{"id":32702,"date":"2014-04-10T09:30:35","date_gmt":"2014-04-10T06:30:35","guid":{"rendered":"http:\/\/www.bilgeyatirimci.com\/?p=32702"},"modified":"2014-04-10T09:30:35","modified_gmt":"2014-04-10T06:30:35","slug":"uzeyir-dogan-fed-tutanaklarinin-ve-icerideki-faiz-indirimi-beklentisinin-etkileri","status":"publish","type":"post","link":"https:\/\/www.bilgeyatirimci.com\/i\/uzeyir-dogan-fed-tutanaklarinin-ve-icerideki-faiz-indirimi-beklentisinin-etkileri\/","title":{"rendered":"\u00dczeyir Do\u011fan &#8211; Fed tutanaklar\u0131n\u0131n ve i\u00e7erideki faiz indirimi beklentisinin etkileri"},"content":{"rendered":"<p><strong><em>D\u0131\u015far\u0131da Fed tutanaklar\u0131 i\u00e7eride TCMB\u2019nin fonlama maliyetini a\u015fa\u011f\u0131ya \u00e7ekmesi ana g\u00fcndemimiz oldu. <\/em><\/strong><\/p><div class=\"bilge-yaziust\" style=\"margin-top: 10px;margin-bottom: 10px;\" id=\"bilge-1334067897\"><ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-7495567325667578\"\r\n     data-ad-slot=\"9580705384\"\r\n     data-ad-format=\"rectangle\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n(adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div>\n<p>Fed tutanaklar\u0131nda 18-19 Mart\u2019taki Fed A\u00e7\u0131k Piyasa Komitesi (FOMC) toplant\u0131s\u0131ndan sonra Yellen\u2019in yapt\u0131\u011f\u0131 a\u00e7\u0131klamalar\u0131n tam tersi y\u00f6nde ifadeler \u00e7\u0131kt\u0131. Hat\u0131rlanacak olursa Yellen o g\u00fcn, tahvil al\u0131m program\u0131n\u0131n y\u0131l\u0131n son \u00e7eyre\u011finden \u00f6nce bitirilebilece\u011fini, bundan alt\u0131 ay sonra da faiz art\u0131\u015f s\u00fcrecinin ba\u015flayabilece\u011fini belirtmi\u015fti. D\u00fcn ak\u015famki a\u00e7\u0131klamada ise faiz oranlar\u0131na ili\u015fkin tahmin medyan\u0131ndaki art\u0131\u015f\u0131n faiz art\u0131\u015f\u0131 beklentilerini abart\u0131 duruma getirdi\u011fi, Fed\u2019in ekonomiyi daha az destekleyici politikalara do\u011fru bir ad\u0131m att\u0131\u011f\u0131 y\u00f6n\u00fcnde bir yanl\u0131\u015f anlama olu\u015ftu\u011fu vurguland\u0131. Yellen mi ne s\u00f6yledi\u011finin fark\u0131nda de\u011fil yoksa t\u00fcm d\u00fcnya m\u0131 19 Mart\u2019taki a\u00e7\u0131klamalar\u0131 yanl\u0131\u015f anlad\u0131 onu da sizlerin takdirine b\u0131rak\u0131yoruz. Neticede eldeki son veri d\u00fcn ak\u015fam a\u00e7\u0131klanan tutanaklar ve bunu baz almam\u0131z gerekiyor. Ancak piyasan\u0131n bundan sonra Fed\u2019i teyit etmeden ataca\u011f\u0131 ad\u0131mlar daha temkinli olacakt\u0131r. Yani Fed\u2019in s\u00f6zl\u00fc y\u00f6nlendirmelerinin etkisi azalacak, piyasa eylemlere bakacakt\u0131r.<\/p>\n<p>\u0130\u00e7eriye d\u00f6nd\u00fc\u011f\u00fcm\u00fczde ise ana g\u00fcndemimiz TCMB\u2019nin 24 Nisan\u2019daki toplant\u0131s\u0131ndan faiz indirimi olup olmayaca\u011f\u0131. TCMB\u2019nin fonlama faizini a\u015fa\u011f\u0131ya \u00e7ekmesiyle bu beklenti artm\u0131\u015f olsa da olas\u0131 bir faiz indiriminin politika faizi d\u0131\u015f\u0131ndaki faizlerde olma ihtimali bizce daha y\u00fcksek. Faiz indirimleri normalde bankalar ve piyasalar i\u00e7in olumlu olsa da piyasan\u0131n g\u00fcvene ihtiyac\u0131 oldu\u011fu d\u00f6nemlerde ters sonu\u00e7lar da verebiliyor. Bunu 28 Ocak\u2019taki faiz art\u0131\u015f\u0131 ard\u0131ndan net bir \u015fekilde g\u00f6rm\u00fc\u015ft\u00fck. Bu a\u00e7\u0131dan faiz indiriminin \u015firketler \u00f6zelindeki etkisinden ziyade ekonomik g\u00fcvene etkisinin nas\u0131l yorumlanaca\u011f\u0131 daha \u00f6nemli. Bu nedenle al\u0131nacak karar\u0131n bu y\u00f6n\u00fcyle de\u011ferlendirilmesi gerekti\u011fini d\u00fc\u015f\u00fcn\u00fcyoruz.<\/p>\n<p>Endekse d\u00f6nd\u00fc\u011f\u00fcm\u00fczde ise Se\u00e7im \u00f6ncesinde 64,0000 civar\u0131ndan ba\u015flayan y\u00fckseli\u015fle 73,000\/75,000 aral\u0131\u011f\u0131ndaki kritik diren\u00e7 b\u00f6lgesine ula\u015fan endekste son birka\u00e7 g\u00fcnd\u00fcr yorgunluk i\u015faretleri olu\u015fmaya ba\u015flam\u0131\u015ft\u0131. Bug\u00fcn de bunun kar sat\u0131\u015flar\u0131na d\u00f6n\u00fc\u015ft\u00fc\u011f\u00fcn\u00fc g\u00f6rd\u00fck. Kurda ve faizlerde de \u00f6nemli teknik seviyelerden tepkiler gelmesi borsadaki d\u00fc\u015f\u00fc\u015f\u00fc tetikleyen \u00f6nemli bir etkendi. Buna ek olarak ak\u015famki Fed tutanaklar\u0131 \u00f6ncesi dolar\u0131n geli\u015fmekte olan \u00fclkelerin bir\u00e7o\u011funun para birimine kar\u015f\u0131 de\u011fer kazan\u0131yor olmas\u0131 da bug\u00fcnk\u00fc negatif havada pay sahibi. Yine de bug\u00fcnk\u00fc bu sat\u0131\u015flara \u015fimdilik kar realizasyonu ve teknik d\u00fczeltme g\u00f6z\u00fcyle bakmak gerekiyor. Bu s\u00fcrecin devam\u0131nda 500 ve 200 g\u00fcnl\u00fck hareketli ortalamalar\u0131n bulundu\u011fu 71,850 ve 70,750 ilk \u00f6nemli destekler. Son y\u00fckseli\u015fin ard\u0131ndan takip edece\u011fimiz en \u00f6nemli destek ise 69,000\u2019de bulunuyor. Buran\u0131n alt\u0131na sark\u0131lamad\u0131\u011f\u0131 s\u00fcrece endeksin yeni bir y\u00fckseli\u015f i\u00e7in potansiyeli devam edecektir.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>D\u0131\u015far\u0131da Fed tutanaklar\u0131 i\u00e7eride TCMB\u2019nin fonlama maliyetini a\u015fa\u011f\u0131ya \u00e7ekmesi ana g\u00fcndemimiz oldu. Fed tutanaklar\u0131nda 18-19 Mart\u2019taki Fed A\u00e7\u0131k Piyasa Komitesi (FOMC) toplant\u0131s\u0131ndan sonra Yellen\u2019in yapt\u0131\u011f\u0131&hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[1],"tags":[769,808,801,876],"class_list":["post-32702","post","type-post","status-publish","format-standard","hentry","category-tumyazilar","tag-borsa-yorumlari-gunluk","tag-ekonomi-makaleleri","tag-ekonomi-yazarlari-listesi","tag-uzeyir-dogan-yazilari"],"_links":{"self":[{"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/posts\/32702","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/comments?post=32702"}],"version-history":[{"count":0,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/posts\/32702\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/media?parent=32702"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/categories?post=32702"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/tags?post=32702"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}