{"id":58922,"date":"2019-08-01T12:45:27","date_gmt":"2019-08-01T09:45:27","guid":{"rendered":"https:\/\/www.bilgeyatirimci.com\/?p=58922"},"modified":"2019-08-02T11:36:47","modified_gmt":"2019-08-02T08:36:47","slug":"tcmb-ve-fed","status":"publish","type":"post","link":"https:\/\/www.bilgeyatirimci.com\/i\/tcmb-ve-fed\/","title":{"rendered":"TCMB ve FED"},"content":{"rendered":"<p>&#8211; wp:paragraph &#8211;><\/p><div class=\"bilge-yaziust\" style=\"margin-top: 10px;margin-bottom: 10px;\" id=\"bilge-3602097090\"><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>D\u00fcn iki merkez bankas\u0131n\u0131n da, hem bizim, hem de FED\u2019in \u00f6nemli toplant\u0131lar\u0131n\u0131n oldu\u011fu bir g\u00fcn ya\u015fad\u0131k. FED 2008 Aral\u0131k\u2019tan bu yana ilk defa faiz indirimine gitti. Hat\u0131rlayacak olursak o d\u00f6nem global krizden dolay\u0131 faizleri s\u0131f\u0131ra \u00e7ekmi\u015fti. Ard\u0131ndan da 2-3 y\u0131ld\u0131r \u201cnormalle\u015fme\u201d kapsam\u0131nda faiz art\u0131\u015f\u0131 yapmaktayd\u0131. FED\u2019in d\u00fcn ola\u011fan \u015fekilde \u00f6nce faiz notu geldi ard\u0131ndan da Powell\u2019\u0131n bas\u0131n toplant\u0131s\u0131n\u0131 dinledik. Powell konu\u015fmas\u0131 s\u0131ras\u0131nda, t\u00fcm varl\u0131klar i\u00e7in olduk\u00e7a volatil bir ak\u015fam ya\u015fand\u0131. \u00c7\u00fcnk\u00fc piyasan\u0131n anlamaya \u00e7al\u0131\u015ft\u0131\u011f\u0131 \u015fey faiz indirimlerinin devam\u0131 olup olmad\u0131\u011f\u0131yd\u0131. Her ne kadar piyasa oyuncular\u0131n\u0131n bir k\u0131sm\u0131 FED\u2019in d\u00fcn ak\u015famki ileti\u015fim politikas\u0131n\u0131 kafa kar\u0131\u015ft\u0131r\u0131c\u0131 bulup be\u011fenmemi\u015f olsa da, Powell ve dolay\u0131s\u0131yla FED muhtemelen bilin\u00e7li bir belirsizlik yaratt\u0131lar. Ve faiz indirim s\u00fcrecine kap\u0131y\u0131 a\u00e7\u0131k b\u0131rakt\u0131lar. Powell, \u00f6zetle ekonominin iyi gitti\u011fini bir resesyon d\u00fc\u015f\u00fcnmediklerini, ama bu s\u00fcre\u00e7te hala enflasyonu yakalayamam\u0131\u015f olman\u0131n rahats\u0131zl\u0131\u011f\u0131yla para politikas\u0131nda bir ayarlama ihtiyac\u0131 has\u0131l oldu\u011fundan bahsetti. G\u00fc\u00e7l\u00fc bir gev\u015feme d\u00f6ng\u00fcs\u00fcnde de\u011filim derken, ikinci bir faiz indirim ihtimalini de d\u0131\u015flamad\u0131. Powell bu tarz FED ayarlamalar\u0131n\u0131n 1995-1998\u2019de g\u00f6r\u00fcld\u00fc\u011f\u00fcnden bahsetti. O d\u00f6nemlere bakarsak toplamda 75\u2019er baz puanl\u0131k indirimler oldu\u011funu g\u00f6r\u00fcr\u00fcr\u00fcz.<\/p>\n<p>&#8211; \/wp:paragraph &#8211;><\/p>\n<p>&#8211; wp:paragraph &#8211;><\/p>\n<p>Dolay\u0131s\u0131yla, FED\u2019in bundan sonraki aksiyonu da muhtemelen bir 25 baz puanl\u0131k daha faiz indirimi \u015feklinde olacakt\u0131r. Ama bunu arka arkaya faiz indirimleri \u015feklinde nitelendirmektense, olduk\u00e7a uzunca bir s\u00fcre ABD\u2019de faizler artmayacak \u015feklinde okumakta fayda var.<\/p>\n<p>&#8211; \/wp:paragraph &#8211;><\/p>\n<p>&#8211; wp:paragraph &#8211;><\/p>\n<p>Piyasa, FED \u00e7ok kafa kar\u0131\u015ft\u0131rd\u0131 dese de, muhtemelen bilin\u00e7li bir \u015fekilde yarat\u0131lan bu belirsizli\u011fin ard\u0131nda, olas\u0131 br varl\u0131k balonunun da \u00f6n\u00fcne ge\u00e7me arzusu yatabilir. Tart\u0131\u015f\u0131l\u0131r.<\/p><div class=\"bilge-content-1\" style=\"margin-top: 10px;margin-bottom: 10px;\" id=\"bilge-2128345619\"><ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-7495567325667578\"\r\n     data-ad-slot=\"3167340272\"\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>&#8211; \/wp:paragraph &#8211;><\/p>\n<p>&#8211; wp:paragraph &#8211;><\/p>\n<p>FED ve t\u00fcm bunlar bizi niye ilgilendiriyor? D\u00fcnyada para politikas\u0131n\u0131n kurallar\u0131n\u0131 ABD Merkez Bankas\u0131 koymakta. Bizim gibi geli\u015fen \u00fclkelerde maalesef para politikalar\u0131n\u0131, var olan global para politikas\u0131ndan \u00e7ok ayr\u0131\u015ft\u0131ramazlar. D\u00fcnyada faiz nereye gidiyor, sermaye ak\u0131mlar\u0131 bundan sonraki 1-2 y\u0131l nas\u0131l \u015fekillenir bizim merkez bankam\u0131z\u0131n da elini ba\u011flayan ve politikas\u0131n\u0131 \u015fekillendiren bir fakt\u00f6r. Bu y\u00fczden FED\u2019i do\u011fru \u00f6ng\u00f6rmek olduk\u00e7a kritik. \u015eimdilik global taraf lehimize, bizdeki faiz indiim s\u00fcrecini de kolayla\u015ft\u0131ran nitelikte.<\/p>\n<p>&#8211; \/wp:paragraph &#8211;><\/p><div class=\"bilge-content-2\" style=\"margin-top: 10px;margin-bottom: 10px;\" id=\"bilge-3765753561\"><ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-7495567325667578\"\r\n     data-ad-slot=\"1818807385\"\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>&#8211; wp:paragraph &#8211;><\/p>\n<p>Bizim merkez bankam\u0131za gelirsek. D\u00fcn Sn Ba\u015fkan ilk defa bas\u0131n toplant\u0131s\u0131 yaparak piyasa ile bir araya geldi. Enflasyon tahmini \u00f6nceki %14.6\u2019dan %13.9\u2019a, rasyonel bir rakama revize edildi. Piyasan\u0131n da bekledi\u011fi \u015fekilde. Toplant\u0131da \u00fc\u00e7 ana ba\u015fl\u0131k kritikti. Her ne kadar piyasa daha \u00e7ok \u201cmakul reel faiz\u201d konusuna tak\u0131lsa da, daha \u00f6nemli iki konu payla\u015f\u0131ld\u0131.<\/p>\n<p>&#8211; \/wp:paragraph &#8211;><\/p>\n<p>&#8211; wp:paragraph &#8211;><\/p>\n<p>\u00b7 Teminat havuzunun geni\u015fletilmesi<\/p>\n<p>&#8211; \/wp:paragraph &#8211;><\/p>\n<p>&#8211; wp:paragraph &#8211;><\/p>\n<p>\u00b7 Yedek ak\u00e7enin (40mlrtry) sterilizasyonu<\/p>\n<p>&#8211; \/wp:paragraph &#8211;><\/p>\n<p>&#8211; wp:paragraph &#8211;><\/p>\n<p>\u00b7 Reel faize dair de az \u00e7ok nelere bak\u0131ld\u0131\u011f\u0131 payla\u015f\u0131ld\u0131. Piyasa da hali haz\u0131rda reel faize bakarken zaten bunlar\u0131 da hesaba katmakta. Dolay\u0131s\u0131yla burada yeni bir bilgi yok. Merkez Bankam\u0131z hi\u00e7 bir zaman kafalar\u0131ndaki reel faiz seviyesini payla\u015fmam\u0131\u015ft\u0131r. Yine de az \u00e7ok kafalar\u0131nda ger\u00e7ekten bir rakam var ise e\u011fer, ipu\u00e7lar\u0131 payla\u015f\u0131labilirdi.<\/p>\n<p>&#8211; \/wp:paragraph &#8211;><\/p>\n<p>&#8211; wp:paragraph &#8211;><\/p>\n<p>Lakin.. Teminat konusu bu iki konudan \u00e7ok daha \u00f6nemli. \u0130lerleyen vadede teminatlar\u0131n kapsam\u0131 nas\u0131l geni\u015fleyecek. Sistem nas\u0131l i\u015fleyecek. Ve bu durumda o teminatlar kullan\u0131larak daha fazla m\u0131 para arz\u0131 yarat\u0131lacak. Bunlar \u00e7ok konu\u015fulmasa da, san\u0131r\u0131m d\u00fcnk\u00fc toplant\u0131da piyasa ve ekonominin gidi\u015fat\u0131 a\u00e7\u0131s\u0131ndan en \u00f6nemli ve \u00fczerinde durulmas\u0131 gereken konu buydu. \u0130lerleyen d\u00f6nemde daha fazla g\u00fcndememize girmesi olas\u0131. &nbsp;<\/p>\n<p>&#8211; \/wp:paragraph &#8211;><\/p>\n<p>&#8211; wp:paragraph &#8211;><\/p>\n<p><a href=\"http:\/\/bit.ly\/pb-borfin-tahvil-bono-1\" rel=\"external nofollow noopener\" data-wpel-link=\"external\" target=\"_blank\"><span style=\"color: #3366ff;font-weight:bold;\">TAHV\u0130L-BONO P\u0130YASASINDA NASIL YATIRIM YAPILIR? UZMANINDAN HEMEN \u00d6\u011eRENMEYE BA\u015eLA!<\/span><\/a><\/p>\n<p>&#8211; \/wp:paragraph &#8211;><\/p>\n<p>&#8211; wp:heading {&#8220;level&#8221;:6} &#8211;><\/p>\n<h6>Yaz\u0131n\u0131n devam\u0131 i\u00e7in <a href=\"https:\/\/www.bloomberght.com\/yorum\/gizem-oztok-altinsac\/2229843-tcmb-ve-fed\" target=\"_blank\" rel=\"noreferrer noopener nofollow external\" aria-label=\"TIKLAYINIZ (yeni sekmede a\u00e7\u0131l\u0131r)\" data-wpel-link=\"external\">TIKLAYINIZ<\/a>.<\/h6>\n<p>&#8211; \/wp:heading &#8211;><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8211; wp:paragraph &#8211;> D\u00fcn iki merkez bankas\u0131n\u0131n da, hem bizim, hem de FED\u2019in \u00f6nemli toplant\u0131lar\u0131n\u0131n oldu\u011fu bir g\u00fcn ya\u015fad\u0131k. FED 2008 Aral\u0131k\u2019tan bu yana ilk&hellip;<\/p>\n","protected":false},"author":3956,"featured_media":0,"comment_status":"open","ping_status":"closed","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":[808,801,2184],"class_list":["post-58922","post","type-post","status-publish","format-standard","hentry","category-tumyazilar","tag-ekonomi-makaleleri","tag-ekonomi-yazarlari-listesi","tag-gizem-oztok-altinsac-yazilari"],"_links":{"self":[{"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/posts\/58922","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\/3956"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/comments?post=58922"}],"version-history":[{"count":0,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/posts\/58922\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/media?parent=58922"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/categories?post=58922"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/tags?post=58922"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}