{"id":30646,"date":"2026-03-18T20:06:36","date_gmt":"2026-03-18T20:06:36","guid":{"rendered":"https:\/\/www.vtmarkets.com\/tr\/uncategorized\/macklem-enerji-maliyetleri-enflasyonu-kalici-olarak-yuksek-tutarsa-boc-faizleri-artirabilir-dedi\/"},"modified":"2026-03-18T20:06:36","modified_gmt":"2026-03-18T20:06:36","slug":"macklem-enerji-maliyetleri-enflasyonu-kalici-olarak-yuksek-tutarsa-boc-faizleri-artirabilir-dedi","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/tr-mena\/live-updates\/macklem-enerji-maliyetleri-enflasyonu-kalici-olarak-yuksek-tutarsa-boc-faizleri-artirabilir-dedi\/","title":{"rendered":"Macklem: Enerji maliyetleri enflasyonu kal\u0131c\u0131 olarak y\u00fcksek tutarsa BoC faizleri art\u0131rabilir dedi"},"content":{"rendered":"Kanada Merkez Bankas\u0131 (BoC) Ba\u015fkan\u0131 Tiff Macklem, Banka politika faizini %2,25\u2019te sabit tuttuktan sonra konu\u015ftu. Kararlar\u0131n toplant\u0131 baz\u0131nda (her toplant\u0131da yeniden de\u011ferlendirerek) al\u0131naca\u011f\u0131n\u0131, \u0130ran\u2019daki \u00e7at\u0131\u015fmay\u0131 ve ekonomiye etkilerini \u00f6l\u00e7mek i\u00e7in zamana ihtiya\u00e7 oldu\u011funu s\u00f6yledi.\n\nMacklem, \u00e7at\u0131\u015fman\u0131n Kanada\u2019ya etkisinin ne kadar s\u00fcrece\u011fine ba\u011fl\u0131 oldu\u011funu ve b\u00fcy\u00fcmenin bile\u015fimini (b\u00fcy\u00fcmeyi hangi kalemlerin s\u00fcr\u00fckledi\u011fini) de\u011fi\u015ftirebilece\u011fini belirtti. Bankan\u0131n y\u00fcksek frekansl\u0131 (g\u00fcnl\u00fck\/haftal\u0131k gibi k\u0131sa aral\u0131kl\u0131), yak\u0131n vadeli verileri kulland\u0131\u011f\u0131n\u0131 ve arz \u015foklar\u0131n\u0131 (\u00fcretim\/tedarik taraf\u0131nda maliyet ve fiyatlar\u0131 h\u0131zla yukar\u0131 iten beklenmedik bozulmalar) daha iyi \u00f6l\u00e7me y\u00f6ntemlerini geli\u015ftirdi\u011fini s\u00f6yledi.\n\nMacklem, benzin fiyatlar\u0131ndaki sert art\u0131\u015f\u0131n \u00f6n\u00fcm\u00fczdeki aylarda man\u015fet enflasyonu (genel enflasyon oran\u0131) y\u00fckseltece\u011fini, Ortado\u011fu\u2019daki \u00e7at\u0131\u015fman\u0131n da k\u0131sa vadede k\u00fcresel enflasyonu art\u0131raca\u011f\u0131n\u0131 ifade etti. BoC, Kanada\u2019da yak\u0131n vadeli b\u00fcy\u00fcmenin ocakta beklenenden zay\u0131f g\u00f6r\u00fcnd\u00fc\u011f\u00fcn\u00fc; b\u00fcy\u00fcme risklerinin a\u015fa\u011f\u0131 y\u00f6nl\u00fc (zay\u0131flama ihtimali daha y\u00fcksek), enflasyon risklerinin ise artt\u0131\u011f\u0131n\u0131 kaydetti.\n\nMacklem, BoC\u2019nin y\u00fcksek enerji fiyatlar\u0131n\u0131n h\u0131zla fiyatlara yans\u0131mas\u0131n\u0131 (ge\u00e7i\u015fkenlik: maliyet art\u0131\u015f\u0131n\u0131n t\u00fcketici fiyatlar\u0131na aktar\u0131lmas\u0131) beklemedi\u011fini, ancak enerji fiyatlar\u0131 kal\u0131c\u0131 enflasyona yol a\u00e7arsa faiz art\u0131rabilece\u011fini s\u00f6yledi. Enerji fiyatlar\u0131 d\u00fc\u015fer ve ekonomi zay\u0131flarsa faiz indiriminin de g\u00fcndeme gelebilece\u011fini belirtti.\n\nKarar \u00f6ncesinde piyasalar faizin %2,25\u2019te kalmas\u0131n\u0131 bekliyordu. Bu y\u0131l i\u00e7in yakla\u015f\u0131k 10 baz puan (bps; faiz oran\u0131n\u0131n y\u00fczde puan\u0131n y\u00fczde biri, yani 0,01) art\u0131\u015f, 2026 sonuna kadar ise toplam yakla\u015f\u0131k 42 baz puan s\u0131k\u0131la\u015ft\u0131rma (para politikas\u0131n\u0131n daha k\u0131s\u0131tlay\u0131c\u0131 hale gelmesi) fiyatlan\u0131yordu. Karar sonras\u0131 USD\/CAD 1,3710\u20131,3720 band\u0131n\u0131 yeniden g\u00f6rd\u00fc; parite 1,3700\u2019in \u00fczerinde kald\u0131. (USD\/CAD: 1 ABD dolar\u0131n\u0131n ka\u00e7 Kanada dolar\u0131 etti\u011fini g\u00f6steren kur.)\n\n\u0130ran\u2019daki \u00e7at\u0131\u015fman\u0131n ana belirleyici oldu\u011fu, k\u00fcresel enerji fiyatlar\u0131n\u0131 yukar\u0131 itti\u011fi g\u00f6r\u00fcl\u00fcyor. Son raporlara g\u00f6re WTI ham petrol (ABD tipi referans petrol) varil ba\u015f\u0131na 95 dolar\u0131n \u00fczerine \u00e7\u0131kt\u0131; bu seviye \u00e7at\u0131\u015fma ba\u015flad\u0131\u011f\u0131ndan beri g\u00f6r\u00fclmemi\u015fti ve 2022\u2019deki fiyat s\u0131\u00e7ramalar\u0131n\u0131 hat\u0131rlat\u0131yor. Macklem net konu\u015ftu: Bu fiyatlar kal\u0131c\u0131 enflasyona yol a\u00e7arsa Banka %2,25\u2019lik politika faizini art\u0131rmaya haz\u0131r.\n\nBuna kar\u015f\u0131l\u0131k, yurt i\u00e7i veriler faiz art\u0131r\u0131m\u0131n\u0131 zorla\u015ft\u0131ran bir yava\u015flamaya i\u015faret ediyor. 2026 Ocak ay\u0131na ait son perakende sat\u0131\u015flar %0,5 darald\u0131; bu, Banka\u2019n\u0131n yak\u0131n vadeli b\u00fcy\u00fcmenin daha zay\u0131f olaca\u011f\u0131 g\u00f6r\u00fc\u015f\u00fcn\u00fc do\u011frulad\u0131. Bu nedenle odak, enflasyonun genele yay\u0131lan (sadece enerjiyle s\u0131n\u0131rl\u0131 olmayan) bir hale gelip gelmedi\u011fini ya da ekonominin belirgin \u015fekilde t\u00f6kezleyip t\u00f6kezlemedi\u011fini anlamak i\u00e7in gelecek verilere \u00e7evrildi.\n\nBu nedenle yat\u0131r\u0131mc\u0131lar\u0131n bir sonraki T\u00dcFE (T\u00fcketici Fiyat Endeksi) a\u00e7\u0131klamas\u0131 etraf\u0131nda oynakl\u0131kta (fiyat dalgalanmas\u0131) art\u0131\u015fa haz\u0131rl\u0131kl\u0131 olmas\u0131 gerekir. \u015eubat T\u00dcFE raporu, man\u015fet oran enerji s\u0131\u00e7ramas\u0131 \u00f6ncesinde %1,8\u2019e gerilese de \u00e7ekirdek g\u00f6stergelerin (enerji ve g\u0131da gibi oynak kalemler d\u0131\u015far\u0131da b\u0131rak\u0131larak hesaplanan enflasyon) %2 hedefinin \u00fczerinde inat\u00e7\u0131 kald\u0131\u011f\u0131n\u0131 g\u00f6sterdi. Mart\u2019ta y\u00fcksek bir veri, Banka\u2019y\u0131 harekete zorlayabilir; bu da k\u0131sa vadeli faiz vadeli i\u015flemleri (gelecekteki faiz seviyesine dayal\u0131 borsa s\u00f6zle\u015fmeleri) \u00fczerindeki opsiyonlar\u0131 (belirli fiyattan alma\/satma hakk\u0131 veren t\u00fcrev \u00fcr\u00fcn) olduk\u00e7a hassas hale getirir.\n\nKur taraf\u0131nda ise bu tablo \u015fimdilik Kanada dolar\u0131nda zay\u0131fl\u0131\u011f\u0131n s\u00fcrmesini destekliyor. Y\u00fcksek petrol fiyatlar\u0131 normalde CAD i\u00e7in destekleyicidir; ancak g\u00fc\u00e7l\u00fc ABD dolar\u0131 ve Kanada\u2019da i\u00e7 talebin zay\u0131flamas\u0131 daha bask\u0131n etkenler olarak USD\/CAD\u2019yi 1,3700\u2019in \u00fczerinde tutuyor. ABD verileri g\u00fc\u00e7l\u00fc kal\u0131rsa 1,3752\u2019deki mart zirvesinin test edilmesi ve 200 g\u00fcnl\u00fck hareketli ortalama (200 g\u00fcn\u00fcn ortalama fiyat\u0131; piyasan\u0131n uzun vadeli e\u011filimini g\u00f6steren teknik seviye) olan 1,3800\u2019e do\u011fru hareket olas\u0131.\n<p>\n\n<p><strong>Hemen i\u015flem yapmaya ba\u015flay\u0131n &#8211; Ger\u00e7ek VT Markets hesab\u0131n\u0131z\u0131 olu\u015fturmak i\u00e7in <a href=\"https:\/\/www.vtmarkets.com\/tr\/trade-now\/\">buraya<\/a> t\u0131klay\u0131n <\/strong> <\/p>\n<!-- \/wp:post-content -->","protected":false},"excerpt":{"rendered":"<p>BoC faizi %2,25\u2019te tuttu; Macklem, \u0130ran \u00e7at\u0131\u015fmas\u0131n\u0131n enerji \u00fczerinden enflasyonu yukar\u0131 \u00e7ekebilece\u011fini vurgulad\u0131. Kal\u0131c\u0131la\u015f\u0131rsa art\u0131\u015f, b\u00fcy\u00fcme zay\u0131flarsa indirim sinyali. USD\/CAD 1,3700 \u00fcst\u00fcnde.<\/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-30646","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\/30646","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=30646"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/posts\/30646\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/media?parent=30646"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/categories?post=30646"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/tags?post=30646"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}