{"id":29755,"date":"2026-03-06T10:59:47","date_gmt":"2026-03-06T10:59:47","guid":{"rendered":"https:\/\/www.vtmarkets.com\/tr\/uncategorized\/sleijpen-reutersa-ecb-politikasinin-iyi-konumlandigini-ve-enflasyonda-kucuk-bir-asimi-tolere-edebilecegini-soyledi\/"},"modified":"2026-03-06T10:59:47","modified_gmt":"2026-03-06T10:59:47","slug":"sleijpen-reutersa-ecb-politikasinin-iyi-konumlandigini-ve-enflasyonda-kucuk-bir-asimi-tolere-edebilecegini-soyledi","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/tr-mena\/live-updates\/sleijpen-reutersa-ecb-politikasinin-iyi-konumlandigini-ve-enflasyonda-kucuk-bir-asimi-tolere-edebilecegini-soyledi\/","title":{"rendered":"Sleijpen Reuters\u2019a, ECB politikas\u0131n\u0131n iyi konumland\u0131\u011f\u0131n\u0131 ve enflasyonda k\u00fc\u00e7\u00fck bir a\u015f\u0131m\u0131 tolere edebilece\u011fini s\u00f6yledi"},"content":{"rendered":"ECB politika yap\u0131c\u0131lar\u0131ndan Olaf Sleijpen, para politikas\u0131n\u0131n iyi bir noktada oldu\u011funu ve merkez bankas\u0131n\u0131n enflasyonun hedefin biraz \u00fczerine \u00e7\u0131kmas\u0131n\u0131 tolere edebilece\u011fini s\u00f6yledi. Sleijpen, bu tolerans\u0131n ECB\u2019nin enflasyonun hedefin alt\u0131nda kalmas\u0131na (hedefin alt\u0131nda ger\u00e7ekle\u015fmesine) g\u00f6sterdi\u011fi toleransa benzer olaca\u011f\u0131n\u0131 belirtti.\n\nSleijpen, politika g\u00f6r\u00fcn\u00fcm\u00fcne ili\u015fkin de\u011ferlendirmesini k\u00f6kl\u00fc bi\u00e7imde de\u011fi\u015ftirmedi\u011fini ifade etti. 2021\/22 d\u00f6neminden dersler \u00e7\u0131kar\u0131ld\u0131\u011f\u0131n\u0131, ancak o d\u00f6nemle bug\u00fcnk\u00fc ko\u015fullar\u0131n tam olarak kar\u015f\u0131la\u015ft\u0131r\u0131lamayaca\u011f\u0131n\u0131 s\u00f6yledi.\n\n

Enflasyonun Hedef \u00dczerine \u00c7\u0131kmas\u0131na Tolerans<\/h3>\nSleijpen ayr\u0131ca Hollanda Merkez Bankas\u0131\u2019n\u0131n alt\u0131n rezervlerini ABD Merkez Bankas\u0131\u2019nda (Fed) tutmaktan memnun oldu\u011funu s\u00f6yledi. Fed\u2019in \u201cswap hatlar\u0131na\u201d (merkez bankalar\u0131 aras\u0131nda acil durumda d\u00f6viz likiditesi sa\u011flamak i\u00e7in yap\u0131lan takas\/d\u00f6viz de\u011fi\u015fim anla\u015fmalar\u0131) g\u00fcvendi\u011fini belirtti.\n\nPiyasalar a\u00e7\u0131klamalara an\u0131nda g\u00fc\u00e7l\u00fc bir tepki vermedi. Haber yaz\u0131ld\u0131\u011f\u0131 s\u0131rada EUR\/USD yakla\u015f\u0131k 1,1600 seviyesinde yatayd\u0131.\n\nSon a\u00e7\u0131klamalar, enflasyonun %2 hedefinin biraz \u00fczerinde seyretmesine hemen m\u00fcdahale edilmeyebilece\u011fine i\u015faret ediyor. Bu, \u00f6zellikle Eurostat verilerinin \u015eubat 2026\u2019da man\u015fet enflasyonun %2,3\u2019e y\u00fckseldi\u011fini g\u00f6stermesiyle \u00f6nemli. Bu durum, Avrupa Merkez Bankas\u0131\u2019n\u0131n (ECB) h\u0131zl\u0131 bi\u00e7imde \u201c\u015fahin\u201d bir \u00e7izgiye (faiz art\u0131r\u0131m\u0131 gibi daha s\u0131k\u0131 para politikas\u0131na) ge\u00e7mek i\u00e7in acele etmeyece\u011fi g\u00f6r\u00fc\u015f\u00fcn\u00fc g\u00fc\u00e7lendiriyor.\n\nBu \u201cg\u00fcvercin\u201d duru\u015f (faizleri d\u00fc\u015f\u00fck tutmaya veya art\u0131rmamaya daha yatk\u0131n yakla\u015f\u0131m) k\u0131r\u0131lgan bir ekonomik toparlanma ortam\u0131nda \u00f6ne \u00e7\u0131k\u0131yor. 2025\u2019in son \u00e7eyre\u011finde GSYH b\u00fcy\u00fcmesi \u00e7ok zay\u0131f %0,1 seviyesindeydi; son i\u015f anketleri de imalat faaliyetinin (sanayi \u00fcretimi e\u011filimi) zay\u0131f kald\u0131\u011f\u0131na i\u015faret ediyor. Bu tablo, 2021\/22\u2019deki y\u00fcksek b\u00fcy\u00fcme-y\u00fcksek enflasyon d\u00f6neminden belirgin \u015fekilde farkl\u0131 ve mevcut ko\u015fullar\u0131n sab\u0131r gerektirdi\u011fi g\u00f6r\u00fc\u015f\u00fcn\u00fc destekliyor.\n\n

Faizler, D\u00f6viz ve Volatilite \u0130\u00e7in \u0130\u015flem Sonu\u00e7lar\u0131<\/h3>\nFaiz piyasas\u0131nda i\u015flem yapanlar i\u00e7in bu, ECB\u2019nin mevduat faizi oran\u0131n\u0131n (bankalar\u0131n ECB\u2019de tuttuklar\u0131 fazla paraya uygulanan faiz), aylard\u0131r %3,5\u2019te sabit kald\u0131ktan sonra bu d\u00f6ng\u00fcn\u00fcn zirvesi olabilece\u011fini d\u00fc\u015f\u00fcnd\u00fcr\u00fcyor. T\u00fcrev piyasalar\u0131n (vadeli i\u015flem ve opsiyon gibi s\u00f6zle\u015fmelerin) 2026\u2019da ek faiz art\u0131\u015f\u0131 ihtimalini daha d\u00fc\u015f\u00fck fiyatlamas\u0131 beklenebilir. Bu da y\u0131l\u0131n ikinci yar\u0131s\u0131nda k\u0131sa vadeli faizlerin sabit kalmas\u0131ndan veya gerilemesinden (d\u00fc\u015fmesinden) fayda sa\u011flayan pozisyonlar\u0131 daha cazip k\u0131labilir.\n\nBu politika ayr\u0131\u015fmas\u0131, Fed daha az destekleyici bir duru\u015f s\u00fcrd\u00fcr\u00fcrse Euro \u00fczerinde bask\u0131 yaratabilir, \u00f6zellikle dolar kar\u015f\u0131s\u0131nda. Ancak EUR\/USD\u2019nin 1,1600 civar\u0131ndaki ilk yatay tepkisi, piyasan\u0131n sert hareketler beklemedi\u011fini g\u00f6steriyor. Bu da volatilite sat\u0131\u015f\u0131 (fiyat dalgalanmas\u0131n\u0131n artmayaca\u011f\u0131 beklentisiyle opsiyon primi toplama) i\u00e7in f\u0131rsatlara i\u015faret ediyor; \u201ciyi bir noktaday\u0131z\u201d ifadesi bir s\u00fcre istikrar alg\u0131s\u0131n\u0131 destekliyor.\n\nBu \u00e7er\u00e7evede, Euro Stoxx 50 gibi Avrupa hisse endekslerinde \u201cout-of-the-money\u201d (kullan\u0131m fiyat\u0131 mevcut piyasa seviyesinin d\u0131\u015f\u0131nda oldu\u011fu i\u00e7in \u015fu an k\u00e2ra ge\u00e7memi\u015f) sat\u0131m opsiyonlar\u0131n\u0131 (put; d\u00fc\u015f\u00fc\u015fe kar\u015f\u0131 koruma sa\u011flayan opsiyon) satmak etkili bir strateji olabilir. VSTOXX volatilite endeksi (Euro Stoxx 50 i\u00e7in beklenen oynakl\u0131\u011f\u0131 g\u00f6steren endeks) son d\u00f6nemde 12 ay\u0131n en d\u00fc\u015f\u00fck seviyesine, 14 civar\u0131na geriledi. Bu durum opsiyon primlerini (opsiyonun fiyat\u0131n\u0131) d\u00fc\u015f\u00fcrse de, istikrar bekleyen sat\u0131c\u0131lar i\u00e7in h\u00e2l\u00e2 cazip olabilir. Bu yakla\u015f\u0131m, hem destekleyici para politikas\u0131ndan hem de mevcut d\u00fc\u015f\u00fck piyasa dalgalanmas\u0131ndan fayda sa\u011flamay\u0131 hedefler.\n

\n\n

Hemen i\u015flem yapmaya ba\u015flay\u0131n – Ger\u00e7ek VT Markets hesab\u0131n\u0131z\u0131 olu\u015fturmak i\u00e7in buraya<\/a> t\u0131klay\u0131n <\/strong> <\/p>\n","protected":false},"excerpt":{"rendered":"

ECB\u2019li Sleijpen\u2019den \u201cg\u00fcvercin\u201d sinyal: Enflasyonun %2\u2019nin biraz \u00fcst\u00fc tolere edilebilir. Faizde zirve beklentisi g\u00fc\u00e7lenirken EUR\/USD 1,1600\u2019da sakin, d\u00fc\u015f\u00fck volatilite ve opsiyon sat\u0131\u015f f\u0131rsat\u0131 \u00f6ne \u00e7\u0131k\u0131yor.<\/p>\n","protected":false},"author":87,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[71],"tags":[],"class_list":["post-29755","post","type-post","status-publish","format-standard","hentry","category-live-updates"],"acf":{"acf_article_selection_author":null},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/posts\/29755","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/users\/87"}],"replies":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/comments?post=29755"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/posts\/29755\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/media?parent=29755"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/categories?post=29755"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/tags?post=29755"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}