{"id":505,"date":"2026-09-08T15:12:15","date_gmt":"2026-09-08T15:12:15","guid":{"rendered":"https:\/\/sungroupvinhhung.info.vn\/?p=505"},"modified":"2026-09-08T15:12:58","modified_gmt":"2026-09-08T15:12:58","slug":"thi-truong-doi-du-lieu-cpi-ppi-dau-tin-hieu-quyet-dinh-buoc-di-fed-maison","status":"publish","type":"post","link":"https:\/\/sungroupvinhhung.info.vn\/index.php\/2026\/09\/08\/thi-truong-doi-du-lieu-cpi-ppi-dau-tin-hieu-quyet-dinh-buoc-di-fed-maison\/","title":{"rendered":"Th\u1ecb Tr\u01b0\u1eddng Ch\u1edd \u0110\u1ee3i D\u1eef Li\u1ec7u CPI v\u00e0 PPI: \u0110\u00e2u L\u00e0 T\u00edn Hi\u1ec7u Quy\u1ebft \u0110\u1ecbnh B\u01b0\u1edbc \u0110i C\u1ee7a Fed?"},"content":{"rendered":"<p class=\"wp-block-paragraph\"><strong>Tr\u01b0\u1edbc th\u1ec1m cu\u1ed9c h\u1ecdp ch\u00ednh s\u00e1ch quan tr\u1ecdng c\u1ee7a C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang M\u1ef9 (Fed), t\u00e2m \u0111i\u1ec3m ch\u00fa \u00fd c\u1ee7a gi\u1edbi \u0111\u1ea7u t\u01b0 to\u00e0n c\u1ea7u \u0111ang \u0111\u1ed5 d\u1ed3n v\u00e0o hai b\u00e1o c\u00e1o l\u1ea1m ph\u00e1t ch\u1ee7 ch\u1ed1t: Ch\u1ec9 s\u1ed1 Gi\u00e1 s\u1ea3n xu\u1ea5t (PPI) v\u00e0 Ch\u1ec9 s\u1ed1 Gi\u00e1 ti\u00eau d\u00f9ng (CPI). Kh\u00f4ng ch\u1ec9 d\u1eebng l\u1ea1i \u1edf c\u00e1c con s\u1ed1 ti\u00eau \u0111\u1ec1 (headline), gi\u1edbi ph\u00e2n t\u00edch nh\u1eadn \u0111\u1ecbnh th\u1ecb tr\u01b0\u1eddng c\u1ea7n \u201cm\u1ed5 x\u1ebb\u201d s\u00e2u h\u01a1n c\u00e1c y\u1ebfu t\u1ed1 c\u1ea5u th\u00e0nh \u0111\u1ec3 n\u1eafm b\u1eaft \u0111\u01b0\u1ee3c b\u1ee9c tranh l\u1ea1m ph\u00e1t th\u1ef1c s\u1ef1.<\/strong><\/p>\n<p class=\"wp-block-paragraph\">Tu\u1ea7n giao d\u1ecbch n\u00e0y ghi nh\u1eadn h\u00e0ng lo\u1ea1t s\u1ef1 ki\u1ec7n c\u00f3 s\u1ee9c \u1ea3nh h\u01b0\u1edfng l\u1edbn \u0111\u1ebfn quy\u1ebft s\u00e1ch ti\u1ec1n t\u1ec7 c\u1ee7a c\u00e1c ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng:<\/p>\n<ul class=\"wp-block-list\">\n<li>K\u1ebf ho\u1ea1ch mua l\u1ea1i tr\u00e1i phi\u1ebfu t\u1eeb B\u1ed9 T\u00e0i ch\u00ednh M\u1ef9.<\/li>\n<li>Cu\u1ed9c h\u1ecdp ch\u00ednh s\u00e1ch \u0111\u1ecbnh k\u1ef3 c\u1ee7a Ng\u00e2n h\u00e0ng Trung \u01b0\u01a1ng Ch\u00e2u \u00c2u (ECB).<\/li>\n<li><strong>\u0110\u1eb7c bi\u1ec7t:<\/strong> B\u1ed9 \u0111\u00f4i b\u00e1o c\u00e1o CPI v\u00e0 PPI th\u00e1ng 8 \u2013 nh\u00e2n t\u1ed1 tr\u1ef1c ti\u1ebfp \u0111\u1ecbnh h\u00ecnh k\u1ef3 v\u1ecdng c\u1ee7a th\u1ecb tr\u01b0\u1eddng v\u1ec1 l\u1ed9 tr\u00ecnh l\u00e3i su\u1ea5t c\u1ee7a Fed.<\/li>\n<\/ul>\n<p class=\"wp-block-paragraph\">Theo k\u1ebft qu\u1ea3 kh\u1ea3o s\u00e1t t\u1eeb <em>Bloomberg<\/em>, s\u1ed1 li\u1ec7u l\u1ea1m ph\u00e1t th\u00e1ng 8 ch\u1ecbu t\u00e1c \u0111\u1ed9ng tr\u1ef1c ti\u1ebfp t\u1eeb \u0111\u00e0 t\u0103ng c\u1ee7a gi\u00e1 n\u0103ng l\u01b0\u1ee3ng:<\/p>\n<figure class=\"wp-block-table\">\n<table class=\"has-fixed-layout\">\n<thead>\n<tr>\n<td><strong>Ch\u1ec9 s\u1ed1<\/strong><\/td>\n<td><strong>D\u1ef1 b\u00e1o bi\u1ebfn \u0111\u1ed9ng<\/strong><\/td>\n<td><strong>Ph\u00e2n t\u00edch &amp; \u0110\u00e1nh gi\u00e1<\/strong><\/td>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td><strong>PPI t\u1ed5ng th\u1ec3 (Headline PPI)<\/strong><\/td>\n<td>T\u0103ng m\u1ea1nh<\/td>\n<td>Ph\u1ea3n \u00e1nh chi ph\u00ed s\u1ea3n xu\u1ea5t \u0111\u1ea7u v\u00e0o v\u00e0 gi\u00e1 n\u0103ng l\u01b0\u1ee3ng leo thang trong th\u00e1ng.<\/td>\n<\/tr>\n<tr>\n<td><strong>CPI t\u1ed5ng th\u1ec3 (Headline CPI)<\/strong><\/td>\n<td>Bi\u1ebfn \u0111\u1ed9ng m\u1ea1nh theo th\u00e1ng (MoM)<\/td>\n<td>M\u1eb7c d\u00f9 bi\u1ebfn \u0111\u1ed9ng theo th\u00e1ng kh\u00e1 l\u1edbn, nh\u01b0ng do <strong>hi\u1ec7u \u1ee9ng m\u1ee9c n\u1ec1n (base effect)<\/strong>, m\u1ee9c t\u0103ng so v\u1edbi c\u00f9ng k\u1ef3 n\u0103m tr\u01b0\u1edbc (YoY) d\u1ef1 ki\u1ebfn kh\u00f4ng c\u00f3 s\u1ef1 \u0111\u1ed9t bi\u1ebfn.<\/td>\n<\/tr>\n<tr>\n<td><strong>CPI l\u00f5i (Core CPI)<\/strong><\/td>\n<td>Gi\u1ea3m nh\u1eb9 kho\u1ea3ng 0,1%<\/td>\n<td>K\u1ef3 v\u1ecdng l\u1ea1m ph\u00e1t l\u00f5i h\u1ea1 nhi\u1ec7t nh\u1eb9, tuy nhi\u00ean gi\u1edbi ph\u00e2n t\u00edch cho r\u1eb1ng m\u1ee9c gi\u1ea3m n\u00e0y ch\u01b0a \u0111\u1ee7 \u0111\u1ec3 kh\u1eb3ng \u0111\u1ecbnh xu h\u01b0\u1edbng gi\u1ea3m b\u1ec1n v\u1eefng.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/figure>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" width=\"1024\" height=\"1024\" src=\"http:\/\/sungroupvinhhung.info.vn\/wp-content\/uploads\/2026\/09\/thi-truong-cho-doi-du-lieu-cpi-va-ppi-dau-la-tin-hieu-quyet-1.png\" alt=\"Th\u1ecb Tr\u01b0\u1eddng Ch\u1edd \u0110\u1ee3i D\u1eef Li\u1ec7u CPI v\u00e0 PPI: \u0110\u00e2u L\u00e0 T\u00edn Hi\u1ec7u Quy\u1ebft \u0110\u1ecbnh B\u01b0\u1edbc \u0110i C\u1ee7a Fed?\" class=\"wp-image-506\" loading=\"eager\" fetchpriority=\"high\" srcset=\"https:\/\/sungroupvinhhung.info.vn\/wp-content\/uploads\/2026\/09\/thi-truong-cho-doi-du-lieu-cpi-va-ppi-dau-la-tin-hieu-quyet-1.png 1024w, https:\/\/sungroupvinhhung.info.vn\/wp-content\/uploads\/2026\/09\/thi-truong-cho-doi-du-lieu-cpi-va-ppi-dau-la-tin-hieu-quyet-1-300x300.png 300w, https:\/\/sungroupvinhhung.info.vn\/wp-content\/uploads\/2026\/09\/thi-truong-cho-doi-du-lieu-cpi-va-ppi-dau-la-tin-hieu-quyet-1-150x150.png 150w, https:\/\/sungroupvinhhung.info.vn\/wp-content\/uploads\/2026\/09\/thi-truong-cho-doi-du-lieu-cpi-va-ppi-dau-la-tin-hieu-quyet-1-768x768.png 768w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Th\u1ecb Tr\u01b0\u1eddng Ch\u1edd \u0110\u1ee3i D\u1eef Li\u1ec7u CPI v\u00e0 PPI: \u0110\u00e2u L\u00e0 T\u00edn Hi\u1ec7u Quy\u1ebft \u0110\u1ecbnh B\u01b0\u1edbc \u0110i C\u1ee7a Fed?<\/figcaption><\/figure>\n<p class=\"wp-block-paragraph\">Ch\u1ec9 s\u1ed1 Chi ti\u00eau Ti\u00eau d\u00f9ng C\u00e1 nh\u00e2n (PCE) m\u1edbi l\u00e0 th\u01b0\u1edbc \u0111o l\u1ea1m ph\u00e1t m\u1ee5c ti\u00eau \u01b0a th\u00edch c\u1ee7a Fed. Gi\u1edbi \u0111\u1ea7u t\u01b0 th\u01b0\u1eddng d\u00f9ng d\u1eef li\u1ec7u CPI v\u00e0 PPI \u0111\u1ec3 d\u1ef1 ph\u00f3ng s\u1edbm ch\u1ec9 s\u1ed1 PCE. Tuy nhi\u00ean, k\u1ef3 n\u00e0y vi\u1ec7c d\u1ef1 b\u00e1o \u0111\u1ed1i m\u1eb7t v\u1edbi hai bi\u1ebfn s\u1ed1 ph\u1ee9c t\u1ea1p:<\/p>\n<p class=\"wp-block-paragraph\">Th\u1ed1ng \u0111\u1ed1c Fed Chris Waller t\u1eebng l\u01b0u \u00fd r\u1eb1ng kho\u1ea3ng <strong>50% m\u1ee9c t\u0103ng c\u1ee7a l\u1ea1m ph\u00e1t l\u00f5i trong b\u00e1o c\u00e1o PCE g\u1ea7n nh\u1ea5t \u0111\u1ebfn t\u1eeb c\u00e1c \u201cd\u1ecbch v\u1ee5 phi th\u1ecb tr\u01b0\u1eddng\u201d (non-market services)<\/strong>. \u0110\u00e2y l\u00e0 nh\u1eefng m\u1ee9c gi\u00e1 \u0111\u01b0\u1ee3c c\u01a1 quan th\u1ed1ng k\u00ea \u01b0\u1edbc t\u00ednh gi\u00e1n ti\u1ebfp ch\u1ee9 kh\u00f4ng ph\u1ea3n \u00e1nh giao d\u1ecbch mua b\u00e1n th\u1ef1c t\u1ebf tr\u00ean th\u1ecb tr\u01b0\u1eddng.<\/p>\n<p class=\"wp-block-paragraph\">C\u00e1c c\u1ea5u ph\u1ea7n t\u1eeb CPI v\u00e0 PPI c\u1ea5u th\u00e0nh n\u00ean PCE bao g\u1ed3m:<\/p>\n<ul class=\"wp-block-list\">\n<li><strong>T\u1eeb ngu\u1ed3n PPI:<\/strong> D\u1ecbch v\u1ee5 y t\u1ebf, b\u1ea3o hi\u1ec3m, qu\u1ea3n l\u00fd danh m\u1ee5c \u0111\u1ea7u t\u01b0.<\/li>\n<li><strong>T\u1eeb ngu\u1ed3n CPI:<\/strong> Ti\u1ec1n thu\u00ea nh\u00e0, v\u00e9 m\u00e1y bay, h\u00e0ng may m\u1eb7c, th\u1ecb tr\u01b0\u1eddng \u00f4 t\u00f4 (xe m\u1edbi v\u00e0 c\u0169), c\u00f9ng c\u00e1c d\u1ecbch v\u1ee5 ph\u00e1p l\u00fd.<\/li>\n<\/ul>\n<p class=\"wp-block-paragraph\">C\u1ee5c Ph\u00e2n t\u00edch Kinh t\u1ebf M\u1ef9 (BEA) d\u1ef1 ki\u1ebfn s\u1ebd \u00e1p d\u1ee5ng ph\u01b0\u01a1ng ph\u00e1p t\u00ednh to\u00e1n m\u1edbi \u0111\u1ed1i v\u1edbi m\u1ea3ng <strong>qu\u1ea3n l\u00fd danh m\u1ee5c \u0111\u1ea7u t\u01b0<\/strong> v\u00e0 <strong>d\u1ecbch v\u1ee5 ph\u00e1p l\u00fd<\/strong> cho k\u1ef3 b\u00e1o c\u00e1o PCE th\u00e1ng 9. Do b\u00e1o c\u00e1o PCE ch\u00ednh th\u1ee9c ch\u1ec9 \u0111\u01b0\u1ee3c c\u00f4ng b\u1ed1 sau khi cu\u1ed9c h\u1ecdp c\u1ee7a Fed \u0111\u00e3 k\u1ebft th\u00fac, c\u00e1c nh\u00e0 kinh t\u1ebf h\u1ecdc s\u1ebd ph\u1ea3i t\u1ef1 \u0111i\u1ec1u ch\u1ec9nh m\u00f4 h\u00ecnh d\u1ef1 b\u00e1o c\u1ee7a m\u00ecnh, v\u00f4 h\u00ecnh trung t\u1ea1o n\u00ean m\u1ed9t kho\u1ea3ng tr\u1ed1ng b\u1ea5t \u0111\u1ecbnh \u0111\u1ed1i v\u1edbi th\u1ecb tr\u01b0\u1eddng.<\/p>\n<p class=\"wp-block-paragraph\">B\u00ean c\u1ea1nh c\u00e2u chuy\u1ec7n CPI hay PPI dao \u0111\u1ed9ng l\u1ec7ch 0,1% hay 0,2%, \u0111i\u1ec1u m\u00e0 c\u00e1c nh\u00e0 ho\u1ea1ch \u0111\u1ecbnh ch\u00ednh s\u00e1ch t\u1ea1i Fed quan t\u00e2m h\u01a1n c\u1ea3 l\u00e0 <strong>\u0111\u1ed9 lan t\u1ecfa c\u1ee7a \u0111\u00e0 t\u0103ng gi\u00e1<\/strong>:<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p class=\"wp-block-paragraph\"><em>N\u1ebfu \u0111\u00e0 t\u0103ng gi\u00e1 v\u1eabn di\u1ec5n ra tr\u00ean di\u1ec7n r\u1ed9ng, ti\u1ebfn tr\u00ecnh \u0111\u01b0a l\u1ea1m ph\u00e1t v\u1ec1 m\u1ee9c m\u1ee5c ti\u00eau 2% s\u1ebd c\u00f2n r\u1ea5t gian nan.<\/em><\/p>\n<\/blockquote>\n<ul class=\"wp-block-list\">\n<li>D\u1eef li\u1ec7u th\u1ed1ng k\u00ea cho th\u1ea5y trong th\u00e1ng 7, <strong>h\u01a1n 50% c\u00e1c th\u00e0nh ph\u1ea7n c\u1ea5u th\u00e0nh r\u1ed5 CPI<\/strong> ghi nh\u1eadn m\u1ee9c t\u0103ng t\u1eeb 2% \u0111\u1ebfn 4%.<\/li>\n<li>\u0110\u00e1ng ch\u00fa \u00fd, ch\u1ec9 s\u1ed1 lan t\u1ecfa CPI (CPI diffusion) tr\u00ean h\u1ec7 th\u1ed1ng Bloomberg ghi nh\u1eadn \u0111\u1ea1t <strong>58%<\/strong> n\u1eb1m trong ng\u01b0\u1ee1ng t\u0103ng 2%\u20134%.<\/li>\n<\/ul>\n<p class=\"wp-block-paragraph\">Con s\u1ed1 n\u00e0y ph\u00e1t \u0111i t\u00edn hi\u1ec7u c\u1ea3nh b\u00e1o: D\u00f9 m\u1ed9t v\u00e0i ch\u1ec9 s\u1ed1 l\u1edbn c\u00f3 d\u1ea5u hi\u1ec7u h\u1ea1 nhi\u1ec7t tr\u00ean b\u1ec1 m\u1eb7t, \u00e1p l\u1ef1c gi\u00e1 c\u1ea3 v\u1eabn \u0111ang \u00e2m th\u1ea7m lan r\u1ed9ng kh\u1eafp c\u00e1c nh\u00f3m h\u00e0ng h\u00f3a v\u00e0 d\u1ecbch v\u1ee5.<\/p>\n<p class=\"wp-block-paragraph\">B\u00e1o c\u00e1o CPI v\u00e0 PPI tu\u1ea7n n\u00e0y kh\u00f4ng ch\u1ec9 d\u1eebng l\u1ea1i \u1edf c\u00e1c con s\u1ed1 c\u00f4ng b\u1ed1 tr\u00ean m\u1eb7t b\u00e1o. \u0110\u1ec3 \u0111\u00e1nh gi\u00e1 \u0111\u00fang \u0111\u01b0\u1eddng \u0111i n\u01b0\u1edbc b\u01b0\u1edbc ti\u1ebfp theo c\u1ee7a Fed, nh\u00e0 \u0111\u1ea7u t\u01b0 c\u1ea7n nh\u00ecn s\u00e2u v\u00e0o c\u01a1 c\u1ea5u r\u1ed5 h\u00e0ng h\u00f3a, m\u1ee9c \u0111\u1ed9 lan t\u1ecfa gi\u00e1 c\u1ea3 v\u00e0 t\u00e1c \u0111\u1ed9ng c\u1ee7a ch\u00fang t\u1edbi ch\u1ec9 s\u1ed1 PCE l\u00f5i. B\u1ea5t k\u1ef3 s\u1ef1 b\u1ea5t ng\u1edd n\u00e0o t\u1eeb nh\u00f3m d\u1ecbch v\u1ee5 hay \u00e1p l\u1ef1c chi ph\u00ed lan r\u1ed9ng \u0111\u1ec1u c\u00f3 th\u1ec3 khi\u1ebfn Fed th\u1eadn tr\u1ecdng h\u01a1n trong vi\u1ec7c n\u1edbi l\u1ecfng ch\u00ednh s\u00e1ch ti\u1ec1n t\u1ec7.<\/p>\n<div class=\"nip-source\">\n<strong>Ngu\u1ed3n b\u00e0i vi\u1ebft:<\/strong> Maison Priv\u00e9e \u2014 <a href=\"https:\/\/maisonpriveeciputra.info.vn\/thi-truong-cho-doi-du-lieu-cpi-va-ppi\/\" rel=\"nofollow noopener\" target=\"_blank\">Xem b\u00e0i vi\u1ebft g\u1ed1c<\/a>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Tr\u01b0\u1edbc th\u1ec1m cu\u1ed9c h\u1ecdp ch\u00ednh s\u00e1ch quan tr\u1ecdng c\u1ee7a C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang M\u1ef9 (Fed), t\u00e2m \u0111i\u1ec3m ch\u00fa \u00fd c\u1ee7a gi\u1edbi \u0111\u1ea7u t\u01b0 to\u00e0n c\u1ea7u\u2026<\/p>\n","protected":false},"author":1,"featured_media":506,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[65],"tags":[],"svh_topic":[],"class_list":["post-505","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\/505","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=505"}],"version-history":[{"count":2,"href":"https:\/\/sungroupvinhhung.info.vn\/index.php\/wp-json\/wp\/v2\/posts\/505\/revisions"}],"predecessor-version":[{"id":508,"href":"https:\/\/sungroupvinhhung.info.vn\/index.php\/wp-json\/wp\/v2\/posts\/505\/revisions\/508"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/sungroupvinhhung.info.vn\/index.php\/wp-json\/wp\/v2\/media\/506"}],"wp:attachment":[{"href":"https:\/\/sungroupvinhhung.info.vn\/index.php\/wp-json\/wp\/v2\/media?parent=505"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sungroupvinhhung.info.vn\/index.php\/wp-json\/wp\/v2\/categories?post=505"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sungroupvinhhung.info.vn\/index.php\/wp-json\/wp\/v2\/tags?post=505"},{"taxonomy":"svh_topic","embeddable":true,"href":"https:\/\/sungroupvinhhung.info.vn\/index.php\/wp-json\/wp\/v2\/svh_topic?post=505"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}