‘?? ??’? ‘????????? ??(FRB Effect)’? ??? ??? ???? FOMC ??? ? ??? ??? ??? ???? ?. ???????? 20? ?????? ????? ?? ??? ??, FOMC ??? ??? ??? ? ??? ??? ??? ????.

???????? 99? 2? ?? ? 11??? FOMC??? ??? ??? ??? ??, ????????(S&P)500??? ?? ???? ???? 5??? ?? 2.7% ??, ?? ?? 5? ??? ?? 0.9% ??? ??? ????. ? 97? 12? ?? ?? 20??? ?? ??? 18?? ???? ??? ??? ????? ??? ????.

??? ??? ??? ??? ???????, ???? ? ?? ????? ??? ??? ??? ‘?? ??’? ‘??? ??’?? ??? ???? ???????? ????.

‘?? ??’? ?? ? ??? ????? ???? ????? ??. ? FOMC ?? ???? ‘?? ????? ???? ?’??? ???? ????? ????? ?? ???? ??? ?? ???? ??? ???? ????? ??? ?? ??? ????? ?. FOMC?? ??? ??? ??? ???? ????? ? ???? ???.

???????? 27??? ??? ?? ????? ???? ??? ???? ‘?? ??’? ??? ???? ??? ????.

gold@donga.com