{"id":43475,"date":"2026-03-27T07:12:34","date_gmt":"2026-03-27T07:12:34","guid":{"rendered":"https:\/\/www.vtmarkets.com\/tr\/uncategorized\/fed-yonetim-kurulu-uyesi-miran-daha-kucuk-bilanco-faiz-belirlemeyi-kolaylastirir-bilanco-kucultmeye-supheyle-bakanlarin-hayal-gucu-eksik\/"},"modified":"2026-03-27T07:12:34","modified_gmt":"2026-03-27T07:12:34","slug":"fed-yonetim-kurulu-uyesi-miran-daha-kucuk-bilanco-faiz-belirlemeyi-kolaylastirir-bilanco-kucultmeye-supheyle-bakanlarin-hayal-gucu-eksik","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/tr-mena\/live-updates\/fed-yonetim-kurulu-uyesi-miran-daha-kucuk-bilanco-faiz-belirlemeyi-kolaylastirir-bilanco-kucultmeye-supheyle-bakanlarin-hayal-gucu-eksik\/","title":{"rendered":"Fed Y\u00f6netim Kurulu \u00dcyesi Miran: Daha k\u00fc\u00e7\u00fck bilan\u00e7o faiz belirlemeyi kolayla\u015ft\u0131r\u0131r; bilan\u00e7o k\u00fc\u00e7\u00fcltmeye \u015f\u00fcpheyle bakanlar\u0131n hayal g\u00fcc\u00fc eksik"},"content":{"rendered":"Fed Guvern\u00f6r\u00fc Stephen Miran, ABD Merkez Bankas\u0131 (Fed) bilan\u00e7osunu k\u00fc\u00e7\u00fcltmenin faiz politikas\u0131 uygulamas\u0131n\u0131 kolayla\u015ft\u0131rabilece\u011fini s\u00f6yledi. Fed\u2019in elindeki varl\u0131klar\u0131n 1 trilyon ila 2 trilyon dolar azalt\u0131labilece\u011fi bir yol oldu\u011funu belirtti.\n\nMiran, daha k\u00fc\u00e7\u00fck bir bilan\u00e7oya ula\u015fman\u0131n birka\u00e7 y\u0131l alaca\u011f\u0131n\u0131 s\u00f6yledi. Varl\u0131klar\u0131 azaltma kapasitesinin, bankalar\u0131n Fed\u2019de tuttu\u011fu \u201crezervlere\u201d (bankalar\u0131n \u00f6deme yapmak ve y\u00fck\u00fcml\u00fcl\u00fcklerini kar\u015f\u0131lamak i\u00e7in Fed\u2019de bulundurdu\u011fu nakit benzeri bakiyeler) talebin nas\u0131l de\u011fi\u015fece\u011fine ba\u011fl\u0131 oldu\u011funu ekledi.\n\nMiran, daha k\u00fc\u00e7\u00fck bir bilan\u00e7o sayesinde Fed\u2019in bir sonraki krizde daha fazla se\u00e7ene\u011fe sahip olaca\u011f\u0131n\u0131 s\u00f6yledi. B\u00fcy\u00fck bilan\u00e7onun piyasalar\u0131 bozabilece\u011fini ve Fed i\u00e7in sorun yaratabilece\u011fini ifade etti.\n\nFed\u2019in elindeki varl\u0131klar\u0131 satmak i\u00e7in bir gerek\u00e7e g\u00f6rmedi\u011fini s\u00f6yledi. Ayr\u0131ca \u201ck\u0131t rezerv\u201d sistemine (bankac\u0131l\u0131k sisteminde rezerv miktar\u0131n\u0131n \u00e7ok s\u0131n\u0131rl\u0131 oldu\u011fu ve faizlerin bu k\u0131tl\u0131kla daha sert dalgalanabildi\u011fi d\u00fczen) geri d\u00f6n\u00fc\u015f \u00e7a\u011fr\u0131s\u0131 yapmad\u0131\u011f\u0131n\u0131 belirtti.\n\nMiran, daha aktif Fed piyasa m\u00fcdahalelerinin bilan\u00e7o b\u00fcy\u00fckl\u00fc\u011f\u00fcn\u00fc y\u00f6netmeye yard\u0131mc\u0131 olabilece\u011fini s\u00f6yledi. \u201cRepo\u201d i\u015flemlerine (menkul k\u0131ymet kar\u015f\u0131l\u0131\u011f\u0131 k\u0131sa vadeli bor\u00e7lanma\/bor\u00e7 verme) ve \u201ciskonto penceresi\u201dne (bankalar\u0131n acil likidite i\u00e7in Fed\u2019den do\u011frudan bor\u00e7 alabildi\u011fi kanal) y\u00f6nelik \u201cdamgay\u0131\u201d (kullan\u0131m\u0131n zay\u0131fl\u0131k i\u015fareti gibi g\u00f6r\u00fclmesi nedeniyle ka\u00e7\u0131n\u0131lmas\u0131) azaltmas\u0131 gerekti\u011fini ifade etti.\n\nA\u00e7\u0131klamalar ABD Dolar\u0131\u2019n\u0131 belirgin \u015fekilde hareket ettirmedi. Piyasalar Orta Do\u011fu\u2019daki \u00e7at\u0131\u015fma geli\u015fmelerine odakl\u0131 kald\u0131.\n\nFed\u2019in \u00f6n\u00fcm\u00fczdeki birka\u00e7 y\u0131lda varl\u0131klar\u0131n\u0131 azaltmak istedi\u011fine dair sinyaller geliyor. Bu, bilan\u00e7onun 1-2 trilyon dolar k\u00fc\u00e7\u00fclt\u00fclmesini hedefleyen kademeli bir s\u00fcre\u00e7. \u015eu a\u015famada piyasalar\u0131n oda\u011f\u0131 k\u00fcresel geli\u015fmelerde.\n\nBu uzun vadeli \u201cs\u0131k\u0131la\u015ft\u0131rma e\u011filimi\u201d (para politikas\u0131nda ve likidite ko\u015fullar\u0131nda zamanla daha s\u0131k\u0131 duru\u015f) Fed bilan\u00e7osunun 2022\u2019de 8,9 trilyon dolar\u0131n \u00fczerindeki zirveden bug\u00fcn yakla\u015f\u0131k 7,2 trilyon dolara gerilemesinin ard\u0131ndan geliyor. 2025 verilerine bak\u0131ld\u0131\u011f\u0131nda, \u00e7ekirdek enflasyonun (enerji ve g\u0131da gibi oynak kalemler hari\u00e7 enflasyon) inat\u00e7\u0131 kald\u0131\u011f\u0131 ve y\u0131l\u0131n b\u00fcy\u00fck b\u00f6l\u00fcm\u00fcnde %2,5\u2019in \u00fczerinde seyretti\u011fi g\u00f6r\u00fclm\u00fc\u015ft\u00fc. Bu kal\u0131c\u0131 enflasyon, yetkililere sistemdeki likiditeyi (piyasada h\u0131zl\u0131ca nakde \u00e7evrilebilen para ve fonlama imk\u00e2n\u0131) yava\u015f yava\u015f azaltmay\u0131 s\u00fcrd\u00fcrmek i\u00e7in gerek\u00e7e veriyor.\n\nBu g\u00f6r\u00fcn\u00fcm, zaman i\u00e7inde \u201cgetiri e\u011frisinin dikle\u015fmesine\u201d (k\u0131sa vadeli faizlere g\u00f6re uzun vadeli tahvil faizlerinin daha fazla y\u00fckselmesi) i\u015faret ederek uzun vadeli faizler \u00fczerinde yukar\u0131 y\u00f6nl\u00fc bask\u0131 yaratabilir. \u201cT\u00fcrev\u201d (de\u011feri ba\u015fka bir finansal varl\u0131\u011fa ba\u011fl\u0131 s\u00f6zle\u015fmeler) i\u015flemi yapan yat\u0131r\u0131mc\u0131lar, y\u00fcksek faiz\/getiriden yararlanan pozisyonlar\u0131 d\u00fc\u015f\u00fcnebilir; \u00f6rne\u011fin uzun vadeli Hazine tahvili vadeli i\u015flemlerinde (belirli tarihte belirli fiyattan al\u0131m-sat\u0131m s\u00f6zle\u015fmesi) sat\u0131\u015f y\u00f6nl\u00fc pozisyon almak. \u201cBirka\u00e7 y\u0131l\u201d vurgusu bunun hemen sonu\u00e7 verecek bir i\u015flem de\u011fil, orta vadeli bir konumlanma oldu\u011funu g\u00f6steriyor.\n\nDaha k\u00fc\u00e7\u00fck bir Fed bilan\u00e7osu, temelde ABD Dolar\u0131\u2019n\u0131 destekleyici bir unsur. Jeopolitik riskler \u015fu an dolar\u0131n tepkisini s\u0131n\u0131rlasa da, bu temel destek ba\u015fl\u0131klar sakinle\u015fti\u011finde yeniden \u00f6ne \u00e7\u0131kabilir. \u00d6n\u00fcm\u00fczdeki aylarda dolar\u0131n g\u00fc\u00e7lenmesine oynayan opsiyon stratejileri (belirli tarihe kadar belirli fiyattan al\u0131m-sat\u0131m hakk\u0131 veren s\u00f6zle\u015fmeler) cazip olabilir.\n\nFinansal sistemden likidite \u00e7ekilmesi ge\u00e7mi\u015fte oynakl\u0131k yaratabildi. 2017-2019 d\u00f6neminde bilan\u00e7onun k\u00fc\u00e7\u00fclt\u00fclmesi, sonunda repo piyasas\u0131nda strese yol a\u00e7m\u0131\u015ft\u0131. Benzer \u201ct\u00f6kezlemeler\u201d ihtimaline kar\u015f\u0131 opsiyonlarla oynakl\u0131k pozisyonlar\u0131 (fiyat dalgalanmas\u0131ndan kazan\u00e7 hedefleyen stratejiler) korunma amac\u0131yla de\u011ferlendirilebilir.\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>Fed\u2019den bilan\u00e7o mesaj\u0131: Miran, 1-2 trilyon dolarl\u0131k k\u00fc\u00e7\u00fclmenin faiz politikas\u0131n\u0131 kolayla\u015ft\u0131r\u0131p kriz cephanesini art\u0131raca\u011f\u0131n\u0131 s\u00f6yledi. Sat\u0131\u015f yok; repo\/iskonto damgas\u0131 azalmal\u0131. Dolar sakin, likidite \u00e7eki\u015fi oynakl\u0131k riski.<\/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-43475","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\/43475","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=43475"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/posts\/43475\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/media?parent=43475"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/categories?post=43475"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/tags?post=43475"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}