<p>C&#7909;c D&#7921; tr&#7919; Li&ecirc;n bang M&#7929; (Fed) v&#7915;a h&#7841; l&atilde;i su&#7845;t th&ecirc;m 25 &#273;i&#7875;m c&#417; b&#7843;n, &#273;&#432;a m&#7913;c l&atilde;i su&#7845;t m&#7909;c ti&ecirc;u v&#7873; kho&#7843;ng 3.50%&ndash;3.75%. &#272;&#7897;ng th&aacute;i n&agrave;y &#273;&uacute;ng nh&#432; k&#7923; v&#7885;ng c&#7911;a th&#7883; tr&#432;&#7901;ng, nh&#432;ng Fed kh&ocirc;ng &#273;&#432;a ra t&iacute;n hi&#7879;u r&otilde; r&agrave;ng v&#7873; vi&#7879;c s&#7869; ti&#7871;p t&#7909;c gi&#7843;m l&atilde;i su&#7845;t trong th&#7901;i gian t&#7899;i.</p>
<p>Quy&#7871;t &#273;&#7883;nh h&ocirc;m nay kh&ocirc;ng nh&#7853;n &#273;&#432;&#7907;c s&#7921; &#273;&#7891;ng thu&#7853;n tuy&#7879;t &#273;&#7889;i trong n&#7897;i b&#7897; Fed, l&agrave;m c&#7911;ng c&#7889; th&ecirc;m s&#7921; b&#7845;t &#273;&#7883;nh &#273;&atilde; chi ph&#7889;i t&acirc;m l&yacute; nh&agrave; &#273;&#7847;u t&#432; nh&#7919;ng ng&agrave;y g&#7847;n &#273;&acirc;y.</p>
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-guidance-is-the-market-focus-not-the-cut">Nh&agrave; &#273;&#7847;u t&#432; nh&#7887; l&#7867; ch&uacute; &yacute; &#273;&#7871;n &#273;&#7883;nh h&#432;&#7899;ng th&#7883; tr&#432;&#7901;ng, kh&ocirc;ng ph&#7843;i vi&#7879;c c&#7855;t gi&#7843;m</h2>

<p>&#7910;y ban Th&#7883; tr&#432;&#7901;ng M&#7903; Li&ecirc;n bang (FOMC) &#273;&atilde; <a href="https://www.federalreserve.gov/newsevents/pressreleases/monetary20251210a.htm" target="_blank" rel="noreferrer noopener nofollow">th&#7915;a nh&#7853;n</a> r&#7857;ng t&#7889;c &#273;&#7897; t&#259;ng tr&#432;&#7903;ng vi&#7879;c l&agrave;m &#273;ang ch&#7853;m l&#7841;i, th&#7845;t nghi&#7879;p c&oacute; xu h&#432;&#7899;ng t&#259;ng trong qu&yacute; 3, v&agrave; l&#7841;m ph&aacute;t &#273;&atilde; t&#259;ng cao h&#417;n k&#7875; t&#7915; &#273;&#7847;u n&#259;m 2025.</p>
<p>D&ugrave; c&aacute;c nh&agrave; ho&#7841;ch &#273;&#7883;nh ch&iacute;nh s&aacute;ch cho r&#7857;ng r&#7911;i ro li&ecirc;n quan &#273;&#7871;n vi&#7879;c l&agrave;m &#273;&atilde; t&#259;ng l&ecirc;n, h&#7885; v&#7851;n ch&#432;a cam k&#7871;t s&#7869; c&#7855;t gi&#7843;m l&atilde;i su&#7845;t li&ecirc;n t&#7909;c. Thay v&agrave;o &#273;&oacute;, th&ocirc;ng b&aacute;o h&ocirc;m nay cho th&#7845;y Fed s&#7869; ti&#7871;p t&#7909;c d&#7921;a v&agrave;o c&aacute;c d&#7919; li&#7879;u kinh t&#7871; &#273;&#7875; &#273;&#432;a ra quy&#7871;t &#273;&#7883;nh trong t&#432;&#417;ng lai.</p>
<p>Fed nh&#7845;n m&#7841;nh s&#7869; &#273;&aacute;nh gi&aacute; &ldquo;c&aacute;c s&#7889; li&#7879;u m&#7899;i, di&#7877;n bi&#7871;n kinh t&#7871; v&agrave; c&acirc;n nh&#7855;c c&aacute;c r&#7911;i ro&rdquo; tr&#432;&#7899;c khi quy&#7871;t &#273;&#7883;nh thay &#273;&#7893;i ch&iacute;nh s&aacute;ch l&atilde;i su&#7845;t ti&#7871;p theo.</p>
<p>C&aacute;c nh&agrave; giao d&#7883;ch crypto c&oacute; th&#7875; coi l&#7853;p tr&#432;&#7901;ng n&agrave;y l&agrave; trung l&#7853;p v&agrave; h&#417;i th&#7853;n tr&#7885;ng. Khi ch&#432;a c&oacute; cam k&#7871;t r&otilde; r&agrave;ng v&#7873; t&#432;&#417;ng lai, c&aacute;c cu&#7897;c h&#7885;p v&agrave;o th&aacute;ng 01 v&agrave; th&aacute;ng 03 t&#7899;i s&#7869; tr&#7903; th&agrave;nh nh&#7919;ng d&#7845;u m&#7889;c quan tr&#7885;ng &#273;&#7883;nh h&igrave;nh k&#7923; v&#7885;ng v&#7873; l&#7897; tr&igrave;nh l&atilde;i su&#7845;t.</p>
<p>N&#7897;i dung n&agrave;y c&#361;ng gi&#7889;ng nh&#432; nh&#7919;ng g&igrave; c&aacute;c chuy&ecirc;n gia ph&acirc;n t&iacute;ch &#273;&atilde; c&#7843;nh b&aacute;o tr&#432;&#7899;c cu&#7897;c h&#7885;p: Fed c&oacute; th&#7875; s&#7869; c&oacute; m&#7897;t &ldquo;&#273;&#7907;t c&#7855;t gi&#7843;m mang t&iacute;nh di&#7873;u h&acirc;u&rdquo; &ndash; t&#7913;c l&agrave; gi&#7843;m l&atilde;i su&#7845;t, nh&#432;ng kh&ocirc;ng &#273;&#432;a ra th&ocirc;ng b&aacute;o r&otilde; r&agrave;ng v&#7873; h&#432;&#7899;ng gi&#7843;m ti&#7871;p theo.</p>
<p>Vi&#7879;c kh&ocirc;ng s&#7917; d&#7909;ng c&aacute;c ng&ocirc;n t&#7915; nghi&ecirc;ng v&#7873; gi&#7843;m l&atilde;i su&#7845;t cho th&#7845;y Fed mu&#7889;n gi&#7919; s&#7921; linh ho&#7841;t, &#273;&#7863;c bi&#7879;t trong b&#7889;i c&#7843;nh l&#7841;m ph&aacute;t v&#7851;n &#273;ang &#7903; m&#7913;c &ldquo;t&#432;&#417;ng &#273;&#7889;i cao&rdquo; v&agrave; tri&#7875;n v&#7885;ng t&#259;ng tr&#432;&#7903;ng c&ograve;n nhi&#7873;u b&#7845;t &#7893;n.</p>
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-rare-split-vote-highlights-internal-tension">Cu&#7897;c b&#7887; phi&#7871;u chia r&#7869; hi&#7871;m hoi cho th&#7845;y c&#259;ng th&#7859;ng n&#7897;i b&#7897;</h2>

<p>K&#7871;t qu&#7843; b&#7887; phi&#7871;u cho th&#7845;y s&#7921; chia r&#7869; trong &#7911;y ban. Stephen Miran mu&#7889;n gi&#7843;m m&#7841;nh h&#417;n v&#7899;i m&#7913;c 50 &#273;i&#7875;m c&#417; b&#7843;n, c&ograve;n Austan Goolsbee v&agrave; Jeffrey Schmid l&#7841;i mu&#7889;n gi&#7919; nguy&ecirc;n ch&iacute;nh s&aacute;ch hi&#7879;n t&#7841;i.</p>
<p>M&#7897;t s&#7921; chia r&#7869; 3 chi&#7873;u nh&#432; th&#7871; n&agrave;y th&#7875; hi&#7879;n r&otilde; m&#7913;c &#273;&#7897; kh&oacute; &#273;o&aacute;n c&#7911;a t&igrave;nh h&igrave;nh ph&iacute;a tr&#432;&#7899;c. Th&#7883; tr&#432;&#7901;ng lao &#273;&#7897;ng &#273;ang y&#7871;u &#273;i, l&#7841;m ph&aacute;t kh&ocirc;ng c&ograve;n xu h&#432;&#7899;ng gi&#7843;m &#273;&#7873;u, v&agrave; quan &#273;i&#7875;m v&#7873; m&#7913;c &#273;&#7897; n&#7899;i l&#7887;ng ch&iacute;nh s&aacute;ch c&#7847;n thi&#7871;t &#273;ang c&oacute; s&#7921; kh&aacute;c bi&#7879;t r&otilde; r&#7879;t.</p>
<p>&#272;i&#7873;u n&agrave;y c&agrave;ng cho th&#7845;y n&#7897;i b&#7897; Fed &#273;ang tranh lu&#7853;n m&#7841;nh m&#7869; v&#7873; vi&#7879;c li&#7879;u n&#7873;n kinh t&#7871; &#273;&atilde; th&#7921;c s&#7921; &ldquo;ch&ugrave;ng xu&#7889;ng&rdquo; bao nhi&ecirc;u &ndash; v&agrave; ph&iacute;a n&agrave;o &#7911;ng h&#7897; gi&#7843;m nhanh, ph&iacute;a n&agrave;o cho r&#7857;ng n&ecirc;n d&#7915;ng l&#7841;i. C&aacute;c nh&agrave; &#273;&#7847;u t&#432; c&oacute; th&#7875; coi &#273;&acirc;y l&agrave; d&#7845;u hi&#7879;u r&#7857;ng chu k&#7923; gi&#7843;m l&atilde;i su&#7845;t kh&ocirc;ng c&ograve;n mang t&iacute;nh &ocirc;n h&ograve;a ho&agrave;n to&agrave;n n&#7919;a.</p>
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-balance-sheet-note-worth-flagging">L&#432;u &yacute; tr&ecirc;n b&#7843;ng c&acirc;n &#273;&#7889;i k&#7871; to&aacute;n &#273;&aacute;ng ch&uacute; &yacute;</h2>

<p>Fed c&#361;ng th&ocirc;ng b&aacute;o s&#7861;n s&agrave;ng mua c&aacute;c tr&aacute;i phi&#7871;u kho b&#7841;c ng&#7855;n h&#7841;n khi c&#7847;n thi&#7871;t &#273;&#7875; &#273;&#7843;m b&#7843;o thanh kho&#7843;n &#7893;n &#273;&#7883;nh &ndash; &#273;&#7897;ng th&aacute;i nh&#7865; nh&agrave;ng nh&#432;ng r&#7845;t quan tr&#7885;ng cho th&#7883; tr&#432;&#7901;ng. Bi&#7879;n ph&aacute;p n&agrave;y s&#7869; h&#7895; tr&#7907; n&#7871;u bi&#7871;n &#273;&#7897;ng l&#7899;n x&#7843;y ra trong n&#259;m 2026.</p>
<p>&#272;&#7897;ng th&aacute;i l&#7847;n n&agrave;y c&#7911;a Fed kh&aacute; &#273;&uacute;ng d&#7921; &#273;o&aacute;n c&#7911;a th&#7883; tr&#432;&#7901;ng, nh&#432;ng kh&ocirc;ng c&oacute; &ldquo;l&#7897; tr&igrave;nh&rdquo; r&otilde; r&agrave;ng k&egrave;m theo. T&ocirc;ng th&aacute;i c&#7911;a Fed l&agrave; c&#7849;n tr&#7885;ng, c&acirc;n nh&#7855;c s&#7889; li&#7879;u ch&#7913; kh&ocirc;ng nghi&ecirc;ng ho&agrave;n to&agrave;n v&#7873; h&#432;&#7899;ng gi&#7843;m m&#7841;nh l&atilde;i su&#7845;t.</p>
<p>Gi&#7901; &#273;&acirc;y, t&#7845;t c&#7843; s&#7921; ch&uacute; &yacute; s&#7869; h&#432;&#7899;ng v&#7873; th&aacute;ng 01. Vi&#7879;c gi&#7843;m l&atilde;i su&#7845;t l&agrave; s&#7921; ki&#7879;n ch&iacute;nh, c&ograve;n ph&#7843;n &#7913;ng th&#7921;c s&#7921; c&#7911;a th&#7883; tr&#432;&#7901;ng s&#7869; c&ograve;n ph&#7909; thu&#7897;c v&agrave;o c&aacute;c ch&iacute;nh s&aacute;ch ti&#7871;p theo trong t&#432;&#417;ng lai g&#7847;n.</p>


Fed cắt giảm lãi suất 25bps, nhưng điều bất ngờ thực sự là điều gì sẽ xảy ra tiếp theo