{"id":30034,"date":"2026-03-11T01:04:07","date_gmt":"2026-03-11T01:04:07","guid":{"rendered":"https:\/\/www.vtmarkets.com\/tr\/uncategorized\/abd-3-yillik-tahvil-ihalesinde-getiri-3579a-yukseldi-onceki-ihalede-3518-olmustu\/"},"modified":"2026-03-11T01:04:07","modified_gmt":"2026-03-11T01:04:07","slug":"abd-3-yillik-tahvil-ihalesinde-getiri-3579a-yukseldi-onceki-ihalede-3518-olmustu","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/tr-mena\/live-updates\/abd-3-yillik-tahvil-ihalesinde-getiri-3579a-yukseldi-onceki-ihalede-3518-olmustu\/","title":{"rendered":"ABD 3 y\u0131ll\u0131k tahvil ihalesinde getiri %3,579\u2019a y\u00fckseldi; \u00f6nceki ihalede %3,518 olmu\u015ftu"},"content":{"rendered":"ABD Hazine Bakanl\u0131\u011f\u0131, 3 y\u0131l vadeli tahvillerde (3-year notes) ihalede en y\u00fcksek faizi %3,579 olarak belirledi. \u00d6nceki benzer ihalede faiz %3,518 seviyesinde olu\u015fmu\u015ftu.\n\nYeni ihalede faiz, \u00f6nceki sonucun 0,061 puan \u00fczerine \u00e7\u0131kt\u0131. Bu da bu vadede faiz seviyesinin son ihaleye g\u00f6re y\u00fckseldi\u011fine i\u015faret ediyor.\n\n

Fed Politikas\u0131na Y\u00f6nelik Beklentiler A\u00e7\u0131s\u0131ndan Sonu\u00e7lar<\/h3>\n3 y\u0131l vadeli ihalede faizin y\u00fckselmesi, piyasan\u0131n ABD Merkez Bankas\u0131\u2019n\u0131n (Fed) faizleri beklenenden h\u0131zl\u0131 ve g\u00fc\u00e7l\u00fc bi\u00e7imde indirebilece\u011fine dair g\u00fcveninin zay\u0131flad\u0131\u011f\u0131na i\u015faret ediyor. %3,579\u2019a s\u0131\u00e7rama, tahvil yat\u0131r\u0131mc\u0131lar\u0131n\u0131n devlet borcunu ta\u015f\u0131mak i\u00e7in daha y\u00fcksek getiri (yat\u0131r\u0131mc\u0131n\u0131n istedi\u011fi faiz) talep etti\u011fini g\u00f6steriyor. Bu tablo, \u015eubat ay\u0131 T\u00dcFE (CPI: t\u00fcketici fiyat endeksi, enflasyonu \u00f6l\u00e7en veri) raporunda enflasyonun yeniden %3,8\u2019e \u00e7\u0131kmas\u0131yla da \u00f6rt\u00fc\u015f\u00fcyor; bu veri, 2025\u2019in sonlar\u0131ndaki g\u00fc\u00e7l\u00fc piyasa y\u00fckseli\u015fini destekleyen \u201cenflasyon d\u00fc\u015f\u00fcyor\u201d hik\u00e2yesini zay\u0131flatt\u0131.\n\nBu duygu de\u011fi\u015fimi i\u00e7in faiz vadeli s\u00f6zle\u015fmelerine (interest rate futures: gelecekteki faiz seviyesine ba\u011fl\u0131 al\u0131n\u0131p sat\u0131lan kontratlar) bak\u0131labilir. Piyasa bu y\u0131l d\u00f6rt faiz indirimi beklentisinden iki indirime do\u011fru fiyatlama yapt\u0131; bu ihale, iki indirimin bile iyimser kalabilece\u011fini d\u00fc\u015f\u00fcnd\u00fcr\u00fcyor. Aral\u0131k 2026 SOFR vadeli i\u015flemlerini (SOFR futures: ABD\u2019de k\u0131sa vadeli faiz g\u00f6stergesi SOFR\u2019a dayal\u0131 kontratlar) satmak (shorting: fiyat d\u00fc\u015f\u00fc\u015f\u00fcne oynayarak sat\u0131\u015f y\u00f6n\u00fcnde pozisyon almak), Fed\u2019in faizi beklenenden uzun s\u00fcre y\u00fcksek tutaca\u011f\u0131 g\u00f6r\u00fc\u015f\u00fcn\u00fc do\u011frudan ifade etmenin bir yolu olabilir.\n\nHisse senetleri a\u00e7\u0131s\u0131ndan bu ortam olumsuzdur, \u00f6zellikle de gelecekteki k\u00e2rlara daha \u00e7ok ba\u011fl\u0131 olan y\u00fcksek b\u00fcy\u00fcme teknoloji hisseleri i\u00e7in. Bunun nedeni iskonto oran\u0131n\u0131n (discount rate: gelecekteki nakit ak\u0131\u015flar\u0131n\u0131 bug\u00fcne indirgemede kullan\u0131lan faiz) y\u00fckselmesinin de\u011ferlemeyi bask\u0131lamas\u0131d\u0131r. Nasdaq 100\u2019de sat\u0131m opsiyonu (put option: belirli fiyattan satma hakk\u0131 veren s\u00f6zle\u015fme) almak, de\u011ferleme d\u00fczeltmesine kar\u015f\u0131 korunma (hedge: riski azaltma) amac\u0131yla de\u011ferlendirilebilir. VIX\u2019in (ABD borsas\u0131nda beklenen oynakl\u0131\u011f\u0131 g\u00f6steren endeks) 14 civar\u0131nda d\u00fc\u015f\u00fck kalmas\u0131, oynakl\u0131kta art\u0131\u015fa y\u00f6nelik pozisyon almay\u0131 (volatiliteye maruz kalma) g\u00f6rece daha d\u00fc\u015f\u00fck maliyetli bir koruma arac\u0131 haline getiriyor.\n\nABD faiz beklentilerindeki bu de\u011fi\u015fim, dolar\u0131n di\u011fer b\u00fcy\u00fck para birimlerine kar\u015f\u0131 g\u00fc\u00e7lenmesini destekleyebilir. Dolar ile euro aras\u0131ndaki getiri fark\u0131 (yield advantage: bir para birimini ta\u015f\u0131maktan elde edilen faiz avantaj\u0131) zaten a\u00e7\u0131lm\u0131\u015ft\u0131; bu ihale sonucu da bu hareketi g\u00fc\u00e7lendirebilir. Bu g\u00f6r\u00fc\u015f, Dolar Endeksi\u2019nde (DXY: dolar\u0131n ba\u015fl\u0131ca para birimleri kar\u015f\u0131s\u0131ndaki de\u011ferini izleyen endeks) vadeli i\u015flemler veya opsiyonlarla pozisyon al\u0131narak ifade edilebilir.\n

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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":"

ABD 3 y\u0131ll\u0131k tahvil ihalesinde faiz %3,579\u2019a s\u0131\u00e7rad\u0131: Fed\u2019den h\u0131zl\u0131 indirim umudu s\u00f6n\u00fcyor. Enflasyon bask\u0131s\u0131, hisse de\u011ferlemelerini zorlar; dolar g\u00fc\u00e7lenebilir, volatilite hedge\u2019i \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-30034","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\/30034","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=30034"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/posts\/30034\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/media?parent=30034"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/categories?post=30034"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/tags?post=30034"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}