{"id":31080,"date":"2026-03-25T01:01:20","date_gmt":"2026-03-25T01:01:20","guid":{"rendered":"https:\/\/www.vtmarkets.com\/tr\/uncategorized\/abd-2-yillik-tahvil-ihalesinde-getiri-onceki-3455-seviyesinden-3936ya-yukseldi\/"},"modified":"2026-03-25T01:01:20","modified_gmt":"2026-03-25T01:01:20","slug":"abd-2-yillik-tahvil-ihalesinde-getiri-onceki-3455-seviyesinden-3936ya-yukseldi","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/tr-mena\/live-updates\/abd-2-yillik-tahvil-ihalesinde-getiri-onceki-3455-seviyesinden-3936ya-yukseldi\/","title":{"rendered":"ABD 2 y\u0131ll\u0131k tahvil ihalesinde getiri \u00f6nceki %3,455 seviyesinden %3,936\u2019ya y\u00fckseldi"},"content":{"rendered":"ABD, 2 y\u0131l vadeli Hazine tahvillerini (Treasury) y\u00fczde 3,936 bile\u015fik faizle satt\u0131. \u00d6nceki benzer seviye y\u00fczde 3,455\u2019ti.\n\nBu, ihalede olu\u015fan faizin \u00f6nceki seviyeye g\u00f6re 0,481 puan artt\u0131\u011f\u0131n\u0131 g\u00f6steriyor. Bu kar\u015f\u0131la\u015ft\u0131rma, son ihaledeki sonucu daha \u00f6nceki referans faizle k\u0131yasl\u0131yor.\n\n

Fed Beklentilerinin Piyasada Yeniden Fiyatlanmas\u0131<\/h3>\n2 y\u0131ll\u0131k tahvil faizinin y\u00fczde 3,936\u2019ya s\u0131\u00e7ramas\u0131, piyasan\u0131n ABD Merkez Bankas\u0131\u2019n\u0131n (Fed) para politikas\u0131 beklentilerini yeniden fiyatlad\u0131\u011f\u0131n\u0131 g\u00f6steren g\u00fc\u00e7l\u00fc bir sinyal. \u00d6nceki ihaledeki y\u00fczde 3,455\u2019ten bu seviyeye h\u0131zl\u0131 y\u00fckseli\u015f, Fed\u2019in daha \u201c\u015fahin\u201d bir duru\u015fa (faiz art\u0131rmaya daha yatk\u0131n, enflasyona kar\u015f\u0131 daha sert tutum) d\u00f6nebilece\u011fine i\u015faret ediyor. Tahvil piyasas\u0131, k\u0131sa vadeli bor\u00e7lanma ara\u00e7lar\u0131n\u0131 tutmak i\u00e7in daha y\u00fcksek getiri talep ediyor; bu da ileride faizlerin y\u00fckselebilece\u011fi beklentisini yans\u0131t\u0131yor.\n\nZay\u0131f ihale g\u00f6r\u00fcn\u00fcm\u00fc, \u015eubat 2026 T\u00dcFE (CPI: t\u00fcketici fiyat endeksi, enflasyonu \u00f6l\u00e7en veri) raporunun ard\u0131ndan geldi. Raporda enflasyonun beklenmedik \u015fekilde y\u00fczde 3,1\u2019e \u00e7\u0131kt\u0131\u011f\u0131 ve \u201cyap\u0131\u015fkan\u201d kald\u0131\u011f\u0131 (kolay gerilemeyen, kal\u0131c\u0131 seyreden enflasyon) g\u00f6r\u00fcld\u00fc. Buna ek olarak 250 bini a\u015fan istihdam art\u0131\u015f\u0131yla gelen g\u00fc\u00e7l\u00fc istihdam verisi, ekonominin yeterince h\u0131zl\u0131 so\u011fumad\u0131\u011f\u0131n\u0131 d\u00fc\u015f\u00fcnd\u00fcr\u00fcyor. Bu veriler, kal\u0131c\u0131 enflasyonla m\u00fccadele i\u00e7in Fed\u2019in bir faiz art\u0131\u015f\u0131n\u0131 yeniden g\u00fcndeme almas\u0131na kap\u0131 aral\u0131yor.\n\nBu \u00e7er\u00e7evede faiz vadeli i\u015flemlerine bak\u0131ld\u0131\u011f\u0131nda, piyasalar\u0131n May\u0131s FOMC toplant\u0131s\u0131nda 25 baz puanl\u0131k art\u0131\u015f ihtimalini daha y\u00fcksek fiyatlamas\u0131 olas\u0131. (Baz puan: faiz oranlar\u0131nda 0,01 puan; 25 baz puan = 0,25 puan.) Piyasa daha \u00f6nce uzun bir \u201cbekleme\u201d d\u00f6nemine (faizleri sabit tutma) yak\u0131n seyrederken, yeni veriler belirgin bir yeniden de\u011ferlendirmeyi zorunlu k\u0131l\u0131yor. Yat\u0131r\u0131mc\u0131lar, SOFR ve Fed Funds vadeli kontratlar\u0131ndaki (politika faizi beklentisini yans\u0131tan faiz vadeli i\u015flemleri) pozisyonlar\u0131n\u0131 bu yeniden g\u00fc\u00e7lenen \u201c\u015fahin\u201d riskine g\u00f6re ayarlayabilir.\n\nHisse piyasalar\u0131nda da dalgalanman\u0131n artmas\u0131 beklenebilir; \u00f6zellikle faize hassas teknoloji ve b\u00fcy\u00fcme hisselerinde. Bor\u00e7lanma maliyetlerinin y\u00fckselebilece\u011fi beklentisiyle, VIX al\u0131m opsiyonlar\u0131 (VIX: piyasa oynakl\u0131k endeksi; al\u0131m opsiyonu fiyat y\u00fckseli\u015finden kazan\u00e7 sa\u011flar) veya Nasdaq 100 gibi endekslerde sat\u0131m opsiyonlar\u0131 (put: fiyat d\u00fc\u015f\u00fc\u015f\u00fcne kar\u015f\u0131 koruma sa\u011flayan opsiyon) ile koruma al\u0131nmas\u0131 de\u011ferlendirilebilir. Bu, daha y\u00fcksek faizlerin hisse de\u011ferlemeleri \u00fczerindeki a\u015fa\u011f\u0131 y\u00f6nl\u00fc bask\u0131s\u0131na kar\u015f\u0131 riskten korunma (hedge: portf\u00f6y\u00fc olumsuz hareketlere kar\u015f\u0131 dengeleme) ama\u00e7l\u0131 bir yakla\u015f\u0131m olabilir.\n\n2 y\u0131ll\u0131k faiz hareketi, 10 y\u0131ll\u0131\u011fa g\u00f6re getiri e\u011frisi tersli\u011fini (k\u0131sa vadeli faizlerin uzun vadeli faizlerin \u00fczerinde olmas\u0131) art\u0131rabilir. Bu fark (spread: iki faiz aras\u0131ndaki fark), resesyon sinyalleri a\u00e7\u0131s\u0131ndan yak\u0131ndan izleniyor. 2025\u2019in baz\u0131 d\u00f6nemlerinde daralan bu fark\u0131n yeniden a\u00e7\u0131lmas\u0131, k\u0131sa vadeli politika kayg\u0131lar\u0131n\u0131n \u015fimdilik uzun vadeli b\u00fcy\u00fcme ve enflasyon endi\u015felerinin \u00f6n\u00fcne ge\u00e7ti\u011fini g\u00f6sterebilir.\n\n

Konumlanma ve Riskten Korunma Fikirleri<\/h3>\nDo\u011frudan pozisyon almak isteyenler i\u00e7in Hazine tahvili vadeli i\u015flemleri \u00fczerindeki opsiyonlar \u00f6ne \u00e7\u0131k\u0131yor. K\u0131sa vadeli faizlerde yukar\u0131 y\u00f6n daha olas\u0131 g\u00f6r\u00fcn\u00fcrken, 2 y\u0131ll\u0131k tahvil vadeli kontrat\u0131nda (\/ZT) sat\u0131m opsiyonlar\u0131 (put: fiyat d\u00fc\u015f\u00fc\u015f\u00fcnden yararlanan opsiyon) de\u011ferlendirilebilir. Bu strateji, \u00f6n\u00fcm\u00fczdeki haftalarda tahvil fiyatlar\u0131n\u0131n daha da gerilemesine (tahvil faizi y\u00fckselirken fiyat d\u00fc\u015fer) y\u00f6nelik net bir pozisyon alma yolu sunar.\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":"

ABD\u2019nin 2 y\u0131ll\u0131k tahvil ihalesinde faiz %3,936\u2019ya f\u0131rlad\u0131; \u00f6nceki %3,455\u2019e g\u00f6re +48,1 baz puan. Yap\u0131\u015fkan enflasyon ve g\u00fc\u00e7l\u00fc istihdam Fed\u2019in \u015fahinle\u015fmesini fiyatl\u0131yor; volatilite, ters e\u011fri, hedge aray\u0131\u015f\u0131.<\/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-31080","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\/31080","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=31080"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/posts\/31080\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/media?parent=31080"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/categories?post=31080"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/tags?post=31080"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}