【2/21】米GDP減速1.4%　インフレ粘着と消費者心理低迷の三重苦

2月21日発表の米国経済指標を解説。GDP成長率は予想を大幅に下回る1.4%に急減速、政府シャットダウンが約1ポイント押し下げ。PCEコアは3.0%で粘着しFRB利下げ期待は後退。消費者信頼感は歴史的低水準でK字型経済の二極化が鮮明に。-----【noteに掲載中の追加レポートはこちら！】聞く経済ニュース活字版https://note.com/kiku_keizai※運営コストを賄うため、noteメンバーシップの登録をご検討よろしくお願いいたします！-----・米GDP1.4%に急減速、43日間の政府シャットダウンが成長率を直撃・PCEコア3.0%でインフレ粘着、FRBの利下げ再開は夏以降か・ミシガン大消費者信頼感56.6、46%が物価高による家計圧迫を訴える・K字型経済が深化、株式保有者と非保有者で景況感が明確に二極化・AI投資が設備投資を牽引も「唯一の成長エンジン」は過大評価との指摘・2026年展望：Q1反発シナリオとK字型深化シナリオの分岐点-----・米商務省経済分析局（BEA）GDP速報値https://www.bea.gov/news/2026/gdp-advance-estimate-4th-quarter-and-year-2025・米商務省経済分析局（BEA）PCE物価指数https://www.bea.gov/data/personal-consumption-expenditures-price-index・University of Michigan Surveys of Consumershttps://www.sca.isr.umich.edu/・Bloomberg - US Consumer Sentimenthttps://www.bloomberg.com/news/articles/2026-02-20/us-consumer-sentiment-rises-less-than-expected-in-february・CNBC - Fourth-quarter U.S. GDPhttps://www.cnbc.com/2026/02/20/pce-inflation-december-2025.html・EY-Parthenon - US GDP Analysishttps://www.ey.com/en_us/insights/strategy/macroeconomics/us-gdp・First Trust Advisors - Personal Income and Consumptionhttps://www.ftportfolios.com/Commentary/EconomicResearch/2026/2/20/personal-income-rose-0.3percent-in-december・ABA Banking Journal - Consumer Sentimenthttps://bankingjournal.aba.com/2026/02/final-consumer-sentiment-edged-up-0-2-points-in-february/・Goldman Sachs - US GDP Growth Outlookhttps://www.goldmansachs.com/insights/articles/us-gdp-growth-is-projected-to-outperform-economist-forecasts-in-2026・J.P. Morgan - Fed Meeting Analysishttps://www.jpmorgan.com/insights/markets-and-economy/economy/fed-meeting-january-2026・St. Louis Fed - AI Contribution to GDP Growthhttps://www.stlouisfed.org/on-the-economy/2026/jan/tracking-ai-contribution-gdp-growth・CNBC - AI Investment and GDPhttps://www.cnbc.com/2026/01/26/ai-wasnt-the-biggest-engine-of-us-gdp-growth-in-2025.html・CNBC - Stock Prices and Consumer Optimism Gaphttps://www.cnbc.com/2026/02/10/affordability-led-to-a-chasm-between-stock-prices-consumer-optimism.html・Advisor Perspectives - Consumer Sentiment Analysishttps://www.advisorperspectives.com/dshort/updates/2026/02/20/consumer-sentiment-was-stagnate-in-february-----#米国経済 #GDP #インフレ #FRB #聞く経済ニュース-----