ABD\u2019de perakende sat\u0131\u015flar nisan ay\u0131nda y\u0131ll\u0131k bazda (ge\u00e7en y\u0131l\u0131n ayn\u0131 ay\u0131na g\u00f6re) %4,9 artt\u0131. \u00d6nceki veride art\u0131\u015f %4\u2019t\u00fc.<\/p>\n
Veriler, perakende sat\u0131\u015flarda y\u0131ll\u0131k b\u00fcy\u00fcmenin \u00f6nceki aya k\u0131yasla h\u0131zland\u0131\u011f\u0131n\u0131 g\u00f6steriyor. Ancak daha fazla k\u0131r\u0131l\u0131m ya da sekt\u00f6r detay\u0131 payla\u015f\u0131lmad\u0131.<\/p>\n
Perakende sat\u0131\u015flardaki art\u0131\u015f\u0131n %4,9\u2019a h\u0131zlanmas\u0131, t\u00fcketicinin beklenenden daha rahat harcama yapt\u0131\u011f\u0131n\u0131 g\u00f6steriyor. Bu g\u00fc\u00e7, enflasyon (fiyat art\u0131\u015f\u0131) bask\u0131lar\u0131n\u0131n s\u00fcrebilece\u011fine i\u015faret ediyor ve bu durum ABD Merkez Bankas\u0131\u2019n\u0131n (Fed) s\u0131k\u0131 duru\u015funu korumas\u0131na neden olabilir. Bu nedenle, yak\u0131n vadede faiz indirimi beklentilerini azaltmak gerekiyor.<\/p>\n
Bu rapor, ge\u00e7en hafta a\u00e7\u0131klanan nisan T\u00dcFE (t\u00fcketici fiyat endeksi) verisinin ard\u0131ndan geldi\u011fi i\u00e7in \u00f6nemli. S\u00f6z konusu veri, \u00e7ekirdek enflasyonun (enerji ve g\u0131da gibi oynak kalemler hari\u00e7 fiyat art\u0131\u015f\u0131) %3,7\u2019de g\u00fc\u00e7l\u00fc kald\u0131\u011f\u0131n\u0131 ve belirgin bir d\u00fc\u015f\u00fc\u015f e\u011filimi g\u00f6stermedi\u011fini ortaya koymu\u015ftu. Bunun ard\u0131ndan piyasada temmuz ay\u0131na kadar faiz indirimi olas\u0131l\u0131\u011f\u0131 %15\u2019in alt\u0131na geriledi; bu oran sadece \u00fc\u00e7 hafta \u00f6nce %40\u2019t\u0131. Bu, yat\u0131r\u0131mc\u0131lar\u0131n \u201cfaizler daha uzun s\u00fcre y\u00fcksek kalacak\u201d beklentisine h\u0131zla uyum sa\u011flad\u0131\u011f\u0131n\u0131 g\u00f6steriyor.<\/p>\n
Hisse senedi t\u00fcrev \u00fcr\u00fcn (dayanak varl\u0131\u011fa ba\u011fl\u0131 s\u00f6zle\u015fmeler) yat\u0131r\u0131mc\u0131lar\u0131 i\u00e7in bu ortam, g\u00fc\u00e7l\u00fc harcamadan yararlanan iste\u011fe ba\u011fl\u0131 t\u00fcketim ve sanayi hisselerinde al\u0131m opsiyonlar\u0131n\u0131 (call: belirli fiyattan alma hakk\u0131 veren s\u00f6zle\u015fme) \u00f6ne \u00e7\u0131kar\u0131yor. Buna kar\u015f\u0131l\u0131k, y\u00fcksek faize duyarl\u0131 sekt\u00f6rlerde\u2014kamu hizmetleri (utilities) ve gayrimenkulde\u2014temkinli olmak gerekir; \u00e7\u00fcnk\u00fc daha y\u00fcksek bor\u00e7lanma maliyetleri bu alanlar\u0131 bask\u0131layabilir. Bu ayr\u0131\u015fmaya oynayan stratejiler, \u00f6rne\u011fin t\u00fcketim sekt\u00f6r\u00fcnde uzun (al\u0131m y\u00f6nl\u00fc) pozisyonu kamu hizmetlerinde k\u0131sa (sat\u0131\u015f y\u00f6nl\u00fc) pozisyonla e\u015fle\u015ftirmek, etkili olabilir.<\/p>\n
Bug\u00fcnden geriye bak\u0131ld\u0131\u011f\u0131nda bu tablo, 2023\u2019te g\u00f6r\u00fclen duruma benziyor: g\u00fc\u00e7l\u00fc ekonomik veriler, Fed\u2019in politika de\u011fi\u015fikli\u011fi (pivot: s\u0131k\u0131la\u015ft\u0131rmadan gev\u015femeye d\u00f6n\u00fc\u015f) takvimini defalarca \u00f6telemi\u015fti. O d\u00f6nemde ilk iyimserlik, kal\u0131c\u0131 y\u00fcksek faizlerin etkisi fiyatland\u0131k\u00e7a yerini dalgalanmaya b\u0131rakm\u0131\u015ft\u0131. Bu \u00f6rnek, b\u00fcy\u00fcme sinyalleri olumlu olsa da temkinli olmay\u0131 gerektiriyor.<\/p>\n","protected":false},"excerpt":{"rendered":"
ABD\u2019de perakende sat\u0131\u015flar nisanda y\u0131ll\u0131k %4,9\u2019a h\u0131zland\u0131: t\u00fcketici g\u00fc\u00e7l\u00fc, enflasyon bask\u0131s\u0131 s\u00fcrebilir. Fed\u2019in s\u0131k\u0131 duru\u015fu ve erken faiz indirimi ihtimali zay\u0131fl\u0131yor; hisse se\u00e7imleri ayr\u0131\u015f\u0131yor.<\/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-46677","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\/46677","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=46677"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/posts\/46677\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/media?parent=46677"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/categories?post=46677"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/tags?post=46677"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}