ABD, 4 haftal\u0131k Hazine bonosu (Treasury bill) ihalesini getirisi de\u011fi\u015fmeyerek %3,595 seviyesinde ger\u00e7ekle\u015ftirdi.<\/p>\n
Sonu\u00e7, ihalenin bir \u00f6nceki benzer sat\u0131\u015fla ayn\u0131 faiz oran\u0131ndan kapand\u0131\u011f\u0131n\u0131 g\u00f6steriyor.<\/p>\n
Getirinin %3,595\u2019te sabit kalmas\u0131, piyasalar\u0131n ABD Merkez Bankas\u0131\u2019n\u0131n (Fed) \u015fimdilik faizde beklemede oldu\u011funa dair g\u00f6r\u00fc\u015f\u00fcn\u00fc destekliyor. Bu tablo, k\u0131sa vadeli faizlerde (vadenin \u201c\u00f6n taraf\u0131\u201d) oynakl\u0131\u011f\u0131n (fiyatlar\u0131n h\u0131zl\u0131 ini\u015f\u2011\u00e7\u0131k\u0131\u015f\u0131) yak\u0131n vadede d\u00fc\u015f\u00fck kalabilece\u011fine i\u015faret ediyor. Bir sonraki FOMC toplant\u0131s\u0131nda (Fed\u2019in faiz karar\u0131n\u0131 veren kurul) s\u00fcrpriz bir ad\u0131m olas\u0131l\u0131\u011f\u0131 s\u0131n\u0131rl\u0131.<\/p>\n
Bu istikrar, son verilerle de uyumlu. \u00d6rne\u011fin mart T\u00dcFE\u2019si (CPI: t\u00fcketici enflasyonu) %2,8 ile y\u00f6netilebilir seviyede gelirken, son istihdam raporu 175 binlik \u0131l\u0131ml\u0131 art\u0131\u015fa i\u015faret etti. Bu veriler faiz art\u0131r\u0131m\u0131 gerektirecek kadar g\u00fc\u00e7l\u00fc de\u011fil, faiz indirimi zorlayacak kadar da zay\u0131f de\u011fil. Piyasa, Fed\u2019in en az\u0131ndan \u00f6n\u00fcm\u00fczdeki 1\u20112 ay \u201cbekle\u2011g\u00f6r\u201d pozisyonunda kalaca\u011f\u0131n\u0131 fiyatl\u0131yor.<\/p>\n
T\u00fcrev i\u015flemler (de\u011feri faiz, tahvil gibi bir varl\u0131\u011fa ba\u011fl\u0131 s\u00f6zle\u015fmeler) taraf\u0131nda i\u015flem yapanlar, bu beklenen sakinlikten yararlanabilecek stratejileri de\u011ferlendirebilir. K\u0131sa vadeli opsiyonlarda \u201cprim sat\u0131\u015f\u0131\u201d (opsiyon yazarak prim toplamak) \u00f6ne \u00e7\u0131kabilir; \u00f6rne\u011fin May\u0131s veya Haziran SOFR vadeli i\u015flemleri (SOFR futures: k\u0131sa vadeli dolar faizi \u00fczerine s\u00f6zle\u015fmeler) \u00fczerindeki opsiyonlar. Oynakl\u0131k d\u00fc\u015f\u00fck kald\u0131k\u00e7a opsiyon fiyatlar\u0131 genelde geriler. Bu ortam opsiyon al\u0131m\u0131 i\u00e7in daha zay\u0131f; \u00e7\u00fcnk\u00fc belirgin bir tetikleyici olmay\u0131nca \u201czaman de\u011feri erimesi\u201d (vade yakla\u015ft\u0131k\u00e7a opsiyonun de\u011fer kaybetmesi) getiriyi azaltabilir.<\/p>\n
As\u0131l f\u0131rsat, getiri e\u011frisinin (farkl\u0131 vadelerde faizlerin da\u011f\u0131l\u0131m\u0131) daha ileriki noktalar\u0131nda olabilir. 4 haftal\u0131k faiz sabit kalsa da, 2 y\u0131ll\u0131k ve 10 y\u0131ll\u0131k tahvil vadeli i\u015flemleri \u00fczerindeki opsiyonlarda daha fazla hareket g\u00f6r\u00fcl\u00fcyor. Tart\u0131\u015fma \u00f6n\u00fcm\u00fczdeki birka\u00e7 haftadan \u00e7ok, b\u00fcy\u00fcmenin yava\u015flamas\u0131n\u0131n y\u0131l\u0131n ikinci yar\u0131s\u0131nda Fed\u2019i ad\u0131m atmaya zorlay\u0131p zorlamayaca\u011f\u0131 \u00fczerine.<\/p>\n","protected":false},"excerpt":{"rendered":"
Dikkat \u00e7eken durgunluk: ABD 4 haftal\u0131k Hazine bonosu ihalesi %3,595\u2019te de\u011fi\u015fmedi. Bu, Fed\u2019in bekle-g\u00f6r duru\u015funu ve k\u0131sa vadede d\u00fc\u015f\u00fck oynakl\u0131\u011f\u0131 destekliyor; as\u0131l hareket, 2-10 y\u0131ll\u0131k tarafta.<\/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-45353","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\/45353","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=45353"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/posts\/45353\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/media?parent=45353"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/categories?post=45353"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/tags?post=45353"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}