{"id":14983,"date":"2026-05-15T13:41:14","date_gmt":"2026-05-15T06:41:14","guid":{"rendered":"https:\/\/taichinhphowall.com\/index.php\/2026\/05\/15\/tam-ly-tieu-cuc-ve-kinh-te-my-va-nhung-hoai-nghi-ve-su-hoi-phuc\/"},"modified":"2026-05-15T13:41:14","modified_gmt":"2026-05-15T06:41:14","slug":"tam-ly-tieu-cuc-ve-kinh-te-my-va-nhung-hoai-nghi-ve-su-hoi-phuc","status":"publish","type":"post","link":"https:\/\/taichinhphowall.com\/index.php\/2026\/05\/15\/tam-ly-tieu-cuc-ve-kinh-te-my-va-nhung-hoai-nghi-ve-su-hoi-phuc\/","title":{"rendered":"T\u00e2m l\u00fd ti\u00eau c\u1ef1c v\u1ec1 kinh t\u1ebf M\u1ef9 v\u00e0 nh\u1eefng ho\u00e0i nghi v\u1ec1 s\u1ef1 h\u1ed3i ph\u1ee5c"},"content":{"rendered":"
\n
\n \"T\u00e2m
\u1ea2nh t\u1eeb ngu\u1ed3n: cnbc.com<\/em><\/figcaption><\/figure>\n

T\u00e2m l\u00fd ti\u00eau c\u1ef1c v\u1ec1 kinh t\u1ebf M\u1ef9 \u0111\u00e3 k\u00e9o d\u00e0i dai d\u1eb3ng \u0111\u1ebfn m\u1ee9c ngay c\u1ea3 nh\u1eefng chuy\u00ean gia kinh t\u1ebf d\u00e0y d\u1ea1n kinh nghi\u1ec7m c\u0169ng b\u1eaft \u0111\u1ea7u ho\u00e0i nghi v\u1ec1 kh\u1ea3 n\u0103ng h\u1ed3i ph\u1ee5c ni\u1ec1m tin c\u1ee7a c\u00e1c h\u1ed9 gia \u0111\u00ecnh. D\u1eef li\u1ec7u t\u1eeb Kh\u1ea3o s\u00e1t Ng\u01b0\u1eddi ti\u00eau d\u00f9ng c\u1ee7a \u0110\u1ea1i h\u1ecdc Michigan, v\u1ed1n \u0111\u01b0\u1ee3c xem l\u00e0 th\u01b0\u1edbc \u0111o nh\u1ea1y b\u00e9n c\u1ee7a th\u1ecb tr\u01b0\u1eddng, \u0111\u00e3 ch\u1ea1m m\u1ee9c th\u1ea5p k\u1ef7 l\u1ee5c trong th\u00e1ng N\u0103m. \u0110\u00e2y kh\u00f4ng \u0111\u01a1n thu\u1ea7n l\u00e0 m\u1ed9t con s\u1ed1 th\u1ed1ng k\u00ea \u0111\u01a1n l\u1ebb, m\u00e0 l\u00e0 minh ch\u1ee9ng cho th\u1ea5y ng\u01b0\u1eddi d\u00e2n M\u1ef9 v\u1eabn ch\u01b0a th\u1ec3 l\u1ea5y l\u1ea1i ni\u1ec1m tin v\u00e0o n\u1ec1n kinh t\u1ebf k\u1ec3 t\u1eeb sau nh\u1eefng c\u00fa s\u1ed1c li\u00ean ti\u1ebfp k\u1ec3 t\u1eeb \u0111\u1ea1i d\u1ecbch Covid-19 c\u00e1ch \u0111\u00e2y h\u01a1n s\u00e1u n\u0103m.<\/p>\n

G\u1ed1c r\u1ec5 c\u1ee7a t\u00e2m l\u00fd ti\u00eau c\u1ef1c v\u1ec1 kinh t\u1ebf M\u1ef9<\/h2>\n

C\u00e1c chuy\u00ean gia kinh t\u1ebf cho r\u1eb1ng, ng\u01b0\u1eddi ti\u00eau d\u00f9ng M\u1ef9 v\u1eabn \u0111ang mang tr\u00ean m\u00ecnh nh\u1eefng v\u1ebft s\u1eb9o t\u1eeb nhi\u1ec1u n\u0103m l\u1ea1m ph\u00e1t phi m\u00e3, ngay c\u1ea3 khi t\u1ed1c \u0111\u1ed9 t\u0103ng gi\u00e1 h\u00e0ng n\u0103m \u0111\u00e3 c\u00f3 d\u1ea5u hi\u1ec7u h\u1ea1 nhi\u1ec7t. Th\u1ef1c t\u1ebf cho th\u1ea5y, ng\u01b0\u1eddi d\u00e2n \u0111\u00e3 ph\u1ea3i tr\u1ea3i qua h\u00e0ng lo\u1ea1t c\u00fa s\u1ed1c t\u1eeb d\u1ecbch b\u1ec7nh, c\u00e1c cu\u1ed9c xung \u0111\u1ed9t \u0111\u1ecba ch\u00ednh tr\u1ecb cho \u0111\u1ebfn nh\u1eefng thay \u0111\u1ed5i trong ch\u00ednh s\u00e1ch thu\u1ebf quan. \u0110\u1ed1i v\u1edbi nh\u1eefng nh\u00e0 ho\u1ea1ch \u0111\u1ecbnh ch\u00ednh s\u00e1ch, \u0111\u1eb7c bi\u1ec7t trong b\u1ed1i c\u1ea3nh c\u00e1c c\u00e2u h\u1ecfi v\u1ec1 vi\u1ec7c Kevin Warsh x\u00e1c nh\u1eadn v\u1ecb tr\u00ed Ch\u1ee7 t\u1ecbch FED v\u00e0 th\u00e1ch th\u1ee9c \u0111i\u1ec1u h\u00e0nh l\u00e3i su\u1ea5t \u0111ang tr\u1edf n\u00ean n\u00f3ng h\u1ed5i, vi\u1ec7c hi\u1ec3u \u0111\u01b0\u1ee3c t\u00e2m l\u00fd n\u00e0y l\u00e0 v\u00f4 c\u00f9ng quan tr\u1ecdng. Nhi\u1ec1u ng\u01b0\u1eddi ti\u00eau d\u00f9ng kh\u00f4ng nh\u00ecn v\u00e0o bi\u1ec3u \u0111\u1ed3 l\u1ea1m ph\u00e1t 12 th\u00e1ng, m\u00e0 h\u1ecd nh\u00ecn v\u00e0o s\u1ef1 thay \u0111\u1ed5i t\u00edch l\u0169y c\u1ee7a gi\u00e1 c\u1ea3 trong n\u1eeda th\u1eadp k\u1ef7 qua. H\u1ecd c\u1ea3m nh\u1eadn \u0111\u01b0\u1ee3c r\u1eb1ng nh\u1eefng g\u00ec di\u1ec5n ra trong m\u1ed9t kho\u1ea3ng th\u1eddi gian ng\u1eafn v\u1eeba qua t\u01b0\u01a1ng \u0111\u01b0\u01a1ng v\u1edbi m\u1ed9t th\u1eadp k\u1ef7 l\u1ea1m ph\u00e1t b\u00ecnh th\u01b0\u1eddng, khi\u1ebfn cho m\u1ed7i gi\u1ecf h\u00e0ng \u0111i si\u00eau th\u1ecb tr\u1edf th\u00e0nh m\u1ed9t g\u00e1nh n\u1eb7ng t\u00e2m l\u00fd n\u1eb7ng n\u1ec1.<\/p>\n

Ngh\u1ecbch l\u00fd gi\u1eefa t\u00e2m l\u00fd ti\u00eau c\u1ef1c v\u00e0 h\u00e0nh vi chi ti\u00eau<\/h2>\n

Nh\u00ecn s\u00e2u v\u00e0o b\u1ea3n ch\u1ea5t, ch\u00fang ta th\u1ea5y xu\u1ea5t hi\u1ec7n m\u1ed9t ngh\u1ecbch l\u00fd kh\u00f3 gi\u1ea3i m\u00e3 khi so s\u00e1nh gi\u1eefa t\u00e2m l\u00fd ti\u00eau c\u1ef1c v\u1ec1 kinh t\u1ebf M\u1ef9 v\u00e0 h\u00e0nh vi chi ti\u00eau th\u1ef1c t\u1ebf. Trong khi ch\u1ec9 s\u1ed1 ni\u1ec1m tin ti\u00eau d\u00f9ng lao d\u1ed1c kh\u00f4ng phanh, th\u00ec c\u00e1c t\u1eadp \u0111o\u00e0n l\u1edbn nh\u01b0 Uber hay Walt Disney v\u1eabn b\u00e1o c\u00e1o doanh thu m\u1ea1nh m\u1ebd. Gregory Daco, chuy\u00ean gia kinh t\u1ebf tr\u01b0\u1edfng t\u1ea1i EY-Parthenon, th\u1eeba nh\u1eadn r\u1eb1ng m\u1ed1i t\u01b0\u01a1ng quan truy\u1ec1n th\u1ed1ng gi\u1eefa ni\u1ec1m tin v\u00e0 chi ti\u00eau \u0111\u00e3 ph\u1ea7n n\u00e0o b\u1ecb \u0111\u1ee9t g\u00e3y trong b\u1ed1i c\u1ea3nh hi\u1ec7n t\u1ea1i. S\u1ef1 \u0111\u1ee9t g\u00e3y n\u00e0y bu\u1ed9c ch\u00fang ta ph\u1ea3i thay \u0111\u1ed5i l\u0103ng k\u00ednh ph\u00e2n t\u00edch thay v\u00ec ch\u1ec9 nh\u00ecn v\u00e0o nh\u1eefng m\u00f4 h\u00ecnh c\u0169 k\u1ef9 \u0111\u00e3 t\u1ed3n t\u1ea1i tr\u01b0\u1edbc \u0111\u1ea1i d\u1ecbch. Trong b\u1ed1i c\u1ea3nh Th\u1ed1ng \u0111\u1ed1c FED Miran t\u1eeb ch\u1ee9c v\u00e0 s\u1ef1 \u1ee7ng h\u1ed9 d\u00e0nh cho Kevin Warsh \u0111ang t\u1ea1o ra nh\u1eefng d\u01b0 ch\u1ea5n trong gi\u1edbi \u0111i\u1ec1u h\u00e0nh, c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u0169ng \u0111ang ph\u1ea3i th\u1eadn tr\u1ecdng h\u01a1n khi nh\u00ecn nh\u1eadn c\u00e1c ch\u1ec9 s\u1ed1 ni\u1ec1m tin nh\u01b0 m\u1ed9t bi\u1ebfn s\u1ed1 \u00edt quan tr\u1ecdng h\u01a1n so v\u1edbi c\u00e1c d\u1eef li\u1ec7u th\u1ef1c t\u1ebf v\u1ec1 th\u1ecb tr\u01b0\u1eddng lao \u0111\u1ed9ng v\u00e0 kh\u1ea3 n\u0103ng chi tr\u1ea3 c\u1ee7a h\u1ed9 gia \u0111\u00ecnh.<\/p>\n

H\u1ec7 l\u1ee5y \u0111a t\u1ea7ng t\u1eeb nh\u1eefng c\u00fa s\u1ed1c li\u00ean ti\u1ebfp<\/h2>\n

Kh\u00f4ng kh\u00f3 \u0111\u1ec3 hi\u1ec3u t\u1ea1i sao t\u00e2m l\u00fd ti\u00eau c\u1ef1c v\u1ec1 kinh t\u1ebf M\u1ef9 l\u1ea1i kh\u00f3 \u0111\u1ea3o ng\u01b0\u1ee3c khi ng\u01b0\u1eddi ti\u00eau d\u00f9ng kh\u00f4ng c\u00f3 \u0111\u1ee7 kho\u1ea3ng l\u1eb7ng \u0111\u1ec3 h\u1ed3i ph\u1ee5c tr\u01b0\u1edbc khi m\u1ed9t c\u00fa s\u1ed1c m\u1edbi \u1eadp \u0111\u1ebfn. S\u1ef1 b\u1ea5t \u1ed5n t\u1eeb gi\u00e1 n\u0103ng l\u01b0\u1ee3ng, \u0111\u1eb7c bi\u1ec7t l\u00e0 khi gi\u00e1 x\u0103ng d\u1ea7u bi\u1ebfn \u0111\u1ed9ng m\u1ea1nh do c\u00e1c xung \u0111\u1ed9t \u0111\u1ecba ch\u00ednh tr\u1ecb, \u0111ang t\u1ea1o ra \u00e1p l\u1ef1c \u0111\u00e8 n\u1eb7ng l\u00ean chi ti\u00eau c\u00e1 nh\u00e2n. Khi chi ph\u00ed sinh ho\u1ea1t leo thang, c\u00e1c quy\u1ebft \u0111\u1ecbnh v\u1ec1 l\u00e3i su\u1ea5t c\u1ee7a C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang (FED) c\u00e0ng tr\u1edf n\u00ean nh\u1ea1y c\u1ea3m. Vi\u1ec7c 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 c\u00e0ng ph\u1ea3n \u00e1nh s\u1ef1 lo l\u1eafng lan t\u1ecfa t\u1eeb t\u00e2m l\u00fd ng\u01b0\u1eddi ti\u00eau d\u00f9ng \u0111\u1ebfn c\u00e1c \u0111\u1ecbnh ch\u1ebf t\u00e0i ch\u00ednh l\u1edbn. Trong m\u00f4i tr\u01b0\u1eddng hi\u1ec7n nay, ni\u1ec1m tin kh\u00f4ng ch\u1ec9 l\u00e0 m\u1ed9t ch\u1ec9 s\u1ed1 kinh t\u1ebf, m\u00e0 c\u00f2n l\u00e0 k\u1ebft qu\u1ea3 c\u1ee7a s\u1ef1 t\u1ed5ng h\u00f2a t\u1eeb ni\u1ec1m tin v\u00e0o c\u00e1c thi\u1ebft ch\u1ebf c\u00f4ng c\u1ed9ng v\u00e0 s\u1ef1 \u1ed5n \u0111\u1ecbnh c\u1ee7a chu\u1ed7i cung \u1ee9ng to\u00e0n c\u1ea7u.<\/p>\n

Cu\u1ed1i c\u00f9ng, d\u00f9 t\u00e2m l\u00fd ti\u00eau c\u1ef1c v\u1ec1 kinh t\u1ebf M\u1ef9 c\u00f3 bao tr\u00f9m \u0111\u1ebfn \u0111\u00e2u, c\u00e1c nh\u00e0 quan s\u00e1t v\u1eabn tin r\u1eb1ng ng\u01b0\u1eddi ti\u00eau d\u00f9ng M\u1ef9 s\u1ebd kh\u00f4ng d\u1ec5 d\u00e0ng s\u1ee5p \u0111\u1ed5. H\u1ecd \u0111\u1ea1i di\u1ec7n cho hai ph\u1ea7n ba ho\u1ea1t \u0111\u1ed9ng kinh t\u1ebf c\u1ee7a qu\u1ed1c gia v\u00e0 d\u00f9 c\u00f3 bi quan \u0111\u1ebfn m\u1ea5y, h\u1ecd v\u1eabn ph\u1ea3i ti\u1ebfp t\u1ee5c chi ti\u00eau \u0111\u1ec3 duy tr\u00ec cu\u1ed9c s\u1ed1ng. “Ng\u01b0\u1eddi ti\u00eau d\u00f9ng v\u1eabn s\u1ebd ti\u1ebfp t\u1ee5c ti\u1ebfn v\u1ec1 ph\u00eda tr\u01b0\u1edbc”, \u0111\u00f3 l\u00e0 nh\u1eadn \u0111\u1ecbnh chung c\u1ee7a nhi\u1ec1u chuy\u00ean gia khi nh\u00ecn v\u00e0o s\u1ee9c b\u1ec1n c\u1ee7a th\u1ecb tr\u01b0\u1eddng lao \u0111\u1ed9ng, ngay c\u1ea3 khi m\u00f4i tr\u01b0\u1eddng kinh t\u1ebf v\u0129 m\u00f4 v\u1eabn c\u00f2n \u0111\u00f3 nh\u1eefng \u0111\u00e1m m\u00e2y m\u00f9 bao ph\u1ee7.<\/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":"

\u1ea2nh t\u1eeb ngu\u1ed3n: cnbc.com T\u00e2m l\u00fd ti\u00eau c\u1ef1c v\u1ec1 kinh t\u1ebf M\u1ef9 \u0111\u00e3 k\u00e9o d\u00e0i dai d\u1eb3ng \u0111\u1ebfn m\u1ee9c ngay c\u1ea3 nh\u1eefng chuy\u00ean gia kinh t\u1ebf d\u00e0y d\u1ea1n kinh nghi\u1ec7m c\u0169ng b\u1eaft \u0111\u1ea7u ho\u00e0i nghi v\u1ec1 kh\u1ea3 n\u0103ng h\u1ed3i ph\u1ee5c ni\u1ec1m tin c\u1ee7a c\u00e1c h\u1ed9 gia \u0111\u00ecnh. D\u1eef li\u1ec7u t\u1eeb Kh\u1ea3o s\u00e1t Ng\u01b0\u1eddi ti\u00eau d\u00f9ng […]<\/p>\n","protected":false},"author":1,"featured_media":14981,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[41],"tags":[],"class_list":["post-14983","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\/14983","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=14983"}],"version-history":[{"count":0,"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/posts\/14983\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/media\/14981"}],"wp:attachment":[{"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/media?parent=14983"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/categories?post=14983"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/tags?post=14983"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}