{"id":301,"date":"2026-09-07T03:50:29","date_gmt":"2026-09-07T03:50:29","guid":{"rendered":"https:\/\/sungroupvinhhung.info.vn\/?p=301"},"modified":"2026-09-07T03:50:58","modified_gmt":"2026-09-07T03:50:58","slug":"ap-luc-tang-lai-suat-thang-9-fed-bien-so-quyet-dinh-maison-privee-ciputra","status":"publish","type":"post","link":"https:\/\/sungroupvinhhung.info.vn\/index.php\/2026\/09\/07\/ap-luc-tang-lai-suat-thang-9-fed-bien-so-quyet-dinh-maison-privee-ciputra\/","title":{"rendered":"B\u00e1o C\u00e1o Vi\u1ec7c L\u00e0m M\u1edbi Nh\u1ea5t: \u00c1p L\u1ef1c T\u0103ng L\u00e3i Su\u1ea5t Th\u00e1ng 9 C\u1ee7a Fed V\u00e0 Nh\u1eefng Bi\u1ebfn S\u1ed1 Quy\u1ebft \u0110\u1ecbnh"},"content":{"rendered":"

Th\u1ecb tr\u01b0\u1eddng lao \u0111\u1ed9ng v\u00e0 ch\u00ednh s\u00e1ch ti\u1ec1n t\u1ec7 c\u1ee7a C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang M\u1ef9 (Fed) \u0111ang tr\u1edf th\u00e0nh t\u00e2m \u0111i\u1ec3m thu h\u00fat s\u1ef1 ch\u00fa \u00fd c\u1ee7a gi\u1edbi \u0111\u1ea7u t\u01b0 to\u00e0n c\u1ea7u. Tr\u01b0\u1edbc s\u1ee9c m\u1ea1nh c\u1ee7a n\u1ec1n kinh t\u1ebf, c\u00e2u h\u1ecfi \u0111\u1eb7t ra l\u00e0 Fed s\u1ebd \u0111\u1ecbnh h\u00ecnh l\u1ed9 tr\u00ecnh l\u00e3i su\u1ea5t nh\u01b0 th\u1ebf n\u00e0o trong cu\u1ed9c h\u1ecdp th\u00e1ng 9 t\u1edbi? D\u01b0\u1edbi \u0111\u00e2y l\u00e0 ph\u00e2n t\u00edch chi ti\u1ebft v\u1ec1 b\u1ed1i c\u1ea3nh hi\u1ec7n t\u1ea1i, d\u1ef1a tr\u00ean nh\u1eefng t\u00edn hi\u1ec7u m\u1edbi nh\u1ea5t t\u1eeb th\u1ecb tr\u01b0\u1eddng lao \u0111\u1ed9ng v\u00e0 l\u1ea1m ph\u00e1t.<\/p>\n

    \n
  1. N\u1ec1n Kinh T\u1ebf M\u1ea1nh M\u1ebd D\u1eadp T\u1eaft Hy V\u1ecdng C\u1eaft Gi\u1ea3m L\u00e3i Su\u1ea5t
    B\u00e1o c\u00e1o vi\u1ec7c l\u00e0m g\u1ea7n \u0111\u00e2y cho th\u1ea5y m\u1ed9t th\u1ef1c t\u1ebf r\u00f5 r\u00e0ng: n\u1ec1n kinh t\u1ebf \u0111ang ti\u1ebfp t\u1ee5c ph\u00e1t tri\u1ec3n m\u1ea1nh m\u1ebd [1]. S\u1ee9c m\u1ea1nh n\u00e0y c\u1ee7a n\u1ec1n kinh t\u1ebf g\u1ea7n nh\u01b0 \u0111\u00e3 x\u00f3a b\u1ecf m\u1ecdi c\u01a1 h\u1ed9i c\u1eaft gi\u1ea3m l\u00e3i su\u1ea5t trong th\u1eddi gian ng\u1eafn tr\u01b0\u1edbc m\u1eaft, b\u1edfi Fed kh\u00f4ng c\u00f3 l\u00fd do g\u00ec \u0111\u1ec3 k\u00edch th\u00edch m\u1ed9t n\u1ec1n kinh t\u1ebf v\u1ed1n \u0111ang ho\u1ea1t \u0111\u1ed9ng t\u1ed1t [1].<\/li>\n<\/ol>\n

    Tuy nhi\u00ean, \u0111i\u1ec1u n\u00e0y kh\u00f4ng \u0111\u1ed3ng ngh\u0129a v\u1edbi vi\u1ec7c Fed s\u1ebd ngay l\u1eadp t\u1ee9c th\u1eaft ch\u1eb7t ch\u00ednh s\u00e1ch. S\u1ee9c t\u0103ng tr\u01b0\u1edfng hi\u1ec7n t\u1ea1i ch\u01b0a \u0111\u1ee7 \u0111\u1ec3 \u0111\u1ea9y Fed ra kh\u1ecfi ph\u1ea1m vi duy tr\u00ec l\u00e3i su\u1ea5t \u1ed5n \u0111\u1ecbnh (gi\u1eef nguy\u00ean l\u00e3i su\u1ea5t) [1]. Quy\u1ebft \u0111\u1ecbnh ti\u1ebfp theo c\u1ee7a c\u00e1c nh\u00e0 ho\u1ea1ch \u0111\u1ecbnh ch\u00ednh s\u00e1ch v\u1eabn s\u1ebd l\u00e0 m\u1ed9t b\u00e0i to\u00e1n v\u00f4 c\u00f9ng h\u00f3c b\u00faa [1].<\/p>\n

      \n
    1. \u0110i\u1ec3m S\u00e1ng T\u1eeb Ti\u1ec1n L\u01b0\u01a1ng: \u00c1p L\u1ef1c T\u1eeb Ph\u00eda Cung Lao \u0110\u1ed9ng H\u1ea1 Nhi\u1ec7t
      M\u1ed9t trong nh\u1eefng \u0111i\u1ec3m t\u1ef1a quan tr\u1ecdng nh\u1ea5t gi\u00fap Fed c\u00f3 th\u1ec3 gi\u1eef nguy\u00ean l\u00e3i su\u1ea5t thay v\u00ec v\u1ed9i v\u00e3 t\u0103ng l\u00ean l\u00e0 d\u1eef li\u1ec7u v\u1ec1 thu nh\u1eadp trung b\u00ecnh m\u1ed7i gi\u1edd (Average Hourly Earnings).<\/li>\n<\/ol>\n
      \"B\u00e1o
      B\u00e1o C\u00e1o Vi\u1ec7c L\u00e0m M\u1edbi Nh\u1ea5t: \u00c1p L\u1ef1c T\u0103ng L\u00e3i Su\u1ea5t Th\u00e1ng 9 C\u1ee7a Fed V\u00e0 Nh\u1eefng Bi\u1ebfn S\u1ed1 Quy\u1ebft \u0110\u1ecbnh
      <\/figcaption><\/figure>\n

      Kh\u00f4ng c\u00f3 \u00e1p l\u1ef1c t\u0103ng l\u01b0\u01a1ng: S\u1ed1 li\u1ec7u th\u1ef1c t\u1ebf cho th\u1ea5y thu nh\u1eadp trung b\u00ecnh m\u1ed7i gi\u1edd duy tr\u00ec tr\u1ea1ng th\u00e1i \u0111i ngang (kh\u00f4ng thay \u0111\u1ed5i) tr\u00ean c\u01a1 s\u1edf c\u00f9ng k\u1ef3 n\u0103m ngo\u00e1i [1].
      L\u1eadp lu\u1eadn c\u1ee7a Th\u1ed1ng \u0111\u1ed1c Chris Waller: Vi\u1ec7c thi\u1ebfu \u0111i \u00e1p l\u1ef1c t\u0103ng l\u01b0\u01a1ng tr\u1ef1c ti\u1ebfp l\u00e0 m\u1ed9t lu\u1eadn \u0111i\u1ec3m v\u1eefng ch\u1eafc cho nh\u1eefng ai cho r\u1eb1ng n\u1ec1n kinh t\u1ebf hi\u1ec7n t\u1ea1i ch\u01b0a c\u1ea7n \u0111\u1ebfn m\u1ee9c l\u00e3i su\u1ea5t cao h\u01a1n [2]. \u0110\u00e2y c\u0169ng ch\u00ednh l\u00e0 quan \u0111i\u1ec3m \u0111\u01b0\u1ee3c Th\u1ed1ng \u0111\u1ed1c Fed Chris Waller nh\u1ea5n m\u1ea1nh tr\u01b0\u1edbc \u0111\u00f3 [2].
      N\u1ebfu ti\u1ec1n l\u01b0\u01a1ng kh\u00f4ng t\u0103ng t\u1ed1c, r\u1ee7i ro x\u1ea3y ra v\u00f2ng xo\u00e1y \u201cl\u01b0\u01a1ng \u2013 l\u1ea1m ph\u00e1t\u201d (wage-price spiral) s\u1ebd gi\u1ea3m b\u1edbt, t\u1ea1o d\u01b0 \u0111\u1ecba \u0111\u1ec3 Fed ti\u1ebfp t\u1ee5c quan s\u00e1t [1, 2].<\/p>\n

        \n
      1. T\u00e2m \u0110i\u1ec3m \u0110\u1ed5 D\u1ed3n V\u00e0o B\u00e1o C\u00e1o CPI V\u00e0 L\u1ea1m Ph\u00e1t D\u1ecbch V\u1ee5
        M\u1eb7c d\u00f9 b\u1ee9c tranh ti\u1ec1n l\u01b0\u01a1ng kh\u00e1 d\u1ec5 ch\u1ecbu, m\u1ed1i lo ng\u1ea1i th\u1ef1c s\u1ef1 c\u1ee7a c\u00e1c th\u00e0nh vi\u00ean c\u00f3 quan \u0111i\u1ec3m c\u1ee9ng r\u1eafn (phe di\u1ec1u h\u00e2u \u2013 hawks) t\u1ea1i Fed l\u1ea1i n\u1eb1m \u1edf m\u1ed9t khu v\u1ef1c kh\u00e1c: L\u1ea1m ph\u00e1t d\u1ecbch v\u1ee5 (Services Inflation) [2].<\/li>\n<\/ol>\n

        S\u1ef1 lo ng\u1ea1i c\u1ee7a phe di\u1ec1u h\u00e2u: L\u1ea1m ph\u00e1t d\u1ecbch v\u1ee5 k\u00e9o d\u00e0i m\u1edbi l\u00e0 y\u1ebfu t\u1ed1 th\u1ef1c s\u1ef1 khi\u1ebfn c\u00e1c th\u00e0nh vi\u00ean c\u1ee9ng r\u1eafn c\u1ee7a Fed \u0111\u1ee9ng ng\u1ed3i kh\u00f4ng y\u00ean [2].
        T\u00edn hi\u1ec7u \u0111\u00e1ng b\u00e1o \u0111\u1ed9ng t\u1eeb ISM d\u1ecbch v\u1ee5: Ch\u1ec9 s\u1ed1 phi s\u1ea3n xu\u1ea5t ISM (ISM services number) c\u00f4ng b\u1ed1 g\u1ea7n \u0111\u00e2y \u0111\u00e3 ghi nh\u1eadn s\u1ef1 gia t\u0103ng trong th\u01b0\u1edbc \u0111o l\u1ea1m ph\u00e1t c\u1ee7a ng\u00e0nh d\u1ecbch v\u1ee5 [2].
        M\u1ecdi \u00e1nh m\u1eaft \u0111\u1ed5 d\u1ed3n v\u1ec1 CPI: Th\u1ef1c t\u1ebf n\u00e0y \u0111ang \u0111\u1ea9y to\u00e0n b\u1ed9 \u00e1p l\u1ef1c v\u00e0 s\u1ef1 ch\u00fa \u00fd sang b\u00e1o c\u00e1o Ch\u1ec9 s\u1ed1 Gi\u00e1 ti\u00eau d\u00f9ng (CPI) s\u1eafp t\u1edbi [2]. B\u00e1o c\u00e1o CPI s\u1ebd l\u00e0 c\u00e2u tr\u1ea3 l\u1eddi quy\u1ebft \u0111\u1ecbnh li\u1ec7u l\u1ea1m ph\u00e1t d\u1ecbch v\u1ee5 c\u00f3 ti\u1ebfp t\u1ee5c dai d\u1eb3ng v\u00e0 bu\u1ed9c Fed ph\u1ea3i h\u00e0nh \u0111\u1ed9ng hay kh\u00f4ng [2].
        4. D\u1ef1 B\u00e1o Quy\u1ebft \u0110\u1ecbnh Th\u00e1ng 9: \u201cS\u1ee9c N\u1eb7ng \u0110\u00e8 L\u00ean B\u00e0n C\u00e2n\u201d
        B\u00e1o c\u00e1o vi\u1ec7c l\u00e0m v\u00e0 c\u00e1c d\u1eef li\u1ec7u kinh t\u1ebf g\u1ea7n \u0111\u00e2y m\u1eb7c d\u00f9 ch\u01b0a l\u00e0m thay \u0111\u1ed5i ho\u00e0n to\u00e0n tri\u1ec3n v\u1ecdng ch\u00ednh s\u00e1ch d\u00e0i h\u1ea1n, nh\u01b0ng r\u00f5 r\u00e0ng ch\u00fang \u0111\u00e3 t\u1ea1o ra nh\u1eefng t\u00e1c \u0111\u1ed9ng kh\u00f4ng nh\u1ecf [2].<\/p>\n

        S\u1ee9c m\u1ea1nh kinh t\u1ebf k\u1ebft h\u1ee3p v\u1edbi l\u1ea1m ph\u00e1t d\u1ecbch v\u1ee5 \u0111ang gia t\u0103ng \u0111\u00e3 \u201ct\u1ea1o th\u00eam m\u1ed9t ch\u00fat s\u1ee9c n\u1eb7ng l\u00ean b\u00e0n c\u00e2n\u201d (put a thumb on the scale), th\u00fac \u0111\u1ea9y kh\u1ea3 n\u0103ng Fed ph\u1ea3i xem x\u00e9t c\u00e1c \u0111\u1ee3t t\u0103ng l\u00e3i su\u1ea5t ti\u1ebfp theo [3], \u0111\u1eb7c bi\u1ec7t l\u00e0 l\u00e0m d\u1ea5y l\u00ean c\u00e1c v\u1ee5 \u0111\u1eb7t c\u01b0\u1ee3c v\u00e0o m\u1ed9t \u0111\u1ee3t t\u0103ng l\u00e3i su\u1ea5t trong cu\u1ed9c h\u1ecdp th\u00e1ng 9 [Video Title].<\/p>\n

        Trong nh\u1eefng ng\u00e0y t\u1edbi, b\u00e1o c\u00e1o l\u1ea1m ph\u00e1t CPI s\u1ebd l\u00e0 m\u1ea3nh gh\u00e9p cu\u1ed1i c\u00f9ng ho\u00e0n thi\u1ec7n b\u1ee9c tranh, quy\u1ebft \u0111\u1ecbnh xem li\u1ec7u Fed s\u1ebd ch\u1ecdn gi\u1ea3i ph\u00e1p an to\u00e0n l\u00e0 gi\u1eef nguy\u00ean l\u00e3i su\u1ea5t hay s\u1ebd ti\u1ebfp t\u1ee5c th\u1eaft ch\u1eb7t \u0111\u1ec3 \u0111\u1ed1i ph\u00f3 v\u1edbi l\u1ea1m ph\u00e1t d\u1ecbch v\u1ee5 c\u1ee9ng \u0111\u1ea7u [2].<\/p>\n

        \nNgu\u1ed3n b\u00e0i vi\u1ebft:<\/strong> Maison Priv\u00e9e \u2014 Xem b\u00e0i vi\u1ebft g\u1ed1c<\/a>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

        Th\u1ecb tr\u01b0\u1eddng lao \u0111\u1ed9ng v\u00e0 ch\u00ednh s\u00e1ch ti\u1ec1n t\u1ec7 c\u1ee7a C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang M\u1ef9 (Fed) \u0111ang tr\u1edf th\u00e0nh t\u00e2m \u0111i\u1ec3m thu h\u00fat s\u1ef1 ch\u00fa\u2026<\/p>\n","protected":false},"author":1,"featured_media":302,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[65],"tags":[],"svh_topic":[],"class_list":["post-301","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tin-tuc"],"_links":{"self":[{"href":"https:\/\/sungroupvinhhung.info.vn\/index.php\/wp-json\/wp\/v2\/posts\/301","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sungroupvinhhung.info.vn\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sungroupvinhhung.info.vn\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sungroupvinhhung.info.vn\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/sungroupvinhhung.info.vn\/index.php\/wp-json\/wp\/v2\/comments?post=301"}],"version-history":[{"count":2,"href":"https:\/\/sungroupvinhhung.info.vn\/index.php\/wp-json\/wp\/v2\/posts\/301\/revisions"}],"predecessor-version":[{"id":304,"href":"https:\/\/sungroupvinhhung.info.vn\/index.php\/wp-json\/wp\/v2\/posts\/301\/revisions\/304"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/sungroupvinhhung.info.vn\/index.php\/wp-json\/wp\/v2\/media\/302"}],"wp:attachment":[{"href":"https:\/\/sungroupvinhhung.info.vn\/index.php\/wp-json\/wp\/v2\/media?parent=301"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sungroupvinhhung.info.vn\/index.php\/wp-json\/wp\/v2\/categories?post=301"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sungroupvinhhung.info.vn\/index.php\/wp-json\/wp\/v2\/tags?post=301"},{"taxonomy":"svh_topic","embeddable":true,"href":"https:\/\/sungroupvinhhung.info.vn\/index.php\/wp-json\/wp\/v2\/svh_topic?post=301"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}