{"id":14979,"date":"2026-05-15T13:40:56","date_gmt":"2026-05-15T06:40:56","guid":{"rendered":"https:\/\/taichinhphowall.com\/index.php\/2026\/05\/15\/thi-truong-trai-phieu-lo-ngai-fed-cham-chan-trong-cuoc-chien-lam-phat-duoi-thoi-kevin-warsh\/"},"modified":"2026-05-15T13:40:56","modified_gmt":"2026-05-15T06:40:56","slug":"thi-truong-trai-phieu-lo-ngai-fed-cham-chan-trong-cuoc-chien-lam-phat-duoi-thoi-kevin-warsh","status":"publish","type":"post","link":"https:\/\/taichinhphowall.com\/index.php\/2026\/05\/15\/thi-truong-trai-phieu-lo-ngai-fed-cham-chan-trong-cuoc-chien-lam-phat-duoi-thoi-kevin-warsh\/","title":{"rendered":"Th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu lo ng\u1ea1i FED ch\u1eadm ch\u00e2n trong cu\u1ed9c chi\u1ebfn l\u1ea1m ph\u00e1t d\u01b0\u1edbi th\u1eddi Kevin Warsh"},"content":{"rendered":"
\n

Th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu \u0111ang g\u1eedi \u0111i nh\u1eefng th\u00f4ng \u0111i\u1ec7p \u0111\u1ea7y ho\u00e0i nghi v\u1ec1 kh\u1ea3 n\u0103ng ki\u1ec3m so\u00e1t l\u1ea1m ph\u00e1t c\u1ee7a C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang (FED) trong b\u1ed1i c\u1ea3nh Kevin Warsh ch\u00ednh th\u1ee9c ti\u1ebfp qu\u1ea3n v\u1ecb tr\u00ed l\u00e3nh \u0111\u1ea1o. Ed Yardeni, chuy\u00ean gia t\u1eeb Yardeni Research, cho r\u1eb1ng gi\u1edbi \u0111\u1ea7u t\u01b0 tr\u00ean Ph\u1ed1 Wall \u0111ang \u0111\u1eb7t ra nh\u1eefng nghi v\u1ea5n l\u1edbn v\u1ec1 vi\u1ec7c li\u1ec7u ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng c\u00f3 \u0111\u1ee7 quy\u1ebft li\u1ec7t \u0111\u1ec3 b\u1eaft k\u1ecbp th\u1ef1c t\u1ebf hay v\u1eabn \u0111ang t\u1ee5t h\u1eadu so v\u1edbi c\u00e1c ch\u1ec9 s\u1ed1 kinh t\u1ebf. Trong qu\u00e1 tr\u00ecnh chuy\u1ec3n giao quy\u1ec1n l\u1ef1c, vi\u1ec7c Kevin Warsh x\u00e1c nh\u1eadn v\u1ecb tr\u00ed Ch\u1ee7 t\u1ecbch FED v\u00e0 \u0111\u1ed1i m\u1eb7t v\u1edbi th\u00e1ch th\u1ee9c \u0111i\u1ec1u h\u00e0nh l\u00e3i su\u1ea5t \u0111\u00e3 khi\u1ebfn th\u1ecb tr\u01b0\u1eddng k\u1ef3 v\u1ecdng v\u00e0o m\u1ed9t s\u1ef1 thay \u0111\u1ed5i m\u1ea1nh m\u1ebd trong th\u00f4ng \u0111i\u1ec7p ch\u00ednh s\u00e1ch t\u1ea1i cu\u1ed9c h\u1ecdp \u1ee6y ban Th\u1ecb tr\u01b0\u1eddng M\u1edf Li\u00ean bang (FOMC) th\u00e1ng t\u1edbi.<\/p>\n

\n \"Th\u1ecb
\u1ea2nh t\u1eeb ngu\u1ed3n: cnbc.com<\/em><\/figcaption><\/figure>\n

Th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu v\u00e0 t\u00edn hi\u1ec7u l\u00e3i su\u1ea5t t\u1eeb l\u1ee3i su\u1ea5t tr\u00e1i phi\u1ebfu 2 n\u0103m<\/h2>\n

\u0110i\u1ec3m m\u1ea5u ch\u1ed1t n\u1eb1m \u1edf s\u1ef1 l\u1ec7ch pha gi\u1eefa k\u1ef3 v\u1ecdng th\u1ecb tr\u01b0\u1eddng v\u00e0 h\u00e0nh \u0111\u1ed9ng c\u1ee7a FED. Theo Ed Yardeni, minh ch\u1ee9ng r\u00f5 r\u00e0ng nh\u1ea5t cho s\u1ef1 lo ng\u1ea1i n\u00e0y l\u00e0 l\u1ee3i su\u1ea5t tr\u00e1i phi\u1ebfu Ch\u00ednh ph\u1ee7 M\u1ef9 k\u1ef3 h\u1ea1n 2 n\u0103m \u0111ang giao d\u1ecbch \u1edf m\u1ee9c cao h\u01a1n so v\u1edbi l\u00e3i su\u1ea5t qu\u1ef9 li\u00ean bang (FFR). V\u1ec1 m\u1eb7t c\u01a1 ch\u1ebf, \u0111\u00e2y l\u00e0 m\u1ed9t ch\u1ec9 b\u00e1o quan tr\u1ecdng cho th\u1ea5y gi\u1edbi \u0111\u1ea7u t\u01b0 kh\u00f4ng tin r\u1eb1ng m\u1ee9c l\u00e3i su\u1ea5t hi\u1ec7n t\u1ea1i \u0111\u1ee7 s\u1ee9c ki\u1ec1m ch\u1ebf \u00e1p l\u1ef1c t\u0103ng gi\u00e1 c\u1ee7a n\u1ec1n kinh t\u1ebf. Khi l\u1ee3i su\u1ea5t tr\u00e1i phi\u1ebfu ng\u1eafn h\u1ea1n v\u01b0\u1ee3t l\u00ean tr\u00ean FFR, th\u1ecb tr\u01b0\u1eddng \u0111ang ng\u1ea7m \u0111\u1ecbnh r\u1eb1ng FED \u0111\u00e3 qu\u00e1 ch\u1eadm tr\u1ec5 v\u00e0 l\u00e3i su\u1ea5t c\u1ea7n ph\u1ea3i \u0111\u01b0\u1ee3c \u0111\u1ea9y l\u00ean cao h\u01a1n n\u1eefa \u0111\u1ec3 c\u00e2n b\u1eb1ng l\u1ea1i c\u00e1n c\u00e2n l\u1ea1m ph\u00e1t.<\/p>\n

Th\u1ef1c t\u1ebf cho th\u1ea5y m\u1ed9t ngh\u1ecbch l\u00fd l\u00e0 trong su\u1ed1t 5 n\u0103m qua, l\u1ea1m ph\u00e1t li\u00ean t\u1ee5c duy tr\u00ec \u1edf m\u1ee9c cao h\u01a1n m\u1ee5c ti\u00eau 2% h\u00e0ng n\u0103m, \u0111\u1eb7t ra c\u00e2u h\u1ecfi v\u1ec1 hi\u1ec7u qu\u1ea3 c\u1ee7a c\u00e1c bi\u1ec7n ph\u00e1p \u0111i\u1ec1u ti\u1ebft hi\u1ec7n h\u00e0nh. Ch\u00ednh trong giai \u0111o\u1ea1n chuy\u1ec3n \u0111\u1ed5i nh\u00e2n s\u1ef1 c\u1ea5p cao n\u00e0y, nhi\u1ec1u chuy\u00ean gia c\u0169ng b\u1eaft \u0111\u1ea7u \u0111\u00e1nh gi\u00e1 l\u1ea1i v\u1ecb th\u1ebf c\u1ee7a c\u00e1c nh\u00e2n v\u1eadt ch\u1ee7 ch\u1ed1t, nh\u01b0 vi\u1ec7c Th\u1ed1ng \u0111\u1ed1c FED Miran t\u1eeb ch\u1ee9c v\u00e0 s\u1ef1 \u1ee7ng h\u1ed9 d\u00e0nh cho Kevin Warsh, m\u1ed9t ph\u1ea7n \u0111\u1ec3 hy v\u1ecdng v\u00e0o m\u1ed9t t\u01b0 duy m\u1edbi quy\u1ebft li\u1ec7t h\u01a1n t\u1ea1i c\u01a1 quan quy\u1ec1n l\u1ef1c n\u00e0y.<\/p>\n

Th\u00e1ch th\u1ee9c c\u1ee7a FED trong vi\u1ec7c t\u1eeb b\u1ecf t\u01b0 duy n\u1edbi l\u1ecfng<\/h2>\n

S\u1ef1 k\u1ef3 v\u1ecdng c\u1ee7a c\u00e1c nh\u00e0 giao d\u1ecbch tr\u00e1i phi\u1ebfu kh\u00f4ng d\u1eebng l\u1ea1i \u1edf vi\u1ec7c FED ng\u1eebng xu h\u01b0\u1edbng n\u1edbi l\u1ecfng ti\u1ec1n t\u1ec7. H\u1ecd mong ch\u1edd m\u1ed9t s\u1ef1 d\u1ecbch chuy\u1ec3n r\u00f5 r\u1ec7t sang ch\u00ednh s\u00e1ch th\u1eaft ch\u1eb7t h\u01a1n. Theo \u0111\u00e1nh gi\u00e1 c\u1ee7a Yardeni, vi\u1ec7c ch\u1ec9 \u0111\u01a1n thu\u1ea7n lo\u1ea1i b\u1ecf xu h\u01b0\u1edbng n\u1edbi l\u1ecfng trong c\u00e1c b\u1ea3n th\u00f4ng b\u00e1o c\u1ee7a FOMC c\u00f3 th\u1ec3 l\u00e0 ch\u01b0a \u0111\u1ee7. Sau nhi\u1ec1u n\u0103m duy tr\u00ec m\u00f4i tr\u01b0\u1eddng l\u00e3i su\u1ea5t th\u1ea5p \u0111\u1ec3 k\u00edch th\u00edch t\u0103ng tr\u01b0\u1edfng, \u00e1p l\u1ef1c l\u1ea1m ph\u00e1t hi\u1ec7n nay \u0111\u00f2i h\u1ecfi s\u1ef1 can thi\u1ec7p tr\u1ef1c ti\u1ebfp v\u00e0 m\u1ea1nh m\u1ebd h\u01a1n t\u1eeb ph\u00eda ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng.<\/p>\n

Khi Kevin Warsh v\u00e0 t\u01b0\u01a1ng lai c\u1ee7a ch\u00ednh s\u00e1ch l\u00e3i su\u1ea5t t\u1ea1i FED tr\u1edf th\u00e0nh t\u00e2m \u0111i\u1ec3m b\u00e0n t\u00e1n, s\u1ef1 th\u1eadn tr\u1ecdng t\u1eeb th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu c\u0169ng ch\u00ednh l\u00e0 l\u1eddi nh\u1eafc nh\u1edf v\u1ec1 uy t\u00edn c\u1ee7a t\u1ed5 ch\u1ee9c n\u00e0y. N\u1ebfu FED kh\u00f4ng cho th\u1ea5y s\u1ef1 s\u1eb5n s\u00e0ng trong vi\u1ec7c t\u0103ng l\u00e3i su\u1ea5t \u0111\u1ec3 \u0111\u1ed1i ph\u00f3 v\u1edbi th\u1ef1c t\u1ebf, th\u1ecb tr\u01b0\u1eddng s\u1ebd ti\u1ebfp t\u1ee5c ph\u1ea3n \u1ee9ng b\u1eb1ng c\u00e1ch \u0111\u1ea9y l\u1ee3i su\u1ea5t tr\u00e1i phi\u1ebfu l\u00ean cao, t\u1ea1o ra nh\u1eefng \u00e1p l\u1ef1c v\u00f4 h\u00ecnh nh\u01b0ng v\u00f4 c\u00f9ng th\u1ef1c t\u1ebf l\u00ean chi ph\u00ed vay v\u1ed1n c\u1ee7a n\u1ec1n kinh t\u1ebf. S\u1ef1 ho\u00e0i nghi n\u00e0y l\u00e0 m\u1ed9t ph\u1ea7n c\u1ee7a “b\u00e0n c\u1edd” qu\u1ed1c t\u1ebf, n\u01a1i ni\u1ec1m tin c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0 v\u00e0o t\u00ednh \u0111\u1ed9c l\u1eadp v\u00e0 kh\u1ea3 n\u0103ng h\u00e0nh \u0111\u1ed9ng c\u1ee7a c\u00e1c ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng \u0111\u00f3ng vai tr\u00f2 quy\u1ebft \u0111\u1ecbnh trong vi\u1ec7c \u0111\u1ecbnh h\u01b0\u1edbng d\u00f2ng ti\u1ec1n to\u00e0n c\u1ea7u.<\/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":"

Th\u1ecb tr\u01b0\u1eddng tr\u00e1i phi\u1ebfu \u0111ang g\u1eedi \u0111i nh\u1eefng th\u00f4ng \u0111i\u1ec7p \u0111\u1ea7y ho\u00e0i nghi v\u1ec1 kh\u1ea3 n\u0103ng ki\u1ec3m so\u00e1t l\u1ea1m ph\u00e1t c\u1ee7a C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang (FED) trong b\u1ed1i c\u1ea3nh Kevin Warsh ch\u00ednh th\u1ee9c ti\u1ebfp qu\u1ea3n v\u1ecb tr\u00ed l\u00e3nh \u0111\u1ea1o. Ed Yardeni, chuy\u00ean gia t\u1eeb Yardeni Research, cho r\u1eb1ng gi\u1edbi \u0111\u1ea7u t\u01b0 tr\u00ean Ph\u1ed1 Wall […]<\/p>\n","protected":false},"author":1,"featured_media":14977,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[41],"tags":[],"class_list":["post-14979","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\/14979","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=14979"}],"version-history":[{"count":0,"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/posts\/14979\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/media\/14977"}],"wp:attachment":[{"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/media?parent=14979"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/categories?post=14979"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/tags?post=14979"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}