{"id":23711,"date":"2023-12-06T08:49:48","date_gmt":"2023-12-06T08:49:48","guid":{"rendered":"https:\/\/masterskills.org\/blog\/duong-cong-loi-suat-nghich-dao-inverted-yield-curve-la-gi-dac-diem.html"},"modified":"2023-12-22T09:03:03","modified_gmt":"2023-12-22T02:03:03","slug":"duong-cong-loi-suat-nghich-dao-inverted-yield-curve-la-gi-dac-diem","status":"publish","type":"post","link":"https:\/\/masterskills.org\/blog\/duong-cong-loi-suat-nghich-dao-inverted-yield-curve-la-gi-dac-diem.html","title":{"rendered":"\u0110\u01b0\u1eddng cong l\u1ee3i su\u1ea5t ngh\u1ecbch \u0111\u1ea3o (Inverted Yield Curve) l\u00e0 g\u00ec? \u0110\u1eb7c \u0111i\u1ec3m"},"content":{"rendered":"
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(\u1ea2nh minh h\u1ecda: Britannica)<\/p>\n<\/figcaption><\/figure>\n

\u0110\u01b0\u1eddng cong l\u1ee3i su\u1ea5t ngh\u1ecbch \u0111\u1ea3o<\/font><\/h2>\n

Kh\u00e1i ni\u1ec7m<\/b><\/p>\n

\u0110\u01b0\u1eddng cong l\u1ee3i su\u1ea5t ngh\u1ecbch \u0111\u1ea3o <\/b>trong ti\u1ebfng Anh l\u00e0 Inverted Yield Curve.<\/b><\/p>\n

\u0110\u01b0\u1eddng cong l\u1ee3i su\u1ea5t ngh\u1ecbch \u0111\u1ea3o<\/b> th\u1ec3 hi\u1ec7n t\u00ecnh hu\u1ed1ng trong \u0111\u00f3 c\u00e1c c\u00f4ng c\u1ee5 n\u1ee3 d\u00e0i h\u1ea1n c\u00f3 l\u1ee3i su\u1ea5t th\u1ea5p h\u01a1n c\u00e1c c\u00f4ng c\u1ee5 n\u1ee3 ng\u1eafn h\u1ea1n v\u1edbi c\u00f9ng ch\u1ea5t l\u01b0\u1ee3ng t\u00edn d\u1ee5ng.<\/p>\n

\u0110\u01b0\u1eddng cong l\u1ee3i su\u1ea5t ngh\u1ecbch \u0111\u1ea3o \u0111\u00f4i khi \u0111\u01b0\u1ee3c g\u1ecdi l\u00e0 \u0111\u01b0\u1eddng cong l\u1ee3i su\u1ea5t \u00e2m (Negative yield curve).<\/p>\n

\u0110\u01b0\u1eddng cong l\u1ee3i su\u1ea5t\u00a0bi\u1ec3u di\u1ec5n l\u1ee3i su\u1ea5t tr\u00ean c\u00e1c tr\u00e1i phi\u1ebfu t\u01b0\u01a1ng t\u1ef1 v\u1edbi nhi\u1ec1u th\u1eddi gian \u0111\u00e1o h\u1ea1n\u00a0(Maturity)\u00a0kh\u00e1c nhau.\u00a0<\/p>\n

\u0110\u01b0\u1eddng cong l\u1ee3i su\u1ea5t b\u00ecnh th\u01b0\u1eddng d\u1ed1c l\u00ean, ph\u1ea3n \u00e1nh th\u1ef1c t\u1ebf r\u1eb1ng l\u00e3i su\u1ea5t ng\u1eafn h\u1ea1n th\u01b0\u1eddng th\u1ea5p h\u01a1n l\u00e3i su\u1ea5t d\u00e0i h\u1ea1n. \u0110\u00f3 l\u00e0 k\u1ebft qu\u1ea3 c\u1ee7a vi\u1ec7c t\u0103ng r\u1ee7i ro v\u00e0 ph\u00ed b\u1ea3o hi\u1ec3m thanh kho\u1ea3n cho c\u00e1c kho\u1ea3n \u0111\u1ea7u t\u01b0 d\u00e0i h\u1ea1n.<\/p>\n

Khi \u0111\u01b0\u1eddng cong l\u1ee3i su\u1ea5t ngh\u1ecbch \u0111\u1ea3o, l\u00e3i su\u1ea5t ng\u1eafn h\u1ea1n tr\u1edf n\u00ean cao h\u01a1n l\u00e3i su\u1ea5t d\u00e0i h\u1ea1n. Lo\u1ea1i \u0111\u01b0\u1eddng cong l\u1ee3i su\u1ea5t n\u00e0y l\u00e0 lo\u1ea1i hi\u1ebfm nh\u1ea5t trong ba lo\u1ea1i \u0111\u01b0\u1eddng cong ch\u00ednh v\u00e0 \u0111\u01b0\u1ee3c coi l\u00e0 y\u1ebfu t\u1ed1 d\u1ef1 b\u00e1o\u00a0suy tho\u00e1i\u00a0kinh t\u1ebf.<\/p>\n

Do s\u1ef1 hi\u1ebfm hoi c\u1ee7a ngh\u1ecbch \u0111\u1ea3o \u0111\u01b0\u1eddng cong l\u1ee3i su\u1ea5t, ch\u00fang th\u01b0\u1eddng thu h\u00fat s\u1ef1 ch\u00fa \u00fd t\u1eeb th\u1ebf gi\u1edbi t\u00e0i ch\u00ednh.<\/p>\n

\u0110\u1eb7c \u0111i\u1ec3m c\u1ee7a \u0110\u01b0\u1eddng cong l\u1ee3i su\u1ea5t ngh\u1ecbch \u0111\u1ea3o<\/font><\/h3>\n

\u0110\u01b0\u1eddng cong l\u1ee3i su\u1ea5t th\u01b0\u1eddng \u0111\u01b0\u1ee3c xem l\u00e0 m\u1ed9t c\u00e1ch \u0111\u1ec3 d\u1ef1 \u0111o\u00e1n c\u00e1c b\u01b0\u1edbc ngo\u1eb7t c\u1ee7a\u00a0chu k\u00ec kinh doanh. \u0110\u01b0\u1eddng cong l\u1ee3i su\u1ea5t ngh\u1ecbch \u0111\u1ea3o<\/b> xu\u1ea5t hi\u1ec7n, c\u00f3 ngh\u0129a l\u00e0 h\u1ea7u h\u1ebft c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 tin r\u1eb1ng l\u00e3i su\u1ea5t ng\u1eafn h\u1ea1n s\u1ebd gi\u1ea3m m\u1ea1nh v\u00e0o m\u1ed9t th\u1eddi \u0111i\u1ec3m n\u00e0o \u0111\u00f3 trong t\u01b0\u01a1ng lai.<\/p>\n

\u0110\u01b0\u1eddng cong l\u00e3i su\u1ea5t tr\u00e1i phi\u1ebfu l\u00e0 m\u1ed9t trong nh\u1eefng ch\u1ec9 s\u1ed1 h\u00e0ng \u0111\u1ea7u \u0111\u00e1ng tin c\u1eady nh\u1ea5t v\u1ec1 suy tho\u00e1i kinh t\u1ebf s\u1eafp x\u1ea3y ra.<\/p>\n

\u0110\u01b0\u1eddng cong l\u1ee3i su\u1ea5t c\u00f3 th\u1ec3 \u0111\u01b0\u1ee3c x\u00e2y d\u1ef1ng cho b\u1ea5t k\u00ec lo\u1ea1i c\u00f4ng c\u1ee5 n\u1ee3 n\u00e0o c\u00f3 ch\u1ea5t l\u01b0\u1ee3ng t\u00edn d\u1ee5ng t\u01b0\u01a1ng \u0111\u01b0\u01a1ng v\u00e0 c\u00e1c ng\u00e0y \u0111\u00e1o h\u1ea1n h\u1ea1n kh\u00e1c nhau.<\/p>\n

M\u1ed9t trong nh\u1eefng ph\u01b0\u01a1ng ph\u00e1p ph\u1ed5 bi\u1ebfn nh\u1ea5t \u0111\u1ec3 \u0111o \u0111\u01b0\u1eddng cong l\u1ee3i su\u1ea5t l\u00e0 s\u1eed d\u1ee5ng m\u1ee9c ch\u00eanh l\u1ec7ch gi\u1eefa l\u1ee3i su\u1ea5t c\u1ee7a tr\u00e1i phi\u1ebfu kho b\u1ea1c m\u01b0\u1eddi n\u0103m v\u00e0 tr\u00e1i phi\u1ebfu kho b\u1ea1c hai n\u0103m \u0111\u1ec3 x\u00e1c \u0111\u1ecbnh xem \u0111\u01b0\u1eddng cong l\u1ee3i su\u1ea5t c\u00f3 b\u1ecb ngh\u1ecbch \u0111\u1ea3o hay kh\u00f4ng.<\/p>\n

Bi\u00ean \u0111\u1ed9 tr\u00e1i phi\u1ebfu kho b\u1ea1c m\u01b0\u1eddi n\u0103m v\u00e0 tr\u00e1i phi\u1ebfu kho b\u1ea1c hai n\u0103m l\u00e0 m\u1ed9t trong nh\u1eefng ch\u1ec9 s\u1ed1 \u0111\u00e1ng tin c\u1eady nh\u1ea5t v\u1ec1 suy tho\u00e1i trong n\u0103m ti\u1ebfp theo.<\/p>\n

C\u1ee5c D\u1ef1 tr\u1eef li\u00ean bang M\u1ef9 Fed t\u1eeb khi c\u00f4ng b\u1ed1 d\u1eef li\u1ec7u c\u1ee7a bi\u00ean \u0111\u1ed9 tr\u00e1i phi\u1ebfu n\u00e0y t\u1eeb n\u0103m 1976, \u0111\u00e3 d\u1ef1 \u0111o\u00e1n ch\u00ednh x\u00e1c m\u1ecdi suy tho\u00e1i di\u1ec5n ra \u1edf M\u1ef9 v\u00e0 \u0111\u00e3 kh\u00f4ng \u0111\u01b0a ra m\u1ed9t t\u00edn hi\u1ec7u d\u01b0\u01a1ng t\u00ednh gi\u1ea3 n\u00e0o.<\/p>\n

V\u00e0o th\u00e1ng 8 n\u0103m nay, m\u1ee9c ch\u00eanh l\u1ec7ch \u0111\u00e3 gi\u1ea3m xu\u1ed1ng d\u01b0\u1edbi 0, cho th\u1ea5y \u0111\u01b0\u1eddng cong l\u1ee3i su\u1ea5t ngh\u1ecbch \u0111\u1ea3o v\u00e0 \u0111\u01b0a ra t\u00edn hi\u1ec7u v\u1ec1 suy tho\u00e1i kinh t\u1ebf \u1edf M\u1ef9 v\u00e0o n\u0103m .<\/p>\n

C\u00e2n nh\u1eafc v\u1ec1 Ng\u00e0y \u0111\u00e1o h\u1ea1n c\u1ee7a \u0110\u01b0\u1eddng cong l\u1ee3i su\u1ea5t ngh\u1ecbch \u0111\u1ea3o<\/font><\/h3>\n

L\u1ee3i su\u1ea5t th\u01b0\u1eddng cao h\u01a1n \u0111\u1ed1i v\u1edbi ch\u1ee9ng kho\u00e1n c\u00f3 thu nh\u1eadp c\u1ed1 \u0111\u1ecbnh v\u1edbi th\u1eddi gian \u0111\u00e1o h\u1ea1n d\u00e0i h\u01a1n. L\u1ee3i su\u1ea5t cao h\u01a1n \u0111\u1ed1i v\u1edbi ch\u1ee9ng kho\u00e1n d\u00e0i h\u1ea1n l\u00e0 k\u1ebft qu\u1ea3 c\u1ee7a ph\u00ed b\u1ea3o hi\u1ec3m r\u1ee7i ro \u0111\u00e1o h\u1ea1n.<\/p>\n

N\u1ebfu m\u1ed9t nh\u00e0 \u0111\u1ea7u t\u01b0 ngh\u0129 r\u1eb1ng l\u1ee3i su\u1ea5t gi\u1ea3m, vi\u1ec7c mua tr\u00e1i phi\u1ebfu c\u00f3 k\u00ec h\u1ea1n d\u00e0i h\u01a1n l\u00e0 \u0111i\u1ec1u h\u1ee3p l\u00ed. B\u1eb1ng c\u00e1ch \u0111\u00f3, c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 s\u1ebd gi\u1eef tr\u00e1i phi\u1ebfu c\u00f3 l\u00e3i su\u1ea5t hi\u1ec7n t\u1ea1i cao h\u01a1n. Gi\u00e1 t\u0103ng l\u00ean khi nhi\u1ec1u nh\u00e0 \u0111\u1ea7u t\u01b0 mua tr\u00e1i phi\u1ebfu d\u00e0i h\u1ea1n, khi\u1ebfn l\u1ee3i su\u1ea5t gi\u1ea3m. Khi l\u1ee3i su\u1ea5t c\u1ee7a tr\u00e1i phi\u1ebfu d\u00e0i h\u1ea1n gi\u1ea3m \u0111\u1ee7 nhi\u1ec1u, n\u00f3 s\u1ebd t\u1ea1o ra \u0111\u01b0\u1eddng cong l\u1ee3i su\u1ea5t ngh\u1ecbch \u0111\u1ea3o.<\/b><\/p>\n

C\u00e2n nh\u1eafc v\u1ec1 t\u00ecnh h\u00ecnh kinh t\u1ebf c\u1ee7a \u0110\u01b0\u1eddng cong l\u1ee3i su\u1ea5t ngh\u1ecbch \u0111\u1ea3o<\/font><\/h3>\n

H\u00ecnh d\u1ea1ng c\u1ee7a \u0111\u01b0\u1eddng cong l\u1ee3i su\u1ea5t thay \u0111\u1ed5i theo t\u00ecnh h\u00ecnh c\u1ee7a n\u1ec1n kinh t\u1ebf. \u0110\u01b0\u1eddng cong l\u1ee3i su\u1ea5t d\u1ed1c b\u00ecnh th\u01b0\u1eddng ho\u1eb7c \u0111i l\u00ean x\u1ea3y ra khi n\u1ec1n kinh t\u1ebf \u0111ang t\u0103ng tr\u01b0\u1edfng.<\/p>\n

Hai l\u00ed thuy\u1ebft kinh t\u1ebf ch\u00ednh gi\u1ea3i th\u00edch h\u00ecnh d\u1ea1ng c\u1ee7a \u0111\u01b0\u1eddng cong l\u1ee3i su\u1ea5t l\u00e0 l\u00ed thuy\u1ebft k\u00ec v\u1ecdng thu\u1ea7n t\u00fay v\u00e0 l\u00ed thuy\u1ebft \u01b0u ti\u00ean thanh kho\u1ea3n.<\/p>\n

Trong l\u00ed thuy\u1ebft k\u00ec v\u1ecdng thu\u1ea7n t\u00fay, l\u00e3i su\u1ea5t d\u00e0i h\u1ea1n \u0111\u01b0\u1ee3c cho l\u00e0 trung b\u00ecnh c\u1ee7a l\u00e3i su\u1ea5t ng\u1eafn h\u1ea1n d\u1ef1 ki\u1ebfn trong c\u00f9ng th\u1eddi gian \u0111\u00e1o h\u1ea1n.<\/p>\n

L\u00ed thuy\u1ebft \u01b0u ti\u00ean thanh kho\u1ea3n ch\u1ec9 ra r\u1eb1ng c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 s\u1ebd y\u00eau c\u1ea7u m\u1ed9t kho\u1ea3n ph\u00ed b\u1ea3o hi\u1ec3m tr\u00ean l\u1ee3i t\u1ee9c h\u1ecd nh\u1eadn \u0111\u01b0\u1ee3c \u0111\u1ec3 \u0111\u1ed5i l\u1ea5y thanh kho\u1ea3n trong m\u1ed9t tr\u00e1i phi\u1ebfu d\u00e0i h\u1ea1n.<\/p>\n

C\u1ea3 hai l\u00ed thuy\u1ebft n\u00e0y c\u00f9ng nhau gi\u1ea3i th\u00edch h\u00ecnh d\u1ea1ng c\u1ee7a \u0111\u01b0\u1eddng cong l\u1ee3i su\u1ea5t l\u00e0 m\u1ed9t h\u00e0m theo s\u1edf th\u00edch hi\u1ec7n t\u1ea1i v\u00e0 k\u00ec v\u1ecdng c\u1ee7a nh\u00e0 \u0111\u1ea7u t\u01b0 trong t\u01b0\u01a1ng lai v\u00e0 gi\u1ea3i th\u00edch l\u00ed do trong th\u1eddi gian b\u00ecnh th\u01b0\u1eddng, \u0111\u01b0\u1eddng cong l\u1ee3i su\u1ea5t d\u1ed1c l\u00ean ph\u00eda b\u00ean ph\u1ea3i.<\/p>\n

Trong giai \u0111o\u1ea1n t\u0103ng tr\u01b0\u1edfng kinh t\u1ebf b\u00ecnh th\u01b0\u1eddng v\u00e0 \u0111\u1eb7c bi\u1ec7t l\u00e0 khi n\u1ec1n kinh t\u1ebf \u0111ang b\u1ecb k\u00edch th\u00edch b\u1edfi l\u00e3i su\u1ea5t th\u1ea5p do\u00a0ch\u00ednh s\u00e1ch ti\u1ec1n t\u1ec7\u00a0th\u00fac \u0111\u1ea9y, \u0111\u01b0\u1eddng cong l\u00e3i su\u1ea5t d\u1ed1c l\u00ean v\u00ec c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 \u0111\u00f2i h\u1ecfi l\u1ee3i su\u1ea5t cao h\u01a1n cho tr\u00e1i phi\u1ebfu d\u00e0i h\u1ea1n v\u00e0 b\u1edfi v\u00ec h\u1ecd hi v\u1ecdng r\u1eb1ng \u0111\u1ebfn m\u1ed9t l\u00fac n\u00e0o \u0111\u00f3 trong t\u01b0\u01a1ng lai, ch\u1ec9nh ph\u1ee7 s\u1ebd ph\u1ea3i t\u0103ng l\u00e3i su\u1ea5t ng\u1eafn h\u1ea1n \u0111\u1ec3 tr\u00e1nh n\u1ec1n kinh t\u1ebf qu\u00e1 n\u00f3ng hay\u00a0l\u1ea1m ph\u00e1t.<\/p>\n

Trong nh\u1eefng tr\u01b0\u1eddng h\u1ee3p n\u00e0y, c\u1ea3 k\u00ec v\u1ecdng v\u00e0 \u01b0a th\u00edch thanh kho\u1ea3n \u0111\u1ec1u \u0111\u00f3ng g\u00f3p v\u00e0o vi\u1ec7c l\u00e0m \u0111\u01b0\u1eddng cong l\u1ee3i su\u1ea5t d\u1ed1c l\u00ean.<\/p>\n

Khi c\u00e1c t\u00edn hi\u1ec7u c\u1ee7a m\u1ed9t n\u1ec1n kinh t\u1ebf qu\u00e1 n\u00f3ng b\u1eaft \u0111\u1ea7u xu\u1ea5t hi\u1ec7n ho\u1eb7c khi c\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 c\u00f3 l\u00ed do \u0111\u1ec3 tin r\u1eb1ng vi\u1ec7c t\u0103ng l\u00e3i su\u1ea5t ng\u1eafn h\u1ea1n c\u1ee7a ch\u00ednh ph\u1ee7 s\u1eafp x\u1ea3y ra, th\u00ec k\u00ec v\u1ecdng th\u1ecb tr\u01b0\u1eddng b\u1eaft \u0111\u1ea7u ho\u1ea1t \u0111\u1ed9ng theo h\u01b0\u1edbng ng\u01b0\u1ee3c l\u1ea1i, \u01b0u ti\u00ean thanh kho\u1ea3n v\u00e0 \u0111\u1ed9 d\u1ed1c c\u1ee7a l\u1ee3i su\u1ea5t \u0111\u01b0\u1eddng cong b\u1ecb l\u00e0m ph\u1eb3ng v\u00e0 th\u1eadm ch\u00ed c\u00f3 th\u1ec3 chuy\u1ec3n sang \u0111\u01b0\u1eddng cong l\u1ee3i su\u1ea5t ngh\u1ecbch \u0111\u1ea3o<\/b> n\u1ebfu hi\u1ec7u \u1ee9ng n\u00e0y \u0111\u1ee7 m\u1ea1nh.<\/p>\n

C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 b\u1eaft \u0111\u1ea7u k\u00ec v\u1ecdng r\u1eb1ng nh\u1eefng n\u1ed7 l\u1ef1c c\u1ee7a ch\u1ec9nh ph\u1ee7 nh\u1eb1m h\u1ea1 nhi\u1ec7t n\u1ec1n kinh t\u1ebf qu\u00e1 n\u00f3ng b\u1eb1ng c\u00e1ch t\u0103ng l\u00e3i su\u1ea5t ng\u1eafn h\u1ea1n s\u1ebd d\u1eabn \u0111\u1ebfn s\u1ef1 ch\u1eadm l\u1ea1i trong ho\u1ea1t \u0111\u1ed9ng kinh t\u1ebf, sau \u0111\u00f3 l\u00e0 quay tr\u1edf l\u1ea1i ch\u00ednh s\u00e1ch l\u00e3i su\u1ea5t th\u1ea5p \u0111\u1ec3 ch\u1ed1ng l\u1ea1i xu h\u01b0\u1edbng ch\u1eadm l\u1ea1i n\u00e0y tr\u1edf th\u00e0nh suy tho\u00e1i.<\/p>\n

C\u00e1c nh\u00e0 \u0111\u1ea7u t\u01b0 d\u1ef1 ki\u1ebfn gi\u1ea3m l\u00e3i su\u1ea5t ng\u1eafn h\u1ea1n trong t\u01b0\u01a1ng lai, d\u1eabn \u0111\u1ebfn gi\u1ea3m l\u1ee3i su\u1ea5t d\u00e0i h\u1ea1n v\u00e0 t\u0103ng l\u1ee3i su\u1ea5t ng\u1eafn h\u1ea1n trong hi\u1ec7n t\u1ea1i, l\u00e0m cho \u0111\u01b0\u1eddng cong l\u1ee3i su\u1ea5t b\u1ecb l\u00e0m ph\u1eb3ng ho\u1eb7c th\u1eadm ch\u00ed ngh\u1ecbch \u0111\u1ea3o.<\/i><\/p>\n

Ho\u00e0n to\u00e0n h\u1ee3p l\u00ed khi k\u00ec v\u1ecdng l\u00e3i su\u1ea5t s\u1ebd gi\u1ea3m trong th\u1eddi k\u00ec suy tho\u00e1i. N\u1ebfu c\u00f3 suy tho\u00e1i, th\u00ec ch\u1ee9ng kho\u00e1n tr\u1edf n\u00ean k\u00e9m h\u1ea5p d\u1eabn h\u01a1n v\u00e0 c\u00f3 th\u1ec3 tr\u1edf th\u00e0nh th\u1ecb tr\u01b0\u1eddng gi\u00e1 xu\u1ed1ng (Bear market). \u0110i\u1ec1u \u0111\u00f3 l\u00e0m t\u0103ng nhu c\u1ea7u tr\u00e1i phi\u1ebfu, l\u00e0m t\u0103ng gi\u00e1 tr\u00e1i phi\u1ebfu v\u00e0 l\u00e0m gi\u1ea3m l\u1ee3i su\u1ea5t.<\/p>\n

Ch\u00ednh ph\u1ee7 c\u0169ng th\u01b0\u1eddng gi\u1ea3m l\u00e3i su\u1ea5t ng\u1eafn h\u1ea1n \u0111\u1ec3 k\u00edch th\u00edch n\u1ec1n kinh t\u1ebf trong th\u1eddi k\u00ec suy tho\u00e1i. K\u00ec v\u1ecdng \u0111\u00f3 l\u00e0m cho tr\u00e1i phi\u1ebfu d\u00e0i h\u1ea1n tr\u1edf n\u00ean h\u1ea5p d\u1eabn h\u01a1n, \u0111i\u1ec1u n\u00e0y l\u00e0m t\u0103ng gi\u00e1 v\u00e0 gi\u1ea3m l\u1ee3i su\u1ea5t trong nh\u1eefng th\u00e1ng tr\u01b0\u1edbc khi suy tho\u00e1i x\u1ea3y ra.<\/p>\n

(Theo Investopedia)<\/i><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

\n \u0110\u01b0\u1eddng cong l\u1ee3i su\u1ea5t ngh\u1ecbch \u0111\u1ea3o (ti\u1ebfng Anh: Inverted Yield Curve) th\u1ec3 hi\u1ec7n t\u00ecnh hu\u1ed1ng trong \u0111\u00f3 c\u00e1c c\u00f4ng c\u1ee5 n\u1ee3 d\u00e0i h\u1ea1n c\u00f3 l\u1ee3i su\u1ea5t th\u1ea5p h\u01a1n c\u00e1c c\u00f4ng c\u1ee5 n\u1ee3 ng\u1eafn h\u1ea1n v\u1edbi c\u00f9ng ch\u1ea5t l\u01b0\u1ee3ng t\u00edn d\u1ee5ng.\n <\/div>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[414],"tags":[],"_links":{"self":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/posts\/23711"}],"collection":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/comments?post=23711"}],"version-history":[{"count":0,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/posts\/23711\/revisions"}],"wp:attachment":[{"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/media?parent=23711"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/categories?post=23711"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/masterskills.org\/blog\/wp-json\/wp\/v2\/tags?post=23711"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}