{"id":625671,"date":"2026-03-16T04:14:58","date_gmt":"2026-03-16T11:14:58","guid":{"rendered":"https:\/\/nai500.com\/?p=625671"},"modified":"2026-03-16T04:14:58","modified_gmt":"2026-03-16T11:14:58","slug":"%e6%b2%b9%e5%83%b9%e8%a1%9d%e6%93%8a%e6%9a%b4%e9%9c%b2%e7%be%8e%e5%9c%8b%e5%9c%8b%e5%82%b5%e7%9a%84%e9%80%9a%e8%86%a8%e8%b2%9d%e5%a1%94%e5%80%bc","status":"publish","type":"post","link":"https:\/\/nai500.com\/zh-hant\/blog\/2026\/03\/%e6%b2%b9%e5%83%b9%e8%a1%9d%e6%93%8a%e6%9a%b4%e9%9c%b2%e7%be%8e%e5%9c%8b%e5%9c%8b%e5%82%b5%e7%9a%84%e9%80%9a%e8%86%a8%e8%b2%9d%e5%a1%94%e5%80%bc\/","title":{"rendered":"\u6cb9\u50f9\u885d\u64ca\u66b4\u9732\u7f8e\u570b\u570b\u50b5\u7684\u901a\u81a8\u8c9d\u5854\u503c"},"content":{"rendered":"

\u50b5\u5238\u672c\u8a72\u662f\u58d3\u8259\u77f3\u3002\u90a3\u70ba\u4f55\u7576\u8239\u8eab\u50be\u659c\u6642\u5b83\u5011\u4e5f\u6703\u5287\u70c8\u64fa\u52d5\uff1f\u5c31\u5728\u539f\u6cb9\u98c6\u5347\u4e14\u6230\u4e8b\u6539\u8b8a\u6cb9\u8f2a\u822a\u8def\u4e4b\u969b\uff0cTreasury \u5e02\u5834\u5df2\u62b9\u53bb\u4eca\u5e74 2026 \u5e74\u7684\u6f32\u5e45\u3002\u7576 Brent \u539f\u6cb9\u5f9e\u7d04 70 \u7f8e\u5143\u98c6\u5347\u81f3\u903e 110 \u7f8e\u5143\u6642\uff0c\u5341\u5e74\u671f\u6b96\u5229\u7387\u4e00\u5ea6\u89f8\u53ca 3.96%\u3002\u4e00\u500b\u6240\u8b02\u7684\u907f\u98a8\u6e2f\u537b\u50cf\u500b\u901a\u5831\u901a\u81a8\u7684\u5929\u7dda\u5728\u904b\u4f5c\u3002\u9019\u4e26\u975e\u932f\u8aa4\uff0c\u800c\u662f\u8a2d\u8a08\u3002<\/p>\n

\u907f\u98a8\u6e2f\u6216\u901a\u81a8\u5929\u7dda<\/h3>\n

\u6295\u8cc7\u4eba\u5728\u6bcf\u4e00\u6b21\u80fd\u6e90\u885d\u64ca\u4e2d\u90fd\u6703\u5b78\u5230\u540c\u6a23\u4e00\u8ab2\uff1a\u6c92\u6709\u50f9\u683c\u7a69\u5b9a\u7684\u9577\u4e45\u5b58\u7e8c\u6027\u5c31\u662f\u5c0d\u932f\u8aa4\u98a8\u96aa\u7684\u69d3\u687f\u5316\u3002\u7576\u539f\u6cb9\u56e0\u4f9b\u61c9\u53d7\u9650\u4e14\u822a\u8def\u98a8\u96aa\u5347\u9ad8\u800c\u4e0a\u6f32\u6642\uff0c\u901a\u81a8\u9810\u671f\u6703\u8b8a\u5f97\u9811\u56fa\u3002\u5728\u9019\u7a2e\u60c5\u6cc1\u4e0b\uff0c\u9577\u4e45\u671f\u7684\u653f\u5e9c\u516c\u50b5\u5e36\u6709\u4e00\u500b\u901a\u81a8\u8c9d\u5854\uff0c\u8db3\u4ee5\u58d3\u5012\u5176\u5411\u8cea\u91cf\u907f\u96aa\u7684\u8cb7\u76e4\u3002\u7d50\u679c\u5c31\u662f\u6211\u5011\u525b\u770b\u5230\u7684\uff1a\u6b96\u5229\u7387\u4e0a\u5347\u3001\u50f9\u683c\u4e0b\u8dcc\uff0c\u5373\u4fbf\u65b0\u805e\u982d\u689d\u5927\u558a\u98a8\u96aa\u3002\u5730\u7de3\u653f\u6cbb\u58d3\u529b\u4e0b\u8cb7\u5165 Treasuries \u7684\u53cd\u5c04\u4ecd\u5b58\u5728\uff0c\u4f46\u73fe\u5728\u5b83\u78b0\u4e0a\u4e86 2021\u20132024 \u5e74\u7684\u8a18\u61b6\uff0c\u90a3\u6642\u50b5\u5238\u672a\u80fd\u4fdd\u8b77\u591a\u8cc7\u7522\u7d44\u5408\u514d\u53d7\u901a\u81a8\u4fb5\u8755\u3002\u5e02\u5834\u4e0d\u6703\u5f88\u5feb\u5fd8\u8a18\u8fd1\u671f\u7684\u75db\u695a\u3002\u7528\u535a\u5f08\u8ad6\u8a9e\u8a00\uff0c\u9019\u662f\u4e00\u500b\u5e36\u8457\u66f4\u65b0\u5148\u9a57\u7684\u53cd\u8986\u535a\u5f08\u3002\u53c3\u8207\u8005\u4fee\u6b63\u7b56\u7565\u96c6\u5408\uff1a\u907f\u96aa\u9700\u6c42\u9047\u4e0a\u901a\u81a8\u98a8\u96aa\u53ad\u60e1\uff0c\u800c\u5f8c\u8005\u7372\u52dd\u3002<\/p>\n

\u77f3\u6cb9\u885d\u64ca\u8207\u671f\u9650\u6ea2\u916c<\/h3>\n

\u6ce2\u65af\u7063\u885d\u7a81\u7684\u5347\u7d1a\u4e0d\u53ea\u662f\u982d\u689d\u65b0\u805e\u3002\u82e5\u4e00\u5834\u6230\u722d\u64fe\u4e82\u7d04\u4e94\u5206\u4e4b\u4e00\u7684\u5168\u7403\u77f3\u6cb9\u4f9b\u61c9\uff0c\u4fbf\u8feb\u4f7f\u4fdd\u96aa\u8cbb\u4e0a\u5347\u3001\u6539\u9053\u822a\u904b\u4e26\u58d3\u7e2e\u5099\u7528\u7522\u80fd\u3002\u5373\u4fbf\u6700\u7d42\u90a3\u4e9b\u6876\u6cb9\u88ab\u904b\u8d70\uff0c\u6642\u9593\u8207\u8ddd\u96e2\u4e5f\u4e0d\u662f\u514d\u8cbb\u7684\u3002\u8a72\u6210\u672c\u6703\u51fa\u73fe\u5728\u6c7d\u6cb9\u3001\u67f4\u6cb9\u3001\u77f3\u5316\u7522\u54c1\u8207\u904b\u8cbb\u4e0a\uff0c\u4e5f\u6703\u53cd\u6620\u5728 Treasury \u7684\u671f\u9650\u6ea2\u916c\u3002\u6295\u8cc7\u4eba\u73fe\u5728\u8981\u6c42\u984d\u5916\u88dc\u511f\u4ee5\u6301\u6709\u9577\u671f\u50b5\u5238\uff0c\u56e0\u70ba\u5916\u90e8\u885d\u64ca\u53ef\u80fd\u62ac\u9ad8\u7269\u50f9\u6c34\u5e73\u4e26\u4f7f\u4e4b\u7dad\u6301\u5728\u8f03\u9ad8\u6c34\u6e96\u3002\u6b96\u5229\u7387\u4e0a\u5347\u4e0d\u50c5\u95dc\u65bc Fed \u7684\u9810\u671f\uff0c\u800c\u662f\u5e02\u5834\u5728\u91cd\u65b0\u50f9\u683c\u5316\u5728\u80fd\u6e90\u53d7\u9650\u74b0\u5883\u4e0b\u6301\u6709\u56fa\u5b9a\u7968\u606f\u7684\u7d50\u69cb\u6027\u98a8\u96aa\u3002\u4ee5\u5de5\u7a0b\u5b78\u8853\u8a9e\uff0c\u7cfb\u7d71\u7684\u56fa\u6709\u983b\u7387\u5df2\u7d93\u6539\u8b8a\u3002\u4e00\u500b\u66fe\u7d93\u7f55\u898b\u7684\u6fc0\u52f5\u51fd\u6578\u2014\u2014\u77f3\u6cb9\u7a00\u7f3a\u2014\u2014\u5982\u4eca\u66f4\u63a5\u8fd1\u8207\u50b5\u5e02\u8106\u5f31\u6027\u767c\u751f\u5171\u632f\u3002<\/p>\n

\u8ca1\u653f\u4f9b\u7d66\u4e0d\u662f\u62bd\u8c61\u6982\u5ff5<\/h3>\n

\u9084\u6709\u90a3\u4e0d\u5438\u775b\u7684\u767c\u884c\u7b97\u8853\u3002\u7f8e\u570b\u5fc5\u9808\u5728\u518d\u878d\u8cc7\u4e00\u6279\u4ee5\u8f03\u9ad8\u7968\u606f\u8a08\u50f9\u7684\u50b5\u52d9\u540c\u6642\u7c4c\u63aa\u9f90\u5927\u8d64\u5b57\u3002\u9019\u4e0d\u662f\u8a55\u8ad6\uff1b\u9019\u662f\u73fe\u91d1\u6d41\u6046\u7b49\u5f0f\u3002\u7576\u767c\u884c\u91cf\u5728\u5df2\u7d93\u5c0d\u901a\u81a8\u611f\u5230\u4e0d\u5b89\u7684\u5e02\u5834\u4e2d\u4e0a\u5347\uff0c\u4e45\u671f\u7684\u6e05\u7b97\u50f9\u683c\u5c31\u6703\u4e0b\u964d\u3002\u5916\u570b\u5b98\u65b9\u9700\u6c42\u4e0d\u518d\u662f\u6614\u65e5\u7684\u5f8c\u76fe\u3002Fed \u4e5f\u6c92\u6709\u64f4\u5927\u8cc7\u7522\u8ca0\u50b5\u8868\u3002Primary dealers \u7684\u627f\u63a5\u80fd\u529b\u6709\u9650\u3002\u9019\u4e0d\u662f\u5371\u6a5f\u8b66\u544a\uff1b\u53ea\u662f\u63d0\u9192\u5373\u4fbf\u662f\u5b89\u5168\u8cc7\u7522\u4e5f\u5fc5\u9808\u5728\u50f9\u683c\u4e0a\u6e05\u7b97\u3002\u4ee5\u6a5f\u7387\u8a9e\u8a00\uff0c\u7576\u671f\u9650\u6ea2\u916c\u8207\u6de8\u4f9b\u7d66\u540c\u6642\u79fb\u52d5\u6642\uff0c\u6b96\u5229\u7387\u7684\u53f3\u5c3e\u8b8a\u539a\u3002\u7a31 Treasuries \u70ba\u300c\u7121\u98a8\u96aa\u300d\u7684\u6295\u8cc7\u4eba\u901a\u5e38\u6307\u7684\u662f\u7121\u9055\u7d04\u98a8\u96aa\uff0c\u4f46\u4ed6\u5011\u5fd8\u4e86\u7576\u4e3b\u6b0a\u8ca0\u50b5\u8868\u7684\u8ca0\u50b5\u7aef\u4e00\u6b21\u6027\u88ab\u91cd\u65b0\u5b9a\u50f9\u6642\uff0c\u50f9\u683c\u98a8\u96aa\u8207\u518d\u6295\u8cc7\u98a8\u96aa\u53ef\u4ee5\u662f\u6b98\u9177\u7684\u3002<\/p>\n

\u53cd\u994b\u8ff4\u8def\u8207\u51f8\u5ea6\u98a8\u96aa<\/h3>\n

\u5d4c\u5165\u69d3\u687f\u7684\u5e02\u5834\u4e0d\u9700\u8981\u982d\u689d\u5c31\u6703\u87ba\u65cb\u5f0f\u60e1\u5316\u3002\u62b5\u62bc\u8cb8\u6b3e\u6295\u7d44\u8207\u5229\u7387\u654f\u611f\u578b\u57fa\u91d1\u4ee5\u884d\u751f\u6027\u5546\u54c1\u5c0d\u6c96\uff0c\u96a8\u8457\u6b96\u5229\u7387\u4e0a\u5347\u9019\u4e9b\u5c0d\u6c96\u9700\u8981\u66f4\u591a\u8ce3\u58d3\u3002\u51f8\u5ea6\u7684\u6578\u5b78\u4e0d\u7559\u60c5\u9762\u3002\u6b96\u5229\u7387\u4e0a\u5347\u5c0e\u81f4\u4e45\u671f\u5ef6\u9577\uff0c\u9032\u800c\u5c0e\u81f4\u66f4\u591a\u5c0d\u6c96\uff0c\u9032\u800c\u58d3\u8feb\u9577\u7aef\u3002\u6211\u5011\u5728\u4e0d\u540c\u5834\u666f\u898b\u904e\u9019\u4e00\u5e55\uff1a2022 \u5e74\u82f1\u570b\u91d1\u908a\u50b5\u8ce3\u58d3\u30012013 \u5e74\u7684 Taper Tantrum\u30011994 \u5e74\u7684\u50b5\u5238\u5c60\u6bba\u3002\u5171\u540c\u7dda\u7d22\u4e0d\u662f\u55ae\u4e00\u5143\u5147\uff0c\u800c\u662f\u5e02\u5834\u7d50\u69cb\u8207\u653f\u7b56\u4e0d\u78ba\u5b9a\u6027\u4e4b\u9593\u7684\u53cd\u994b\u8ff4\u8def\u3002\u7576\u50b5\u5238\u4e0d\u518d\u662f\u6295\u7d44\u4fdd\u96aa\u6642\uff0c\u98a8\u96aa\u5e73\u50f9\u8207\u5e73\u8861\u578b\u6388\u6b0a\u7b56\u7565\u5fc5\u9808\u5373\u6642\u91cd\u4f30\u76f8\u95dc\u6027\u3002\u9019\u7a2e\u8abf\u6574\u4e26\u4e0d\u512a\u96c5\u3002\u5b83\u6703\u88fd\u9020\u7a7a\u6c23\u56ca\u3002\u5982\u679c\u4f60\u5efa\u4e86\u4e00\u5ea7\u6a4b\u8981\u627f\u8f09\u7279\u5b9a\u8ca0\u8377\u8207\u98a8\u901f\u5256\u9762\uff0c\u800c\u98a8\u5411\u6539\u8b8a\uff0c\u4f60\u4e0d\u6703\u602a\u98a8\u9663\u3002\u4f60\u8981\u5f37\u5316\u7d50\u69cb\u6216\u9650\u5236\u8ca0\u8377\u3002<\/p>\n

Fed \u7684\u7d04\u675f\u662f\u6a5f\u7387\u6027\u7684<\/h3>\n

\u4e2d\u592e\u9280\u884c\u8aaa\u6709\u5f88\u591a\u8def\u5f91\u662f\u53ef\u80fd\u7684\u3002\u6c92\u932f\u3002\u4f46\u5728\u5be6\u52d9\u4e0a\uff0c\u8def\u5f91\u96c6\u5408\u53d7\u901a\u81a8\u6301\u4e45\u6027\u8207\u8ca1\u653f\u73fe\u5be6\u7684\u9650\u5236\u3002\u5982\u679c\u7531\u539f\u6cb9\u9a45\u52d5\u7684\u901a\u81a8\u88ab\u8b49\u660e\u662f\u9ecf\u6027\uff0c\u964d\u606f\u4e26\u975e\u4e00\u500b\u514d\u8cbb\u9078\u9805\u3002\u5728\u4f9b\u7d66\u885d\u64ca\u4e0b\u964d\u606f\u6709\u4f7f\u66f4\u9ad8\u901a\u81a8\u9810\u671f\u6839\u6df1\u8482\u56fa\u7684\u98a8\u96aa\u3002\u7dca\u7e2e\u5247\u6709\u6210\u9577\u653e\u7de9\u6216\u66f4\u58de\u60c5\u6cc1\u7684\u98a8\u96aa\u3002Fed \u5c07\u5f9e\u4e00\u76e4\u6eff\u662f\u7cdf\u7cd5\u53e3\u5473\u7684\u83dc\u55ae\u4e2d\u9078\u64c7\u3002\u5e02\u5834\u611f\u77e5\u5230\u9019\u4e00\u9ede\uff0c\u4e26\u628a\u653f\u7b56\u504f\u5411\u7dad\u6301\u50f9\u683c\u7a69\u5b9a\uff08\u800c\u975e\u652f\u6490\u6210\u9577\uff09\u7684\u6982\u7387\u8a08\u50f9\uff0c\u81f3\u5c11\u76f4\u5230\u901a\u81a8\u660e\u986f\u56de\u843d\u70ba\u6b62\u3002\u9019\u4e0d\u662f\u9df9\u6d3e\u5c0d\u9d3f\u6d3e\u7684\u55ae\u7d14\u5c0d\u7acb\uff0c\u800c\u662f\u5728\u4e0d\u78ba\u5b9a\u4e0b\u7684\u6b21\u5e8f\u554f\u984c\u3002\u8c9d\u8449\u65af\u52dd\u904e\u5e0c\u671b\u3002\u7576\u5341\u5e74\u671f\u63a5\u8fd1 4% \u4e14 breakevens \u4e0d\u5b89\u6642\uff0c\u653f\u7b56\u5931\u8aa4\u7684\u6210\u672c\u662f\u975e\u5c0d\u7a31\u7684\uff1a\u8aa4\u5224\u901a\u81a8\u6703\u541e\u566c\u4fe1\u8b7d\u4e26\u62c9\u9577\u4fee\u6b63\u6642\u9593\uff1b\u8aa4\u5224\u6210\u9577\u5247\u53ef\u4e8b\u5f8c\u4ee5\u6709\u76ee\u6a19\u7684\u6d41\u52d5\u6027\u5de5\u5177\u8655\u7406\u3002<\/p>\n

\u6295\u8cc7\u4eba\u5fc3\u7406\u8207\u5747\u503c\u56de\u6b78\u9677\u9631<\/h3>\n

\u6700\u5927\u7684\u8106\u5f31\u6027\u662f\u5fc3\u7406\u3002\u8a31\u591a\u6295\u8cc7\u4eba\u4ecd\u8996\u4e45\u671f\u70ba\u4e00\u689d\u88ab\u62c9\u9577\u5f8c\u6703\u5f48\u56de\u7684\u6a61\u76ae\u7b4b\u3002\u90a3\u662f 2000 \u81f3 2020 \u5e74\u9593\u7684\u9ad4\u5236\u7279\u5fb5\uff0c\u4ee5\u901a\u7e2e\u3001\u5168\u7403\u5316\u8207\u4e00\u8cab\u7684\u592e\u884c\u4fdd\u8b77\u884c\u70ba\u70ba\u5b9a\u7fa9\u3002\u4eca\u65e5\u60c5\u5883\u5df2\u4e0d\u540c\u3002\u4f9b\u61c9\u93c8\u66f4\u5340\u57df\u5316\u3001\u5730\u7de3\u653f\u6cbb\u662f\u6d3b\u8b8a\u6578\uff0c\u8ca1\u653f\u6c34\u9f8d\u982d\u958b\u5f97\u66f4\u5927\u3002\u8a8d\u70ba\u9577\u671f\u516c\u50b5\u7e3d\u80fd\u5c0d\u6c96\u80a1\u7968\u7684\u5047\u8a2d\u5ffd\u7565\u4e86\u901a\u81a8\u885d\u64ca\u5e38\u5e38\u6703\u540c\u6642\u64ca\u4e2d\u96d9\u65b9\u3002\u5728\u7d71\u8a08\u4e0a\uff0c\u7576\u5c3e\u90e8\u80a5\u539a\u6642\u5047\u8a2d\u5e38\u614b\u4e0d\u50c5\u932f\u8aa4\uff0c\u800c\u4e14\u4ee3\u50f9\u9ad8\u6602\u3002\u7a69\u5065\u7684\u505a\u6cd5\u662f\u5c07\u4e45\u671f\u91cd\u5851\u70ba\u4ea4\u6613\uff0c\u800c\u975e\u4fe1\u5ff5\u3002\u8981\u9ebc\u5e36\u8457\u5c0d\u901a\u7e2e\u9a45\u52d5\u56e0\u7d20\u7684\u78ba\u4fe1\u53bb\u6301\u6709\uff0c\u8981\u9ebc\u6e1b\u6301\u4e26\u8cc7\u52a9\u80fd\u5f9e\u6ce2\u52d5\u4e2d\u7372\u76ca\u7684\u5c0d\u6c96\u3002\u7528 Nassim Taleb \u7684\u8a71\u8aaa\uff0c\u8ffd\u6c42\u53cd\u8106\u5f31\uff1a\u5728\u58d3\u529b\u4e0b\u8b8a\u5f37\u7684\u7d50\u69cb\uff0c\u800c\u975e\u5728\u55ae\u4e00\u5047\u8a2d\u5931\u6548\u6642\u5d29\u6f70\u3002<\/p>\n

\u80fd\u6e90\u3001\u5b89\u5168\u8207\u65b0\u7684\u76f8\u95dc\u77e9\u9663<\/h3>\n

\u80fd\u6e90\u4e0d\u50c5\u50c5\u662f\u53e6\u4e00\u9805\u6295\u5165\u3002\u5b83\u662f\u73fe\u4ee3\u7d93\u6fdf\u7684\u4e3b\u8b8a\u6578\uff0c\u70ba\u6210\u672c\u8a2d\u5b9a\u4e0b\u9650\uff0c\u70ba\u6210\u9577\u8a2d\u5b9a\u4e0a\u9650\u3002\u7576\u5730\u7de3\u653f\u6cbb\u4e8b\u4ef6\u70ba\u5206\u5b50\u904b\u8f38\u589e\u52a0\u98a8\u96aa\u6642\uff0c\u76f8\u95dc\u6027\u6539\u8b8a\u3002\u50b5\u5238\u884c\u70ba\u8b8a\u5f97\u4e0d\u50cf\u4fdd\u96aa\uff0c\u53cd\u800c\u50cf\u5c0d\u653f\u7b56\u53ef\u4fe1\u5ea6\u7684\u8acb\u6c42\u3002\u80a1\u7968\u5728\u7522\u751f\u73fe\u91d1\u3001\u8cc7\u672c\u652f\u51fa\u4f4e\u7684\u7279\u8a31\u7d93\u71df\u8207\u9762\u81e8\u6295\u5165\u50f9\u683c\u98a8\u96aa\u7684\u8cc7\u672c\u5bc6\u96c6\u6a21\u5f0f\u4e4b\u9593\u5206\u5316\u3002\u4fe1\u8cb8\u611f\u53d7\u5230\u66f4\u9ad8\u5be6\u8cea\u5229\u7387\u7684\u64e0\u58d3\u3002\u5546\u54c1\u6210\u70ba\u6d29\u58d3\u95a5\u3002\u9019\u4e0d\u662f\u547c\u7c72\u8ffd\u9010\u77f3\u6cb9\uff0c\u800c\u662f\u63d0\u9192\u80fd\u6e90\u885d\u64ca\u4ee5\u6a21\u578b\u5728\u904e\u53bb\u5341\u5e74\u8a13\u7df4\u51fa\u7684\u65b9\u5f0f\u7121\u6cd5\u6355\u6349\u7684\u65b9\u5f0f\u6539\u5beb\u76f8\u95dc\u77e9\u9663\u3002\u535a\u5f08\u8ad6\u5728\u6b64\u6709\u7528\uff1a\u6709\u5099\u7522\u80fd\u7684\u751f\u7522\u8005\u900f\u904e\u6ef4\u704c\u5f0f\u4f9b\u7d66\u800c\u975e\u50be\u92b7\u4f86\u6700\u5927\u5316\u69d3\u687f\uff1b\u6d88\u8cbb\u8005\u56e4\u7a4d\uff1b\u822a\u904b\u8abf\u6574\u3002\u5747\u8861\u662f\u66f4\u9577\u6642\u9593\u7684\u66f4\u9ad8\u50f9\u683c\u6ce2\u52d5\u3002<\/p>\n

\u4ee5\u6b77\u53f2\u4f5c\u6821\u6e96\uff0c\u800c\u975e\u61f7\u820a<\/h3>\n

1973\u201374 \u5e74\u7684\u77f3\u6cb9\u7981\u904b\u30011990 \u5e74\u7684\u6d77\u7063\u6230\u722d\u30011994 \u5e74\u7684\u50b5\u5238\u91cd\u65b0\u5b9a\u50f9\u8207 2013 \u5e74\u7684\u9a5a\u64fe\u4e26\u975e\u5b8c\u7f8e\u985e\u6bd4\u3002\u4f46\u5b83\u5011\u5728\u4e00\u9ede\u4e0a\u62bc\u97fb\uff1a\u7576\u901a\u81a8\u98a8\u96aa\u5b58\u5728\u4e14\u653f\u7b56\u53d7\u9650\u6642\uff0c\u9577\u671f\u4e3b\u6b0a\u50b5\u5238\u53ef\u80fd\u5931\u53bb\u5149\u74b0\u3002\u8a18\u5f97\u9019\u9ede\u7684\u6295\u8cc7\u4eba\uff0c\u5728\u6230\u722d\u982d\u689d\u9001\u51fa\u6b96\u5229\u7387\u4e0a\u5347\u800c\u975e\u4e0b\u964d\u6642\u4e0d\u6703\u592a\u9a5a\u8a1d\u3002\u7576\u4e0b\u7684\u8d70\u52e2\u2014\u2014\u5728\u6cb9\u50f9\u8df3\u5347\u4e14\u5341\u5e74\u671f\u5f98\u5f8a\u65bc\u8fd1 4% \u6642\uff0cTreasuries \u62b9\u53bb\u672c\u5e74\u5ea6\u6f32\u5e45\u2014\u2014\u4e0d\u662f\u7570\u5e38\uff0c\u800c\u662f\u5e02\u5834\u5728\u91cd\u65b0\u6b0a\u8861\u7d50\u679c\u6642\u7684\u5e38\u614b\u3002\u6559\u8a13\u4e0d\u662f\u6c38\u9060\u653e\u68c4\u4e45\u671f\uff0c\u800c\u662f\u5c0a\u91cd\u4f60\u6240\u8655\u7684\u9ad4\u5236\u3002\u5efa\u7acb\u4e0d\u9700\u55ae\u4e00\u5b8f\u89c0\u5287\u672c\u70ba\u771f\u7684\u6295\u7d44\u3002\u504f\u597d\u5197\u9918\u800c\u975e\u512a\u96c5\u3002\u5c0d\u5c3e\u90e8\u5efa\u6a21\u3002\u7576\u4e00\u9805\u5b89\u5168\u8cc7\u7522\u8868\u73fe\u5f97\u4e0d\u5b89\u5168\u6642\uff0c\u4e0d\u8981\u8aaa\u5b83\u58de\u4e86\u3002\u8aaa\u5b83\u8aa0\u5be6\u3002\u5b83\u6b63\u5728\u544a\u8a34\u4f60\u73fe\u5728\u54ea\u7a2e\u98a8\u96aa\u624d\u662f\u771f\u6b63\u91cd\u8981\u7684\u3002<\/p>\n","protected":false},"excerpt":{"rendered":"

\u516c\u50b5\u5c0d\u6cb9\u50f9\u885d\u64ca\u7684\u53cd\u61c9\u986f\u793a\u5176\u5c0d\u901a\u81a8\u7684\u654f\u611f\u5ea6\uff0c\u51f8\u986f\u4e86\u91cd\u65b0\u6aa2\u8996\u50b3\u7d71\u907f\u96aa\u5047\u8a2d\u4e26\u9069\u61c9\u8b8a\u52d5\u5e02\u5834\u74b0\u5883\u7684\u5fc5\u8981\u6027\u3002<\/p>\n","protected":false},"author":52,"featured_media":587487,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[426],"tags":[815,809,1122],"class_list":["post-625671","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-news-zh-hant","tag-gcff","tag-809","tag-1122"],"acf":[],"_links":{"self":[{"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/posts\/625671","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/users\/52"}],"replies":[{"embeddable":true,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/comments?post=625671"}],"version-history":[{"count":1,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/posts\/625671\/revisions"}],"predecessor-version":[{"id":625685,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/posts\/625671\/revisions\/625685"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/media\/587487"}],"wp:attachment":[{"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/media?parent=625671"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/categories?post=625671"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nai500.com\/zh-hant\/wp-json\/wp\/v2\/tags?post=625671"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}