3ng v\u0129 m\u00f4 kh\u00f4ng c\u00f2n \u1ee7ng h\u1ed9 cho vi\u1ec7c n\u1edbi l\u1ecfng ch\u00ednh s\u00e1ch ti\u1ec1n t\u1ec7. Nh\u1eefng b\u1eb1ng ch\u1ee9ng t\u1eeb b\u00e1o c\u00e1o vi\u1ec7c […]<\/p>\n","protected":false},"author":1,"featured_media":14418,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[41],"tags":[],"class_list":["post-14420","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tin-tuc-fed"],"_links":{"self":[{"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/posts\/14420","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=14420"}],"version-history":[{"count":0,"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/posts\/14420\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/media\/14418"}],"wp:attachment":[{"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/media?parent=14420"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/categories?post=14420"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/tags?post=14420"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}