Ch\u1ee7 t\u1ecbch Jerome Powell nh\u1eadn \u0111\u1ecbnh r\u1eb1ng ch\u00ednh s\u00e1ch l\u00e3i su\u1ea5t c\u1ee7a C\u1ee5c D\u1ef1 tr\u1eef Li\u00ean bang (Fed) \u201cv\u1eabn c\u00f2n h\u01a1i th\u1eaft ch\u1eb7t\u201d ngay c\u1ea3 sau khi \u0111\u00e3 h\u1ea1 l\u00e3i su\u1ea5t v\u00e0o tu\u1ea7n tr\u01b0\u1edbc. \u0110i\u1ec1u n\u00e0y cho th\u1ea5y\u00a0v\u1eabn c\u00f2n kh\u1ea3 n\u0103ng \u0111\u1ec3 ti\u1ebfp t\u1ee5c h\u1ea1 l\u00e3i su\u1ea5t trong n\u0103m nay n\u1ebfu c\u00e1c quan ch\u1ee9c th\u1ea5y r\u1eb1ng t\u00ecnh h\u00ecnh th\u1ecb tr\u01b0\u1eddng lao \u0111\u1ed9ng \u0111ang y\u1ebfu \u0111i v\u00e0 c\u1ea7n \u0111\u01b0\u1ee3c \u01b0u ti\u00ean h\u01a1n so v\u1edbi nh\u1eefng lo ng\u1ea1i v\u1ec1 l\u1ea1m ph\u00e1t.<\/p>\n\n\n\n
Powell g\u1ea7n nh\u01b0 l\u1eb7p l\u1ea1i nh\u1eefng g\u00ec \u00f4ng \u0111\u00e3 n\u00f3i trong cu\u1ed9c h\u1ecdp b\u00e1o tu\u1ea7n tr\u01b0\u1edbc. \u00d4ng nh\u1ea5n m\u1ea1nh r\u1eb1ng Fed \u0111ang ph\u1ea3i \u0111\u1ed1i m\u1eb7t v\u1edbi th\u00e1ch th\u1ee9c trong vi\u1ec7c th\u1ef1c hi\u1ec7n c\u1ea3 hai m\u1ee5c ti\u00eau:\u00a0v\u1eeba gi\u1eef l\u1ea1m ph\u00e1t th\u1ea5p v\u00e0 \u1ed5n \u0111\u1ecbnh, v\u1eeba th\u00fac \u0111\u1ea9y m\u1ed9t th\u1ecb tr\u01b0\u1eddng lao \u0111\u1ed9ng kh\u1ecfe m\u1ea1nh.<\/p>\n\n\n\n
\u201cR\u1ee7i ro lu\u00f4n \u0111\u1ebfn t\u1eeb hai ph\u00eda, kh\u00f4ng c\u00f3 con \u0111\u01b0\u1eddng n\u00e0o l\u00e0 an to\u00e0n tuy\u1ec7t \u0111\u1ed1i,\u201d Powell n\u00f3i. \u00d4ng gi\u1ea3i th\u00edch, n\u1ebfu h\u1ea1 l\u00e3i su\u1ea5t qu\u00e1 nhi\u1ec1u v\u00e0 qu\u00e1 nhanh, l\u1ea1m ph\u00e1t c\u00f3 th\u1ec3 t\u0103ng v\u1ecdt l\u00ean g\u1ea7n 3% thay v\u00ec m\u1ee5c ti\u00eau 2% c\u1ee7a Fed. Ng\u01b0\u1ee3c l\u1ea1i, n\u1ebfu gi\u1eef ch\u00ednh s\u00e1ch th\u1eaft ch\u1eb7t qu\u00e1 l\u00e2u, th\u1ecb tr\u01b0\u1eddng lao \u0111\u1ed9ng c\u00f3 th\u1ec3 b\u1ecb \u1ea3nh h\u01b0\u1edfng m\u1ed9t c\u00e1ch kh\u00f4ng c\u1ea7n thi\u1ebft.<\/p>\n\n\n\n
Powell m\u1ed9t l\u1ea7n n\u1eefa kh\u1eb3ng \u0111\u1ecbnh r\u1eb1ng t\u1ed1c \u0111\u1ed9 t\u1ea1o vi\u1ec7c l\u00e0m ch\u1eadm l\u1ea1i trong m\u00f9a h\u00e8 l\u00e0 l\u00fd do ch\u00ednh \u0111\u00e1ng cho vi\u1ec7c Fed chuy\u1ec3n h\u01b0\u1edbng quan t\u00e2m nhi\u1ec1u h\u01a1n \u0111\u1ebfn th\u1ecb tr\u01b0\u1eddng lao \u0111\u1ed9ng. D\u00f9 l\u01b0\u1ee3ng ng\u01b0\u1eddi tham gia l\u1ef1c l\u01b0\u1ee3ng lao \u0111\u1ed9ng c\u0169ng t\u0103ng ch\u1eadm l\u1ea1i, \u00f4ng Powell cho bi\u1ebft n\u1ec1n kinh t\u1ebf trong m\u00f9a h\u00e8 \u0111\u00e3 kh\u00f4ng t\u1ea1o \u0111\u1ee7 vi\u1ec7c l\u00e0m m\u1edbi \u0111\u1ec3 \u0111\u00e1p \u1ee9ng nhu c\u1ea7u c\u1ee7a ng\u01b0\u1eddi t\u00ecm vi\u1ec7c.<\/p>\n\n\n\n
\u0110\u1ed3ng th\u1eddi, Powell kh\u00f4ng \u0111\u01b0a ra g\u1ee3i \u00fd r\u00f5 r\u00e0ng n\u00e0o v\u1ec1 cu\u1ed9c h\u1ecdp ti\u1ebfp theo c\u1ee7a Fed v\u00e0o ng\u00e0y 28-29 th\u00e1ng 10, nh\u01b0ng \u00f4ng c\u0169ng kh\u00f4ng ph\u1ea3n \u0111\u1ed1i m\u1ea1nh m\u1ebd k\u1ef3 v\u1ecdng c\u1ee7a th\u1ecb tr\u01b0\u1eddng r\u1eb1ng s\u1ebd c\u00f3 m\u1ed9t \u0111\u1ee3t c\u1eaft gi\u1ea3m n\u1eefa. \u00d4ng n\u00f3i c\u00e1c quan ch\u1ee9c s\u1ebd xem x\u00e9t c\u00e1c d\u1eef li\u1ec7u v\u1ec1 t\u0103ng tr\u01b0\u1edfng, vi\u1ec7c l\u00e0m v\u00e0 l\u1ea1m ph\u00e1t, r\u1ed3i t\u1ef1 h\u1ecfi: \u201cLi\u1ec7u ch\u00ednh s\u00e1ch c\u1ee7a ch\u00fang ta c\u00f3 \u0111ang \u0111i \u0111\u00fang h\u01b0\u1edbng kh\u00f4ng? N\u1ebfu kh\u00f4ng, ch\u00fang t\u00f4i s\u1ebd \u0111i\u1ec1u ch\u1ec9nh n\u00f3.\u201d<\/p>\n\n\n\n
\u00d4ng Powell c\u0169ng nh\u1eafc l\u1ea1i quan \u0111i\u1ec3m r\u1eb1ng vi\u1ec7c t\u0103ng thu\u1ebf quan c\u00f3 th\u1ec3 s\u1ebd ch\u1ec9 l\u00e0m gi\u00e1 c\u1ea3 t\u0103ng l\u00ean trong m\u1ed9t l\u1ea7n, d\u00f9 qu\u00e1 tr\u00ecnh n\u00e0y c\u00f3 th\u1ec3 m\u1ea5t th\u1eddi gian \u0111\u1ec3 ng\u1ea5m v\u00e0o chu\u1ed7i cung \u1ee9ng. \u201cT\u0103ng \u2018m\u1ed9t l\u1ea7n\u2019 kh\u00f4ng c\u00f3 ngh\u0129a l\u00e0 t\u1ea5t c\u1ea3 s\u1ebd t\u0103ng \u2018ngay l\u1eadp t\u1ee9c\u2019,\u201d \u00f4ng n\u00f3i.<\/p>\n\n\n\n
D\u00f9 nhi\u1ec1u chuy\u00ean gia c\u0169ng tin r\u1eb1ng vi\u1ec7c t\u0103ng gi\u00e1 do thu\u1ebf quan s\u1ebd kh\u00f4ng k\u00e9o d\u00e0i, \u00f4ng Powell cho bi\u1ebft Fed c\u00f3 tr\u00e1ch nhi\u1ec7m \u0111\u1eb7c bi\u1ec7t \u0111\u1ec3 \u0111\u1ea3m b\u1ea3o \u0111i\u1ec1u \u0111\u00f3. \u201cCh\u00fang t\u00f4i kh\u00f4ng th\u1ec3 l\u01a1 l\u00e0 m\u1ee5c ti\u00eau n\u00e0y,\u201d \u00f4ng n\u00f3i, ng\u1ea7m ph\u1ea3n \u0111\u1ed1i nh\u1eefng \u00fd ki\u1ebfn \u0111\u00f2i h\u1ecfi ph\u1ea3i h\u1ea1 l\u00e3i su\u1ea5t m\u1ea1nh h\u01a1n n\u1eefa khi ch\u01b0a c\u00f3 b\u1eb1ng ch\u1ee9ng kinh t\u1ebf suy y\u1ebfu.<\/p>\n\n\n\n
Trong c\u00e1c d\u1ef1 b\u00e1o g\u1ea7n \u0111\u00e2y, ph\u1ea7n l\u1edbn c\u00e1c quan ch\u1ee9c Fed \u0111\u00e3 \u0111\u1ec3 ng\u1ecf kh\u1ea3 n\u0103ng c\u00f3 \u00edt nh\u1ea5t hai \u0111\u1ee3t c\u1eaft gi\u1ea3m l\u00e3i su\u1ea5t n\u1eefa trong n\u0103m nay, c\u00f3 th\u1ec3 l\u00e0 v\u00e0o c\u00e1c cu\u1ed9c h\u1ecdp th\u00e1ng 10 v\u00e0 th\u00e1ng 12. \u0110i\u1ec1u n\u00e0y cho th\u1ea5y m\u1ed1i lo ng\u1ea1i ng\u00e0y c\u00e0ng t\u0103ng v\u1ec1 nh\u1eefng r\u1ea1n n\u1ee9t tr\u00ean th\u1ecb tr\u01b0\u1eddng vi\u1ec7c l\u00e0m, trong m\u1ed9t b\u1ed1i c\u1ea3nh kinh t\u1ebf v\u1ed1n \u0111\u00e3 kh\u00f3 \u0111o\u00e1n do c\u00e1c thay \u0111\u1ed5i ch\u00ednh s\u00e1ch l\u1edbn.<\/p>\n\n\n
![\"\"](\"https:\/\/ckvn.net\/chung-khoan\/wp-content\/uploads\/2025\/09\/Screenshot-2025-09-24-014633.png\")
<\/figure><\/div>\n\n\n<\/p>\n\n\n\n
Tuy nhi\u00ean, \u0111i\u1ec1u n\u00e0y c\u0169ng cho th\u1ea5y \u00f4ng Powell \u0111ang ph\u1ea3i \u0111\u1ed1i m\u1eb7t v\u1edbi m\u1ed9t nhi\u1ec7m v\u1ee5 kh\u00f3 kh\u0103n l\u00e0 l\u00e0m sao \u0111\u1ec3 t\u1ea5t c\u1ea3 c\u00e1c quan ch\u1ee9c \u0111\u1ed3ng thu\u1eadn v\u1ec1 c\u00e1c b\u01b0\u1edbc \u0111i ti\u1ebfp theo, \u0111\u1eb7c bi\u1ec7t l\u00e0 khi t\u00ecnh h\u00ecnh tuy\u1ec3n d\u1ee5ng v\u00e0 nhu c\u1ea7u ti\u00eau d\u00f9ng ch\u01b0a c\u00f3 d\u1ea5u hi\u1ec7u suy y\u1ebfu r\u00f5 r\u1ec7t.<\/p>\n\n\n\n
Powell v\u00e0 Fed \u0111\u00e3 ph\u1ea3i h\u1ee9ng ch\u1ecbu nh\u1eefng ch\u1ec9 tr\u00edch gay g\u1eaft t\u1eeb T\u1ed5ng th\u1ed1ng Trump v\u00e0 c\u00e1c quan ch\u1ee9c c\u1ea5p cao. \u00d4ng Trump v\u00e0 B\u1ed9 tr\u01b0\u1edfng T\u00e0i ch\u00ednh Scott Bessent cho r\u1eb1ng Fed \u0111ang qu\u00e1 nh\u00fat nh\u00e1t trong vi\u1ec7c h\u1ea1 l\u00e3i su\u1ea5t, sau khi \u0111\u00e3 ph\u00e1n \u0111o\u00e1n sai l\u1ea7m v\u1ec1 l\u1ea1m ph\u00e1t b\u1ed1n n\u0103m tr\u01b0\u1edbc.<\/p>\n\n\n\n
Nh\u1eefng c\u00f4ng k\u00edch c\u1ee7a \u00f4ng Trump nh\u1eafm v\u00e0o Fed c\u00e0ng tr\u1edf n\u00ean c\u0103ng th\u1eb3ng h\u01a1n sau n\u1ed7 l\u1ef1c sa th\u1ea3i Th\u1ed1ng \u0111\u1ed1c Fed Lisa Cook v\u1edbi c\u00e1o bu\u1ed9c gian l\u1eadn t\u00e0i ch\u00ednh c\u00e1 nh\u00e2n. Trong su\u1ed1t 111 n\u0103m l\u1ecbch s\u1eed c\u1ee7a ng\u00e2n h\u00e0ng trung \u01b0\u01a1ng, ch\u01b0a t\u1eebng c\u00f3 t\u1ed5ng th\u1ed1ng n\u00e0o c\u1ed1 g\u1eafng sa th\u1ea3i m\u1ed9t th\u1ed1ng \u0111\u1ed1c Fed. B\u00e0 Cook \u0111\u00e3 ki\u1ec7n \u0111\u1ec3 ch\u1ed1ng l\u1ea1i quy\u1ebft \u0111\u1ecbnh n\u00e0y v\u00e0 lu\u1eadt s\u01b0 c\u1ee7a b\u00e0 kh\u1eb3ng \u0111\u1ecbnh b\u00e0 kh\u00f4ng h\u1ec1 gian l\u1eadn.<\/p>\n\n\n\n
Hai t\u00f2a \u00e1n li\u00ean bang \u0111\u00e3 cho ph\u00e9p b\u00e0 Cook ti\u1ebfp t\u1ee5c t\u1ea1i v\u1ecb trong khi v\u1ee5 ki\u1ec7n di\u1ec5n ra. Tu\u1ea7n tr\u01b0\u1edbc, ch\u00ednh quy\u1ec1n Trump \u0111\u00e3 y\u00eau c\u1ea7u T\u00f2a \u00e1n T\u1ed1i cao cho ph\u00e9p sa th\u1ea3i b\u00e0 Cook ngay trong l\u00fac v\u1ee5 ki\u1ec7n c\u00f2n \u0111ang \u0111\u01b0\u1ee3c x\u1eed l\u00fd.<\/p>\n\n\n\n
Powell kh\u00f4ng tr\u1ef1c ti\u1ebfp b\u00ecnh lu\u1eadn v\u1ec1 nh\u1eefng c\u0103ng th\u1eb3ng ch\u00ednh tr\u1ecb n\u00e0y. Nh\u01b0ng \u00f4ng \u0111\u00e3 gi\u00e1n ti\u1ebfp b\u00e1c b\u1ecf nh\u1eefng ch\u1ec9 tr\u00edch t\u1eeb \u00f4ng Bessent v\u00e0 nh\u1eefng ng\u01b0\u1eddi kh\u00e1c, cho r\u1eb1ng Fed l\u00e0 nguy\u00ean nh\u00e2n ch\u00ednh g\u00e2y ra c\u00e1c th\u00e1ch th\u1ee9c \u0111\u1ed1i v\u1edbi s\u1ef1 \u0111\u1ed9c l\u1eadp c\u1ee7a m\u00ecnh.<\/p>\n\n\n\n
Powell nh\u1eafc l\u1ea1i vi\u1ec7c c\u1ea3 cu\u1ed9c kh\u1ee7ng ho\u1ea3ng t\u00e0i ch\u00ednh 2008 v\u00e0 \u0111\u1ea1i d\u1ecbch 2020 \u0111\u00e3 bu\u1ed9c Fed ph\u1ea3i d\u00f9ng \u0111\u1ebfn nh\u1eefng bi\u1ec7n ph\u00e1p ch\u01b0a t\u1eebng c\u00f3 ti\u1ec1n l\u1ec7 \u0111\u1ec3 ng\u0103n ch\u1eb7n c\u00e1c k\u1ecbch b\u1ea3n kinh t\u1ebf t\u1ed3i t\u1ec7 h\u01a1n nhi\u1ec1u. \u00d4ng nh\u1ea5n m\u1ea1nh r\u1eb1ng trong su\u1ed1t giai \u0111o\u1ea1n n\u00e0y, n\u1ec1n kinh t\u1ebf M\u1ef9 th\u01b0\u1eddng xuy\u00ean ho\u1ea1t \u0111\u1ed9ng t\u1ed1t h\u01a1n v\u00e0 l\u00e0 ni\u1ec1m m\u01a1 \u01b0\u1edbc c\u1ee7a nhi\u1ec1u qu\u1ed1c gia ph\u00e1t tri\u1ec3n kh\u00e1c. \u201cD\u00f9 ph\u1ea3i tr\u1ea3i qua hai c\u00fa s\u1ed1c c\u1ef1c l\u1edbn v\u00e0 r\u1ea5t kh\u00e1c th\u01b0\u1eddng, n\u1ec1n kinh t\u1ebf M\u1ef9 v\u1eabn ho\u1ea1t \u0111\u1ed9ng t\u1ed1t, th\u1eadm ch\u00ed t\u1ed1t h\u01a1n c\u00e1c n\u1ec1n kinh t\u1ebf l\u1edbn v\u00e0 ti\u00ean ti\u1ebfn kh\u00e1c tr\u00ean th\u1ebf gi\u1edbi,\u201d \u00f4ng n\u00f3i.<\/p>\n\n\n\n
\u00d4ng Powell c\u0169ng th\u1eb3ng th\u1eebng b\u00e1c b\u1ecf nh\u1eefng l\u1eddi ch\u1ec9 tr\u00edch cho r\u1eb1ng Fed \u0111\u01b0a ra quy\u1ebft \u0111\u1ecbnh d\u1ef1a tr\u00ean y\u1ebfu t\u1ed1 ch\u00ednh tr\u1ecb. \u201cCh\u00fang t\u00f4i kh\u00f4ng bao gi\u1edd l\u00e0m vi\u1ec7c theo c\u00e1ch \u0111\u00f3,\u201d \u00f4ng n\u00f3i. \u201c\u0110\u00f3 ch\u1ec9 l\u00e0 m\u1ed9t l\u1eddi c\u00f4ng k\u00edch r\u1ebb ti\u1ec1n.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"
Trong bu\u1ed5i ph\u00e1t bi\u1ec3u ng\u00e0y 23\/9\/2025 (theo gi\u1edd M\u1ef9), ch\u1ee7 t\u1ecbch Fed cho r\u1eb1ng l\u00e3i su\u1ea5t hi\u1ec7n v\u1eabn c\u00f2n \u201ch\u01a1i th\u1eaft ch\u1eb7t,\u201d ng\u1ecf kh\u1ea3 n\u0103ng c\u1eaft gi\u1ea3m th\u00eam n\u1ebfu th\u1ecb tr\u01b0\u1eddng lao \u0111\u1ed9ng ti\u1ebfp t\u1ee5c y\u1ebfu \u0111i. Powell nh\u1ea5n m\u1ea1nh vi\u1ec7c Fed ph\u1ea3i c\u00e2n b\u1eb1ng gi\u1eefa hai r\u1ee7i ro: c\u1eaft gi\u1ea3m qu\u00e1 nhanh c\u00f3 th\u1ec3 g\u00e2y l\u1ea1m ph\u00e1t, trong khi gi\u1eef l\u00e3i su\u1ea5t cao qu\u00e1 l\u00e2u c\u00f3 th\u1ec3 l\u00e0m suy y\u1ebfu th\u1ecb tr\u01b0\u1eddng lao \u0111\u1ed9ng. C\u1ee5 th\u1ec3: C\u1eadp nh\u1eadt ng\u00e0y 23 th\u00e1ng 9 n\u0103m 2025, 1:53 chi\u1ec1u theo gi\u1edd ET Ch\u1ee7 t\u1ecbch Jerome Powell nh\u1eadn \u0111\u1ecbnh r\u1eb1ng ch\u00ednh s\u00e1ch l\u00e3i <\/p>\n","protected":false},"author":1,"featured_media":1626,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[172],"tags":[],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/ckvn.net\/chung-khoan\/wp-json\/wp\/v2\/posts\/1586"}],"collection":[{"href":"https:\/\/ckvn.net\/chung-khoan\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ckvn.net\/chung-khoan\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ckvn.net\/chung-khoan\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ckvn.net\/chung-khoan\/wp-json\/wp\/v2\/comments?post=1586"}],"version-history":[{"count":7,"href":"https:\/\/ckvn.net\/chung-khoan\/wp-json\/wp\/v2\/posts\/1586\/revisions"}],"predecessor-version":[{"id":1690,"href":"https:\/\/ckvn.net\/chung-khoan\/wp-json\/wp\/v2\/posts\/1586\/revisions\/1690"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ckvn.net\/chung-khoan\/wp-json\/wp\/v2\/media\/1626"}],"wp:attachment":[{"href":"https:\/\/ckvn.net\/chung-khoan\/wp-json\/wp\/v2\/media?parent=1586"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ckvn.net\/chung-khoan\/wp-json\/wp\/v2\/categories?post=1586"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ckvn.net\/chung-khoan\/wp-json\/wp\/v2\/tags?post=1586"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}