{"id":15754,"date":"2026-05-20T17:32:25","date_gmt":"2026-05-20T17:32:25","guid":{"rendered":"https:\/\/algo0.com\/?p=15754"},"modified":"2026-08-16T14:22:32","modified_gmt":"2026-08-16T14:22:32","slug":"how-quantitative-easing-influences-long-term-bond-yields-and-investor-behavior","status":"publish","type":"post","link":"https:\/\/algo0.com\/ar\/how-quantitative-easing-influences-long-term-bond-yields-and-investor-behavior\/","title":{"rendered":"\u0643\u064a\u0641 \u064a\u0624\u062b\u0631 \u0627\u0644\u062a\u064a\u0633\u064a\u0631 \u0627\u0644\u0643\u0645\u064a \u0639\u0644\u0649 \u0639\u0648\u0627\u0626\u062f \u0627\u0644\u0633\u0646\u062f\u0627\u062a \u0637\u0648\u064a\u0644\u0629 \u0627\u0644\u0623\u062c\u0644 \u0648\u0633\u0644\u0648\u0643 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646"},"content":{"rendered":"<p>\u0623\u0635\u0628\u062d \u0627\u0644\u062a\u064a\u0633\u064a\u0631 \u0627\u0644\u0643\u0645\u064a \u0623\u062f\u0627\u0629\u064b 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\u0644\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646 \u0627\u0644\u0645\u0646\u0636\u0628\u0637\u064a\u0646 \u0627\u0644\u0630\u064a\u0646 \u064a\u0631\u063a\u0628\u0648\u0646 \u0641\u064a \u0627\u0644\u062a\u0639\u0627\u0645\u0644 \u0645\u0639 \u0623\u0633\u0648\u0627\u0642 \u0627\u0644\u062f\u062e\u0644 \u0627\u0644\u062b\u0627\u0628\u062a \u0628\u0648\u0636\u0648\u062d \u0648\u062f\u0642\u0629 \u0628\u062f\u0644\u064b\u0627 \u0645\u0646 \u0631\u062f\u0648\u062f \u0627\u0644\u0641\u0639\u0644.<\/p><div id=\"ez-toc-container\" class=\"ez-toc-v2_0_86 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #2b7abf;color:#2b7abf\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewbox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #2b7abf;color:#2b7abf\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewbox=\"0 0 24 24\" version=\"1.2\" baseprofile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/algo0.com\/ar\/how-quantitative-easing-influences-long-term-bond-yields-and-investor-behavior\/#How_Quantitative_Easing_Affects_Long-Term_Bond_Yields\" >\u0643\u064a\u0641 \u064a\u0624\u062b\u0631 \u0627\u0644\u062a\u064a\u0633\u064a\u0631 \u0627\u0644\u0643\u0645\u064a \u0639\u0644\u0649 \u0639\u0648\u0627\u0626\u062f \u0627\u0644\u0633\u0646\u062f\u0627\u062a \u0637\u0648\u064a\u0644\u0629 \u0627\u0644\u0623\u062c\u0644\u0643\u064a\u0641 \u064a\u0624\u062b\u0631 \u0627\u0644\u062a\u064a\u0633\u064a\u0631 \u0627\u0644\u0643\u0645\u064a \u0639\u0644\u0649 \u0639\u0648\u0627\u0626\u062f \u0627\u0644\u0633\u0646\u062f\u0627\u062a \u0637\u0648\u064a\u0644\u0629 \u0627\u0644\u0623\u062c\u0644<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/algo0.com\/ar\/how-quantitative-easing-influences-long-term-bond-yields-and-investor-behavior\/#How_QE_Expectations_Can_Influence_Long-Term_Yields\" >\u0643\u064a\u0641 \u064a\u0645\u0643\u0646 \u0644\u062a\u0648\u0642\u0639\u0627\u062a QE \u0623\u0646 \u062a\u0624\u062b\u0631 \u0641\u064a \u0639\u0648\u0627\u0626\u062f \u0627\u0644\u0633\u0646\u062f\u0627\u062a \u0637\u0648\u064a\u0644\u0629 \u0627\u0644\u0623\u062c\u0644\u061f<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/algo0.com\/ar\/how-quantitative-easing-influences-long-term-bond-yields-and-investor-behavior\/#Why_Market_Expectations_Matter_More_Than_the_Headline_QE_Number\" >\u0644\u0645\u0627\u0630\u0627 \u0642\u062f \u062a\u0643\u0648\u0646 \u062a\u0648\u0642\u0639\u0627\u062a \u0627\u0644\u0633\u0648\u0642 \u0623\u0647\u0645 \u0645\u0646 \u0631\u0642\u0645 QE \u0646\u0641\u0633\u0647\u061f<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/algo0.com\/ar\/how-quantitative-easing-influences-long-term-bond-yields-and-investor-behavior\/#Investor_Behavior_in_Response_to_QE-Driven_Yield_Changes\" >\u0633\u0644\u0648\u0643 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646 \u0627\u0633\u062a\u062c\u0627\u0628\u0629\u064b \u0644\u062a\u063a\u064a\u0631\u0627\u062a \u0627\u0644\u0639\u0627\u0626\u062f \u0627\u0644\u0646\u0627\u062a\u062c\u0629 \u0639\u0646 \u0627\u0644\u062a\u064a\u0633\u064a\u0631 \u0627\u0644\u0643\u0645\u064a<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/algo0.com\/ar\/how-quantitative-easing-influences-long-term-bond-yields-and-investor-behavior\/#The_Role_of_Systematic_Investing_Amid_QE_Uncertainty\" >\u062f\u0648\u0631 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u0627\u0644\u0645\u0646\u0647\u062c\u064a \u0641\u064a \u0638\u0644 \u062d\u0627\u0644\u0629 \u0639\u062f\u0645 \u0627\u0644\u064a\u0642\u064a\u0646 \u0628\u0634\u0623\u0646 \u0627\u0644\u062a\u064a\u0633\u064a\u0631 \u0627\u0644\u0643\u0645\u064a<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/algo0.com\/ar\/how-quantitative-easing-influences-long-term-bond-yields-and-investor-behavior\/#Practical_Implications_for_Portfolio_Construction\" >\u0627\u0644\u0622\u062b\u0627\u0631 \u0627\u0644\u0639\u0645\u0644\u064a\u0629 \u0644\u0628\u0646\u0627\u0621 \u0627\u0644\u0645\u062d\u0627\u0641\u0638 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631\u064a\u0629<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/algo0.com\/ar\/how-quantitative-easing-influences-long-term-bond-yields-and-investor-behavior\/#A_Realistic_Investor_Scenario\" >\u0633\u064a\u0646\u0627\u0631\u064a\u0648 \u0627\u0633\u062a\u062b\u0645\u0627\u0631\u064a \u0648\u0627\u0642\u0639\u064a<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/algo0.com\/ar\/how-quantitative-easing-influences-long-term-bond-yields-and-investor-behavior\/#What_QE_Analysis_Cannot_Predict\" >\u0645\u0627 \u0627\u0644\u0630\u064a \u0644\u0627 \u064a\u0633\u062a\u0637\u064a\u0639 \u062a\u062d\u0644\u064a\u0644 QE \u0627\u0644\u062a\u0646\u0628\u0624 \u0628\u0647\u061f<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/algo0.com\/ar\/how-quantitative-easing-influences-long-term-bond-yields-and-investor-behavior\/#Using_QE_Analysis_Within_a_Broader_Investment_Process\" >\u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u062a\u062d\u0644\u064a\u0644 QE \u0636\u0645\u0646 \u0639\u0645\u0644\u064a\u0629 \u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u0645\u062a\u0643\u0627\u0645\u0644\u0629<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/algo0.com\/ar\/how-quantitative-easing-influences-long-term-bond-yields-and-investor-behavior\/#Frequently_Asked_Questions_About_QE_Bond_Yields_and_Investor_Behavior\" >\u0627\u0644\u0623\u0633\u0626\u0644\u0629 \u0627\u0644\u0634\u0627\u0626\u0639\u0629 \u062d\u0648\u0644 QE \u0648\u0639\u0648\u0627\u0626\u062f \u0627\u0644\u0633\u0646\u062f\u0627\u062a \u0648\u0633\u0644\u0648\u0643 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/algo0.com\/ar\/how-quantitative-easing-influences-long-term-bond-yields-and-investor-behavior\/#Does_QE_always_push_long-term_bond_yields_lower\" >\u0647\u0644 \u064a\u0624\u062f\u064a QE \u062f\u0627\u0626\u0645\u064b\u0627 \u0625\u0644\u0649 \u0627\u0646\u062e\u0641\u0627\u0636 \u0639\u0648\u0627\u0626\u062f \u0627\u0644\u0633\u0646\u062f\u0627\u062a \u0637\u0648\u064a\u0644\u0629 \u0627\u0644\u0623\u062c\u0644\u061f<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/algo0.com\/ar\/how-quantitative-easing-influences-long-term-bond-yields-and-investor-behavior\/#Why_do_bond_yields_sometimes_move_before_a_QE_announcement\" >\u0644\u0645\u0627\u0630\u0627 \u062a\u062a\u062d\u0631\u0643 \u0639\u0648\u0627\u0626\u062f \u0627\u0644\u0633\u0646\u062f\u0627\u062a \u0623\u062d\u064a\u0627\u0646\u064b\u0627 \u0642\u0628\u0644 \u0625\u0639\u0644\u0627\u0646 QE\u061f<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-13\" href=\"https:\/\/algo0.com\/ar\/how-quantitative-easing-influences-long-term-bond-yields-and-investor-behavior\/#Does_QE_automatically_make_stocks_more_attractive\" >\u0647\u0644 \u064a\u062c\u0639\u0644 QE \u0627\u0644\u0623\u0633\u0647\u0645 \u0623\u0643\u062b\u0631 \u062c\u0627\u0630\u0628\u064a\u0629 \u062a\u0644\u0642\u0627\u0626\u064a\u064b\u0627\u061f<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-14\" href=\"https:\/\/algo0.com\/ar\/how-quantitative-easing-influences-long-term-bond-yields-and-investor-behavior\/#Can_QE_analysis_predict_where_a_stock_will_trade\" >\u0647\u0644 \u064a\u0633\u062a\u0637\u064a\u0639 \u062a\u062d\u0644\u064a\u0644 QE \u0627\u0644\u062a\u0646\u0628\u0624 \u0628\u0633\u0639\u0631 \u0633\u0647\u0645 \u0645\u0639\u064a\u0646\u061f<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-15\" href=\"https:\/\/algo0.com\/ar\/how-quantitative-easing-influences-long-term-bond-yields-and-investor-behavior\/#How_should_investors_respond_to_changes_in_QE\" >\u0643\u064a\u0641 \u064a\u0646\u0628\u063a\u064a \u0644\u0644\u0645\u0633\u062a\u062b\u0645\u0631 \u0627\u0644\u062a\u0639\u0627\u0645\u0644 \u0645\u0639 \u062a\u063a\u064a\u0631\u0627\u062a QE\u061f<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-16\" href=\"https:\/\/algo0.com\/ar\/how-quantitative-easing-influences-long-term-bond-yields-and-investor-behavior\/#Why_is_a_systematic_approach_relevant_during_QE_changes\" >\u0644\u0645\u0627\u0630\u0627 \u062a\u0643\u0648\u0646 \u0627\u0644\u0645\u0646\u0647\u062c\u064a\u0629 \u0627\u0644\u0646\u0638\u0627\u0645\u064a\u0629 \u0645\u0647\u0645\u0629 \u0623\u062b\u0646\u0627\u0621 \u062a\u063a\u064a\u0631\u0627\u062a QE\u061f<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-17\" href=\"https:\/\/algo0.com\/ar\/how-quantitative-easing-influences-long-term-bond-yields-and-investor-behavior\/#Conclusion\" >\u062e\u0627\u062a\u0645\u0629<\/a><\/li><\/ul><\/nav><\/div>\n\n<h2><span class=\"ez-toc-section\" id=\"How_Quantitative_Easing_Affects_Long-Term_Bond_Yields\"><\/span>\u0643\u064a\u0641 \u064a\u0624\u062b\u0631 \u0627\u0644\u062a\u064a\u0633\u064a\u0631 \u0627\u0644\u0643\u0645\u064a \u0639\u0644\u0649 \u0639\u0648\u0627\u0626\u062f \u0627\u0644\u0633\u0646\u062f\u0627\u062a \u0637\u0648\u064a\u0644\u0629 \u0627\u0644\u0623\u062c\u0644\u0643\u064a\u0641 \u064a\u0624\u062b\u0631 \u0627\u0644\u062a\u064a\u0633\u064a\u0631 \u0627\u0644\u0643\u0645\u064a \u0639\u0644\u0649 \u0639\u0648\u0627\u0626\u062f \u0627\u0644\u0633\u0646\u062f\u0627\u062a \u0637\u0648\u064a\u0644\u0629 \u0627\u0644\u0623\u062c\u0644<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>\u0641\u064a \u062c\u0648\u0647\u0631\u0647\u0627\u060c \u062a\u0646\u0637\u0648\u064a \u0633\u064a\u0627\u0633\u0629 \u0627\u0644\u062a\u064a\u0633\u064a\u0631 \u0627\u0644\u0643\u0645\u064a \u0639\u0644\u0649 \u0642\u064a\u0627\u0645 \u0627\u0644\u0628\u0646\u0648\u0643 \u0627\u0644\u0645\u0631\u0643\u0632\u064a\u0629 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\u062a\u0643\u0644\u0641\u0629 \u0627\u0644\u0627\u0642\u062a\u0631\u0627\u0636 \u0648\u0627\u0644\u0639\u0627\u0626\u062f \u0627\u0644\u0630\u064a \u064a\u0637\u0644\u0628\u0647 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u0648\u0646\u060c \u0641\u0625\u0646 \u0627\u0644\u062a\u064a\u0633\u064a\u0631 \u0627\u0644\u0643\u0645\u064a \u064a\u0643\u0628\u062d \u0641\u0639\u0644\u064a\u0627\u064b \u0627\u0644\u0639\u0648\u0627\u0626\u062f \u0637\u0648\u064a\u0644\u0629 \u0627\u0644\u0623\u062c\u0644 \u0625\u0644\u0649 \u0645\u0627 \u062f\u0648\u0646 \u0627\u0644\u0645\u0633\u062a\u0648\u0649 \u0627\u0644\u0630\u064a \u0642\u062f \u062a\u0641\u0631\u0636\u0647 \u0642\u0648\u0649 \u0627\u0644\u0633\u0648\u0642.<\/p>\n<p>\u064a\u062a\u0631\u062a\u0628 \u0639\u0644\u0649 \u0627\u0646\u062e\u0641\u0627\u0636 \u0627\u0644\u0639\u0627\u0626\u062f\u0627\u062a \u0647\u0630\u0627 \u0639\u062f\u0629 \u0639\u0648\u0627\u0642\u0628 \u0639\u0645\u0644\u064a\u0629. \u0623\u0648\u0644\u0627\u064b\u060c \u064a\u0642\u0644\u0644 \u0645\u0646 \u0627\u0644\u062f\u062e\u0644 \u0627\u0644\u0645\u062a\u0648\u0642\u0639 \u0644\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646 \u0645\u0646 \u062d\u064a\u0627\u0632\u0629 \u0627\u0644\u0633\u0646\u062f\u0627\u062a \u0637\u0648\u064a\u0644\u0629 \u0627\u0644\u0623\u062c\u0644\u060c \u0648\u0647\u0648 \u0645\u0627 \u0642\u062f \u064a\u0643\u0648\u0646 \u0645\u062d\u0628\u0637\u0627\u064b \u0644\u0645\u0646 \u064a\u0639\u062a\u0645\u062f\u0648\u0646 \u0639\u0644\u0649 \u0627\u0644\u062f\u062e\u0644 \u0627\u0644\u062b\u0627\u0628\u062a \u0644\u062a\u062f\u0641\u0642 \u0646\u0642\u062f\u064a \u0645\u0646\u062a\u0638\u0645. \u062b\u0627\u0646\u064a\u0627\u064b\u060c \u062a\u0634\u064a\u0631 \u0627\u0644\u0639\u0648\u0627\u0626\u062f \u0627\u0644\u0645\u0646\u062e\u0641\u0636\u0629 \u0625\u0644\u0649 \u0627\u0646\u062e\u0641\u0627\u0636 \u062a\u0643\u0627\u0644\u064a\u0641 \u0627\u0644\u0627\u0642\u062a\u0631\u0627\u0636 \u0644\u0644\u062d\u0643\u0648\u0645\u0627\u062a \u0648\u0627\u0644\u0634\u0631\u0643\u0627\u062a\u060c \u0645\u0645\u0627 \u0642\u062f \u064a\u0634\u062c\u0639 \u0639\u0644\u0649 \u0632\u064a\u0627\u062f\u0629 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u0648\u0627\u0644\u0625\u0646\u0641\u0627\u0642 \u0641\u064a \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f \u0628\u0634\u0643\u0644 \u0639\u0627\u0645.<\/p>\n<p>\u0645\u0639 \u0630\u0644\u0643\u060c \u0641\u0625\u0646 \u0647\u0630\u0627 \u0627\u0644\u062a\u0623\u062b\u064a\u0631 \u0644\u064a\u0633 \u062f\u0627\u0626\u0645\u064b\u0627 \u0623\u0648 \u0645\u0648\u062d\u062f\u064b\u0627. \u0641\u0645\u0639 \u062a\u0642\u0644\u064a\u0635 \u0628\u0631\u0627\u0645\u062c \u0627\u0644\u062a\u064a\u0633\u064a\u0631 \u0627\u0644\u0643\u0645\u064a \u0623\u0648 \u0627\u0646\u062a\u0647\u0627\u0626\u0647\u0627\u060c \u063a\u0627\u0644\u0628\u064b\u0627 \u0645\u0627 \u062a\u0631\u062a\u0641\u0639 \u0639\u0648\u0627\u0626\u062f \u0627\u0644\u0633\u0646\u062f\u0627\u062a\u060c \u0648\u0623\u062d\u064a\u0627\u0646\u064b\u0627 \u0628\u0634\u0643\u0644 \u0645\u0641\u0627\u062c\u0626. \u0647\u0630\u0647 \u0627\u0644\u062f\u064a\u0646\u0627\u0645\u064a\u0643\u064a\u0629 \u062a\u062e\u0644\u0642 \u062a\u0648\u0627\u0632\u0646\u064b\u0627 \u062f\u0642\u064a\u0642\u064b\u0627 \u0644\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646 \u0627\u0644\u0630\u064a\u0646 \u064a\u062c\u0628 \u0639\u0644\u064a\u0647\u0645 \u062a\u0648\u0642\u0639 \u0645\u062f\u0629 \u0627\u0633\u062a\u0645\u0631\u0627\u0631 \u0627\u0644\u062a\u064a\u0633\u064a\u0631 \u0627\u0644\u0643\u0645\u064a \u0648\u0643\u064a\u0641 \u0633\u062a\u062a\u0641\u0627\u0639\u0644 \u0627\u0644\u0623\u0633\u0648\u0627\u0642 \u0639\u0646\u062f \u0627\u0646\u062a\u0647\u0627\u0626\u0647.<\/p>\n<blockquote data-start=\"471\" data-end=\"1211\">\n<h3 class=\"PDq2pG_selectionAnchorContainer\" data-section-id=\"9bksod\" data-start=\"473\" data-end=\"527\"><span class=\"ez-toc-section\" id=\"How_QE_Expectations_Can_Influence_Long-Term_Yields\"><\/span>\u0643\u064a\u0641 \u064a\u0645\u0643\u0646 \u0644\u062a\u0648\u0642\u0639\u0627\u062a QE \u0623\u0646 \u062a\u0624\u062b\u0631 \u0641\u064a \u0639\u0648\u0627\u0626\u062f \u0627\u0644\u0633\u0646\u062f\u0627\u062a \u0637\u0648\u064a\u0644\u0629 \u0627\u0644\u0623\u062c\u0644\u061f<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p data-start=\"532\" data-end=\"952\">\u0644\u0627 \u062a\u0639\u062a\u0645\u062f \u0627\u0644\u0639\u0644\u0627\u0642\u0629 \u0628\u064a\u0646 \u0627\u0644\u062a\u064a\u0633\u064a\u0631 \u0627\u0644\u0643\u0645\u064a \u0648\u0639\u0648\u0627\u0626\u062f \u0627\u0644\u0633\u0646\u062f\u0627\u062a \u0637\u0648\u064a\u0644\u0629 \u0627\u0644\u0623\u062c\u0644 \u0639\u0644\u0649 \u0639\u0645\u0644\u064a\u0627\u062a \u0627\u0644\u0634\u0631\u0627\u0621 \u0646\u0641\u0633\u0647\u0627 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\u0644\u0644\u062a\u0648\u0642\u0639\u0627\u062a \u0642\u0628\u0644 \u0635\u062f\u0648\u0631 \u0627\u0644\u0642\u0631\u0627\u0631\u0627\u062a \u0627\u0644\u0631\u0633\u0645\u064a\u0629. \u0644\u0630\u0644\u0643\u060c \u0641\u0625\u0646 \u0641\u0647\u0645 \u0627\u062a\u062c\u0627\u0647 \u062a\u0648\u0642\u0639\u0627\u062a \u0627\u0644\u0633\u064a\u0627\u0633\u0629 \u0627\u0644\u0646\u0642\u062f\u064a\u0629 \u0642\u062f \u064a\u0643\u0648\u0646 \u0645\u0647\u0645\u064b\u0627 \u0644\u0644\u0645\u0633\u062a\u062b\u0645\u0631 \u0628\u0642\u062f\u0631 \u0641\u0647\u0645 \u062d\u062c\u0645 \u0628\u0631\u0646\u0627\u0645\u062c \u0627\u0644\u062a\u064a\u0633\u064a\u0631 \u0627\u0644\u0643\u0645\u064a \u0646\u0641\u0633\u0647.<\/p>\n<\/blockquote>\n<blockquote data-start=\"2245\" data-end=\"3125\">\n<h2 class=\"PDq2pG_selectionAnchorContainer\" data-section-id=\"9qizwj\" data-start=\"2247\" data-end=\"2313\"><span class=\"ez-toc-section\" id=\"Why_Market_Expectations_Matter_More_Than_the_Headline_QE_Number\"><\/span>\u0644\u0645\u0627\u0630\u0627 \u0642\u062f \u062a\u0643\u0648\u0646 \u062a\u0648\u0642\u0639\u0627\u062a \u0627\u0644\u0633\u0648\u0642 \u0623\u0647\u0645 \u0645\u0646 \u0631\u0642\u0645 QE \u0646\u0641\u0633\u0647\u061f<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"2318\" data-end=\"2541\">\u062a\u0642\u0648\u0645 \u0627\u0644\u0623\u0633\u0648\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0628\u0627\u0633\u062a\u0645\u0631\u0627\u0631 \u0628\u062a\u0633\u0639\u064a\u0631 \u062a\u0648\u0642\u0639\u0627\u062a\u0647\u0627 \u0628\u0634\u0623\u0646 \u0645\u0633\u0627\u0631 \u0627\u0644\u0633\u064a\u0627\u0633\u0629 \u0627\u0644\u0646\u0642\u062f\u064a\u0629 \u0627\u0644\u0645\u0633\u062a\u0642\u0628\u0644\u064a\u0629. \u0648\u0644\u0647\u0630\u0627\u060c \u0642\u062f \u062a\u0639\u0643\u0633 \u062d\u0631\u0643\u0629 \u0639\u0648\u0627\u0626\u062f 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data-start=\"3127\" data-end=\"3145\"><\/h3>\n<h2><span class=\"ez-toc-section\" id=\"Investor_Behavior_in_Response_to_QE-Driven_Yield_Changes\"><\/span>\u0633\u0644\u0648\u0643 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646 \u0627\u0633\u062a\u062c\u0627\u0628\u0629\u064b \u0644\u062a\u063a\u064a\u0631\u0627\u062a \u0627\u0644\u0639\u0627\u0626\u062f \u0627\u0644\u0646\u0627\u062a\u062c\u0629 \u0639\u0646 \u0627\u0644\u062a\u064a\u0633\u064a\u0631 \u0627\u0644\u0643\u0645\u064a<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>\u062a\u062a\u0633\u0645 \u0633\u064a\u0643\u0648\u0644\u0648\u062c\u064a\u0629 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646 \u062a\u062c\u0627\u0647 \u0627\u0644\u062a\u064a\u0633\u064a\u0631 \u0627\u0644\u0643\u0645\u064a \u0648\u0639\u0648\u0627\u0626\u062f \u0627\u0644\u0633\u0646\u062f\u0627\u062a \u0628\u0627\u0644\u062a\u0639\u0642\u064a\u062f. \u0641\u0639\u0646\u062f\u0645\u0627 \u064a\u0624\u062f\u064a \u0627\u0644\u062a\u064a\u0633\u064a\u0631 \u0627\u0644\u0643\u0645\u064a \u0625\u0644\u0649 \u0627\u0646\u062e\u0641\u0627\u0636 \u0627\u0644\u0639\u0648\u0627\u0626\u062f\u060c \u064a\u0648\u0627\u062c\u0647 \u0627\u0644\u0639\u062f\u064a\u062f \u0645\u0646 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646 \u0645\u0639\u0636\u0644\u0629: \u0642\u0628\u0648\u0644 \u0639\u0648\u0627\u0626\u062f \u0623\u0642\u0644 \u0623\u0648 \u0627\u0644\u0628\u062d\u062b \u0639\u0646 \u0623\u0635\u0648\u0644 \u0623\u0643\u062b\u0631 \u0645\u062e\u0627\u0637\u0631\u0629 \u0644\u062a\u062d\u0642\u064a\u0642 \u0623\u0647\u062f\u0627\u0641\u0647\u0645 \u0627\u0644\u062f\u062e\u0644\u064a\u0629. \u0648\u0642\u062f \u064a\u0624\u062f\u064a \u0630\u0644\u0643 \u0625\u0644\u0649 \u0645\u0627 \u064a\u064f\u0639\u0631\u0641 \u0628\u0640\"\u0627\u0644\u0628\u062d\u062b \u0639\u0646 \u0627\u0644\u0639\u0627\u0626\u062f\"\u060c \u062d\u064a\u062b \u064a\u062a\u062c\u0647 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\u0623\u0633\u0648\u0627\u0642 \u063a\u064a\u0631 \u0645\u0623\u0644\u0648\u0641\u0629 \u0623\u0648 \u0645\u062a\u0642\u0644\u0628\u0629. \u0648\u0642\u062f \u064a\u0646\u0628\u0639 \u0647\u0630\u0627 \u0627\u0644\u062a\u0631\u062f\u062f \u0645\u0646 \u0639\u062f\u0645 \u0627\u0644\u064a\u0642\u064a\u0646 \u0628\u0634\u0623\u0646 \u0627\u0633\u062a\u062f\u0627\u0645\u0629 \u0627\u0644\u062a\u064a\u0633\u064a\u0631 \u0627\u0644\u0643\u0645\u064a \u0648\u062a\u0648\u0642\u064a\u062a \u0633\u062d\u0628\u0647. \u0648\u063a\u0627\u0644\u0628\u064b\u0627 \u0645\u0627 \u064a\u0624\u062f\u064a \u0647\u0630\u0627 \u0627\u0644\u062a\u0631\u062f\u062f \u0625\u0644\u0649 \u0636\u064a\u0627\u0639 \u0641\u0631\u0635 \u0627\u0633\u062a\u062b\u0645\u0627\u0631\u064a\u0629 \u0623\u0648 \u0627\u062a\u062e\u0627\u0630 \u0642\u0631\u0627\u0631\u0627\u062a \u062a\u062f\u0627\u0648\u0644 \u063a\u064a\u0631 \u0645\u0648\u0641\u0642\u0629\u060c \u0644\u0627 \u0633\u064a\u0645\u0627 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\u0642\u064a\u0645\u0629 \u0645\u062d\u0641\u0638\u062a\u0647 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631\u064a\u0629. \u0648\u0644\u0643\u0646 \u0645\u0639 \u0627\u0646\u062d\u0633\u0627\u0631 \u0627\u0644\u062a\u064a\u0633\u064a\u0631 \u0627\u0644\u0643\u0645\u064a \u0648\u0627\u0631\u062a\u0641\u0627\u0639 \u0627\u0644\u0639\u0648\u0627\u0626\u062f\u060c \u0642\u062f \u064a\u0646\u062a\u0627\u0628\u0647 \u0627\u0644\u0630\u0639\u0631 \u0648\u064a\u0628\u064a\u0639 \u0628\u062e\u0633\u0627\u0631\u0629\u060c \u0646\u0627\u062f\u0645\u0627\u064b \u0639\u0644\u0649 \u062b\u0642\u062a\u0647 \u0627\u0644\u0645\u0641\u0631\u0637\u0629 \u0641\u064a \u0627\u0644\u0628\u062f\u0627\u064a\u0629. \u0647\u0630\u0627 \u0627\u0644\u062a\u0646\u0627\u0642\u0636 \u0627\u0644\u0633\u0644\u0648\u0643\u064a \u064a\u064f\u0628\u0631\u0632 \u0623\u0647\u0645\u064a\u0629 \u0641\u0647\u0645 \u062a\u0623\u062b\u064a\u0631 \u0627\u0644\u062a\u064a\u0633\u064a\u0631 \u0627\u0644\u0643\u0645\u064a \u0628\u0645\u0627 \u064a\u062a\u062c\u0627\u0648\u0632 \u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0641\u0627\u0626\u062f\u0629 \u0627\u0644\u0645\u0639\u0644\u0646\u0629.<\/p>\n<blockquote data-start=\"4178\" data-end=\"4779\">\n<p class=\"PDq2pG_selectionAnchorContainer\" data-start=\"4180\" data-end=\"4490\">\u0648\u0645\u0646 \u0623\u0628\u0631\u0632 \u0627\u0644\u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u0633\u0644\u0648\u0643\u064a\u0629 \u0623\u0646 \u064a\u062a\u0641\u0627\u0639\u0644 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631 \u0645\u0639 \u0642\u0635\u0629 \u0627\u0644\u0633\u064a\u0627\u0633\u0629 \u0627\u0644\u0646\u0642\u062f\u064a\u0629 \u0623\u0643\u062b\u0631 \u0645\u0646 \u062a\u0641\u0627\u0639\u0644\u0647 \u0645\u0639 \u0645\u0633\u062a\u0648\u0649 \u0627\u0644\u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u0641\u0639\u0644\u064a \u0641\u064a \u0645\u062d\u0641\u0638\u062a\u0647. \u0641\u0642\u062f \u064a\u0635\u0628\u062d 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data-end=\"4779\">\u0648\u0627\u0644\u0646\u0647\u062c \u0627\u0644\u0623\u0643\u062b\u0631 \u0627\u0646\u0636\u0628\u0627\u0637\u064b\u0627 \u0647\u0648 \u0627\u0644\u0641\u0635\u0644 \u0628\u064a\u0646 \u062a\u0641\u0633\u064a\u0631 \u0627\u0644\u0645\u062a\u063a\u064a\u0631\u0627\u062a \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629 \u0627\u0644\u0643\u0644\u064a\u0629 \u0648\u0628\u064a\u0646 \u0642\u0631\u0627\u0631 \u0627\u0644\u0645\u062d\u0641\u0638\u0629. \u064a\u0645\u0643\u0646 \u0644\u0644\u0645\u0633\u062a\u062b\u0645\u0631 \u0641\u0647\u0645 \u062a\u0623\u062b\u064a\u0631 QE \u0645\u0639 \u0627\u0644\u0627\u0639\u062a\u0645\u0627\u062f \u0641\u064a \u0627\u0644\u0648\u0642\u062a \u0646\u0641\u0633\u0647 \u0639\u0644\u0649 \u062d\u062f\u0648\u062f \u0645\u062e\u0627\u0637\u0631 \u0645\u062d\u062f\u062f\u0629 \u0645\u0633\u0628\u0642\u064b\u0627\u060c \u0648\u0642\u0648\u0627\u0639\u062f \u062a\u0648\u0632\u064a\u0639 \u0627\u0644\u0623\u0635\u0648\u0644\u060c 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\u0641\u062c\u0648\u0627\u062a \u0628\u064a\u0646 \u0627\u0644\u0646\u0638\u0631\u064a\u0629 \u0648\u0627\u0644\u062a\u0637\u0628\u064a\u0642 \u062a\u0633\u062a\u062d\u0642 \u0645\u0632\u064a\u062f\u0627\u064b \u0645\u0646 \u0627\u0644\u0627\u0647\u062a\u0645\u0627\u0645.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"A_Realistic_Investor_Scenario\"><\/span>\u0633\u064a\u0646\u0627\u0631\u064a\u0648 \u0627\u0633\u062a\u062b\u0645\u0627\u0631\u064a \u0648\u0627\u0642\u0639\u064a<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>\u0644\u0646\u0623\u062e\u0630 \u0645\u062b\u0627\u0644\u0627\u064b \u0639\u0644\u0649 \u0630\u0644\u0643 \u0633\u0627\u0631\u0629\u060c \u0648\u0647\u064a \u0645\u0633\u062a\u062b\u0645\u0631\u0629 \u0641\u064a \u0645\u0646\u062a\u0635\u0641 \u0645\u0633\u064a\u0631\u062a\u0647\u0627 \u0627\u0644\u0645\u0647\u0646\u064a\u0629\u060c \u0627\u0639\u062a\u0627\u062f\u062a \u062a\u062e\u0635\u064a\u0635 \u062c\u0632\u0621 \u0643\u0628\u064a\u0631 \u0645\u0646 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\u0641\u0632\u0627\u062f\u062a \u0645\u0646 \u062d\u064a\u0627\u0632\u0627\u062a\u0647\u0627 \u0645\u0646 \u0627\u0644\u0633\u0646\u062f\u0627\u062a\u060c \u0645\u062a\u0648\u0642\u0639\u0629 \u0627\u0633\u062a\u0645\u0631\u0627\u0631 \u0627\u0644\u0645\u0643\u0627\u0633\u0628.<\/p>\n<p>\u0628\u0639\u062f \u0623\u0634\u0647\u0631\u060c \u0648\u0645\u0639 \u0625\u0634\u0627\u0631\u0629 \u0627\u0644\u0628\u0646\u0648\u0643 \u0627\u0644\u0645\u0631\u0643\u0632\u064a\u0629 \u0625\u0644\u0649 \u062a\u0642\u0644\u064a\u0635 \u0628\u0631\u0646\u0627\u0645\u062c \u0627\u0644\u062a\u064a\u0633\u064a\u0631 \u0627\u0644\u0643\u0645\u064a\u060c \u0628\u062f\u0623\u062a \u0627\u0644\u0639\u0648\u0627\u0626\u062f \u0628\u0627\u0644\u0627\u0631\u062a\u0641\u0627\u0639 \u062a\u062f\u0631\u064a\u062c\u064a\u064b\u0627. \u062a\u0631\u062f\u062f\u062a \u0633\u0627\u0631\u0629\u060c \u063a\u064a\u0631 \u0645\u062a\u0623\u0643\u062f\u0629 \u0645\u0645\u0627 \u0625\u0630\u0627 \u0643\u0627\u0646 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\u062a\u062c\u0631\u0628\u062a\u0647\u0627\u060c \u0623\u062f\u0631\u0643\u062a \u0633\u0627\u0631\u0629 \u0623\u0646 \u0631\u062f\u0629 \u0641\u0639\u0644\u0647\u0627 \u0627\u0644\u0639\u0627\u0637\u0641\u064a\u0629 \u062a\u062c\u0627\u0647 \u062a\u0642\u0644\u0628\u0627\u062a \u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u0646\u0627\u062a\u062c\u0629 \u0639\u0646 \u0627\u0644\u062a\u064a\u0633\u064a\u0631 \u0627\u0644\u0643\u0645\u064a \u0623\u062f\u062a \u0625\u0644\u0649 \u062a\u0648\u0642\u064a\u062a \u063a\u064a\u0631 \u0645\u0646\u0627\u0633\u0628.<\/p>\n<p>\u064a\u0633\u0644\u0637 \u0647\u0630\u0627 \u0627\u0644\u0633\u064a\u0646\u0627\u0631\u064a\u0648 \u0627\u0644\u0636\u0648\u0621 \u0639\u0644\u0649 \u0643\u064a\u0641\u064a\u0629 \u062a\u0623\u062b\u064a\u0631 \u0627\u0644\u062a\u064a\u0633\u064a\u0631 \u0627\u0644\u0643\u0645\u064a \u0639\u0644\u0649 \u0639\u0648\u0627\u0626\u062f \u0627\u0644\u0633\u0646\u062f\u0627\u062a\u060c \u0645\u0645\u0627 \u0642\u062f \u064a\u0632\u0639\u0632\u0639 \u0627\u0633\u062a\u0642\u0631\u0627\u0631 \u062d\u062a\u0649 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646 \u0630\u0648\u064a \u0627\u0644\u062e\u0628\u0631\u0629\u060c \u0648\u064a\u0624\u0643\u062f \u0639\u0644\u0649 \u0642\u064a\u0645\u0629 \u0627\u062a\u0628\u0627\u0639 \u0645\u0646\u0627\u0647\u062c \u0645\u0646\u0647\u062c\u064a\u0629 \u0623\u0648 \u0623\u0637\u0631 \u0639\u0645\u0644 \u0648\u0627\u0636\u062d\u0629 \u0644\u0627\u062a\u062e\u0627\u0630 \u0627\u0644\u0642\u0631\u0627\u0631\u0627\u062a \u0645\u0646 \u0623\u062c\u0644 \u0627\u0644\u062a\u0639\u0627\u0645\u0644 \u0645\u0639 \u0647\u0630\u0647 \u0627\u0644\u062a\u062d\u0648\u0644\u0627\u062a \u0628\u0647\u062f\u0648\u0621.<\/p>\n<blockquote data-start=\"5625\" data-end=\"6474\">\n<h2 class=\"PDq2pG_selectionAnchorContainer\" data-section-id=\"1exwvu5\" data-start=\"5627\" data-end=\"5661\"><span class=\"ez-toc-section\" id=\"What_QE_Analysis_Cannot_Predict\"><\/span>\u0645\u0627 \u0627\u0644\u0630\u064a \u0644\u0627 \u064a\u0633\u062a\u0637\u064a\u0639 \u062a\u062d\u0644\u064a\u0644 QE \u0627\u0644\u062a\u0646\u0628\u0624 \u0628\u0647\u061f<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"5666\" data-end=\"5899\">\u064a\u0645\u0643\u0646 \u0644\u0641\u0647\u0645 \u0627\u0644\u0639\u0644\u0627\u0642\u0629 \u0628\u064a\u0646 \u0627\u0644\u062a\u064a\u0633\u064a\u0631 \u0627\u0644\u0643\u0645\u064a \u0648\u0639\u0648\u0627\u0626\u062f \u0627\u0644\u0633\u0646\u062f\u0627\u062a \u0648\u0633\u0644\u0648\u0643 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646 \u0623\u0646 \u064a\u0648\u0641\u0631 \u0633\u064a\u0627\u0642\u064b\u0627 \u0627\u0642\u062a\u0635\u0627\u062f\u064a\u064b\u0627 \u0643\u0644\u064a\u064b\u0627 \u0645\u0647\u0645\u064b\u0627\u060c \u0644\u0643\u0646\u0647 \u0644\u0627 \u064a\u0633\u062a\u0637\u064a\u0639 \u0627\u0644\u062a\u0646\u0628\u0624 \u0628\u0634\u0643\u0644 \u0645\u0648\u062b\u0648\u0642 \u0628\u0627\u062a\u062c\u0627\u0647 \u0633\u0647\u0645 \u0623\u0648 \u0642\u0637\u0627\u0639 \u0623\u0648 \u0645\u062d\u0641\u0638\u0629 \u0628\u0639\u064a\u0646\u0647\u0627 \u062e\u0644\u0627\u0644 \u0641\u062a\u0631\u0629 \u0632\u0645\u0646\u064a\u0629 \u0645\u062d\u062f\u062f\u0629.<\/p>\n<p data-start=\"5904\" data-end=\"6221\">\u0641\u0642\u062f \u062a\u0624\u062f\u064a \u0628\u064a\u0626\u0629 QE \u0646\u0641\u0633\u0647\u0627 \u0625\u0644\u0649 \u0646\u062a\u0627\u0626\u062c \u0645\u062e\u062a\u0644\u0641\u0629 \u0641\u064a \u0627\u0644\u0623\u0633\u0648\u0627\u0642 \u062a\u0628\u0639\u064b\u0627 \u0644\u0644\u062a\u0636\u062e\u0645\u060c \u0648\u0627\u0644\u0646\u0645\u0648 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u060c \u0648\u062a\u0642\u064a\u064a\u0645\u0627\u062a \u0627\u0644\u0623\u0635\u0648\u0644\u060c \u0648\u0627\u0644\u0633\u064a\u0648\u0644\u0629\u060c \u0648\u062a\u0645\u0631\u0643\u0632 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646\u060c \u0648\u0627\u0644\u062a\u0648\u0642\u0639\u0627\u062a \u0627\u0644\u0645\u0633\u062a\u0642\u0628\u0644\u064a\u0629. \u0644\u0630\u0644\u0643\u060c \u064a\u0646\u0628\u063a\u064a \u0627\u0644\u062a\u0639\u0627\u0645\u0644 \u0645\u0639 \u0627\u0644\u0639\u0644\u0627\u0642\u0629 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629 \u0627\u0644\u0643\u0644\u064a\u0629 \u0628\u0627\u0639\u062a\u0628\u0627\u0631\u0647\u0627 \u0623\u062d\u062f \u0645\u062f\u062e\u0644\u0627\u062a \u0639\u0645\u0644\u064a\u0629 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631\u060c \u0648\u0644\u064a\u0633 \u0625\u0634\u0627\u0631\u0629 \u062a\u062f\u0627\u0648\u0644 \u0645\u0633\u062a\u0642\u0644\u0629.<\/p>\n<p data-start=\"6226\" data-end=\"6474\">\u0648\u0645\u0646 \u0627\u0644\u0645\u0647\u0645 \u0623\u0646 \u064a\u0645\u064a\u0632 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631 \u0628\u064a\u0646 \u0641\u0647\u0645 \u0627\u0644\u0623\u0633\u0628\u0627\u0628 \u0627\u0644\u062a\u064a \u0642\u062f \u062a\u062f\u0641\u0639 \u0627\u0644\u0623\u0633\u0648\u0627\u0642 \u0625\u0644\u0649 \u0627\u0644\u0627\u0633\u062a\u062c\u0627\u0628\u0629 \u0644\u062a\u063a\u064a\u0631 \u0641\u064a \u0627\u0644\u0633\u064a\u0627\u0633\u0629 \u0627\u0644\u0646\u0642\u062f\u064a\u0629\u060c \u0648\u0628\u064a\u0646 \u0645\u0639\u0631\u0641\u0629 \u0623\u062f\u0627\u0621 \u0623\u0635\u0644 \u0645\u0639\u064a\u0646 \u0628\u0634\u0643\u0644 \u062f\u0642\u064a\u0642. \u0627\u0644\u0641\u0647\u0645 \u0627\u0644\u0623\u0648\u0644 \u064a\u062d\u0633\u0646 \u0642\u0631\u0627\u0621\u0629 \u0627\u0644\u0633\u064a\u0627\u0642\u060c \u0623\u0645\u0627 \u0627\u0644\u062b\u0627\u0646\u064a \u0641\u064a\u062a\u0637\u0644\u0628 \u062a\u0642\u064a\u064a\u0645\u064b\u0627 \u0623\u0648\u0633\u0639 \u0644\u0644\u0645\u062e\u0627\u0637\u0631 \u0648\u0638\u0631\u0648\u0641 \u0627\u0644\u0633\u0648\u0642.<\/p>\n<\/blockquote>\n<blockquote data-start=\"7574\" data-end=\"8178\">\n<h2 class=\"PDq2pG_selectionAnchorContainer\" data-section-id=\"hib7ae\" data-start=\"7576\" data-end=\"7632\"><span class=\"ez-toc-section\" id=\"Using_QE_Analysis_Within_a_Broader_Investment_Process\"><\/span>\u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u062a\u062d\u0644\u064a\u0644 QE \u0636\u0645\u0646 \u0639\u0645\u0644\u064a\u0629 \u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u0645\u062a\u0643\u0627\u0645\u0644\u0629<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p data-start=\"7637\" data-end=\"7951\">\u0639\u0646\u062f \u062a\u0637\u0628\u064a\u0642 \u0647\u0630\u0647 \u0627\u0644\u0623\u0641\u0643\u0627\u0631 \u0639\u0645\u0644\u064a\u064b\u0627\u060c \u064a\u062c\u0628 \u0623\u0644\u0627 \u064a\u062a\u0639\u0627\u0645\u0644 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631 \u0645\u0639 \u0642\u0631\u0627\u0631 \u0646\u0642\u062f\u064a \u0648\u0627\u062d\u062f \u0623\u0648 \u062d\u0631\u0643\u0629 \u0641\u064a \u0639\u0648\u0627\u0626\u062f \u0627\u0644\u0633\u0646\u062f\u0627\u062a \u0623\u0648 \u062e\u0628\u0631 \u0627\u0642\u062a\u0635\u0627\u062f\u064a \u0645\u0646\u0641\u0631\u062f \u0628\u0627\u0639\u062a\u0628\u0627\u0631\u0647 \u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0629 \u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u0643\u0627\u0645\u0644\u0629. \u0641\u0627\u0644\u0646\u0647\u062c \u0627\u0644\u0623\u0642\u0648\u0649 \u064a\u062c\u0645\u0639 \u0628\u064a\u0646 \u0627\u0644\u0633\u064a\u0627\u0642 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a \u0627\u0644\u0643\u0644\u064a\u060c \u0648\u062d\u062c\u0645 \u0627\u0644\u062a\u0639\u0631\u0636 \u0641\u064a \u0627\u0644\u0645\u062d\u0641\u0638\u0629\u060c \u0648\u0636\u0648\u0627\u0628\u0637 \u0627\u0644\u0645\u062e\u0627\u0637\u0631\u060c \u0648\u062a\u0642\u064a\u064a\u0645\u0627\u062a \u0627\u0644\u0623\u0635\u0648\u0644\u060c \u0648\u0627\u0644\u0645\u0631\u0627\u062c\u0639\u0629 \u0627\u0644\u062f\u0648\u0631\u064a\u0629 \u0644\u0644\u0645\u062d\u0641\u0638\u0629.<\/p>\n<p data-start=\"7956\" data-end=\"8178\">\u0648\u0627\u0644\u0647\u062f\u0641 \u0644\u064a\u0633 \u0627\u0644\u062a\u0646\u0628\u0624 \u0628\u0643\u0644 \u0642\u0631\u0627\u0631 \u0644\u0644\u0628\u0646\u0643 \u0627\u0644\u0645\u0631\u0643\u0632\u064a \u0623\u0648 \u0628\u0643\u0644 \u0631\u062f \u0641\u0639\u0644 \u0645\u062d\u062a\u0645\u0644 \u0645\u0646 \u0627\u0644\u0633\u0648\u0642\u060c \u0648\u0625\u0646\u0645\u0627 \u0641\u0647\u0645 \u0645\u0627 \u0627\u0644\u0630\u064a \u062a\u063a\u064a\u0631\u060c \u0648\u062a\u0642\u064a\u064a\u0645 \u062a\u0623\u062b\u064a\u0631 \u0647\u0630\u0647 \u0627\u0644\u062a\u063a\u064a\u0631\u0627\u062a \u0641\u064a \u0627\u0644\u0645\u062d\u0641\u0638\u0629\u060c \u0648\u062a\u062d\u062f\u064a\u062f \u0645\u0627 \u0625\u0630\u0627 \u0643\u0627\u0646\u062a \u0627\u0644\u0642\u0648\u0627\u0639\u062f \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631\u064a\u0629 \u0627\u0644\u062d\u0627\u0644\u064a\u0629 \u0644\u0627 \u062a\u0632\u0627\u0644 \u0645\u0646\u0627\u0633\u0628\u0629 \u0644\u0644\u0638\u0631\u0648\u0641 \u0627\u0644\u062c\u062f\u064a\u062f\u0629.<\/p>\n<\/blockquote>\n<blockquote data-start=\"8909\" data-end=\"10475\">\n<h2 class=\"PDq2pG_selectionAnchorContainer\" data-section-id=\"9yb9ra\" data-start=\"8911\" data-end=\"8985\"><span class=\"ez-toc-section\" id=\"Frequently_Asked_Questions_About_QE_Bond_Yields_and_Investor_Behavior\"><\/span>\u0627\u0644\u0623\u0633\u0626\u0644\u0629 \u0627\u0644\u0634\u0627\u0626\u0639\u0629 \u062d\u0648\u0644 QE \u0648\u0639\u0648\u0627\u0626\u062f \u0627\u0644\u0633\u0646\u062f\u0627\u062a \u0648\u0633\u0644\u0648\u0643 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3 data-section-id=\"1gmd5z0\" data-start=\"8990\" data-end=\"9042\"><span class=\"ez-toc-section\" id=\"Does_QE_always_push_long-term_bond_yields_lower\"><\/span>\u0647\u0644 \u064a\u0624\u062f\u064a QE \u062f\u0627\u0626\u0645\u064b\u0627 \u0625\u0644\u0649 \u0627\u0646\u062e\u0641\u0627\u0636 \u0639\u0648\u0627\u0626\u062f \u0627\u0644\u0633\u0646\u062f\u0627\u062a \u0637\u0648\u064a\u0644\u0629 \u0627\u0644\u0623\u062c\u0644\u061f<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p data-start=\"9047\" data-end=\"9261\">\u0644\u064a\u0633 \u062f\u0627\u0626\u0645\u064b\u0627. \u064a\u0645\u0643\u0646 \u0644\u0644\u062a\u064a\u0633\u064a\u0631 \u0627\u0644\u0643\u0645\u064a \u0623\u0646 \u064a\u0636\u063a\u0637 \u0639\u0644\u0649 \u0627\u0644\u0639\u0648\u0627\u0626\u062f \u0646\u062d\u0648 \u0627\u0644\u0627\u0646\u062e\u0641\u0627\u0636\u060c \u0644\u0643\u0646 \u062a\u0648\u0642\u0639\u0627\u062a \u0627\u0644\u062a\u0636\u062e\u0645 \u0648\u0627\u0644\u0646\u0645\u0648 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a \u0648\u062a\u063a\u064a\u0631 \u062a\u0648\u0642\u0639\u0627\u062a \u0627\u0644\u0633\u064a\u0627\u0633\u0629 \u0627\u0644\u0646\u0642\u062f\u064a\u0629 \u0642\u062f \u062a\u062f\u0641\u0639 \u0627\u0644\u0639\u0648\u0627\u0626\u062f \u0637\u0648\u064a\u0644\u0629 \u0627\u0644\u0623\u062c\u0644 \u0625\u0644\u0649 \u0627\u0644\u0627\u0631\u062a\u0641\u0627\u0639 \u062d\u062a\u0649 \u0623\u062b\u0646\u0627\u0621 \u0627\u0633\u062a\u0645\u0631\u0627\u0631 \u0628\u0631\u0646\u0627\u0645\u062c \u0634\u0631\u0627\u0621 \u0627\u0644\u0623\u0635\u0648\u0644.<\/p>\n<h3 data-section-id=\"ysrpar\" data-start=\"9266\" data-end=\"9329\"><span class=\"ez-toc-section\" id=\"Why_do_bond_yields_sometimes_move_before_a_QE_announcement\"><\/span>\u0644\u0645\u0627\u0630\u0627 \u062a\u062a\u062d\u0631\u0643 \u0639\u0648\u0627\u0626\u062f \u0627\u0644\u0633\u0646\u062f\u0627\u062a \u0623\u062d\u064a\u0627\u0646\u064b\u0627 \u0642\u0628\u0644 \u0625\u0639\u0644\u0627\u0646 QE\u061f<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p data-start=\"9334\" data-end=\"9512\">\u0644\u0623\u0646 \u0627\u0644\u0623\u0633\u0648\u0627\u0642 \u062a\u0633\u0639\u0651\u0631 \u0627\u0644\u062a\u0648\u0642\u0639\u0627\u062a \u0645\u0633\u0628\u0642\u064b\u0627. \u0641\u0625\u0630\u0627 \u0643\u0627\u0646 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u0648\u0646 \u064a\u062a\u0648\u0642\u0639\u0648\u0646 \u0628\u0627\u0644\u0641\u0639\u0644 \u0642\u0631\u0627\u0631\u064b\u0627 \u0645\u0639\u064a\u0646\u064b\u0627 \u0645\u0646 \u0627\u0644\u0628\u0646\u0643 \u0627\u0644\u0645\u0631\u0643\u0632\u064a\u060c \u0641\u0642\u062f \u062a\u062a\u063a\u064a\u0631 \u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0633\u0646\u062f\u0627\u062a \u0648\u0639\u0648\u0627\u0626\u062f\u0647\u0627 \u0642\u0628\u0644 \u0627\u0644\u0625\u0639\u0644\u0627\u0646 \u0627\u0644\u0631\u0633\u0645\u064a \u0639\u0646 \u0627\u0644\u0642\u0631\u0627\u0631.<\/p>\n<h3 data-section-id=\"58s7ji\" data-start=\"9517\" data-end=\"9571\"><span class=\"ez-toc-section\" id=\"Does_QE_automatically_make_stocks_more_attractive\"><\/span>\u0647\u0644 \u064a\u062c\u0639\u0644 QE \u0627\u0644\u0623\u0633\u0647\u0645 \u0623\u0643\u062b\u0631 \u062c\u0627\u0630\u0628\u064a\u0629 \u062a\u0644\u0642\u0627\u0626\u064a\u064b\u0627\u061f<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p data-start=\"9576\" data-end=\"9777\">\u0644\u064a\u0633 \u0628\u0627\u0644\u0636\u0631\u0648\u0631\u0629. \u064a\u0645\u0643\u0646 \u0644\u0627\u0646\u062e\u0641\u0627\u0636 \u0639\u0648\u0627\u0626\u062f \u0627\u0644\u0633\u0646\u062f\u0627\u062a \u0623\u0646 \u064a\u0624\u062b\u0631 \u0641\u064a \u062a\u0642\u064a\u064a\u0645\u0627\u062a \u0627\u0644\u0623\u0633\u0647\u0645 \u0648\u062c\u0627\u0630\u0628\u064a\u0629 \u0627\u0644\u0623\u0635\u0648\u0644 \u0646\u0633\u0628\u064a\u064b\u0627\u060c \u0644\u0643\u0646 \u0627\u0644\u062a\u0623\u062b\u064a\u0631 \u0627\u0644\u0646\u0647\u0627\u0626\u064a \u064a\u0639\u062a\u0645\u062f \u0639\u0644\u0649 \u0627\u0644\u0646\u0645\u0648 \u0648\u0627\u0644\u062a\u0636\u062e\u0645 \u0648\u0627\u0644\u062a\u0642\u064a\u064a\u0645\u0627\u062a \u0648\u0627\u0644\u0633\u064a\u0648\u0644\u0629 \u0648\u062a\u0648\u0642\u0639\u0627\u062a \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646.<\/p>\n<h3 data-section-id=\"18c22m2\" data-start=\"9782\" data-end=\"9835\"><span class=\"ez-toc-section\" id=\"Can_QE_analysis_predict_where_a_stock_will_trade\"><\/span>\u0647\u0644 \u064a\u0633\u062a\u0637\u064a\u0639 \u062a\u062d\u0644\u064a\u0644 QE \u0627\u0644\u062a\u0646\u0628\u0624 \u0628\u0633\u0639\u0631 \u0633\u0647\u0645 \u0645\u0639\u064a\u0646\u061f<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p data-start=\"9840\" data-end=\"9999\">\u0644\u0627. \u064a\u0648\u0641\u0631 \u062a\u062d\u0644\u064a\u0644 QE \u0633\u064a\u0627\u0642\u064b\u0627 \u0627\u0642\u062a\u0635\u0627\u062f\u064a\u064b\u0627 \u0643\u0644\u064a\u064b\u0627\u060c \u0644\u0643\u0646\u0647 \u0644\u0627 \u064a\u0645\u062b\u0644 \u0648\u0633\u064a\u0644\u0629 \u0645\u0648\u062b\u0648\u0642\u0629 \u0644\u0644\u062a\u0646\u0628\u0624 \u0628\u0633\u0639\u0631 \u0633\u0647\u0645 \u0641\u0631\u062f\u064a \u0623\u0648 \u0628\u0627\u0644\u0627\u062a\u062c\u0627\u0647 \u0642\u0635\u064a\u0631 \u0627\u0644\u0623\u062c\u0644 \u0644\u0623\u0635\u0644 \u0645\u062d\u062f\u062f.<\/p>\n<h3 data-section-id=\"1b2suk1\" data-start=\"10004\" data-end=\"10054\"><span class=\"ez-toc-section\" id=\"How_should_investors_respond_to_changes_in_QE\"><\/span>\u0643\u064a\u0641 \u064a\u0646\u0628\u063a\u064a \u0644\u0644\u0645\u0633\u062a\u062b\u0645\u0631 \u0627\u0644\u062a\u0639\u0627\u0645\u0644 \u0645\u0639 \u062a\u063a\u064a\u0631\u0627\u062a QE\u061f<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p data-start=\"10059\" data-end=\"10221\">\u064a\u0646\u0628\u063a\u064a \u062a\u0642\u064a\u064a\u0645 \u062a\u0623\u062b\u064a\u0631 \u062a\u063a\u064a\u0631 \u0627\u0644\u0633\u064a\u0627\u0633\u0629 \u0627\u0644\u0646\u0642\u062f\u064a\u0629 \u0641\u064a \u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u0645\u062d\u0641\u0638\u0629\u060c \u0648\u0645\u062f\u0629 \u0627\u0644\u0633\u0646\u062f\u0627\u062a\u060c \u0648\u062a\u0648\u0632\u064a\u0639 \u0627\u0644\u0623\u0635\u0648\u0644\u060c \u0648\u0627\u0644\u0623\u0647\u062f\u0627\u0641 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631\u064a\u0629\u060c \u0628\u062f\u0644\u064b\u0627 \u0645\u0646 \u0627\u062a\u062e\u0627\u0630 \u0642\u0631\u0627\u0631 \u0627\u0633\u062a\u0646\u0627\u062f\u064b\u0627 \u0625\u0644\u0649 \u0627\u0644\u062e\u0628\u0631 \u0648\u062d\u062f\u0647.<\/p>\n<h3 data-section-id=\"srat09\" data-start=\"10226\" data-end=\"10286\"><span class=\"ez-toc-section\" id=\"Why_is_a_systematic_approach_relevant_during_QE_changes\"><\/span>\u0644\u0645\u0627\u0630\u0627 \u062a\u0643\u0648\u0646 \u0627\u0644\u0645\u0646\u0647\u062c\u064a\u0629 \u0627\u0644\u0646\u0638\u0627\u0645\u064a\u0629 \u0645\u0647\u0645\u0629 \u0623\u062b\u0646\u0627\u0621 \u062a\u063a\u064a\u0631\u0627\u062a QE\u061f<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p data-start=\"10291\" data-end=\"10475\">\u064a\u0645\u0643\u0646 \u0644\u0644\u0645\u0646\u0647\u062c\u064a\u0629 \u0627\u0644\u0646\u0638\u0627\u0645\u064a\u0629 \u062a\u0648\u0641\u064a\u0631 \u0642\u0648\u0627\u0639\u062f \u0645\u062d\u062f\u062f\u0629 \u0645\u0633\u0628\u0642\u064b\u0627 \u0644\u0645\u0631\u0627\u062c\u0639\u0629 \u062d\u062c\u0645 \u0627\u0644\u062a\u0639\u0631\u0636 \u0648\u0625\u062f\u0627\u0631\u0629 \u0627\u0644\u0645\u062e\u0627\u0637\u0631\u060c \u0645\u0645\u0627 \u064a\u0633\u0627\u0639\u062f \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631 \u0639\u0644\u0649 \u0627\u0644\u0641\u0635\u0644 \u0628\u064a\u0646 \u062a\u062d\u0644\u064a\u0644 \u0627\u0644\u0645\u062a\u063a\u064a\u0631\u0627\u062a \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a\u0629 \u0627\u0644\u0643\u0644\u064a\u0629 \u0648\u0628\u064a\u0646 \u0642\u0631\u0627\u0631\u0627\u062a \u0627\u0644\u0645\u062d\u0641\u0638\u0629 \u0627\u0644\u0627\u0646\u0641\u0639\u0627\u0644\u064a\u0629.<\/p>\n<\/blockquote>\n<h3 data-section-id=\"1xdudep\" data-start=\"10477\" data-end=\"10495\"><\/h3>\n<h2><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span>\u062e\u0627\u062a\u0645\u0629<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>\u064a\u064f\u0624\u062b\u0631 \u0627\u0644\u062a\u064a\u0633\u064a\u0631 \u0627\u0644\u0643\u0645\u064a \u062a\u0623\u062b\u064a\u0631\u0627\u064b \u0628\u0627\u0644\u063a\u0627\u064b \u0639\u0644\u0649 \u0639\u0648\u0627\u0626\u062f \u0627\u0644\u0633\u0646\u062f\u0627\u062a \u0637\u0648\u064a\u0644\u0629 \u0627\u0644\u0623\u062c\u0644\u060c \u0625\u0630 \u064a\u064f\u062e\u0641\u0636\u0647\u0627 \u0645\u0646 \u062e\u0644\u0627\u0644 \u0645\u0634\u062a\u0631\u064a\u0627\u062a \u0627\u0644\u0628\u0646\u0648\u0643 \u0627\u0644\u0645\u0631\u0643\u0632\u064a\u0629 \u0648\u064a\u064f\u063a\u064a\u0631 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markets.<\/p>","protected":false},"author":1,"featured_media":15755,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[111],"tags":[116],"class_list":["post-15754","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-algorithmic-trading","tag-rule-based-investing"],"_links":{"self":[{"href":"https:\/\/algo0.com\/ar\/wp-json\/wp\/v2\/posts\/15754","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/algo0.com\/ar\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/algo0.com\/ar\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/algo0.com\/ar\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/algo0.com\/ar\/wp-json\/wp\/v2\/comments?post=15754"}],"version-history":[{"count":0,"href":"https:\/\/algo0.com\/ar\/wp-json\/wp\/v2\/posts\/15754\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/algo0.com\/ar\/wp-json\/wp\/v2\/media\/15755"}],"wp:attachment":[{"href":"https:\/\/algo0.com\/ar\/wp-json\/wp\/v2\/media?parent=15754"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/algo0.com\/ar\/wp-json\/wp\/v2\/categories?post=15754"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/algo0.com\/ar\/wp-json\/wp\/v2\/tags?post=15754"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}