{"id":1400,"date":"2025-07-20T11:52:21","date_gmt":"2025-07-20T03:52:21","guid":{"rendered":"https:\/\/www.117store.com\/?p=1400"},"modified":"2025-07-20T11:52:21","modified_gmt":"2025-07-20T03:52:21","slug":"arthur-hayes%ef%bc%9a%e6%af%94%e7%89%b9%e5%b8%81%e5%b0%86%e5%a6%82%e4%bd%95%e5%9b%9e%e8%90%bd%e5%88%b07%e4%b8%87%e7%be%8e%e5%85%83%e7%9a%84%e7%b3%bb%e7%bb%9f%e8%ae%ba%e8%af%81","status":"publish","type":"post","link":"https:\/\/www.wxjqcz.com\/?p=1400","title":{"rendered":"Arthur Hayes\uff1a\u6bd4\u7279\u5e01\u5c06\u5982\u4f55\u56de\u843d\u52307\u4e07\u7f8e\u5143\u7684\u7cfb\u7edf\u8bba\u8bc1"},"content":{"rendered":"<h1 class=\"art_tit\">Arthur Hayes\uff1a\u6bd4\u7279\u5e01\u5c06\u5982\u4f55\u56de\u843d\u52307\u4e07\u7f8e\u5143\u7684\u7cfb\u7edf\u8bba\u8bc1<\/h1>\n<div class=\"content_text\">\n<p>\u539f\u6587\u6765\u81ea\u00a0Arthur Hayes\u00a0\u7684\u300aThe Ugly\u300b\uff0c\u7531 Odaily \u661f\u7403\u65e5\u62a5\u00a0jk\u00a0\u7f16\u8bd1\u3002<\/p>\n<p><img decoding=\"async\" alt=\"Arthur Hayes\uff1a\u6bd4\u7279\u5e01\u5c06\u5982\u4f55\u56de\u843d\u52307\u4e07\u7f8e\u5143\u7684\u7cfb\u7edf\u8bba\u8bc1\" src=\"https:\/\/s2.flink2.com\/news\/other\/20250204\/c1a50311ca1fe18bae25b63250ea0465.jpg\"><\/p>\n<p>\uff08\u539f\u6587\u6807\u9898\uff1a<strong>\u4e11\u964b\u7684\u73b0\u5b9e<\/strong><\/p>\n<p>\u672c\u6587\u6240\u8868\u8fbe\u7684\u4efb\u4f55\u89c2\u70b9\u5747\u4e3a\u4f5c\u8005\u7684\u4e2a\u4eba\u89c2\u70b9\uff0c\u4e0d\u5e94\u4f5c\u4e3a\u6295\u8d44\u51b3\u7b56\u7684\u4f9d\u636e\uff0c\u4e5f\u4e0d\u5e94\u88ab\u89e3\u8bfb\u4e3a\u6295\u8d44\u5efa\u8bae\u6216\u63a8\u8350\u3002\uff09<\/p>\n<p>\u300a\u4e11\u964b\u7684\u73b0\u5b9e\u300b\u662f\u6211\u4e09\u7bc7\u7cfb\u5217\u6587\u7ae0\u4e2d\u7684\u7b2c\u4e00\u7bc7\u3002\u300a\u7f8e\u597d\u7684\u4e00\u9762\u300b\u5c06\u8ba8\u8bba\u653f\u6cbb Meme \u5e01\u7684\u5d1b\u8d77\uff0c\u800c\u300a\u7cdf\u7cd5\u7684\u4e00\u9762\u300b\u5c06\u63a2\u8ba8\u7f8e\u56fd\u52a0\u5bc6\u8d27\u5e01\u6301\u6709\u8005\u5982\u4f55\u53ef\u80fd\u56e0\u7279\u6717\u666e\u653f\u5e9c\u7684\u52a0\u5bc6\u76d1\u7ba1\u653f\u7b56\u800c\u53d7\u632b\u3002<\/p>\n<p>\u514d\u8d23\u58f0\u660e\uff1a \u6211\u662f Ethena \u7684\u6295\u8d44\u8005\u548c\u987e\u95ee\uff0c\u8fd9\u5bb6\u516c\u53f8\u662f $USDe \u7a33\u5b9a\u5e01\u7684\u6bcd\u516c\u53f8\uff0c\u5728\u672c\u6587\u4e2d\u591a\u6b21\u63d0\u53ca\u3002<\/p>\n<p>\u6b63\u6587\u5982\u4e0b\uff1a<\/p>\n<p>\u201c\u505c\u4e0b\u2014\u2014\u4fdd\u6301\u4e09\u5341\u7c73\u95f4\u8ddd\u3002\u201d \u8fd9\u662f\u4e00\u4f4d\u5411\u5bfc\u5728\u51e0\u5468\u524d\u5e26\u6211\u6500\u767b\u4e00\u5ea7\u4f11\u7720\u706b\u5c71\u6ed1\u96ea\u65f6\u7ed9\u6211\u7684\u6307\u4ee4\u3002\u4e00\u8def\u4e0a\u6211\u4eec\u7684\u6b65\u4f10\u90fd\u5f88\u8f7b\u677e\uff0c\u76f4\u5230\u6d77\u62d4 1600 \u7c73\u65f6\uff0c\u60c5\u51b5\u53d1\u751f\u4e86\u53d8\u5316\u3002<\/p>\n<p>\u5f53\u6211\u4eec\u4e00\u8d77\u505c\u5728\u5c71\u810a\u7ebf\u4e0a\u65f6\uff0c\u6211\u7684\u5411\u5bfc\u8bf4\uff1a\u201c\u521a\u521a\u90a3\u4e00\u6bb5\u8ba9\u6211\u80c3\u91cc\u4e00\u7d27\uff0c\u96ea\u5d29\u98ce\u9669\u592a\u9ad8\uff0c\u6211\u4eec\u5c31\u5728\u8fd9\u91cc\u5f00\u59cb\u6ed1\u96ea\u5427\u3002\u201d \u6211\u81ea\u5df1\u5e76\u6ca1\u6709\u76f8\u540c\u7684\u76f4\u89c9\uff0c\u65e0\u6cd5\u5bdf\u89c9\u79ef\u96ea\u5c42\u4e2d\u7ec6\u5fae\u5374\u6df1\u8fdc\u7684\u53d8\u5316\u3002\u8fd9\u6b63\u662f\u6211\u603b\u662f\u9009\u62e9\u548c\u6301\u8bc1\u5411\u5bfc\u4e00\u8d77\u6ed1\u96ea\u7684\u539f\u56e0\u2014\u2014\u770b\u4f3c\u5e73\u6de1\u65e0\u5947\u7684\u5730\u5f62\uff0c\u53ef\u80fd\u4f1a\u6210\u4e3a\u6211\u7684\u51b0\u51b7\u5893\u7a74\u3002\u4f60\u6c38\u8fdc\u65e0\u6cd5\u786e\u5b9a\u6ed1\u8fc7\u67d0\u4e2a\u659c\u5761\u662f\u5426\u4f1a\u5f15\u53d1\u96ea\u5d29\uff0c<strong>\u4f46\u5982\u679c\u9884\u671f\u7684\u98ce\u9669\u8d85\u51fa\u4e86\u4f60\u7684\u8212\u9002\u8303\u56f4\uff0c\u90a3\u4e48\u8c28\u614e\u7684\u505a\u6cd5\u5c31\u662f\u505c\u4e0b\u3001\u91cd\u65b0\u8bc4\u4f30\u5e76\u6539\u53d8\u8def\u7ebf\u3002<\/strong><\/p>\n<p>\u5728\u4eca\u5e74\u7684\u7b2c\u4e00\u7bc7\u6587\u7ae0\u4e2d\uff0c\u6211\u5411\u4e16\u754c\u5ba3\u544a\u4e86\u6211\u5bf9\u5e02\u573a\u7684\u770b\u6da8\u6001\u5ea6\uff0c\u81f3\u5c11\u5728\u7b2c\u4e00\u5b63\u5ea6\u662f\u5982\u6b64\u3002\u7136\u800c\uff0c\u968f\u7740 1 \u6708\u7684\u7ed3\u675f\uff0c\u6211\u7684\u5174\u594b\u611f\u5df2\u7136\u6d88\u6563\u3002\u592e\u884c\u8d44\u4ea7\u8d1f\u503a\u8868\u6c34\u5e73\u7684\u5fae\u5999\u53d8\u5316\u3001\u94f6\u884c\u4fe1\u8d37\u6269\u5f20\u901f\u5ea6\u7684\u6ce2\u52a8\u3001\u7f8e\u56fd 10 \u5e74\u671f\u56fd\u503a\u6536\u76ca\u7387\u4e0e\u80a1\u7968\u53ca\u6bd4\u7279\u5e01\u4ef7\u683c\u7684\u5173\u7cfb\u3001\u4ee5\u53ca\u75af\u72c2\u7684 $TRUMP \u4ef7\u683c\u8d70\u52bf\uff0c\u90fd\u8ba9\u6211\u9690\u9690\u611f\u5230\u4e0d\u5b89\u3002\u8fd9\u79cd\u611f\u89c9\u4e0e 2021 \u5e74\u5e95\u5e02\u573a\u5d29\u76d8\u524d\u7684\u60c5\u7eea\u5341\u5206\u76f8\u4f3c\u3002<\/p>\n<p>\u5386\u53f2\u4e0d\u4f1a\u7b80\u5355\u91cd\u590d\uff0c\u4f46\u603b\u662f\u76f8\u4f3c\u7684\u3002\u6211\u4e0d\u8ba4\u4e3a\u8fd9\u8f6e\u725b\u5e02\u5df2\u7ecf\u7ed3\u675f\uff0c<strong>\u4f46\u4ece\u524d\u77bb\u6027\u6982\u7387\u89d2\u5ea6\u6765\u770b\uff0c\u6bd4\u7279\u5e01\u66f4\u53ef\u80fd\u5148\u8dcc\u81f3 $\u00a070,\u00a0000 \u81f3 $\u00a075,\u00a0000\u00a0\uff0c\u7136\u540e\u518d\u5728\u5e74\u5e95\u524d\u6da8\u81f3 $\u00a0250,\u00a0000\u00a0\uff0c\u800c\u4e0d\u662f\u7ee7\u7eed\u6beb\u65e0\u56de\u8c03\u5730\u4e0a\u6da8\u3002<\/strong>\u56e0\u6b64\uff0cMaelstrom \u5df2\u5c06\u5176\u6301\u6709\u7684 Ethena $USDe \u8d28\u62bc\u91cf\u63d0\u9ad8\u81f3\u5386\u53f2\u6700\u9ad8\u6c34\u5e73\uff0c\u5e76\u7ee7\u7eed\u5728\u591a\u4e2a\u5c71\u5be8\u5e01\u4ed3\u4f4d\u4e0a\u9501\u5b9a\u5229\u6da6\u3002 \u6211\u4eec\u4ecd\u7136\u4fdd\u6301\u5927\u5e45\u51c0\u591a\u5934\u4ed3\u4f4d\uff0c\u4f46\u5982\u679c\u6211\u7684\u76f4\u89c9\u6b63\u786e\uff0c\u6211\u4eec\u5c06\u6301\u6709\u5927\u91cf\u73b0\u91d1\u50a8\u5907\uff0c\u4ee5\u4fbf\u5728\u6bd4\u7279\u5e01\u51fa\u73b0\u56de\u8c03\u65f6\u4e70\u5165\uff0c\u5e76\u5728\u8bb8\u591a\u4f18\u8d28\u5c71\u5be8\u5e01\u66b4\u8dcc\u65f6\u5927\u4e3e\u5efa\u4ed3\u3002<\/p>\n<p>\u5982\u6b64\u5e45\u5ea6\u7684\u56de\u8c03\u5c06\u4f1a\u975e\u5e38\u60e8\u70c8\uff0c\u56e0\u4e3a\u5f53\u524d\u5e02\u573a\u7684\u770b\u6da8\u60c5\u7eea\u6781\u9ad8\u3002 \u7279\u6717\u666e\u901a\u8fc7\u884c\u653f\u547d\u4ee4\u4e0d\u65ad\u53d1\u8868\u6709\u5229\u4e8e\u52a0\u5bc6\u8d27\u5e01\u7684\u8a00\u8bba\uff0c\u901a\u8fc7\u8d66\u514d Ross Ulbricht \u63d0\u632f\u5e02\u573a\u60c5\u7eea\uff0c\u5e76\u4e14\u6700\u8fd1\u8fd8\u63a8\u51fa\u4e86\u81ea\u5df1\u7684 Meme \u5e01\uff0c\u70b9\u71c3\u4e86\u52a0\u5bc6\u5e02\u573a\u7684\u72c2\u70ed\u3002\u7136\u800c\uff0c\u9664\u4e86 Meme \u5e01\u7684\u63a8\u51fa\u5916\uff0c\u8fd9\u4e9b\u5927\u90e8\u5206\u90fd\u5728\u9884\u671f\u4e4b\u5185\u3002\u5e02\u573a\u5c1a\u672a\u5145\u5206\u610f\u8bc6\u5230\u7684\u662f\uff0c\u7f8e\u56fd\u3001\u4e2d\u56fd\u548c\u65e5\u672c\u7684\u6cd5\u5e01\u589e\u53d1\u6b63\u5728\u653e\u7f13\u3002<\/p>\n<p>\u672c\u6587\u7684\u5269\u4f59\u90e8\u5206\u5c06\u8ba8\u8bba\u76f8\u5173\u56fe\u8868\u4ee5\u53ca\u5404\u56fd\u7684\u8d27\u5e01\u653f\u7b56\u516c\u544a\uff0c\u8fd9\u4e9b\u56e0\u7d20\u4fc3\u4f7f\u6211\u51cf\u5c11 Maelstrom \u7684\u52a0\u5bc6\u8d27\u5e01\u6301\u4ed3\u3002<\/p>\n<h2 class=\"customstyle_text\">\n<li>\n<p><strong>10 \u5e74\u671f\u7f8e\u56fd\u56fd\u503a\u6536\u76ca\u7387\u5c06\u4e0a\u5347\u81f3 5% \u81f3 6%\u00a0\uff0c\u5e76\u5f15\u53d1\u4e00\u573a\u5c0f\u578b\u91d1\u878d\u5371\u673a\u3002<\/strong><\/p>\n<\/li>\n<li>\n<p><strong>\u7f8e\u8054\u50a8\u5b98\u5458\u75db\u6068\u7279\u6717\u666e\uff0c\u4f46\u4ed6\u4eec\u4f1a\u91c7\u53d6\u5fc5\u8981\u63aa\u65bd\u6765\u7ef4\u62a4 Pax Americana\uff08\u7f8e\u5f0f\u548c\u5e73\uff09\u4e0b\u7684\u91d1\u878d\u4f53\u7cfb\u3002<\/strong><\/p>\n<\/li>\n<\/ul>\n<p>\u4e0b\u9762\u6211\u5c06\u89e3\u91ca\u8fd9\u4e24\u4e2a\u89c2\u70b9\u4e4b\u95f4\u7684\u76f8\u4e92\u4f5c\u7528\u3002<\/p>\n<h3 class=\"customstyle_text\">10 \u5e74\u671f\u56fd\u503a<\/h3>\n<p>\u7f8e\u5143\u662f\u4e16\u754c\u50a8\u5907\u8d27\u5e01\uff0c\u800c\u7f8e\u56fd\u56fd\u503a\u662f\u5168\u7403\u50a8\u5907\u8d44\u4ea7\u3002\u8fd9\u610f\u5473\u7740\uff0c\u5982\u679c\u67d0\u4e2a\u56fd\u5bb6\u6216\u673a\u6784\u62e5\u6709\u7f8e\u5143\u76c8\u4f59\uff0c\u8d2d\u4e70\u7f8e\u56fd\u56fd\u503a\u662f\u6700\u5b89\u5168\u7684\u50a8\u503c\u65b9\u5f0f\uff0c\u540c\u65f6\u8fd8\u80fd\u83b7\u5f97\u5229\u606f\u6536\u76ca\u3002\u7531\u4e8e\u7f8e\u56fd\u56fd\u503a\u88ab\u4f1a\u8ba1\u51c6\u5219\u89c6\u4e3a\u201c\u96f6\u98ce\u9669\u201d\u8d44\u4ea7\uff0c\u91d1\u878d\u673a\u6784\u53ef\u4ee5\u7528\u51e0\u4e4e\u65e0\u9650\u7684\u6760\u6746\u501f\u5165\u8d44\u91d1\u6216\u8d44\u4ea7\u6765\u8d2d\u4e70\u5b83\u4eec\u3002\u7136\u800c\uff0c\u5982\u679c\u56fd\u503a\u4ef7\u503c\u8fc5\u901f\u4e0b\u964d\uff0c\u90a3\u4e48\u4f1a\u8ba1\u4e0a\u7684\u201c\u7ae5\u8bdd\u6545\u4e8b\u201d\u5c31\u4f1a\u6f14\u53d8\u6210\u7ecf\u6d4e\u5669\u68a6\uff0c\u7cfb\u7edf\u6027\u91d1\u878d\u673a\u6784\u53ef\u80fd\u56e0\u6b64\u7834\u4ea7\u3002<\/p>\n<p>10 \u5e74\u671f\u56fd\u503a\u6536\u76ca\u7387\u662f\u5f71\u54cd\u5927\u591a\u6570\u4e2d\u957f\u671f\u56fa\u5b9a\u6536\u76ca\u5de5\u5177\uff08\u5982\u623f\u8d37\u3001\u6c7d\u8f66\u8d37\u6b3e\uff09\u5b9a\u4ef7\u7684\u57fa\u51c6\u3002 \u5b83\u662f\u6cd5\u5e01\u4f53\u7cfb\u4e2d\u6700\u91cd\u8981\u7684\u8d44\u4ea7\u4ef7\u683c\u4e4b\u4e00\uff0c\u56e0\u6b64 10 \u5e74\u671f\u6536\u76ca\u7387\u81f3\u5173\u91cd\u8981\u3002<\/p>\n<p>\u81ea 1913 \u5e74\uff08\u7f8e\u8054\u50a8\u6210\u7acb\u4e4b\u5e74\uff09\u4ee5\u6765\uff0c\u6bcf\u6b21\u91d1\u878d\u5371\u673a\u90fd\u901a\u8fc7\u5370\u949e\u201c\u89e3\u51b3\u201d\uff0c\u5bfc\u81f4\u91d1\u878d\u4f53\u7cfb\u4e2d\u7684\u6760\u6746\u4e0d\u65ad\u7d2f\u79ef\u3002\u56e0\u6b64\uff0c\u91d1\u878d\u4f53\u7cfb\u4e2d\u51fa\u73b0\u5371\u673a\u7684\u6536\u76ca\u7387\u95e8\u69db\u8d8a\u6765\u8d8a\u4f4e\u3002\u5f53 10 \u5e74\u671f\u6536\u76ca\u7387\u77ed\u6682\u7a81\u7834 5% \u65f6\uff0c\u524d\u7f8e\u56fd\u8d22\u653f\u90e8\u957f \u201c\u574f\u5973\u5b69\u201d\u8036\u4f26 \uff08Bad Gurl Yellen\uff09\u7acb\u5373\u51fa\u53f0\u653f\u7b56\uff0c\u53d1\u884c\u66f4\u591a\u77ed\u671f\u56fd\u503a\uff08T-bills\uff09\uff0c\u8fd9\u672c\u8d28\u4e0a\u662f\u4e00\u79cd\u9690\u5f62\u7684\u8d27\u5e01\u5370\u949e\u65b9\u5f0f\u3002<strong>\u7ed3\u679c\uff0c\u00a010 \u5e74\u671f\u6536\u76ca\u7387\u8fc5\u901f\u56de\u843d\u81f3 3.60%\u00a0\uff0c\u6210\u4e3a\u672c\u8f6e\u5468\u671f\u7684\u5c40\u90e8\u4f4e\u70b9\u3002<\/strong><\/p>\n<p>\u5982\u679c 5% \u662f\u91d1\u878d\u5371\u673a\u7684\u4e34\u754c\u70b9\uff0c<strong>\u4e3a\u4ec0\u4e48\u6536\u76ca\u7387\u4f1a\u4ece\u76ee\u524d\u7684 4.6% \u518d\u6b21\u4e0a\u5347\u5230 5% \u751a\u81f3\u66f4\u9ad8\uff1f<\/strong>\u8981\u56de\u7b54\u8fd9\u4e2a\u95ee\u9898\uff0c\u6211\u4eec\u9700\u8981\u4e86\u89e3\u8c01\u662f\u7f8e\u56fd\u56fd\u503a\u7684\u4e3b\u8981\u589e\u91cf\u4e70\u5bb6\u3002<\/p>\n<h3 class=\"customstyle_text\">\u8c01\u5728\u4e70\u8fd9\u4e9b\u201c\u5783\u573e\u201d\u56fd\u503a\uff1f<\/h3>\n<p>\u4f17\u6240\u5468\u77e5\uff0c\u7f8e\u56fd\u653f\u5e9c\u7684\u503a\u52a1\u53d1\u884c\u901f\u5ea6\u524d\u6240\u672a\u6709\u3002\u622a\u81f3\u76ee\u524d\uff0c\u7f8e\u56fd\u56fd\u503a\u89c4\u6a21\u5df2\u8fbe 36.22 \u4e07\u4ebf\u7f8e\u5143\uff0c\u76f8\u6bd4 2019 \u5e74\u5e95\u7684 16.70 \u4e07\u4ebf\u7f8e\u5143 \u589e\u52a0\u4e86\u4e00\u500d\u591a\u3002\u90a3\u4e48\uff0c\u8fd9\u4e9b\u56fd\u503a\u5230\u5e95\u88ab\u8c01\u4e70\u8d70\u4e86\uff1f<\/p>\n<p>\u8ba9\u6211\u4eec\u6765\u770b\u770b\u51e0\u4e2a\u4e3b\u8981\u7684\u6f5c\u5728\u4e70\u5bb6\u3002<\/p>\n<p><strong>1. \u7f8e\u8054\u50a8<\/strong><\/p>\n<p>\u7f8e\u8054\u50a8\u81ea 2008 \u5e74\u81f3 2022 \u5e74\u4e00\u76f4\u5728\u5b9e\u65bd\u91cf\u5316\u5bbd\u677e\uff08QE\uff09\uff0c\u671f\u95f4\u8d2d\u4e70\u4e86\u6570\u4e07\u4ebf\u7f8e\u5143\u7684\u56fd\u503a\u3002\u7136\u800c\uff0c\u4ece 2022 \u5e74\u5f00\u59cb\uff0c\u7f8e\u8054\u50a8\u505c\u6b62\u5370\u949e\uff08\u91cf\u5316\u7d27\u7f29\uff0cQT\uff09\uff0c<strong>\u4e0d\u518d\u589e\u6301\u56fd\u503a\u3002<\/strong><\/p>\n<p><strong>2. \u7f8e\u56fd\u5546\u4e1a\u94f6\u884c<\/strong><\/p>\n<p>\u7f8e\u56fd\u5546\u4e1a\u94f6\u884c\u5728\u56fd\u503a\u4ef7\u683c\u5904\u4e8e\u5386\u53f2\u9ad8\u4f4d\u65f6\u5927\u4e3e\u4e70\u5165\uff0c\u7ed3\u679c\u88ab \u201c\u6682\u65f6\u6027\u901a\u80c0\u201d \u548c\u7f8e\u8054\u50a8 40 \u5e74\u6765\u6700\u5feb\u7684\u52a0\u606f\u5468\u671f\u51fb\u6e83\u3002\u66f4\u7cdf\u7cd5\u7684\u662f\uff0c\u6839\u636e\u5df4\u585e\u5c14 III\uff08Basel III\uff09\u8d44\u672c\u5145\u8db3\u7387\u89c4\u5b9a\uff0c\u94f6\u884c\u8d2d\u4e70\u56fd\u503a\u65f6\u9700\u8981\u989d\u5916\u7684\u80a1\u672c\u4f5c\u4e3a\u62b5\u62bc\uff0c\u8fd9\u5927\u5927\u63d0\u9ad8\u4e86\u6301\u6709\u56fd\u503a\u7684\u6210\u672c\u3002<strong>\u56e0\u6b64\uff0c\u7f8e\u56fd\u5546\u4e1a\u94f6\u884c\u7684\u8d44\u4ea7\u8d1f\u503a\u8868\u5df2\u88ab\u5b8c\u5168\u5360\u7528\uff0c\u65e0\u6cd5\u518d\u4e70\u5165\u66f4\u591a\u56fd\u503a\u3002<\/strong><\/p>\n<p><strong>3. \u4e3b\u8981\u5916\u6c47\u987a\u5dee\u56fd\u5bb6<\/strong><\/p>\n<p>\u8fd9\u91cc\u6307\u7684\u662f\u77f3\u6cb9\u51fa\u53e3\u56fd\uff08\u5982\u6c99\u7279\u963f\u62c9\u4f2f\uff09\u548c\u5546\u54c1\u51fa\u53e3\u56fd\uff08\u5982\u4e2d\u56fd\u548c\u65e5\u672c\uff09\u3002\u5c3d\u7ba1\u8fd9\u4e9b\u56fd\u5bb6\u4ece\u5168\u7403\u8d38\u6613\u4e2d\u83b7\u5f97\u4e86\u5927\u91cf\u7f8e\u5143\uff0c\u4f46\u4ed6\u4eec\u5e76\u6ca1\u6709\u79ef\u6781\u8d2d\u4e70\u7f8e\u56fd\u56fd\u503a\u3002\u4f8b\u5982\uff0c\u622a\u81f3 2024 \u5e74 11 \u6708\uff0c\u4e2d\u56fd\u7684 12 \u4e2a\u6708\u8d38\u6613\u987a\u5dee\u9ad8\u8fbe 9620 \u4ebf\u7f8e\u5143\uff0c\u4f46\u5728\u540c\u4e00\u65f6\u671f\uff0c<strong>\u4e2d\u56fd\u7684\u7f8e\u56fd\u56fd\u503a\u6301\u6709\u91cf\u51cf\u5c11\u4e86\u7ea6 140 \u4ebf\u7f8e\u5143\u3002<\/strong><\/p>\n<p>\u90a3\u4e48\uff0c\u5230\u5e95\u662f\u8c01\u5728\u4e70\u8fd9\u4e9b\u201c\u7c97\u7cd9\u5355\u5c42\u5395\u7eb8\u201d\u4e00\u6837\u7684\u56fd\u503a\uff1f<\/p>\n<p>\u5c3d\u7ba1\u7f8e\u56fd\u62fc\u547d\u5411\u5168\u7403\u91d1\u878d\u4f53\u7cfb\u5f3a\u884c\u585e\u5165\u56fd\u503a\uff0c\u4f46\u76ee\u524d\u4ecd\u672a\u7206\u53d1\u503a\u52a1\u5371\u673a\u3002\u6211\u518d\u95ee\u4e00\u6b21\uff0c<strong>\u5230\u5e95\u662f\u8c01\u5728\u4e70\u8fd9\u4e9b\u5783\u573e\u503a\u5238\uff1f<\/strong> \u6beb\u65e0\u7591\u95ee\uff0c\u4efb\u4f55\u4e70\u8fd9\u4e9b\u4e1c\u897f\u7684\u4eba\u90fd\u4e0d\u4f1a\u5c0a\u91cd\u81ea\u5df1\u7684\u83ca\u82b1\u3002<\/p>\n<p><strong>\u8ba9\u6211\u4eec\u5411\u76f8\u5bf9\u4ef7\u503c\uff08RV\uff09\u5bf9\u51b2\u57fa\u91d1\u9f13\u638c\u3002<\/strong>\u8fd9\u4e9b\u57fa\u91d1\u901a\u5e38\u6ce8\u518c\u5728\u82f1\u56fd\u3001\u5f00\u66fc\u7fa4\u5c9b\u3001\u5362\u68ee\u5821\u7b49\u5730\u4ee5\u907f\u7a0e\uff0c\u5b83\u4eec\u662f\u7f8e\u56fd\u56fd\u503a\u7684\u8fb9\u9645\u4e70\u5bb6\u3002\u6211\u662f\u5982\u4f55\u77e5\u9053\u7684\uff1f\u6700\u8fd1\u7684\u7f8e\u56fd\u8d22\u653f\u90e8\u5b63\u5ea6\u518d\u878d\u8d44\u516c\u544a\uff08QRA\uff09\u660e\u786e\u6307\u51fa\uff0c\u8fd9\u4e9b\u5bf9\u51b2\u57fa\u91d1\u662f\u5f53\u524d\u652f\u6491\u56fd\u503a\u6536\u76ca\u7387\u7684\u8fb9\u9645\u4e70\u5bb6\u3002 \u6b64\u5916\uff0c\u5982\u679c\u4f60\u67e5\u770b\u7f8e\u56fd\u8d22\u653f\u90e8\u53d1\u5e03\u7684\u6708\u5ea6 TIC\uff08\u56fd\u9645\u8d44\u672c\u6d41\u52a8\uff09\u62a5\u544a\uff0c\u4f60\u4f1a\u53d1\u73b0\u4e0a\u8ff0\u56fd\u5bb6\u548c\u5730\u533a\u7684\u673a\u6784\u79ef\u7d2f\u4e86\u5927\u91cf\u7f8e\u56fd\u56fd\u503a\u3002<\/p>\n<h3 class=\"customstyle_text\">\n<li>\n<p><strong>\u5bf9\u51b2\u57fa\u91d1\u7528\u73b0\u91d1\u8d2d\u4e70\u56fd\u503a\uff0c\u4f46\u5728\u5b9e\u9645\u4ed8\u6b3e\u524d\uff0c\u4f1a\u4e0e\u5927\u94f6\u884c\u7b7e\u8ba2\u56de\u8d2d\u534f\u8bae\uff08repo\uff09\u3002<\/strong><\/p>\n<\/li>\n<li>\n<p><strong>\u5bf9\u51b2\u57fa\u91d1\u4ea4\u4ed8\u56fd\u503a\uff0c\u94f6\u884c\u63d0\u4f9b\u73b0\u91d1\u3002<\/strong><\/p>\n<\/li>\n<li>\n<p><strong>\u57fa\u91d1\u7528\u8fd9\u7b14\u73b0\u91d1\u652f\u4ed8\u56fd\u503a\u8d2d\u4e70\u6b3e\u3002<\/strong><\/p>\n<\/li>\n<li>\n<p><strong>\u6700\u7ec8\uff0c\u5bf9\u51b2\u57fa\u91d1\u7528\u522b\u4eba\u7684\u94b1\u4e70\u4e86\u56fd\u503a\uff0c\u800c\u81ea\u5df1\u53ea\u9700\u652f\u4ed8\u671f\u8d27\u4ea4\u6613\u6240\u7684\u4fdd\u8bc1\u91d1\uff08\u4f8b\u5982\u829d\u52a0\u54e5\u5546\u54c1\u4ea4\u6613\u6240 CME\uff09\u3002<\/strong><\/p>\n<\/li>\n<\/ul>\n<p>\u5728\u7406\u8bba\u4e0a\uff0c\u53ea\u8981\u4ee5\u4e0b\u51e0\u4e2a\u6761\u4ef6\u6210\u7acb\uff0cRV \u5bf9\u51b2\u57fa\u91d1\u5c31\u53ef\u4ee5\u65e0\u9650\u91cf\u8d2d\u4e70\u7f8e\u56fd\u56fd\u503a\uff1a<\/p>\n<ul class=\" list-paddingleft-2\">\n<li>\n<p>\u94f6\u884c\u7684\u8d44\u4ea7\u8d1f\u503a\u8868\u6709\u8db3\u591f\u7684\u7a7a\u95f4\u6765\u652f\u6301\u56de\u8d2d\u4ea4\u6613\uff08repo\uff09\u3002<\/p>\n<\/li>\n<li>\n<p>\u56de\u8d2d\u5229\u7387\uff08repo yield\uff09\u8db3\u591f\u4f4e\uff0c\u5426\u5219\u5957\u5229\u4ea4\u6613\u5c31\u65e0\u6cd5\u76c8\u5229\uff0c\u5bf9\u51b2\u57fa\u91d1\u5c06\u505c\u6b62\u4e70\u5165\u56fd\u503a\u3002<\/p>\n<\/li>\n<li>\n<p>\u4fdd\u8bc1\u91d1\u8981\u6c42\u7ef4\u6301\u8f83\u4f4e\u6c34\u5e73\uff0c\u5982\u679c\u5bf9\u51b2\u57fa\u91d1\u9700\u8981\u5728\u671f\u8d27\u5e02\u573a\u6295\u5165\u66f4\u591a\u4fdd\u8bc1\u91d1\u7528\u4e8e\u5bf9\u51b2\uff0c\u5b83\u4eec\u80fd\u591f\u4e70\u5165\u7684\u503a\u5238\u6570\u91cf\u5c31\u4f1a\u51cf\u5c11\u3002\u5bf9\u51b2\u57fa\u91d1\u7684\u8d44\u672c\u662f\u6709\u9650\u7684\uff0c\u5982\u679c\u5927\u90e8\u5206\u8d44\u91d1\u88ab\u9501\u5b9a\u5728\u4ea4\u6613\u6240\u4fdd\u8bc1\u91d1\u8d26\u6237\u4e2d\uff0c\u5b83\u4eec\u7684\u4ea4\u6613\u91cf\u5c31\u4f1a\u51cf\u5c11\u3002<\/p>\n<\/li>\n<\/ul>\n<p>\u7136\u800c\uff0c\u7531\u4e8e\u4e0a\u8ff0\u56e0\u7d20\u7684\u9650\u5236\uff0cRV \u5bf9\u51b2\u57fa\u91d1\u7684\u4e70\u5bb6\u89d2\u8272\u6b63\u9762\u4e34\u5a01\u80c1\u3002<\/p>\n<h3 class=\"customstyle_text\">Zoltan Pozar \u7684\u7814\u7a76\u62a5\u544a\uff0c\u4ed6\u5bf9\u8d27\u5e01\u5e02\u573a\u7684\u673a\u5236\u6709\u6df1\u5165\u5256\u6790\u3002<\/p>\n<h3 class=\"customstyle_text\">\u4ea4\u6613\u6240\u4fdd\u8bc1\u91d1\u8981\u6c42<\/h3>\n<p>\u7b80\u5355\u6765\u8bf4\uff0c\u8d44\u4ea7\u7684\u6ce2\u52a8\u6027\u8d8a\u9ad8\uff0c\u4fdd\u8bc1\u91d1\u8981\u6c42\u5c31\u8d8a\u9ad8\u3002\u5f53\u503a\u5238\u4ef7\u683c\u4e0b\u8dcc\u65f6\uff0c\u6ce2\u52a8\u6027\u4e0a\u5347\u3002\u5982\u679c\u503a\u5238\u4ef7\u683c\u4e0b\u8dcc \/ \u6536\u76ca\u7387\u4e0a\u5347\uff0c\u6ce2\u52a8\u6027\uff08\u53ef\u4ee5\u53c2\u8003 MOVE \u6307\u6570\uff09\u98d9\u5347\u3002\u5f53\u8fd9\u79cd\u60c5\u51b5\u53d1\u751f\u65f6\uff0c\u503a\u5238\u671f\u8d27\u7684\u4fdd\u8bc1\u91d1\u8981\u6c42\u589e\u52a0\uff0c\u5bfc\u81f4 RV \u5bf9\u51b2\u57fa\u91d1\u7684\u503a\u5238\u8d2d\u4e70\u91cf\u8fc5\u901f\u4e0b\u964d\u3002<\/p>\n<p>\u4e0a\u8ff0\u4e24\u4e2a\u56e0\u7d20\u76f8\u4e92\u4f5c\u7528\uff0c\u5f62\u6210\u53cd\u8eab\u6027\uff08Reflexivity\uff09 \u673a\u5236\u3002\u95ee\u9898\u662f\uff0c\u662f\u5426\u6709\u529e\u6cd5\u901a\u8fc7\u8d27\u5e01\u653f\u7b56\u89e3\u5f00\u8fd9\u4e2a\u201c\u6208\u5c14\u8fea\u4e4b\u7ed3\u201d\uff08Gordon Knot\uff09\uff0c\u8ba9 RV \u5bf9\u51b2\u57fa\u91d1\u7ee7\u7eed\u4e3a\u8d22\u653f\u90e8\u63d0\u4f9b\u878d\u8d44\uff1f<\/p>\n<p>\u7b54\u6848\u5f53\u7136\u662f\u53ef\u4ee5\u3002\u6211\u4eec\u7684\u8d27\u5e01\u638c\u63a7\u8005\u603b\u80fd\u7528\u4f1a\u8ba1\u624b\u6bb5\u89e3\u51b3\u91d1\u878d\u5371\u673a\u3002 \u5728\u8fd9\u79cd\u60c5\u51b5\u4e0b\uff0c\u7f8e\u8054\u50a8\u53ef\u4ee5\u6682\u505c\u8865\u5145\u6760\u6746\u7387\uff08SLR\uff0cSupplemental Leverage Ratio\uff09\u3002<strong>\u5982\u679c\u6682\u505c SLR \u89c4\u5219\uff0c\u4f7f\u5176\u4e0d\u518d\u9002\u7528\u4e8e\u7f8e\u56fd\u56fd\u503a\u53ca\u76f8\u5173\u56de\u8d2d\u534f\u8bae\uff08repo\uff09\uff0c\u90a3\u4e48\u94f6\u884c\u5c06\u80fd\u591f\u4f7f\u7528\u65e0\u9650\u6760\u6746\u3002<\/strong><\/p>\n<p>\u5982\u679c SLR \u514d\u9664\u653f\u7b56\u751f\u6548\uff0c\u5c06\u53d1\u751f\u4ee5\u4e0b\u60c5\u51b5\uff1a<\/p>\n<ul class=\" list-paddingleft-2\">\n<li>\n<p><strong>\u94f6\u884c\u53ef\u4ee5\u65e0\u9650\u91cf\u8d2d\u4e70\u56fd\u503a\uff0c\u800c\u65e0\u9700\u62b5\u62bc\u8d44\u672c\uff0c\u4ece\u800c\u91ca\u653e\u8d44\u4ea7\u8d1f\u503a\u8868\u7a7a\u95f4\u3002<\/strong><\/p>\n<\/li>\n<li>\n<p><strong>\u94f6\u884c\u7684\u8d44\u4ea7\u8d1f\u503a\u8868\u4e0d\u518d\u53d7\u9650\uff0c\u5b83\u4eec\u53ef\u4ee5\u63d0\u4f9b\u4f4e\u6210\u672c\u56de\u8d2d\u878d\u8d44<\/strong>\u3002<\/p>\n<\/li>\n<\/ul>\n<p>\u8d22\u653f\u90e8\u5c06\u65b0\u589e\u4e24\u4e2a\u8fb9\u9645\u4e70\u5bb6\uff1a<strong>\u5546\u4e1a\u94f6\u884c\u548c RV \u5bf9\u51b2\u57fa\u91d1\u3002<\/strong>\u503a\u5238\u4ef7\u683c\u4e0a\u6da8\uff0c\u6536\u76ca\u7387\u4e0b\u964d\uff0c\u4fdd\u8bc1\u91d1\u8981\u6c42\u964d\u4f4e\u2014\u2014\u5e02\u573a\u6062\u590d\u7e41\u8363\uff0c\u4e00\u7247\u7965\u548c\u3002<\/p>\n<p>\u5982\u679c\u7f8e\u8054\u50a8\u613f\u610f\u201c\u66f4\u6177\u6168\u201d\u4e00\u70b9\uff0c\u5b83\u53ef\u4ee5\u505c\u6b62 QT\uff08\u91cf\u5316\u7d27\u7f29\uff09\uff0c\u91cd\u65b0\u542f\u52a8 QE\uff08\u91cf\u5316\u5bbd\u677e\uff09\u3002\u8fd9\u6837\u4e00\u6765\uff0c\u8d22\u653f\u90e8\u5c31\u80fd\u83b7\u5f97\u4e09\u5927\u8fb9\u9645\u4e70\u5bb6\u3002<\/p>\n<p>\u8d22\u653f\u90e8\u548c\u7f8e\u8054\u50a8\u5bf9\u4e0a\u8ff0\u95ee\u9898\u5fc3\u77e5\u809a\u660e\u3002\u94f6\u884c\u4e1a\u5df2\u7ecf\u547c\u5401\u591a\u5e74\uff0c\u5e0c\u671b\u83b7\u5f97\u7c7b\u4f3c 2020 \u5e74\u671f\u95f4\u7684 SLR \u514d\u9664\u653f\u7b56\u3002\u6700\u8fd1\u7684\u8d22\u653f\u90e8\u501f\u6b3e\u54a8\u8be2\u59d4\u5458\u4f1a\uff08TABCO\uff09\u62a5\u544a\u660e\u786e\u6307\u51fa\uff0c\u5e02\u573a\u9700\u8981 SLR \u514d\u9664\uff0c\u540c\u65f6\u7f8e\u8054\u50a8\u5e94\u6062\u590d QE\uff0c\u4ee5\u201c\u4fee\u590d\u201d\u56fd\u503a\u5e02\u573a\u7684\u6d41\u52a8\u6027\u95ee\u9898\u3002<\/p>\n<p>\u552f\u4e00\u7f3a\u5c11\u7684\uff0c\u662f\u7f8e\u8054\u50a8\u7684\u653f\u6cbb\u610f\u613f\uff0c\u8fd9\u4e5f\u5f15\u51fa\u4e86\u6211\u7684\u7b2c\u4e8c\u4e2a\u89c2\u70b9\u3002<\/p>\n<h3 class=\"customstyle_text\">\u7f8e\u8054\u50a8\u5b98\u5458\u5982\u4f55\u8bc4\u4ef7\u7279\u6717\u666e\uff1f<\/h3>\n<p>\u4e0b\u9762\u662f\u4e24\u4f4d\u7f8e\u8054\u50a8\u9ad8\u5b98\u7684\u8a00\u8bba\u3002\u7b2c\u4e00\u4f4d\u662f\u524d\u7f8e\u8054\u50a8\u7406\u4e8b\u3001\u7ebd\u7ea6\u8054\u50a8\u4e3b\u5e2d\u5a01\u5ec9\u00b7\u8fbe\u5fb7\u5229\uff08William Dudley\uff0c\u00a02009-2018 \u5e74\u7ebd\u7ea6\u8054\u50a8\u4e3b\u5e2d\uff09\uff0c\u7b2c\u4e8c\u4f4d\u662f\u73b0\u4efb\u7f8e\u8054\u50a8\u4e3b\u5e2d\u6770\u7f57\u59c6\u00b7\u9c8d\u5a01\u5c14\uff08Jerome Powell\uff09\uff0c\u88ab\u6211\u79f0\u4e3a\u201c\u8f6f\u5f31\u65e0\u80fd\u7684\u8dea\u8214\u7537\u201d\uff08beta cuck towel bitch boy\uff09\uff1a<\/p>\n<p>\u201c\u7279\u6717\u666e\u603b\u7edf\u5bf9\u534e\u8d38\u6613\u6218\u6301\u7eed\u524a\u5f31\u4f01\u4e1a\u548c\u6d88\u8d39\u8005\u4fe1\u5fc3\uff0c\u6076\u5316\u7ecf\u6d4e\u524d\u666f\u3002\u8fd9\u573a\u4eba\u4e3a\u5236\u9020\u7684\u707e\u96be\u8ba9\u7f8e\u8054\u50a8\u9677\u5165\u4e24\u96be\u5883\u5730\uff1a\u6211\u4eec\u5e94\u8be5\u63d0\u4f9b\u7ecf\u6d4e\u523a\u6fc0\u6765\u7f13\u89e3\u4f24\u5bb3\uff0c\u8fd8\u662f\u62d2\u7edd\u914d\u5408\uff1f\u2026\u2026<strong>\u7f8e\u8054\u50a8\u5b98\u5458\u53ef\u4ee5\u660e\u786e\u8868\u793a\uff0c\u4e0d\u4f1a\u4e3a\u4e00\u4e2a\u4e0d\u65ad\u505a\u51fa\u9519\u8bef\u8d38\u6613\u51b3\u7b56\u7684\u653f\u5e9c\u2018\u4e70\u5355\u2019\uff0c\u5e76\u4e14\u8ba9\u516c\u4f17\u6e05\u695a\u5730\u77e5\u9053\uff0c\u7279\u6717\u666e\u5fc5\u987b\u81ea\u5df1\u627f\u62c5\u653f\u7b56\u540e\u679c<\/strong>\u2026\u2026\u751a\u81f3\u53ef\u4ee5\u8bf4\uff0c\u5927\u9009\u672c\u8eab\u4e5f\u662f\u7f8e\u8054\u50a8\u7684\u804c\u8d23\u8303\u56f4\u4e4b\u4e00\u3002\u6bd5\u7adf\uff0c\u7279\u6717\u666e\u8fde\u4efb\u663e\u7136\u5bf9\u7f8e\u56fd\u548c\u5168\u7403\u7ecf\u6d4e\u3001\u7f8e\u8054\u50a8\u7684\u72ec\u7acb\u6027\u3001\u4ee5\u53ca\u5176\u5c31\u4e1a\u4e0e\u901a\u80c0\u76ee\u6807\u6784\u6210\u5a01\u80c1\u3002\u201d<\/p>\n<p>\u2014\u2014 \u300a\u7f8e\u8054\u50a8\u4e0d\u5e94\u52a9\u957f\u7279\u6717\u666e\u7684\u653f\u7b56\u300b\uff0c\u5a01\u5ec9\u00b7\u8fbe\u5fb7\u5229<\/p>\n<h3 class=\"customstyle_text\">\u7f8e\u8054\u50a8\u5982\u4f55\u5e94\u5bf9\u7279\u6717\u666e\u7684\u80dc\u9009\uff1f<\/h3>\n<p>\u5728\u4e00\u6b21\u653f\u7b56\u4f1a\u8bae\u65b0\u95fb\u53d1\u5e03\u4f1a\u4e0a\uff0c\u5f53\u88ab\u95ee\u53ca\u7f8e\u8054\u50a8\u5982\u4f55\u5e94\u5bf9\u7279\u6717\u666e\u7684\u80dc\u9009\u65f6\uff0c\u9c8d\u5a01\u5c14\uff08Jerome Powell\uff09 \u8868\u793a\uff1a<\/p>\n<p><strong>\u201c\u6709\u4e9b\u4eba\u786e\u5b9e\u8fc8\u51fa\u4e86\u975e\u5e38\u521d\u6b65\u7684\u4e00\u6b65\uff0c\u5f00\u59cb\u5728\u672c\u6b21\u4f1a\u8bae\u4e0a\u5c06\u5bf9\u653f\u7b56\u7684\u7ecf\u6d4e\u5f71\u54cd\u7eb3\u5165\u9ad8\u5ea6\u5047\u8bbe\u6027\u7684\u9884\u6d4b\u4e4b\u4e2d\u3002\u201d<\/strong><\/p>\n<p>\u8fd9\u5f88\u6709\u610f\u601d\u3002<strong>\u5728\u5927\u9009\u524d\uff0c\u7f8e\u8054\u50a8\u4f7f\u7528\u4e86\u4e00\u5957\u7ecf\u6d4e\u9884\u6d4b\u6765\u964d\u4f4e\u5229\u7387\uff0c\u4ee5\u5e2e\u52a9\u54c8\u91cc\u65af\uff08Kamala Harris\uff09\uff0c\u4f46\u73b0\u5728\u56e0\u4e3a\u7279\u6717\u666e\u7684\u80dc\u9009\uff0c\u4ed6\u4eec\u53c8\u5f00\u59cb\u8003\u8651\u53e6\u4e00\u5957\u9884\u6d4b\u3002<\/strong>\u4e8b\u5b9e\u4e0a\uff0c\u7f8e\u8054\u50a8\u672c\u5e94\u8be5\u5728\u5927\u9009\u524d\u7684\u51e0\u4e2a\u6708\u91cc\u59cb\u7ec8\u4f7f\u7528\u540c\u4e00\u5957\u4f30\u7b97\u6a21\u578b\u3002\u7136\u800c\uff0c\u6211\u53c8\u61c2\u4ec0\u4e48\u5462\uff1f\u6211\u53ea\u662f\u4e2a\u52a0\u5bc6\u8d27\u5e01\u7684\u5c0f\u4e11\uff08crypto muppet\uff09\u3002<\/p>\n<h3 class=\"customstyle_text\">\u7f8e\u8054\u50a8\u4e3a\u62dc\u767b\u505a\u4e86\u4ec0\u4e48\uff1f<\/h3>\n<p>\u6700\u521d\uff0c\u6211\u4eec\u542c\u5230\u4e86<strong>\u201c\u6682\u65f6\u6027\u901a\u80c0\u201d\uff08transitory inflation\uff09\u7684\u8bf4\u6cd5\u3002\u8fd8\u8bb0\u5f97\u5417\uff1f\u9c8d\u5a01\u5c14\u9762\u4e0d\u6539\u8272\u5730\u5ba3\u79f0\uff0c\u7f8e\u56fd\u5386\u53f2\u4e0a\u6700\u5feb\u901f\u3001\u6700\u5927\u89c4\u6a21\u7684\u8d27\u5e01\u5370\u949e\u9020\u6210\u7684\u901a\u80c0\u53ea\u662f\u4e00\u4e2a\u77ed\u6682\u7684\u73b0\u8c61\uff0c\u5f88\u5feb\u5c31\u4f1a\u6d88\u5931\u3002<\/strong>\u7136\u800c\uff0c\u56db\u5e74\u8fc7\u53bb\u4e86\uff0c\u901a\u80c0\u6c34\u5e73\u4e00\u76f4\u9ad8\u4e8e\u7f8e\u8054\u50a8\u81ea\u5df1\u64cd\u63a7\u3001\u865a\u5047\u3001\u4e0d\u8bda\u5b9e\u7684\u901a\u80c0\u6307\u6807\u3002<\/p>\n<p>\u4ed6\u4eec\u5229\u7528\u8fd9\u4e9b\u8be1\u8fa9\u672f\uff08sophistry\uff09 \u6765\u63a8\u8fdf\u52a0\u606f\uff0c\u76f4\u5230 2022 \u5e74\u624d\u5f00\u59cb\u6536\u7d27\u8d27\u5e01\u653f\u7b56\uff0c\u56e0\u4e3a\u4ed6\u4eec\u77e5\u9053\uff0c\u52a0\u606f\u53ef\u80fd\u4f1a\u5f15\u53d1\u91d1\u878d\u5371\u673a\u6216\u7ecf\u6d4e\u8870\u9000\u3002<strong>\u4ed6\u4eec\u7684\u5224\u65ad\u6ca1\u9519\uff0c\u7f8e\u8054\u50a8\u76f4\u63a5\u5bfc\u81f4\u4e86 2023 \u5e74\u7684\u5730\u533a\u6027\u94f6\u884c\u4e1a\u5371\u673a\u3002<\/strong><\/p>\n<p>\u968f\u540e\uff0c\u7f8e\u8054\u50a8\u88c5\u804b\u4f5c\u54d1\uff0c\u201c\u574f\u5973\u5b69\u201d\u8036\u4f26\uff08Bad Gurl Yellen\uff09 \u5f7b\u5e95\u7834\u574f\u4e86\u7f8e\u8054\u50a8\u7684\u8d27\u5e01\u7d27\u7f29\u653f\u7b56\u3002\u4ece 2022 \u5e74 9 \u6708\u5f00\u59cb\uff0c\u5979\u901a\u8fc7\u53d1\u884c\u66f4\u591a\u77ed\u671f\u56fd\u503a\uff08T-bills\uff09 \u6765\u62bd\u5e72\u9006\u56de\u8d2d\uff08Reverse Repo Program\uff0cRRP\uff09 \u7684\u6d41\u52a8\u6027\u3002\u7f8e\u8054\u50a8\u81f3\u5c11\u53ef\u4ee5\u7ad9\u51fa\u6765\u53cd\u5bf9\u8d22\u653f\u90e8\u7684\u505a\u6cd5\uff0c\u6bd5\u7adf\u4ed6\u4eec\u53f7\u79f0\u72ec\u7acb\u4e8e\u8054\u90a6\u653f\u5e9c\uff0c\u4f46\u4ed6\u4eec\u6ca1\u6709\u8fd9\u4e48\u505a\u3002<\/p>\n<p>\u5230\u4e86 2023 \u5e74 9 \u6708\uff0c\u7f8e\u8054\u50a8\u5728\u901a\u80c0\u4ecd\u9ad8\u4e8e\u76ee\u6807\u7684\u60c5\u51b5\u4e0b\u6682\u505c\u52a0\u606f\u3002\u5230 2024 \u5e74 9 \u6708\uff0c\u4ed6\u4eec\u66f4\u662f\u76f4\u63a5\u5f00\u542f\u964d\u606f\u5468\u671f\uff0c\u5927\u4e3e\u5370\u949e\u3002<strong>\u901a\u80c0\u4f4e\u4e8e\u76ee\u6807\u4e86\u5417\uff1f\u6ca1\u6709\u3002<\/strong><\/p>\n<p><strong>\u7f8e\u8054\u50a8\u53e3\u53e3\u58f0\u58f0\u8981\u5bf9\u6297\u901a\u80c0\uff0c\u4f46\u5f53\u653f\u6cbb\u9700\u8981\u7ef4\u6301\u653f\u5e9c\u4f4e\u6210\u672c\u878d\u8d44\u3001\u63a8\u9ad8\u91d1\u878d\u8d44\u4ea7\u4ef7\u683c\u65f6\uff0c\u7f8e\u8054\u50a8\u5c31\u914d\u5408\u6f14\u51fa\u3002<\/strong><\/p>\n<p>\u4e3a\u4ec0\u4e48\u653f\u6cbb\u9700\u8981\u8fd9\u4e48\u505a\uff1f\u56e0\u4e3a\u62dc\u767b\u653f\u5e9c\u4ece\u4e00\u5f00\u59cb\u5c31\u6ce8\u5b9a\u5931\u8d25\u3002\u7f8e\u56fd\u6709\u4e00\u534a\u7684\u4eba\u8ba4\u4e3a\u62dc\u767b\u662f\u4e2a\u75f4\u5446\u8001\u5934\uff0c\u4ed6\u7684\u653f\u515a\u5728 2020 \u5e74\u5927\u9009\u4e2d\u4f5c\u5f0a\u3002\u4e8b\u540e\u6765\u770b\uff0c\u5171\u548c\u515a\u4eba\u5bf9\u62dc\u767b\u201c\u852c\u83dc\u201d\u7279\u8d28\u7684\u5224\u65ad\u662f\u5bf9\u7684\uff0c\u800c\u4ed6\u662f\u5426\u4f5c\u5f0a\uff0c\u4e5f\u5f88\u53ef\u80fd\u662f\u5bf9\u7684\u3002\u65e0\u8bba\u5982\u4f55\uff0c\u4e3a\u4e86\u963b\u6b62\u5171\u548c\u515a\u91cd\u593a\u56fd\u4f1a\u3001\u5e76\u963b\u6b62\u7279\u6717\u666e\u5728 2024 \u5e74\u8fde\u4efb\uff0c\u7f8e\u8054\u50a8\u4e0d\u60dc\u4e00\u5207\u624b\u6bb5\u907f\u514d\u91d1\u878d\u548c\u7ecf\u6d4e\u5371\u673a\u7206\u53d1\u3002<\/p>\n<h3 class=\"customstyle_text\">\u7f8e\u8054\u50a8\u5982\u4f55\u4fdd\u62a4\u73b0\u6709\u91d1\u878d\u4f53\u7cfb\uff1f<\/h3>\n<p>\u5728\u67d0\u4e9b\u60c5\u51b5\u4e0b\uff0c\u7f8e\u8054\u50a8\u751a\u81f3\u8d85\u51fa\u4e86\u804c\u8d23\u8303\u56f4\uff0c\u4ee5\u5e2e\u52a9\u6c11\u4e3b\u515a\u3002\u6700\u5178\u578b\u7684\u4f8b\u5b50\u662f\u94f6\u884c\u5b9a\u671f\u878d\u8d44\u8ba1\u5212\uff08BTFP\uff0cBank Term Funding Program\uff09 \u7684\u63a8\u51fa\u3002<\/p>\n<p>\u5728 2023 \u5e74\u521d\u7684\u5730\u533a\u6027\u94f6\u884c\u4e1a\u5371\u673a\u4e2d\uff0c\u7f8e\u8054\u50a8\u7684\u52a0\u606f\u653f\u7b56\u548c\u968f\u540e\u503a\u5238\u5e02\u573a\u5d29\u76d8\uff0c\u4f7f\u5f97\u94f6\u884c\u6301\u6709\u7684\u5927\u91cf\u00a02020-2021 \u5e74\u9ad8\u70b9\u8d2d\u4e70\u7684\u7f8e\u56fd\u56fd\u503a\u51fa\u73b0\u5de8\u989d\u6d6e\u4e8f\uff0c\u5bfc\u81f4\u8d22\u52a1\u5371\u673a\u3002\u7f8e\u8054\u50a8\u5bdf\u89c9\u5230\u4e86\u5371\u673a\uff0c\u5e76\u91c7\u53d6\u4e86\u4e00\u79cd\u7279\u6b8a\u7684\u653f\u6cbb\u7b56\u7565\uff1a\u8ba9\u4e09\u5bb6\u652f\u6301\u52a0\u5bc6\u8d27\u5e01\u7684\u94f6\u884c\u5012\u95ed\uff0c\u4ee5\u5b89\u629a Elizabeth Warren\uff08\u53c2\u8bae\u5458\uff0c\u66fe\u591a\u6b21\u653b\u51fb\u52a0\u5bc6\u884c\u4e1a\uff09\u3002<strong>\u968f\u540e\uff0c\u7f8e\u8054\u50a8\u76f4\u63a5\u4e3a\u94f6\u884c\u8d44\u4ea7\u8d1f\u503a\u8868\u4e0a\u9ad8\u8fbe 4 \u4e07\u4ebf\u7f8e\u5143\u7684\u7f8e\u56fd\u56fd\u503a\u548c\u62b5\u62bc\u8d37\u6b3e\u652f\u6301\u8bc1\u5238\uff08MBS\uff09\u63d0\u4f9b\u9690\u5f62\u515c\u5e95\u3002<\/strong><\/p>\n<p>\u4e8b\u540e\u6765\u770b\uff0cBTFP \u53ef\u80fd\u662f\u8fc7\u5ea6\u53cd\u5e94\u4e86\uff0c\u4f46\u7f8e\u8054\u50a8\u7684\u76ee\u7684\u5f88\u660e\u786e\uff1a\u5411\u5e02\u573a\u4f20\u9012\u4fe1\u53f7\uff0c\u5982\u679c Pax Americana \u7684\u91d1\u878d\u4f53\u7cfb\u9762\u4e34\u91cd\u5927\u5a01\u80c1\uff0c\u4ed6\u4eec\u4f1a\u6beb\u4e0d\u72b9\u8c6b\u5730\u542f\u52a8\u5370\u949e\u673a\uff0c\u5168\u9762\u51fa\u624b\u3002<\/p>\n<h3 class=\"customstyle_text\">\u6076\u52a3\u5173\u7cfb\uff08Bad Blood\uff09<\/h3>\n<p>\u9c8d\u5a01\u5c14\u662f\u4e2a\u53db\u5f92\uff0c\u4ed6\u4e8e 2018 \u5e74\u7531\u7279\u6717\u666e\u4efb\u547d\uff0c\u4f46\u5982\u4eca\u5df2\u5f7b\u5e95\u80cc\u53db\u3002\u8fd9\u5e76\u4e0d\u4ee4\u4eba\u610f\u5916\uff0c\u56e0\u4e3a\u7279\u6717\u666e\u4e3b\u4e49\uff08Trumpism\uff09 \u5728\u4ed6\u7684\u7b2c\u4e00\u4efb\u671f\u5185\u88ab\u4e00\u7fa4\u4e0d\u5fe0\u8bda\u7684\u624b\u4e0b\u6240\u524a\u5f31\u3002\u4f60\u53ef\u4ee5\u8ba4\u4e3a\u8fd9\u662f\u4e00\u4ef6\u597d\u4e8b\u6216\u574f\u4e8b\uff0c<strong>\u4f46\u65e0\u8bba\u5982\u4f55\uff0c\u7279\u6717\u666e\u4e0e\u9c8d\u5a01\u5c14\u7684\u5173\u7cfb\u73b0\u5728\u5df2\u7ecf\u5f7b\u5e95\u7834\u88c2\u3002<\/strong><\/p>\n<p>\u5728\u7279\u6717\u666e\u6700\u8fd1\u6218\u80dc\u62dc\u767b\u540e\uff0c\u9c8d\u5a01\u5c14\u7acb\u5373\u6f84\u6e05\u4e86\u5916\u754c\u5bf9\u5176\u53ef\u80fd\u8f9e\u804c\u7684\u7591\u8651\uff0c\u8868\u793a\u4ed6\u5c06\u5c65\u884c\u81ea\u5df1\u7684\u5b8c\u6574\u4efb\u671f\uff0c\u76f4\u81f3 2026 \u5e74 5 \u6708\u3002<\/p>\n<p>\u7279\u6717\u666e\u4e00\u8d2f\u5f3a\u8c03\u7f8e\u8054\u50a8\u5fc5\u987b\u964d\u606f\uff0c\u4ee5\u201c\u8ba9\u7f8e\u56fd\u518d\u6b21\u4f1f\u5927\u201d\uff08Make America Great Again\uff09\u3002\u9c8d\u5a01\u5c14\u5219\u4ee5\u4ed6\u60ef\u7528\u7684\u65b9\u5f0f\u56de\u5e94\u2014\u2014\u7f8e\u8054\u50a8\u7684\u51b3\u7b56\u201c\u4f9d\u8d56\u6570\u636e\u201d\uff08data dependent\uff09\u3002<strong>\u8fd9\u610f\u5473\u7740\u4ed6\u4eec\u60f3\u5e72\u4ec0\u4e48\u5c31\u5e72\u4ec0\u4e48\uff0c\u7136\u540e\u8ba9\u7f8e\u8054\u50a8\u5730\u4e0b\u5ba4\u7684\u5b9e\u4e60\u751f\u7f16\u9020\u4e00\u5957\u7ecf\u6d4e\u7406\u8bba\u6765\u4e3a\u5176\u51b3\u7b56\u63d0\u4f9b\u6240\u8c13\u7684\u201c\u5b66\u672f\u4f9d\u636e\u201d\u3002<\/strong>\u8fd8\u8bb0\u5f97\u00a0DSGE\uff08\u52a8\u6001\u968f\u673a\u4e00\u822c\u5747\u8861\u6a21\u578b\uff09\u3001IS\/LM \u6a21\u578b\u3001\u4ee5\u53ca\u201c\u674e\u5609\u56fe\u7b49\u4ef7\u7406\u8bba\u201d\uff08Ricardian Equivalence\uff09 \u5417\uff1f\u5982\u679c\u4f60\u4e0d\u662f\u5728\u7f8e\u8054\u50a8\u603b\u90e8\u2014\u2014\u9a6c\u91cc\u7eb3\u00b7\u57c3\u514b\u5c14\u65af\u5927\u697c\uff08Marriner Eccles Building\uff09\u5de5\u4f5c\uff0c\u90a3\u4e9b\u4e1c\u897f\u7edf\u7edf\u90fd\u662f\u5e9f\u8bdd\u3002<\/p>\n<h3 class=\"customstyle_text\">\n<li>\n<p>\u7ee7\u7eed\u7ef4\u6301\u5927\u89c4\u6a21\u8d22\u653f\u8d64\u5b57\uff0c\u8fd9\u9700\u8981\u8d22\u653f\u90e8\u53d1\u884c\u5927\u91cf\u56fd\u503a\u3002\u8fd9\u4e00\u70b9\u4ece\u4efb\u547d\u9a6c\u65af\u514b\u9886\u5bfc\u4e00\u4e2a\u6839\u672c\u6ca1\u6709\u5b9e\u6743\u7684\u201c\u8ff7\u56e0\u90e8\u95e8\u201d\uff08meme department\uff09\u5c31\u53ef\u89c1\u4e00\u6591\u3002\u9a6c\u65af\u514b\u7684\u8d22\u5bcc\u5f88\u5927\u7a0b\u5ea6\u4e0a\u4f9d\u8d56\u4e8e\u653f\u5e9c\u63d0\u4f9b\u7684\u6570\u5341\u4ebf\u7f8e\u5143\u8865\u8d34\u548c\u7a0e\u6536\u4f18\u60e0\uff08\u5982 Tesla \u4eab\u53d7\u7684\u653f\u7b56\uff09\u3002<span>\u8fd9\u4e2a\u6240\u8c13\u7684\u201c\u653f\u5e9c\u6548\u7387\u90e8\u201d\uff08Department of Government Efficiency\uff0c\u7b80\u79f0 DOGE\uff09\u5e76\u4e0d\u662f\u4e00\u4e2a\u771f\u6b63\u7684\u8054\u90a6\u653f\u5e9c\u90e8\u95e8\uff0c\u56e0\u4e3a\u8981\u6210\u7acb\u65b0\u90e8\u95e8\u9700\u8981\u56fd\u4f1a\u7acb\u6cd5\u6388\u6743\u3002\u5b83\u53ea\u662f\u4e00\u4e2a\u201c\u8363\u8a89\u987e\u95ee\u89d2\u8272\u201d\uff0c\u76f4\u5c5e\u7279\u6717\u666e\uff0c\u6ca1\u6709\u5b9e\u6743\u3002M<\/span><span>eme \u975e\u5e38\u5f3a\u5927\uff0c\u4f46\u5b83\u4eec\u65e0\u6cd5\u524a\u51cf\u533b\u4fdd\u652f\u51fa\u6216\u56fd\u9632\u9884\u7b97\u3002\u53ea\u6709\u56fd\u4f1a\u8bae\u5458\u624d\u80fd\u505a\u51fa\u8fd9\u4e9b\u8270\u96be\u51b3\u5b9a\uff0c\u4f46\u4ed6\u4eec\u4e3a\u4ec0\u4e48\u8981\u505a\u8fd9\u79cd\u4f1a\u5f71\u54cd 2026 \u5e74\u8fde\u4efb\u9009\u4e3e\u673a\u4f1a\u7684\u4e8b\uff1f<\/span><\/p>\n<\/li>\n<li>\n<p>\u7acb\u5373\u6311\u8d77\u503a\u52a1\u4e0a\u9650\u4e4b\u4e89\u3002\u8d1d\u68ee\u7279\uff08Bessent\uff0c\u53ef\u80fd\u7684\u8d22\u653f\u90e8\u957f\uff09 \u53ef\u4ee5\u5229\u7528\u5404\u79cd\u8d22\u653f\u5de5\u5177\uff0c\u63a8\u8fdf\u653f\u5e9c\u5173\u95e8\u7684\u65f6\u95f4\u70b9\u3002<span>\u8036\u4f26\u5728 2023 \u5e74\u590f\u5929\u7684\u503a\u52a1\u4e0a\u9650\u6597\u4e89\u4e2d\uff0c\u5c31\u5229\u7528\u8d22\u653f\u90e8\u4e00\u822c\u8d26\u6237\uff08TGA\uff0cTreasury General Account\uff09 \u7684\u8d44\u91d1\uff0c\u4e3a\u5e02\u573a\u63d0\u4f9b\u4e86\u989d\u5916\u7684\u6d41\u52a8\u6027\uff0c\u540c\u65f6\u5ef6\u7f13\u4e86\u653f\u5e9c\u5173\u95e8\u7684\u65f6\u95f4\u70b9\uff0c\u8ba9\u8d22\u653f\u90e8\u80fd\u591f\u7ee7\u7eed\u501f\u6b3e\u3002<\/span><span>\u4f46\u8d1d\u68ee\u7279\u53ef\u4ee5\u9009\u62e9\u8896\u624b\u65c1\u89c2\uff0c\u4e0d\u6d88\u8017 TGA \u8d44\u91d1\u3002\u5982\u679c\u8d22\u653f\u90e8\u4e0d\u6295\u653e\u8d44\u91d1\uff0c\u7f8e\u56fd\u56fd\u503a\u5e02\u573a\u5c06\u9677\u5165\u762b\u75ea\uff0c\u6295\u8d44\u8005\u4f1a\u56e0\u62c5\u5fe7\u653f\u5e9c\u8fdd\u7ea6\u800c\u75af\u72c2\u629b\u552e\u56fd\u503a\u3002<\/span><\/p>\n<\/li>\n<\/ul>\n<p><strong>\u8fd9\u4e00\u7cfb\u5217\u64cd\u4f5c\u5c06\u8fc5\u901f\u63a8\u52a8 10 \u5e74\u671f\u7f8e\u56fd\u56fd\u503a\u6536\u76ca\u7387\u7a81\u7834 5%\u00a0\u3002<\/strong><\/p>\n<p><strong>\u5982\u679c\u8d1d\u68ee\u7279\u5ba3\u5e03\u653f\u5e9c\u5c06\u5728\u67d0\u4e2a\u786e\u5207\u65e5\u671f\u89e6\u53ca\u503a\u52a1\u4e0a\u9650\uff0c\u5e76\u4e14\u8d22\u653f\u90e8\u4e0d\u4f1a\u52a8\u7528 TGA \u8d44\u91d1\u6765\u7ef4\u6301\u653f\u5e9c\u8fd0\u8f6c\uff0c\u90a3\u4e48\u91d1\u878d\u5e02\u573a\u7684\u52a8\u8361\u53ef\u80fd\u5728\u51e0\u5929\u5185\u8fc5\u901f\u53d1\u9175\u3002<\/strong><\/p>\n<p>\u5f53\u56fd\u503a\u6536\u76ca\u7387\u98d9\u5347\uff0c\u80a1\u5e02\u5c06\u66b4\u8dcc\uff0c\u7f8e\u56fd\u6216\u6d77\u5916\u7684\u67d0\u4e9b\u5927\u578b\u91d1\u878d\u673a\u6784\u5c06\u9762\u4e34\u4e25\u91cd\u6d41\u52a8\u6027\u5371\u673a\u3002\u7f8e\u8054\u50a8\u5c06\u88ab\u653f\u6cbb\u73b0\u5b9e\u903c\u5165\u6b7b\u89d2\uff0c\u4e3a\u4e86\u62ef\u6551\u91d1\u878d\u4f53\u7cfb\uff0c\u4ed6\u4eec\u4e0d\u5f97\u4e0d\u91c7\u53d6\u4ee5\u4e0b\u63aa\u65bd\uff08\u90e8\u5206\u6216\u5168\u90e8\uff09\uff1a<\/p>\n<ul class=\" list-paddingleft-2\">\n<li>\n<p><strong>\u63d0\u4f9b 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MAGA \u8fd0\u52a8\u5c06\u80ce\u6b7b\u8179\u4e2d\uff0c\u4ec5\u5b58\u6d3b\u4e24\u5e74\uff0c\u76f4\u5230 2026 \u5e74\u4e2d\u671f\u9009\u4e3e\u540e\u6c11\u4e3b\u515a\u91cd\u65b0\u638c\u6743\u3002<\/p>\n<p>\u7f8e\u5143\u7684\u5370\u949e\u6f6e\u7ec8\u5c06\u5230\u6765\uff0c\u4f46\u524d\u63d0\u662f\u7f8e\u8054\u50a8\u5fc5\u987b\u9996\u5148\u7ad9\u5230\u7279\u6717\u666e\u4e00\u8fb9\u3002\u7f8e\u8054\u50a8\u5e76\u4e0d\u662f\u552f\u4e00\u7684\u91d1\u878d\u63a8\u52a8\u529b\uff0c\u94f6\u884c\u7cfb\u7edf\u662f\u5426\u5728\u521b\u9020\u4fe1\u8d37\uff1f<\/p>\n<p><img decoding=\"async\" alt=\"Arthur Hayes\uff1a\u6bd4\u7279\u5e01\u5c06\u5982\u4f55\u56de\u843d\u52307\u4e07\u7f8e\u5143\u7684\u7cfb\u7edf\u8bba\u8bc1\" src=\"https:\/\/s2.flink2.com\/news\/other\/20250204\/8a1dc126dda87f95d95945d6930d8854.jpg\"><\/p>\n<p>\u7b54\u6848\u662f\u5426\u5b9a\u7684\u3002\u4ece\u6211\u7684\u94f6\u884c\u4fe1\u8d37\u6307\u6570\u6765\u770b\uff0c\u8be5\u6307\u6570\u662f\u7f8e\u8054\u50a8\u94f6\u884c\u50a8\u5907\u3001\u5b58\u6b3e\u53ca\u8d1f\u503a\u7684\u603b\u548c\uff0c\u76ee\u524d\u4fe1\u8d37\u589e\u957f\u5df2\u9677\u5165\u505c\u6ede\u3002\u8d44\u91d1\u6d41\u5fc5\u987b\u4fdd\u6301\u7545\u901a\uff0c\u5982\u679c\u4fe1\u8d37\u6269\u5f20\u901f\u5ea6\u4f4e\u4e8e\u9884\u671f\uff0c\u5e02\u573a\u5c06\u4f1a\u56de\u5410\u56e0\u7279\u6717\u666e\u80dc\u9009\u800c\u5e26\u6765\u7684\u6da8\u5e45\u3002<\/p>\n<h2 class=\"customstyle_text\">\n<p>\u5982\u679c\u4f60\u6c89\u8ff7\u4e8e\u5c0f\u7ea2\u4e66\uff0c\u8fd8\u6ca1\u610f\u8bc6\u5230\u4e2d\u56fd\u592e\u884c\u548c\u653f\u5e9c\u4f55\u65f6\u5ba3\u5e03\u4e86\u8fd9\u4e9b\u518d\u901a\u80c0\u653f\u7b56\uff0c\u6211\u5df2\u7ecf\u5728\u4e0a\u65b9\u7684\u4e0a\u8bc1\u7efc\u5408\u6307\u6570\u56fe\u8868\u4e0a\u5708\u51fa\u6765\u4e86\u3002\u653f\u5e9c\u5e0c\u671b\u6295\u8d44\u8005\u62a2\u5148\u5165\u573a\uff0c\u8fce\u63a5\u4eba\u6c11\u5e01\u5370\u949e\u5e26\u6765\u7684\u8d44\u4ea7\u4ef7\u683c\u98d9\u5347\uff0c\u800c<strong>\u8fd9\u4e00\u7b56\u7565\u594f\u6548\u4e86\u3002<\/strong><\/p>\n<p>\u5728\u300a\u52a0\u6cb9\u6bd4\u7279\u5e01 Let\u2019s Go Bitcoin\u300b\u4e00\u6587\u4e2d\uff0c\u6211\u66fe\u8bba\u8bc1\uff0c\u4e2d\u56fd\u5df2\u7ecf\u51c6\u5907\u5728\u5fc5\u8981\u65f6\u5141\u8bb8\u4eba\u6c11\u5e01\u8d2c\u503c\uff0c\u4f5c\u4e3a\u5927\u89c4\u6a21\u5370\u949e\u653f\u7b56\u7684\u5fc5\u7136\u7ed3\u679c\u3002\u7f8e\u5143\u5151\u4eba\u6c11\u5e01\u88ab\u5141\u8bb8\u4e0a\u5347\uff0c\u610f\u5473\u7740\u7f8e\u5143\u8d70\u5f3a\uff0c\u800c\u4eba\u6c11\u5e01\u8d70\u5f31\u3002\u4e00\u5207\u90fd\u6309\u8ba1\u5212\u8fdb\u884c\uff0c\u76f4\u5230 2024 \u5e74 1 \u6708\uff0c\u4e2d\u56fd\u7a81\u7136\u6539\u53d8\u653f\u7b56\u3002<\/p>\n<p>2024 \u5e74 1 \u6708 9 \u65e5\uff0c\u4e2d\u56fd\u4eba\u6c11\u94f6\u884c\u5ba3\u5e03\u7ec8\u6b62\u56fd\u503a\u8d2d\u4e70\u8ba1\u5212\u3002\u592e\u884c\u4ecb\u5165\u5e02\u573a\uff0c\u4e3b\u52a8\u63a8\u52a8\u4eba\u6c11\u5e01\u5347\u503c\u3002\u8fd9\u610f\u5473\u7740\uff1a<\/p>\n<ul class=\" list-paddingleft-2\">\n<li>\n<p><strong>\u592e\u884c\u65e0\u6cd5\u901a\u8fc7\u4eba\u6c11\u5e01\u8d2c\u503c\u6765\u5728\u56fd\u5185\u653e\u677e\u91d1\u878d\u73af\u5883<\/strong><\/p>\n<\/li>\n<li>\n<p><strong>\u540c\u65f6\uff0c\u5b83\u5374\u4e3b\u52a8\u51fa\u624b\u5e72\u9884\uff0c\u63a8\u52a8\u4eba\u6c11\u5e01\u5347\u503c<\/strong><\/p>\n<\/li>\n<\/ul>\n<p>\u7ecf\u6d4e\u5b66\u5bb6\u62c9\u585e\u5c14\u00b7\u7eb3\u76ae\u5c14\u8ba4\u4e3a\uff0c\u4e2d\u56fd\u662f\u5728\u4e3a\u4e0e\u7279\u6717\u666e\u7684\u8270\u96be\u8c08\u5224\u505a\u51c6\u5907\uff0c\u907f\u514d\u63d0\u524d\u6d88\u8017\u653f\u7b56\u5de5\u5177\u3002\u4ed6\u9884\u6d4b\uff0c\u4e2d\u7f8e\u53ef\u80fd\u4f1a\u8fbe\u6210\u67d0\u79cd\u201c\u5927\u4ea4\u6613\u201d\uff0c\u56e0\u4e3a\u4e24\u56fd\u90fd\u5e0c\u671b\u672c\u5e01\u8d2c\u503c\uff0c\u4ee5\u523a\u6fc0\u51fa\u53e3\u5e76\u6539\u5584\u56fd\u5185\u7ecf\u6d4e\u3002\u7136\u800c\uff0c\u53cc\u65b9\u9886\u5bfc\u4eba\u90fd\u65e0\u6cd5\u76f4\u63a5\u59a5\u534f\uff0c\u5426\u5219\u4f1a\u88ab\u56fd\u5185\u6c11\u4f17\u89c6\u4e3a\u8f6f\u5f31\uff0c\u8fdd\u80cc\u4e86\u4ed6\u4eec\u7684\u7ade\u9009\u627f\u8bfa\u3002<\/p>\n<p>\u65e0\u8bba\u771f\u6b63\u539f\u56e0\u662f\u4ec0\u4e48\uff0c\u4e2d\u56fd\u5df2\u7ecf\u9009\u62e9\u4e86\u7a33\u5b9a\u4eba\u6c11\u5e01\uff0c\u800c\u4e0d\u662f\u7ee7\u7eed\u63a8\u52a8\u7ecf\u6d4e\u590d\u82cf\u3002<strong>\u56e0\u6b64\uff0c\u4eba\u6c11\u5e01\u7684\u5370\u949e\u673a\u5df2\u6682\u65f6\u5173\u95ed\uff0c\u76f4\u5230\u53e6\u884c\u901a\u77e5\u3002<\/strong><\/p>\n<h2 class=\"customstyle_text\">\n<p><strong>\u968f\u7740\u653f\u7b56\u5229\u7387\u7684\u4e0a\u5347\uff0c\u65e5\u672c\u56fd\u503a\uff08JGB\uff09\u7684\u6536\u76ca\u7387\u5df2\u6500\u5347\u81f3\u8fd1 15 \u5e74\u672a\u89c1\u7684\u6c34\u5e73\u3002<\/strong><\/p>\n<p>\u8d27\u5e01\u4f9b\u5e94\u589e\u957f\u7684\u901f\u5ea6\u8fdc\u4f4e\u4e8e\u8fc7\u53bb\uff0c\u800c\u5176\u4ef7\u683c\uff08\u5229\u7387\uff09\u5374\u5728\u5feb\u901f\u4e0a\u5347\u3002\u8fd9\u5bf9\u4e8e\u4ee5\u6cd5\u5e01\u8ba1\u4ef7\u7684\u91d1\u878d\u8d44\u4ea7\u6765\u8bf4\uff0c\u5e76\u4e0d\u662f\u6709\u5229\u7684\u5e02\u573a\u73af\u5883\u3002<\/p>\n<p>\u7f8e\u5143\u5151\u65e5\u5143\uff08USDJPY\uff09\u6b63\u5904\u4e8e\u89c1\u9876\u8fc7\u7a0b\u3002\u6211\u8ba4\u4e3a\uff0c\u5728\u672a\u6765 3 \u5230 5 \u5e74\u5185\uff0c\u7f8e\u5143\u5151\u65e5\u5143\u6c47\u7387\u5c06\u8fbe\u5230 100\u00a0\uff08\u5373\u7f8e\u5143\u8d2c\u503c\uff0c\u65e5\u5143\u5347\u503c\uff09\u3002\u6b63\u5982\u6211\u4e4b\u524d\u591a\u6b21\u5206\u6790\u8fc7\u7684\uff0c\u65e5\u5143\u5347\u503c\u5c06\u4fc3\u4f7f\u65e5\u672c\u4f01\u4e1a\uff08Japan Inc.\uff09\u5c06\u6570\u4e07\u4ebf\u7f8e\u5143\u7684\u8d44\u672c\u6c47\u56de\u56fd\u5185\uff0c\u800c\u90a3\u4e9b\u4ee5\u65e5\u5143\u501f\u6b3e\u7684\u6295\u8d44\u8005\u5fc5\u987b\u629b\u552e\u8d44\u4ea7\uff0c\u4ee5\u5e94\u5bf9\u878d\u8d44\u6210\u672c\u7684\u6fc0\u589e\u3002<\/p>\n<p>\u5bf9\u4e8e\u5168\u7403\u6cd5\u5e01\u91d1\u878d\u5e02\u573a\u6765\u8bf4\uff0c\u6700\u5927\u7684\u62c5\u5fe7\u5728\u4e8e\uff0c\u8fd9\u79cd\u629b\u552e\u5bf9\u7f8e\u56fd\u56fd\u503a\u4ef7\u683c\u7684\u8d1f\u9762\u5f71\u54cd\u3002\u8fd9\u5c06\u6210\u4e3a\u957f\u671f\u7684\u7ed3\u6784\u6027\u963b\u529b\uff0c\u800c<strong>\u8d1d\u68ee\u7279\uff08Bessent\uff09\u5fc5\u987b\u60f3\u529e\u6cd5\u5e94\u5bf9\u3002\u6700\u7ec8\uff0c\u7f8e\u56fd\u653f\u5e9c\u5c06\u4e0d\u5f97\u4e0d\u901a\u8fc7\u67d0\u79cd\u7f8e\u5143\u4e92\u6362\u989d\u5ea6\uff08swap line facility\uff09 \u91ca\u653e\u7f8e\u5143\u6d41\u52a8\u6027\u6765\u89e3\u51b3\u95ee\u9898\uff0c\u4f46\u5728\u6b64\u4e4b\u524d\uff0c\u5e02\u573a\u5fc5\u987b\u5148\u7ecf\u5386\u4e00\u6bb5\u9635\u75db\uff0c\u4ee5\u63d0\u4f9b\u5fc5\u8981\u7684\u653f\u6cbb\u63a9\u62a4\uff0c\u4f7f\u8d27\u5e01\u652f\u6301\u653f\u7b56\u5177\u6709\u5408\u7406\u6027\u3002<\/strong><\/p>\n<p>\u6211\u5df2\u7ecf\u89e3\u91ca\u4e86\u7f8e\u5143\u3001\u4eba\u6c11\u5e01\u548c\u65e5\u5143\u7684\u6cd5\u5e01\u6d41\u52a8\u6027\u72b6\u51b5\u4e3a\u4f55\u5bf9\u6cd5\u5e01\u91d1\u878d\u8d44\u4ea7\u7684\u4ef7\u683c\u589e\u957f\u4e0d\u5229\u3002\u73b0\u5728\uff0c\u6211\u5c06\u8fdb\u4e00\u6b65\u8bf4\u660e\u8fd9\u5bf9\u6bd4\u7279\u5e01\u53ca\u52a0\u5bc6\u8d44\u672c\u5e02\u573a\u7684\u5f71\u54cd\u3002<\/p>\n<h2 class=\"customstyle_text\"><\/span><\/p>\n<p><img decoding=\"async\" alt=\"Arthur Hayes\uff1a\u6bd4\u7279\u5e01\u5c06\u5982\u4f55\u56de\u843d\u52307\u4e07\u7f8e\u5143\u7684\u7cfb\u7edf\u8bba\u8bc1\" src=\"https:\/\/s2.flink2.com\/news\/other\/20250204\/6dab36df93c0fd3085e9b305e847e9d8.jpg\"><\/p>\n<p><span>\u4ece 1970 \u5e74\u4ee3\u5230 21 \u4e16\u7eaa\u521d\uff0c\u901a\u80c0\u662f\u7f8e\u56fd\u6295\u8d44\u8005\u6700\u5bb3\u6015\u7684\u201c\u5996\u602a\u201d\uff08boogie man\uff09\u3002\u56e0\u6b64\uff0c<strong>\u80a1\u7968\u548c\u503a\u5238\u4ef7\u683c\u5448\u6b63\u76f8\u5173<\/strong>\u3002\u5f53\u901a\u80c0\u52a0\u5267\u5e76\u5bf9\u7ecf\u6d4e\u4ea7\u751f\u8d1f\u9762\u5f71\u54cd\u65f6\uff0c\u6295\u8d44\u8005\u4f1a\u540c\u65f6\u629b\u552e\u503a\u5238\u548c\u80a1\u7968\u3002<\/span><\/p>\n<p>\u8fd9\u79cd\u60c5\u51b5\u5728 2001 \u5e74\u4e2d\u56fd\u52a0\u5165\u4e16\u754c\u8d38\u6613\u7ec4\u7ec7\uff08WTO\uff09\u540e\u53d1\u751f\u4e86\u53d8\u5316\u3002\u7f8e\u56fd\u8d44\u672c\u5bb6\u5f00\u59cb\u5c06\u5236\u9020\u4e1a\u5916\u5305\u81f3\u4e2d\u56fd\uff0c\u6362\u53d6\u56fd\u5185\u4f01\u4e1a\u5229\u6da6\u7684\u589e\u957f\u3002\u4ece\u6b64\uff0c\u5e02\u573a\u5173\u6ce8\u7684\u7126\u70b9\u4e0d\u518d\u662f\u901a\u80c0\uff0c\u800c\u662f\u7ecf\u6d4e\u589e\u957f\u3002\u5728\u8fd9\u79cd\u65b0\u8303\u5f0f\u4e0b\uff0c\u503a\u5238\u4ef7\u683c\u4e0b\u8dcc\u610f\u5473\u7740\u7ecf\u6d4e\u589e\u957f\u52a0\u901f\uff0c<strong>\u56e0\u6b64\u80a1\u7968\u5e94\u8868\u73b0\u826f\u597d\uff0c\u5bfc\u81f4\u80a1\u7968\u4e0e\u503a\u5238\u4e4b\u95f4\u7684\u76f8\u5173\u6027\u964d\u4f4e\u3002<\/strong><\/p>\n<p>\u7136\u800c\uff0c\u4ece 2021 \u5e74\u5f00\u59cb\uff0c\u4f60\u53ef\u4ee5\u6e05\u695a\u5730\u770b\u5230\uff0c\u00a01 \u5e74\u671f\u80a1\u7968-\u503a\u5238\u76f8\u5173\u6027\u5927\u5e45\u4e0a\u5347\u3002\u8fd9\u662f\u56e0\u4e3a\u00a0Flu-19\u00a0\u5371\u673a\uff08\u75ab\u60c5\u671f\u95f4\u7684\u8d22\u653f\u523a\u6fc0\uff09\u5bfc\u81f4\u901a\u80c0\u5377\u571f\u91cd\u6765\uff0c\u5e76\u98d9\u5347\u81f3 40 \u5e74\u6765\u7684\u6700\u9ad8\u6c34\u5e73\u3002\u7f8e\u8054\u50a8\u4e8e 2022 \u5e74\u521d\u5f00\u542f\u52a0\u606f\u5468\u671f\uff0c\u5728\u6b64\u671f\u95f4\uff0c\u503a\u5238\u4ef7\u683c\u548c\u80a1\u7968\u4ef7\u683c\u540c\u6b65\u4e0b\u8dcc\uff0c<strong>\u8fd9\u79cd\u5173\u7cfb\u56de\u5230\u4e86 1970 \u5e74\u4ee3\u81f3 2000 \u5e74\u521d\u7684\u6a21\u5f0f\uff0c\u5373\u901a\u80c0\u6210\u4e3a\u5e02\u573a\u6700\u4e3b\u8981\u7684\u62c5\u5fe7\u3002<\/strong><\/p>\n<p>\u8fd9\u4e00\u70b9\u5728 10 \u5e74\u671f\u7f8e\u56fd\u56fd\u503a\u7684\u8868\u73b0 \u4e0a\u8868\u73b0\u5f97\u5c24\u4e3a\u660e\u663e\u3002\u5f53\u7f8e\u8054\u50a8\u5728 2023 \u5e74 9 \u6708\u6682\u505c\u52a0\u606f\uff0c\u5e76\u5728 2024 \u5e74 9 \u6708\u5f00\u59cb\u964d\u606f\u65f6\uff0c\u901a\u80c0\u4ecd\u7136\u9ad8\u4e8e 2% \u76ee\u6807\uff0c\u4f46\u5e02\u573a\u4f9d\u65e7\u62c5\u5fe7\u901a\u80c0\u3002<\/p>\n<p>\u4ee5\u4e0b\u4e09\u5f20\u56fe\u8868\u5c55\u793a\u4e86\u8fd9\u4e00\u8d8b\u52bf\uff1a<\/p>\n<ul class=\" list-paddingleft-2\">\n<li>\n<p>\u7f8e\u8054\u50a8\u8054\u90a6\u57fa\u91d1\u5229\u7387\u4e0a\u9650\uff08\u767d\u8272\uff09 vs. 10 \u5e74\u671f\u7f8e\u56fd\u56fd\u503a\u6536\u76ca\u7387\uff08\u9ec4\u8272\uff09<\/p>\n<\/li>\n<\/ul>\n<p><img decoding=\"async\" alt=\"Arthur Hayes\uff1a\u6bd4\u7279\u5e01\u5c06\u5982\u4f55\u56de\u843d\u52307\u4e07\u7f8e\u5143\u7684\u7cfb\u7edf\u8bba\u8bc1\" src=\"https:\/\/s2.flink2.com\/news\/other\/20250204\/8a24408d4e5b9884fb1368623037e346.jpg\"><\/p>\n<p><img decoding=\"async\" alt=\"Arthur Hayes\uff1a\u6bd4\u7279\u5e01\u5c06\u5982\u4f55\u56de\u843d\u52307\u4e07\u7f8e\u5143\u7684\u7cfb\u7edf\u8bba\u8bc1\" src=\"https:\/\/s2.flink2.com\/news\/other\/20250204\/a4c652ad61ce198623f790d2465ab1b2.jpg\"><\/p>\n<p><strong><span>\u4ece\u8fd9\u4e9b\u56fe\u8868\u53ef\u4ee5\u770b\u51fa\uff0c\u5e02\u573a\u5bf9\u901a\u80c0\u7684\u6050\u60e7\u6b63\u5728\u52a0\u5267\uff0c\u56e0\u4e3a\u5373\u4f7f\u7f8e\u8054\u50a8\u653e\u677e\u8d27\u5e01\u653f\u7b56\uff08\u964d\u606f\uff09\uff0c\u6536\u76ca\u7387\u4ecd\u5728\u4e0a\u5347\u3002<\/span><\/strong><\/p>\n<p><img decoding=\"async\" alt=\"Arthur Hayes\uff1a\u6bd4\u7279\u5e01\u5c06\u5982\u4f55\u56de\u843d\u52307\u4e07\u7f8e\u5143\u7684\u7cfb\u7edf\u8bba\u8bc1\" src=\"https:\/\/s2.flink2.com\/news\/other\/20250204\/76bfbfb110457fc8d30d85700dfad315.jpg\"><\/p>\n<p>\u5bf9\u6bd4\u524d\u4e24\u5f20\u56fe\uff0c\u4e5f\u5c31\u662f 2018 \u5e74\u5e95\u5230 2020 \u5e74 3 \u6708\u7684\u4e0a\u4e00\u8f6e\u964d\u606f\u5468\u671f\uff0c\u5f53\u65f6\u7f8e\u8054\u50a8\u964d\u606f\u65f6\uff0c\u6536\u76ca\u7387\u540c\u6b65\u4e0b\u964d\u3002\u800c\u8fd9\u6b21\uff0c\u60c5\u51b5\u5374\u622a\u7136\u4e0d\u540c\u3002<\/p>\n<p>\u4e0d\u7ba1\u522b\u4eba\u600e\u4e48\u8bf4\uff0c\u8d27\u5e01\u7684\u4ef7\u683c\u59cb\u7ec8\u4f1a\u5f71\u54cd\u4ee5\u6cd5\u5e01\u8ba1\u4ef7\u7684\u8d44\u4ea7\u3002<strong>\u79d1\u6280\u80a1\u5bf9\u5229\u7387\u6781\u5176\u654f\u611f\uff0c\u4f60\u53ef\u4ee5\u628a\u5b83\u4eec\u770b\u4f5c\u4e00\u79cd\u5177\u6709\u65e0\u9650\u671f\u9650\u6216\u4e45\u671f\u7684\u503a\u5238\u3002\u7b80\u5355\u7684\u6570\u5b66\u544a\u8bc9\u6211\u4eec\uff0c\u5f53\u5bf9\u672a\u6765\u73b0\u91d1\u6d41\u8d34\u73b0\u7684\u5229\u7387\u4e0a\u5347\u65f6\uff0c\u79d1\u6280\u80a1\u7684\u73b0\u503c\u5c31\u4f1a\u4e0b\u964d\u3002\u800c\u5f53\u91d1\u878d\u4f53\u7cfb\u7684\u529f\u80fd\u5931\u8c03\u5bfc\u81f4\u6536\u76ca\u7387\u7a81\u7834\u67d0\u4e2a\u5173\u952e\u6c34\u5e73\u65f6\uff0c\u8fd9\u79cd\u6570\u5b66\u5173\u7cfb\u5c31\u4f1a\u663e\u73b0\u5176\u6700\u4e11\u964b\u7684\u4e00\u9762\u3002<\/strong><\/p>\n<p><img decoding=\"async\" alt=\"Arthur Hayes\uff1a\u6bd4\u7279\u5e01\u5c06\u5982\u4f55\u56de\u843d\u52307\u4e07\u7f8e\u5143\u7684\u7cfb\u7edf\u8bba\u8bc1\" src=\"https:\/\/s2.flink2.com\/news\/other\/20250204\/c2cda8fa5b0cd9cf16b2f7dcd5e848b5.jpg\"><\/p>\n<p>\u4e0a\u65b9\u7684\u56fe\u8868\u5c55\u793a\u4e86\u7eb3\u65af\u8fbe\u514b 100 \u6307\u6570\uff08\u767d\u8272\uff09 vs. 10 \u5e74\u671f\u7f8e\u56fd\u56fd\u503a\u6536\u76ca\u7387\uff08\u9ec4\u8272\uff09\u3002\u53ef\u4ee5\u770b\u5230\uff0c\u5f53\u6536\u76ca\u7387\u63a5\u8fd1 5% \u65f6\uff0c\u80a1\u7968\u5e02\u573a\u4e0b\u8dcc\uff0c\u800c\u5f53\u6536\u76ca\u7387\u56de\u843d\u65f6\uff0c\u79d1\u6280\u80a1\u5219\u8fce\u6765\u4e86\u5927\u5e45\u53cd\u5f39\u3002\u8fd9\u6b63\u662f\u4e00\u4e2a\u4ee5\u901a\u80c0\u4e3a\u4e3b\u8981\u62c5\u5fe7\u3001\u800c\u975e\u7ecf\u6d4e\u589e\u957f\u7684\u91d1\u878d\u73af\u5883\u6240\u5178\u578b\u5448\u73b0\u7684\u5e02\u573a\u53cd\u5e94\u3002<\/p>\n<p>\u8ba9\u6211\u4eec\u628a\u6240\u6709\u56e0\u7d20\u7efc\u5408\u8d77\u6765\u3002<strong>\u7f8e\u5143\u3001\u4eba\u6c11\u5e01\u548c\u65e5\u5143\u5728\u5168\u7403\u91d1\u878d\u5e02\u573a\u4e0a\u662f\u53ef\u4ee5\u4e92\u6362\u7684\uff0c\u5b83\u4eec\u6700\u7ec8\u90fd\u4f1a\u4ee5\u67d0\u79cd\u5f62\u5f0f\u6d41\u5165\u7f8e\u56fd\u7684\u5927\u578b\u79d1\u6280\u80a1\u3002\u4e0d\u7ba1\u4f60\u662f\u5426\u559c\u6b22\uff0c\u8fd9\u90fd\u662f\u4e8b\u5b9e\u3002<\/strong>\u6211\u521a\u521a\u5df2\u7ecf\u5206\u6790\u4e86\u4e3a\u4ec0\u4e48\u5728\u77ed\u671f\u5185\uff0c\u7f8e\u56fd\u3001\u4e2d\u56fd\u548c\u65e5\u672c\u90fd\u6ca1\u6709\u5728\u52a0\u901f\u6cd5\u5e01\u4f9b\u5e94\u7684\u6269\u5f20\uff0c\u751a\u81f3\u5728\u67d0\u4e9b\u60c5\u51b5\u4e0b\u8fd8\u5728\u62ac\u9ad8\u8d27\u5e01\u7684\u4ef7\u683c\u3002<\/p>\n<p>\u901a\u80c0\u4ecd\u7136\u5c45\u9ad8\u4e0d\u4e0b\uff0c\u5e76\u4e14\u5728\u5168\u7403\u7ecf\u6d4e\u8131\u94a9\u7684\u80cc\u666f\u4e0b\uff0c\u5f88\u53ef\u80fd\u5728\u77ed\u671f\u5185\u8fdb\u4e00\u6b65\u4e0a\u5347\u3002\u8fd9\u5c31\u662f\u4e3a\u4ec0\u4e48\u6211\u9884\u8ba1 10 \u5e74\u671f\u7f8e\u56fd\u56fd\u503a\u6536\u76ca\u7387\u5c06\u7ee7\u7eed\u4e0a\u5347\u3002\u90a3\u4e48\uff0c\u5f53\u6536\u76ca\u7387\u4e0a\u5347\u7684\u539f\u56e0\u662f\u5e02\u573a\u5bf9\u901a\u80c0\u7684\u6050\u614c\uff0c\u4ee5\u53ca\u7f8e\u56fd\u503a\u52a1\u89c4\u6a21\u8fc5\u901f\u81a8\u80c0\u800c\u627e\u4e0d\u5230\u65b0\u7684\u8fb9\u9645\u4e70\u5bb6\u65f6\uff0c\u80a1\u7968\u5e02\u573a\u4f1a\u5982\u4f55\u53cd\u5e94\uff1f\u5b83\u4eec\u4f1a\u66b4\u8dcc\u3002<\/p>\n<p>\u4ece\u957f\u671f\u6765\u770b\uff0c\u6bd4\u7279\u5e01\u4e0e\u80a1\u7968\u5e02\u573a\u7684\u76f8\u5173\u6027\u4e0d\u9ad8\uff0c\u4f46\u5728\u77ed\u671f\u5185\uff0c\u5b83\u4eec\u7684\u76f8\u5173\u6027\u53ef\u80fd\u4f1a\u53d8\u5f97\u975e\u5e38\u9ad8\u3002\u6bd4\u7279\u5e01\u4e0e\u7eb3\u65af\u8fbe\u514b 100 \u6307\u6570\u7684 30 \u5929\u76f8\u5173\u6027\uff0c\u5b83\u6b63\u5904\u4e8e\u9ad8\u4f4d\u5e76\u6301\u7eed\u4e0a\u5347\u3002\u5982\u679c\u79d1\u6280\u80a1\u56e0 10 \u5e74\u671f\u7f8e\u503a\u6536\u76ca\u7387\u98d9\u5347\u800c\u906d\u9047\u91cd\u632b\uff0c\u8fd9\u5bf9\u4e8e\u6bd4\u7279\u5e01\u7684\u77ed\u671f\u4ef7\u683c\u8d70\u52bf\u6765\u8bf4\u5e76\u4e0d\u662f\u4e2a\u597d\u5146\u5934\u3002<\/p>\n<p>\u6b64\u5916\uff0c\u6211\u59cb\u7ec8\u575a\u4fe1\uff0c\u6bd4\u7279\u5e01\u662f\u76ee\u524d\u5168\u7403\u552f\u4e00\u771f\u6b63\u81ea\u7531\u7684\u5e02\u573a\uff0c\u5b83\u5bf9\u5168\u7403\u6cd5\u5e01\u6d41\u52a8\u6027\u7684\u53d8\u5316\u6781\u5176\u654f\u611f\u3002<strong>\u56e0\u6b64\uff0c\u5982\u679c\u5373\u5c06\u53d1\u751f\u6cd5\u5e01\u6d41\u52a8\u6027\u7d27\u7f29\uff08fiat liquidity crunch\uff09\uff0c\u6bd4\u7279\u5e01\u7684\u4ef7\u683c\u5c06\u4f1a\u5148\u4e8e\u80a1\u7968\u5e02\u573a\u5d29\u76d8\uff0c\u5e76\u6210\u4e3a\u91d1\u878d\u538b\u529b\u7684\u9886\u5148\u6307\u6807\u3002<\/strong><\/p>\n<p>\u5982\u679c\u503a\u5238\u5e02\u573a\u51fa\u73b0\u6050\u614c\u629b\u552e\uff0c\u5bfc\u81f4\u91d1\u878d\u5e02\u573a\u51fa\u73b0\u7cfb\u7edf\u6027\u538b\u529b\uff0c<strong>\u76d1\u7ba1\u673a\u6784\u7684\u7b54\u6848\u5c06\u662f\u5370\u949e\u3002<\/strong>\u9996\u5148\uff0c<strong>\u7f8e\u8054\u50a8\u5c06\u7ad9\u5230\u7279\u6717\u666e\u4e00\u8fb9\uff0c\u5c65\u884c\u5176\u201c\u7231\u56fd\u804c\u8d23\u201d\u2014\u2014\u6309\u4e0b\u7f8e\u5143\u5370\u949e\u673a\u7684\u6309\u94ae\uff08USD Brrr\uff09\u3002\u968f\u540e\uff0c\u4e2d\u56fd\u4eba\u6c11\u94f6\u884c\u4e5f\u53ef\u4ee5\u540c\u6b65\u653e\u677e\u8d27\u5e01\u653f\u7b56\uff0c\u800c\u65e0\u9700\u62c5\u5fc3\u4eba\u6c11\u5e01\u8d2c\u503c\u3002\u8bb0\u4f4f\uff0c\u8d27\u5e01\u4f53\u7cfb\u662f\u76f8\u5bf9\u7684\uff0c\u5982\u679c\u7f8e\u8054\u50a8\u5927\u89c4\u6a21\u5370\u949e\uff0c\u90a3\u4e48\u4e2d\u56fd\u4eba\u6c11\u94f6\u884c\u53ef\u4ee5\u540c\u6b65\u5370\u949e\uff0c\u800c\u4e0d\u4f1a\u5f71\u54cd\u7f8e\u5143\u5151\u4eba\u6c11\u5e01\u6c47\u7387\u3002<\/strong><\/p>\n<p><strong>\u81f3\u4e8e\u65e5\u672c\uff0c\u65e5\u672c\u4f01\u4e1a\uff08Japan Inc.\uff09\u7684\u6700\u5927\u5916\u6c47\u8d44\u4ea7\u6301\u4ed3\u662f\u7f8e\u5143\u8ba1\u4ef7\u7684\u91d1\u878d\u8d44\u4ea7\u3002\u56e0\u6b64\uff0c\u5982\u679c\u8fd9\u4e9b\u8d44\u4ea7\u4ef7\u683c\u4e0b\u8dcc\uff0c\u65e5\u672c\u592e\u884c\uff08BOJ\uff09\u5c06\u4f1a\u6682\u505c\u52a0\u606f\uff0c\u4ee5\u653e\u677e\u65e5\u5143\u7684\u91d1\u878d\u73af\u5883\u3002<\/strong><\/p>\n<p>\u7b80\u800c\u8a00\u4e4b\uff0c\u7f8e\u56fd\u7684\u4e00\u573a\u5c0f\u578b\u91d1\u878d\u5371\u673a\uff0c\u5c06\u4e3a\u52a0\u5bc6\u8d27\u5e01\u5e02\u573a\u63d0\u4f9b\u5176\u6700\u6e34\u671b\u7684\u8d27\u5e01\u201c\u7518\u9732\u201d\u3002\u540c\u65f6\uff0c\u8fd9\u5bf9\u7279\u6717\u666e\u7684\u653f\u6cbb\u5229\u76ca\u6765\u8bf4\u4e5f\u662f\u6781\u5176\u6709\u5229\u7684\u3002\u7efc\u5408\u6765\u770b\uff0c\u6211\u8ba4\u4e3a\u8fd9\u79cd\u60c5\u51b5\u5728\u7b2c\u4e00\u5b63\u5ea6\u6216\u7b2c\u4e8c\u5b63\u5ea6\u521d\u53d1\u751f\u7684\u6982\u7387\u7ea6\u4e3a 60%\u00a0\u3002<\/p>\n<h2 class=\"customstyle_text\">\u4ea4\u6613\u6982\u7387\u4e0e\u671f\u671b\u503c<\/h2>\n<p>\u6b63\u5982\u524d\u8a00\u4e2d\u63d0\u5230\u7684\uff0c\u5f53\u611f\u77e5\u5230\u96ea\u5d29\u98ce\u9669\u4e0a\u5347\u65f6\uff0c\u6211\u4eec\u4fbf\u505c\u4e0b\u4e86\u6ed1\u96ea\u3002\u91cd\u70b9\u662f\uff0c\u4e0d\u8981\u4f5c\u6b7b\u53bb\u9a8c\u8bc1\u672a\u77e5\u7684\u5371\u9669\u3002\u5c06\u8fd9\u4e2a\u6bd4\u55bb\u5ef6\u4f38\u5230\u52a0\u5bc6\u5e02\u573a\uff0cMaelstrom \u9009\u62e9\u5bf9\u5e02\u573a\u4fdd\u6301\u4f4e\u914d\uff0c\u4ee5\u5bf9\u51b2\u98ce\u9669\u3002\u8fd9\u91cc\u7684\u6838\u5fc3\u4e0d\u662f\u5bf9\u9519\uff0c\u800c\u662f<strong>\u9884\u671f\u6536\u76ca\uff08Expected Value\uff0cEV\uff09\u3002<\/strong><\/p>\n<p>\u5982\u4f55\u5224\u65ad\u81ea\u5df1\u9519\u4e86\uff1f \u5176\u5b9e\u4f60\u6c38\u8fdc\u4e0d\u4f1a\u771f\u6b63\u77e5\u9053\uff0c\u4f46\u5728\u6211\u770b\u6765\uff0c\u5982\u679c\u6bd4\u7279\u5e01\u5728\u5f3a\u52b2\u7684\u4ea4\u6613\u91cf\u4e0b\u7a81\u7834 110,\u00a0000 \u7f8e\u5143\uff08\u5373 $TRUMP \u72c2\u6f6e\u671f\u95f4\u7684\u6700\u9ad8\u70b9\uff09\uff0c\u5e76\u4f34\u968f\u7740\u6c38\u7eed\u5408\u7ea6\uff08perp\uff09\u7684\u672a\u5e73\u4ed3\u5408\u7ea6\uff08open interest\uff09\u5927\u5e45\u4e0a\u5347\uff0c\u90a3\u4e48\u6211\u5c31\u4f1a\u8ba4\u8f93\uff0c\u5728\u66f4\u9ad8\u7684\u4f4d\u7f6e\u56de\u8865\u4ed3\u4f4d\u3002<\/p>\n<p>\u66f4\u5177\u4f53\u5730\u8bf4\uff0c$TRUMP \u5728 24 \u5c0f\u65f6\u5185\u75af\u6da8\u81f3\u8fd1 1,\u00a0000 \u4ebf\u7f8e\u5143\u7684\u5b8c\u5168\u7a00\u91ca\u4f30\u503c\uff08FDV\uff09\uff0c\u7edd\u5bf9\u662f\u4e00\u4e2a\u8352\u8c2c\u81f3\u6781\u7684\u5e02\u573a\u4fe1\u53f7\u3002\u6211\u5728\u5b83\u4e0a\u7ebf\u540e\u51e0\u4e2a\u5c0f\u65f6\u4e70\u5165\uff0c\u7136\u540e\u5728\u5468\u672b\u6c34\u7597\u5ea6\u5047\u671f\u95f4\u7684\u4e00\u534a\u65f6\u95f4\u5c31\u5356\u6389\u4e86\u3002\u8fd9\u7b14\u4ea4\u6613\u8d5a\u7684\u94b1\u6bd4\u6574\u4e2a\u5ea6\u5047\u5f00\u9500\u9ad8\u51fa\u8bb8\u591a\u500d\uff0c\u4ec5\u4ec5\u901a\u8fc7\u624b\u673a\u4e0a\u7684\u51e0\u6b21\u70b9\u51fb\u5c31\u5b8c\u6210\u4e86\u3002\u4ea4\u6613\u4e0d\u5e94\u8be5\u8fd9\u4e48\u7b80\u5355\uff0c\u4f46\u5728\u72c2\u70ed\u671f\uff0c\u5b83\u5c31\u662f\u8fd9\u4e48\u7b80\u5355\u3002<\/p>\n<p><strong>\u5728\u6211\u770b\u6765\uff0c$TRUMP \u7684\u66b4\u6da8\u4fe1\u53f7\uff0c\u7c7b\u4f3c\u4e8e 2021 \u5e74\u725b\u5e02\u65f6 FTX \u8d2d\u4e70\u7f8e\u56fd\u804c\u4e1a\u68d2\u7403\u5927\u8054\u76df\uff08MLB\uff09\u88c1\u5224\u7684\u5e7f\u544a\u6807\u5fd7\u2014\u2014\u5b83\u8c61\u5f81\u7740\u5e02\u573a\u9876\u90e8\u7684\u4e34\u8fd1\u3002<\/strong><\/p>\n<p>\u4ea4\u6613\u7684\u6838\u5fc3\u5e76\u4e0d\u662f\u5bf9\u9519\uff0c\u800c\u662f\u5bf9\u6982\u7387\u7684\u8ba4\u77e5\u548c\u9884\u671f\u6536\u76ca\u7684\u6700\u5927\u5316\u3002 \u8ba9\u6211\u89e3\u91ca\u4e00\u4e0b\u6211\u7684\u601d\u7ef4\u903b\u8f91\u3002\u5f53\u7136\uff0c\u8fd9\u4e9b\u6982\u7387\u90fd\u662f\u4e3b\u89c2\u611f\u77e5\u7684\uff0c\u6295\u8d44\u7684\u672c\u8d28\u5c31\u662f\u5728\u4fe1\u606f\u4e0d\u5b8c\u7f8e\u7684\u60c5\u51b5\u4e0b\u505a\u51fa\u51b3\u7b56\u3002<\/p>\n<h2 class=\"customstyle_text\">\u4e3a\u4ec0\u4e48\u6211\u8ba4\u4e3a\u6bd4\u7279\u5e01\u4f1a\u6709 30% \u7684\u56de\u8c03\uff1f<\/h2>\n<p>\u6211\u5728\u8fd9\u4e2a\u5e02\u573a\u4ea4\u6613\u8d85\u8fc7 10 \u5e74\uff0c\u7ecf\u5386\u4e86\u4e09\u8f6e\u725b\u5e02\u3002<strong>\u8fd9\u79cd\u5e45\u5ea6\u7684\u56de\u8c03\u5728\u725b\u5e02\u4e2d\u975e\u5e38\u5e38\u89c1\u3002<\/strong>\u66f4\u91cd\u8981\u7684\u662f\uff0c\u00a02024 \u5e74 11 \u6708\u521d\u7279\u6717\u666e\u8fde\u4efb\u540e\uff0c\u6bd4\u7279\u5e01\u8fc5\u901f\u7a81\u7834 3 \u6708\u521b\u4e0b\u7684\u5386\u53f2\u65b0\u9ad8\u3002\u5305\u62ec\u6211\u5728\u5185\u7684\u8bb8\u591a\u4eba\u66fe\u5e7f\u6cdb\u8ba8\u8bba\u8fc7\uff0c\u7279\u6717\u666e\u4e3b\u4e49\uff08Trumpism\uff09\u5c06\u52a0\u901f\u7f8e\u56fd\u7684\u5370\u949e\u8fdb\u7a0b\uff0c\u800c\u5176\u4ed6\u56fd\u5bb6\u4e5f\u4f1a\u4ee5\u5370\u949e\u7684\u65b9\u5f0f\u8fdb\u884c\u53cd\u5e94\uff0c\u4ee5\u523a\u6fc0\u672c\u56fd\u7ecf\u6d4e\u3002<\/p>\n<p>\u4f46\u672c\u6587\u7684\u6838\u5fc3\u89c2\u70b9\u662f\uff0c<strong>\u7f8e\u56fd\u3001\u4e2d\u56fd\u548c\u65e5\u672c\u7684\u8fd9\u4e9b\u5927\u89c4\u6a21\u8d27\u5e01\u5bbd\u677e\u653f\u7b56\u65e0\u6cd5\u5728\u771f\u6b63\u7684\u91d1\u878d\u5371\u673a\u53d1\u751f\u524d\u542f\u52a8\u3002<\/strong><\/p>\n<p>\u56e0\u6b64\uff0c\u6211\u8ba4\u4e3a\u5e02\u573a\u4f1a\u56de\u64a4\u81f3\u4e0a\u4e00\u4e2a\u5386\u53f2\u9ad8\u70b9\uff0c\u628a\u7279\u6717\u666e\u884c\u60c5\uff08Trump bump\uff09\u5b8c\u5168\u5410\u56de\u53bb\u3002<\/p>\n<p>\u4ea4\u6613\u7b56\u7565\u8ba1\u7b97\uff1a<\/p>\n<ul class=\" list-paddingleft-2\">\n<li>\n<p>60% \u6982\u7387\uff1a\u6bd4\u7279\u5e01\u56de\u8c03 30%\u00a0<\/p>\n<\/li>\n<li>\n<p>40% \u6982\u7387\uff1a\u725b\u5e02\u6301\u7eed\uff0c\u6bd4\u7279\u5e01\u4e0a\u6da8 10%\u00a0<\/p>\n<\/li>\n<\/ul>\n<p>\u8ba1\u7b97\u9884\u671f\u6536\u76ca\uff08EV\uff09\uff1a<\/p>\n<p>(\u00a060% * -30%\u00a0)   (\u00a040% * 10%\u00a0) = -14%\u00a0<\/p>\n<p><strong>\u6570\u5b66\u544a\u8bc9\u6211\uff0c\u964d\u4f4e\u98ce\u9669\u662f\u6b63\u786e\u7684\u9009\u62e9\u3002<\/strong>\u6211\u901a\u8fc7\u5356\u51fa\u6bd4\u7279\u5e01\u6765\u964d\u4f4e\u98ce\u9669\uff0c\u5e76\u6301\u6709\u66f4\u591a\u7684\u6d41\u52a8\u6027\u8d44\u4ea7\uff08\u8d28\u62bc USDe\uff0c\u5f53\u524d\u5e74\u6536\u76ca\u7387 10%\u00a0~\u00a020%\u00a0\uff09\u3002<\/p>\n<p>\u5982\u679c\u6bd4\u7279\u5e01\u4e0b\u8dcc 30%\u00a0\uff0c<strong>\u5c71\u5be8\u5e01\u5e02\u573a\u5c06\u8fce\u6765\u706d\u9876\u4e4b\u707e\u3002<\/strong>\u800c\u8fd9\u6b63\u662f\u6211\u771f\u6b63\u611f\u5174\u8da3\u7684\u9886\u57df\u3002<\/p>\n<p>Maelstrom \u6301\u6709\u5927\u91cf\u65e9\u671f\u6295\u8d44\u548c\u987e\u95ee allocations \u83b7\u5f97\u7684\u6d41\u52a8\u6027\u5c71\u5be8\u5e01\u4ed3\u4f4d\u3002\u6211\u4eec\u5df2\u7ecf\u6e05\u4ed3\u4e86\u5927\u90e8\u5206\u3002\u5e02\u573a\u4e0a\u8d28\u91cf\u6700\u9ad8\u7684\u9879\u76ee\uff0c\u5982\u679c\u6bd4\u7279\u5e01\u8dcc 30%\u00a0\uff0c\u5b83\u4eec\u5c06\u81f3\u5c11\u66b4\u8dcc 50% \u4ee5\u4e0a\u3002<\/p>\n<p>\u6700\u7ec8\u7684\u5927\u89c4\u6a21\u6e05\u7b97\uff08mega liquidation candle\uff09\u5c06\u544a\u8bc9\u6211\u4f55\u65f6\u8be5\u201c\u6ee1\u4ed3\u6284\u5e95\u201d\uff0c\u6536\u8d2d\u5e02\u573a\u4e0a\u7684\u52a0\u5bc6\u5783\u573e\uff08crypto dung\uff09\u3002<\/p>\n<p>\u5982\u679c\u6211\u9519\u4e86\uff0c\u6211\u7684\u635f\u5931\u53ea\u662f\u63d0\u524d\u83b7\u5229\u5e76\u5356\u6389\u4e86\u4e00\u4e9b\u6b64\u524d\u7528\u5c71\u5be8\u5e01\u5229\u6da6\u4e70\u6765\u7684\u6bd4\u7279\u5e01\u3002<strong>\u4f46\u5982\u679c\u6211\u662f\u5bf9\u7684\uff0c\u6211\u4eec\u624b\u5934\u6709\u5145\u8db3\u7684\u73b0\u91d1\uff0c\u53ef\u4ee5\u5728\u5e02\u573a\u629b\u552e\u4e2d\u8fc5\u901f\u52a0\u4ed3\uff0c\u5e76\u5728\u4f18\u8d28\u5c71\u5be8\u5e01\u4e0a\u8d5a\u53d6 2 \u500d\u751a\u81f3 3 \u500d\u7684\u5229\u6da6\u3002<\/strong><\/p>\n<h2 class=\"customstyle_text\">\u539f\u56e0\u662f\u6295\u8d44\u8005\u5f00\u59cb\u91cd\u65b0\u8bc4\u4f30\u4ed6\u4eec\u5bf9 NVIDIA \u53ca\u7f8e\u56fd\u79d1\u6280\u80a1\u7684\u770b\u6da8\u903b\u8f91\uff0c\u800c\u8fd9\u4e00\u5207\u7684\u5bfc\u706b\u7d22\u662f DeepSeek \u7684\u53d1\u5e03\u3002<\/span><span>DeepSeek \u662f\u7531\u4e2d\u56fd\u56e2\u961f\u5f00\u53d1\u7684 AI \u6a21\u578b\uff0c\u8bad\u7ec3\u6210\u672c\u6bd4 OpenAI \u548c Anthropic \u6700\u65b0\u6a21\u578b\u4f4e 95%\u00a0\uff0c\u4f46\u6027\u80fd\u5374\u8d85\u8d8a\u4e86\u5b83\u4eec\u3002<\/span><\/p>\n<p>\u6ce1\u6cab\u7684\u7279\u6027\u5728\u4e8e\uff0c\u5f53\u6295\u8d44\u8005\u5f00\u59cb\u8d28\u7591\u4e00\u4e2a\u6838\u5fc3\u4fe1\u5ff5\u65f6\uff0c\u4ed6\u4eec\u4f1a\u5f00\u59cb\u8d28\u7591\u6240\u6709\u4fe1\u5ff5\u3002\u800c\u6211\u6700\u5173\u5fc3\u7684\uff0c\u662f\u5e02\u573a\u5bf9\u201c\u5229\u7387\u65e0\u5173\u7d27\u8981\u201d\u8fd9\u4e00\u4fe1\u5ff5\u7684\u5d29\u6e83\u3002<span>DeepSeek \u4e8b\u4ef6\u53ef\u80fd\u4f1a\u4fc3\u4f7f\u897f\u65b9\u6295\u8d44\u8005\u5168\u9762\u6050\u614c\uff0c\u5e76\u5f00\u59cb\u5173\u6ce8\u5168\u7403\u6cd5\u5e01\u6d41\u52a8\u6027\u5371\u673a\uff0c\u4ee5\u53ca 10 \u5e74\u671f\u7f8e\u56fd\u56fd\u503a\u6536\u76ca\u7387\u7684\u957f\u671f\u4e0a\u5347\u8d8b\u52bf\u3002<\/span><\/p>\n<p>\u771f\u662f\u8bbd\u523a\uff0c\u4e2d\u56fd\u6b63\u5728\u5168\u9762\u62e5\u62b1\u5f00\u6e90\uff08open-source\uff09\uff0c\u800c\u7f8e\u56fd\u5374\u4ecd\u7136\u56fa\u5b88\u5c01\u95ed\u7cfb\u7edf\uff08walled gardens\uff09\u3002<span>\u5e02\u573a\u7ade\u4e89\u662f\u4ef6\u7f8e\u5999\u7684\u4e8b\u60c5\uff0c\u4e0d\u662f\u5417\uff1f<\/span><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Arthur Hayes\uff1a\u6bd4\u7279\u5e01\u5c06\u5982\u4f55\u56de\u843d\u52307\u4e07\u7f8e\u5143\u7684\u7cfb\u7edf\u8bba\u8bc1 \u539f\u6587\u6765\u81ea\u00a0Arthur Hayes\u00a0\u7684\u300aThe [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-1400","post","type-post","status-publish","format-standard","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/www.wxjqcz.com\/index.php?rest_route=\/wp\/v2\/posts\/1400","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.wxjqcz.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.wxjqcz.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.wxjqcz.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.wxjqcz.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1400"}],"version-history":[{"count":1,"href":"https:\/\/www.wxjqcz.com\/index.php?rest_route=\/wp\/v2\/posts\/1400\/revisions"}],"predecessor-version":[{"id":3096,"href":"https:\/\/www.wxjqcz.com\/index.php?rest_route=\/wp\/v2\/posts\/1400\/revisions\/3096"}],"wp:attachment":[{"href":"https:\/\/www.wxjqcz.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1400"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.wxjqcz.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1400"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.wxjqcz.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1400"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}