【3/29】MMF残高8兆ドル突破 キャッシュ殺到の裏側と出口なき構造

世界のMMF残高が史上最高の8兆ドル超へ急膨張。イラン戦争による原油高騰でFRBは利下げも利上げもできない膠着状態に陥り、スタグフレーション懸念が台頭。巨額キャッシュ滞留の構造要因と今後の行方を2つのシナリオで展望します。-----【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！-----・イラン戦争で原油120ドル突破――ホルムズ海峡封鎖が世界経済に与える衝撃・FRBの三すくみ――利下げも利上げもできない政策膠着の深層・イールドカーブ逆転解消と10年債4.4%が示すデュレーション資産リスク・BofA調査が映す機関投資家の恐怖――現金比率コロナ以来の急騰・MMF8兆ドルの粘着性――利下げ局面でも資金が流出しない構造的理由・8兆ドルのキャッシュは動くのか――2つのシナリオが示す出口の条件・日本市場への波及――日米金利差と円キャリートレードの交差点-----・ICI（米国投資信託協会）https://www.ici.org/research/stats/mmf・Bloomberghttps://www.bloomberg.com/news/articles/2026-03-04/money-fund-assets-rise-to-record-8-27-trillion-in-dash-for-cash・Crane Datahttps://cranedata.com/・Reuters / U.S. Newshttps://money.usnews.com/investing/news/articles/2026-03-20/investors-drive-us-money-market-fund-assets-to-records-as-war-related-risk-fears-multiply・MEXC News（米国金融調査局データ）https://www.mexc.com/news/879854・The Hillhttps://thehill.com/opinion/finance/5802563-feds-interest-rate-outlook-oil-prices/・Morningstarhttps://www.morningstar.com/economy/does-iran-war-change-outlook-fed・FinancialContenthttps://markets.financialcontent.com/stocks/article/marketminute-2026-3-23-bond-market-rout-intensifies-10-year-treasury-hits-440-as-2026-rate-cut-hopes-vanish・CNBChttps://www.cnbc.com/2026/03/28/oil-gas-prices-iran-war-hormuz.html・CNBChttps://www.cnbc.com/2026/03/04/iran-israel-us-war-middle-east-conflict-oil-gas-lng-surge-central-banks-inflation-risk.html・Futunn News（BofA FMS）https://news.futunn.com/en/post/70195766/bofa-fund-manager-survey-euphoria-in-stock-markets-recedes-market・BofA Global Researchhttps://business.bofa.com/en-us/content/market-strategies-insights/weekly-market-recap-report.html・Penn Mutual Asset Managementhttps://www.pennmutualam.com/market-insights-news/blogs/chart-of-the-week/2026-01-29-cash-is-still-king-money-market-funds-hold-firm-near-all-time-highs・SVBhttps://www.svb.com/market-insights/market-analysis/2025-economic-review-2026-market-expectations/・Wolf Streethttps://wolfstreet.com/2026/03/21/2-year-3-year-treasury-yields-spike-flip-to-rate-hike-yield-curve-uninverts-government-sold-606-billion-of-treasury-securities-this-week-as-the-borrowing-must-go-on/・World Economic Forumhttps://www.weforum.org/stories/2026/03/the-global-price-tag-of-war-in-the-middle-east/・Allianzhttps://www.allianz.com/content/dam/onemarketing/azcom/Allianz_com/economic-research/publications/specials/en/2026/march/2026_03_03_IranScenarios.pdf・Advisor Perspectiveshttps://www.advisorperspectives.com/dshort/updates/2026/03/20/treasury-yields-snapshot-march-20-2026・Wikipediahttps://en.wikipedia.org/wiki/Economic_impact_of_the_2026_Iran_war・MSCIhttps://www.msci.com/research-and-insights/blog-post/macro-scenarios-in-focus-central-bank-credibility-and-portfolio-risk・U.S. Newshttps://money.usnews.com/investing/articles/best-etfs-to-fight-stagflation-----#聞く経済ニュース #MMF #スタグフレーション #イラン戦争 #FRB-----