{"id":31051,"date":"2026-03-24T19:03:09","date_gmt":"2026-03-24T19:03:09","guid":{"rendered":"https:\/\/www.vtmarkets.com\/tr\/uncategorized\/abdde-dorduncu-ceyrek-birim-isgucu-maliyetleri-44-ile-piyasa-beklentisi-olan-33un-uzerinde-gerceklesti\/"},"modified":"2026-03-24T19:03:09","modified_gmt":"2026-03-24T19:03:09","slug":"abdde-dorduncu-ceyrek-birim-isgucu-maliyetleri-44-ile-piyasa-beklentisi-olan-33un-uzerinde-gerceklesti","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/tr-mena\/live-updates\/abdde-dorduncu-ceyrek-birim-isgucu-maliyetleri-44-ile-piyasa-beklentisi-olan-33un-uzerinde-gerceklesti\/","title":{"rendered":"ABD\u2019de d\u00f6rd\u00fcnc\u00fc \u00e7eyrek birim i\u015fg\u00fcc\u00fc maliyetleri %4,4 ile piyasa beklentisi olan %3,3\u2019\u00fcn \u00fczerinde ger\u00e7ekle\u015fti"},"content":{"rendered":"ABD\u2019de birim i\u015fg\u00fcc\u00fc maliyetleri (\u00fcretilen her birim mal ve hizmet ba\u015f\u0131na i\u015f\u00e7ilik gideri) d\u00f6rd\u00fcnc\u00fc \u00e7eyrekte %4,4 artt\u0131. Bu oran, %3,3\u2019l\u00fck beklentinin \u00fczerinde geldi.\n\nVeriler, \u00fcretim ba\u015f\u0131na i\u015f\u00e7ilik maliyetlerinin beklenenden daha h\u0131zl\u0131 y\u00fckseldi\u011fini g\u00f6steriyor. A\u00e7\u0131klamada ger\u00e7ekle\u015fen oran (%4,4) ile beklenti (%3,3) kar\u015f\u0131la\u015ft\u0131r\u0131l\u0131yor.\n\n<h3>\u0130\u015fg\u00fcc\u00fc Maliyeti S\u00fcrprizi Faiz \u0130ndirimi Takvimini Zorla\u015ft\u0131r\u0131yor<\/h3>\n2025\u2019in d\u00f6rd\u00fcnc\u00fc \u00e7eyre\u011fine ait birim i\u015fg\u00fcc\u00fc maliyetleri beklentilerin belirgin \u00fczerinde gelerek %3,3 yerine %4,4 artt\u0131. Bu, \u00fccret kaynakl\u0131 maliyet bask\u0131s\u0131n\u0131n (maa\u015f ve yan haklar\u0131n \u015firket maliyetlerini yukar\u0131 itmesi) beklenenden yava\u015f azald\u0131\u011f\u0131na i\u015faret ediyor. ABD Merkez Bankas\u0131 (Fed) a\u00e7\u0131s\u0131ndan bu veri, enflasyonun (fiyat art\u0131\u015flar\u0131n\u0131n) tamamen kontrol alt\u0131na al\u0131nd\u0131\u011f\u0131 g\u00f6r\u00fc\u015f\u00fcn\u00fc zay\u0131flat\u0131yor.\n\nBuna ba\u011fl\u0131 olarak y\u0131l ortas\u0131nda faiz indirimi ihtimali azalabilir. Piyasada buna y\u00f6nelik tepki g\u00f6r\u00fcl\u00fcyor: SOFR vadeli i\u015flem s\u00f6zle\u015fmeleri (Fed\u2019in politika faizine yak\u0131n seyreden k\u0131sa vadeli faiz beklentisini yans\u0131tan t\u00fcrev kontratlar) Eyl\u00fcl 2026 \u00f6ncesinde faiz indirimi olas\u0131l\u0131\u011f\u0131n\u0131 %25\u2019in alt\u0131na \u00e7ekti; bu oran ge\u00e7en hafta %60\u2019\u0131n \u00fczerindeydi. Yat\u0131r\u0131mc\u0131lar, Fed\u2019in daha \u201c\u015fahin\u201d (enflasyonla m\u00fccadele i\u00e7in faizi y\u00fcksek tutmaya e\u011filimli) bir \u00e7izgide kalaca\u011f\u0131 beklentisine g\u00f6re faiz vadeli i\u015flemlerinde sat\u0131\u015f y\u00f6nl\u00fc pozisyon d\u00fc\u015f\u00fcnebilir.\n\nBu belirsizlik, piyasa oynakl\u0131\u011f\u0131n\u0131 (fiyatlar\u0131n daha sert ve h\u0131zl\u0131 dalgalanmas\u0131) art\u0131rabilecek bir unsur. VIX endeksi (S&#038;P 500 i\u00e7in beklenen oynakl\u0131\u011f\u0131 g\u00f6steren \u201ckorku endeksi\u201d) ge\u00e7en ay 14 seviyelerinden 18\u2019in \u00fczerine \u00e7\u0131kt\u0131; 20 seviyesini test edebilece\u011fi \u00f6ng\u00f6r\u00fcl\u00fcyor. Olas\u0131 piyasa d\u00fc\u015f\u00fc\u015f\u00fcne kar\u015f\u0131 korunma (hedge) i\u00e7in VIX\u2019te al\u0131m opsiyonu (belirli bir tarihe kadar belirli fiyattan alma hakk\u0131) ya da SPX \u00fczerinde sat\u0131m opsiyonu spread\u2019i (sat\u0131m opsiyonlar\u0131n\u0131 birlikte kullanarak maliyeti s\u0131n\u0131rlayan strateji) de\u011ferlendirilebilir.\n\nBu tablo, 2022 ba\u015f\u0131nda inat\u00e7\u0131 enflasyon verileri nedeniyle Fed\u2019in \u201cge\u00e7ici\u201d anlat\u0131s\u0131ndan vazge\u00e7ip h\u0131zl\u0131 faiz art\u0131r\u0131mlar\u0131na ge\u00e7ti\u011fi d\u00f6nemi hat\u0131rlat\u0131yor. Ayn\u0131 \u00f6l\u00e7ekte bir tekrar beklenmese de, tarih piyasalar\u0131n kal\u0131c\u0131 enflasyon kar\u015f\u0131s\u0131nda Fed\u2019in kararl\u0131l\u0131\u011f\u0131n\u0131 s\u0131k\u00e7a hafife ald\u0131\u011f\u0131n\u0131 g\u00f6steriyor. Bu nedenle daha temkinli ve savunmac\u0131 bir duru\u015f \u00f6ne \u00e7\u0131k\u0131yor.\n\n<h3>\u201cFaizler Daha Uzun S\u00fcre Y\u00fcksek\u201d Beklentisi Dolar\u0131 Destekleyebilir<\/h3>\n\u201cFaizler daha uzun s\u00fcre y\u00fcksek kal\u0131r\u201d beklentisi dolar\u0131n g\u00fc\u00e7lenmesini destekleyebilir. ABD Dolar Endeksi (DXY) (dolar\u0131n ba\u015fl\u0131ca para birimleri kar\u015f\u0131s\u0131ndaki de\u011ferini \u00f6l\u00e7en endeks) bu ay %1,5 y\u00fckselerek 2025 sonundan beri g\u00f6r\u00fclmeyen seviyelere \u00e7\u0131kt\u0131. Merkez bankas\u0131 daha \u201cg\u00fcvercin\u201d (faiz indirmeye daha yatk\u0131n) kalan para birimlerine kar\u015f\u0131\u2014yen veya euro gibi\u2014dolarda uzun pozisyon (fiyat art\u0131\u015f\u0131ndan kazan\u00e7 hedefleyen i\u015flem) daha olumlu bir g\u00f6r\u00fcn\u00fcm sunabilir.\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>ABD\u2019de birim i\u015fg\u00fcc\u00fc maliyeti 4\u00c7\u2019de %4,4 artarak %3,3 beklentiyi a\u015ft\u0131; \u00fccret bask\u0131s\u0131 s\u00fcr\u00fcyor. Fed\u2019in faiz indirimi takvimi zorla\u015f\u0131yor, VIX y\u00fckseliyor, \u201cy\u00fcksek faiz\u201d dolar\u0131 destekliyor.<\/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-31051","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\/31051","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=31051"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/posts\/31051\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/media?parent=31051"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/categories?post=31051"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/tags?post=31051"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}