{"id":45041,"date":"2026-04-20T21:54:29","date_gmt":"2026-04-20T21:54:29","guid":{"rendered":"https:\/\/www.vtmarkets.com\/tr\/uncategorized\/td-securities-mart-tufesindeki-ilimli-seyir-bocyi-temkinli-birakiyor-enflasyon-yillik-bazda-24\/"},"modified":"2026-04-20T21:54:29","modified_gmt":"2026-04-20T21:54:29","slug":"td-securities-mart-tufesindeki-ilimli-seyir-bocyi-temkinli-birakiyor-enflasyon-yillik-bazda-24","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/tr-mena\/live-updates\/td-securities-mart-tufesindeki-ilimli-seyir-bocyi-temkinli-birakiyor-enflasyon-yillik-bazda-24\/","title":{"rendered":"TD Securities: Mart T\u00dcFE\u2019sindeki \u0131l\u0131ml\u0131 seyir BoC\u2019yi temkinli b\u0131rak\u0131yor; enflasyon y\u0131ll\u0131k bazda %2,4"},"content":{"rendered":"<p>Kanada\u2019n\u0131n T\u00dcFE\u2019si (T\u00fcketici Fiyat Endeksi) martta ayl\u0131k bazda %0,9 artt\u0131; y\u0131ll\u0131k enflasyon (y\u0131l\u0131n ayn\u0131 ay\u0131na g\u00f6re) %2,4\u2019e \u00e7\u0131kt\u0131. Art\u0131\u015f\u0131n ana nedeni benzin ve ula\u015ft\u0131rma maliyetlerindeki y\u00fckseli\u015fti.<\/p>\n<p>\u00c7ekirdek enflasyon g\u00f6stergeleri (dalgal\u0131 kalemleri d\u0131\u015flayarak altta yatan e\u011filimi \u00f6l\u00e7en g\u00f6stergeler) geriledi. Buna, g\u0131da ve enerji hari\u00e7 enflasyon ile Kanada Merkez Bankas\u0131\u2019n\u0131n (BoC) tercih etti\u011fi \u00e7ekirdek \u00f6l\u00e7\u00fctler de dahil. G\u0131da ve enerji hari\u00e7 enflasyon y\u0131ll\u0131k bazda %2,0\u2019nin alt\u0131na indi.<\/p>\n<p>T\u00dcFE sepetinde (t\u00fcketim sepetindeki \u00fcr\u00fcn ve hizmetlerin a\u011f\u0131rl\u0131kl\u0131 toplam\u0131) y\u0131ll\u0131k %3,0\u2019\u00fcn \u00fczerinde artan kalemlerin pay\u0131 martta azald\u0131. \u00c7ekirdek enflasyonun 3 ayl\u0131k y\u0131ll\u0131kland\u0131r\u0131lm\u0131\u015f art\u0131\u015f h\u0131z\u0131 (son 3 aydaki art\u0131\u015f\u0131n y\u0131ll\u0131k orana \u00e7evrilmi\u015f hali) %1,6 oldu.<\/p>\n<p>Enerji fiyatlar\u0131ndaki y\u00fckseli\u015fin etkisi zamanla fiyatlara yans\u0131d\u0131k\u00e7a (ge\u00e7i\u015fkenlik), man\u015fet enflasyonun (genel T\u00dcFE) son d\u00f6nemdeki e\u011filiminin \u00fczerinde kalmas\u0131n\u0131n ilkbahar ba\u015f\u0131na kadar s\u00fcrmesi bekleniyor. Kanada Merkez Bankas\u0131\u2019n\u0131n bir sonraki faiz karar\u0131nda temkinli ve sab\u0131rl\u0131 duru\u015funu korumas\u0131 \u00f6ng\u00f6r\u00fcl\u00fcyor.<\/p>\n<p>Mart 2025 enflasyon raporuna bak\u0131ld\u0131\u011f\u0131nda, benzin fiyatlar\u0131ndaki s\u0131\u00e7rama man\u015fet oran\u0131 %2,4\u2019e ta\u015f\u0131m\u0131\u015ft\u0131. Ancak BoC\u2019nin yak\u0131ndan izledi\u011fi \u00e7ekirdek enflasyon \u00f6l\u00e7\u00fctleri o d\u00f6nemde asl\u0131nda zay\u0131fl\u0131yordu. Bu durum, Banka\u2019n\u0131n \u201cge\u00e7ici\u201d g\u00f6rd\u00fc\u011f\u00fc art\u0131\u015fa tepki vermeyip beklemede kalma karar\u0131n\u0131 desteklemi\u015fti.<\/p>\n<p>Bug\u00fcn 20 Nisan 2026 itibar\u0131yla tablo de\u011fi\u015fti. Resm\u00ee verilere g\u00f6re man\u015fet enflasyon %2,1\u2019e gerilerken, Banka\u2019n\u0131n yak\u0131ndan izledi\u011fi \u00e7ekirdek enflasyon %2,2\u2019ye y\u00fckseldi. B\u00fcy\u00fcmenin yava\u015flamas\u0131yla politika faizini %4,25\u2019e indirmi\u015f olan BoC\u2019nin \u00f6n\u00fcnde ge\u00e7en y\u0131la k\u0131yasla daha karma\u015f\u0131k bir denge var.<\/p>\n<p>Bu tablo, t\u00fcrev piyasalar\u0131nda (fiyat\u0131 ba\u015fka bir varl\u0131\u011fa ba\u011fl\u0131 finansal \u00fcr\u00fcnler) BoC\u2019den daha fazla faiz indirimi bekleyen fiyatlamalar\u0131n Banka\u2019n\u0131n mevcut \u00f6nceli\u011fini yanl\u0131\u015f okuyor olabilece\u011fini d\u00fc\u015f\u00fcnd\u00fcr\u00fcyor. 2025\u2019te man\u015fet enflasyon g\u00f6rmezden gelinmi\u015fti; \u015fimdi de zay\u0131f ekonomiye ra\u011fmen inat\u00e7\u0131 \u00e7ekirdek enflasyona odaklan\u0131labilir. Yat\u0131r\u0131mc\u0131lar, Banka\u2019n\u0131n indirim d\u00f6ng\u00fcs\u00fcne (faiz indirimi s\u00fcreci) piyasadan daha uzun s\u00fcre ara verebilece\u011fine oynayan stratejileri de\u011ferlendirebilir.<\/p>\n<p>Kanada dolar\u0131 i\u00e7in bu, \u00f6zellikle h\u00e2l\u00e2 faiz indirimi sinyali veren merkez bankalar\u0131na sahip para birimlerine kar\u015f\u0131 yeniden g\u00fc\u00e7lenme anlam\u0131na gelebilir. Ge\u00e7en y\u0131lki \u201csab\u0131r\u201d Banka\u2019ya g\u00fcven kazand\u0131rd\u0131; \u015fimdi daha \u015fahin bir \u201cbekle-g\u00f6r\u201d (faizleri indirmeyi durdurma) ad\u0131m\u0131, loonie\u2019yi (Kanada dolar\u0131) daha cazip k\u0131labilir. Bu ortam, \u00f6n\u00fcm\u00fczdeki aylarda CAD\/USD kurunun y\u00fckseli\u015fine oynayan d\u00f6viz opsiyonlar\u0131n\u0131 (kur hareketine kar\u015f\u0131 al\u0131m-sat\u0131m hakk\u0131 veren s\u00f6zle\u015fmeler) \u00f6ne \u00e7\u0131karabilir.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Kanada\u2019da martta T\u00dcFE %2,4\u2019e \u00e7\u0131ksa da \u00e7ekirdek geriledi; 2026\u2019da man\u015fet %2,1\u2019e inerken \u00e7ekirdek %2,2\u2019ye \u00e7\u0131kt\u0131. BoC daha \u015fahin kalabilir; CAD g\u00fc\u00e7lenebilir.<\/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-45041","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\/45041","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=45041"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/posts\/45041\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/media?parent=45041"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/categories?post=45041"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/tags?post=45041"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}