Christine Lagarde, Paris\u2019te d\u00fczenlenen G7 maliye bakanlar\u0131 toplant\u0131s\u0131 kulislerinde konu\u015ftu ve k\u00fcresel tahvil piyasas\u0131ndaki sat\u0131\u015f dalgas\u0131 soruldu\u011funda kendi rol\u00fcne at\u0131fta bulundu. AB Komiseri Valdis Dombrovskis, G7 \u00fcyelerinin Ukrayna ve \u0130ran\u2019daki sava\u015flar\u0131 ele alaca\u011f\u0131n\u0131 s\u00f6yledi ve H\u00fcrm\u00fcz Bo\u011faz\u0131\u2019n\u0131n yak\u0131nda yeniden a\u00e7\u0131lmas\u0131 gerekti\u011fi mesaj\u0131n\u0131 yineledi.<\/p>\n
Lagarde\u2019\u0131n a\u00e7\u0131klamalar\u0131n\u0131n ard\u0131ndan Euro\u2019da an\u0131nda belirgin bir hareket g\u00f6r\u00fclmedi. EUR\/USD \u00f6nceki kay\u0131plar\u0131n\u0131 toparlayarak 1,1633 civar\u0131nda hafif y\u00fckseldi, ABD Dolar Endeksi (DXY) ise (dolar\u0131n ba\u015fl\u0131ca para birimleri kar\u015f\u0131s\u0131ndaki g\u00fcc\u00fcn\u00fc g\u00f6steren endeks) geriledi.<\/p>\n
Frankfurt merkezli Avrupa Merkez Bankas\u0131 (ECB), Euro B\u00f6lgesi i\u00e7in faiz oranlar\u0131n\u0131 belirler ve para politikas\u0131n\u0131 (ekonomideki para ko\u015fullar\u0131n\u0131 y\u00f6nlendiren kararlar b\u00fct\u00fcn\u00fc) y\u00fcr\u00fct\u00fcr. Ana hedefi fiyat istikrar\u0131d\u0131r; enflasyonu (fiyat art\u0131\u015f h\u0131z\u0131n\u0131) yakla\u015f\u0131k %2 civar\u0131nda tutmay\u0131 ama\u00e7lar. Bunu a\u011f\u0131rl\u0131kl\u0131 olarak faizleri art\u0131r\u0131p azaltarak yapar.<\/p>\n
Politika kararlar\u0131, ECB Y\u00f6netim Konseyi taraf\u0131ndan y\u0131lda sekiz toplant\u0131da al\u0131n\u0131r. Konsey, ulusal merkez bankas\u0131 ba\u015fkanlar\u0131 ve ECB Ba\u015fkan\u0131 dahil alt\u0131 daimi \u00fcyeden olu\u015fur.<\/p>\n
Parasal geni\u015fleme (QE), ECB\u2019nin Euro yaratarak varl\u0131k sat\u0131n almas\u0131d\u0131r; genellikle devlet veya \u015firket tahvilleri al\u0131n\u0131r. Bu ad\u0131m piyasaya daha fazla para girmesi anlam\u0131na geldi\u011fi i\u00e7in Euro\u2019yu \u00e7o\u011fu zaman zay\u0131flat\u0131r. 2009\u201311 d\u00f6neminde, 2015\u2019te ve Covid salg\u0131n\u0131 s\u0131ras\u0131nda kullan\u0131ld\u0131.<\/p>\n
Parasal s\u0131k\u0131la\u015ft\u0131rma (QT), parasal geni\u015flemenin tersidir: tahvil al\u0131mlar\u0131 durdurulur ve vadesi gelen tahvillerin bedeli yeniden yat\u0131r\u0131ma y\u00f6nlendirilmez. Bu, piyasadaki para miktar\u0131n\u0131 azaltmaya destek verdi\u011fi i\u00e7in genelde Euro a\u00e7\u0131s\u0131ndan destekleyici g\u00f6r\u00fcl\u00fcr.<\/p>\n
ECB Ba\u015fkan\u0131 Lagarde\u2019\u0131n \u201cher zaman endi\u015feliyim\u201d s\u00f6zleri panik de\u011fil, temkin mesaj\u0131 olarak okunmal\u0131. Eurostat\u2019\u0131n h\u0131zl\u0131 (\u00f6n) tahminleri, man\u015fet enflasyonun %2,7 ile inat\u00e7\u0131 bi\u00e7imde y\u00fcksek kald\u0131\u011f\u0131n\u0131 g\u00f6steriyor; bu oran %2 hedefinin belirgin \u00fczerinde. Bu g\u00f6r\u00fcn\u00fcm, ECB\u2019nin k\u0131s\u0131tlay\u0131c\u0131 para politikas\u0131n\u0131 (talebi frenleyen, s\u0131k\u0131 duru\u015f) beklenenden daha uzun s\u00fcre koruyabilece\u011fine i\u015faret ediyor.<\/p>\n
Jeopolitik gerilimler, \u00f6zellikle H\u00fcrm\u00fcz Bo\u011faz\u0131\u2019na ili\u015fkin riskler, g\u00f6r\u00fcn\u00fcm\u00fc ciddi bi\u00e7imde zorla\u015ft\u0131r\u0131yor. Brent petrol vadeli i\u015flemlerinin (ileri tarihli al\u0131m-sat\u0131m fiyat\u0131n\u0131 g\u00f6steren s\u00f6zle\u015fmeler) varil ba\u015f\u0131na 95 dolar\u0131n \u00fczerine \u00e7\u0131kmas\u0131, ECB\u2019nin faizle do\u011frudan kontrol edemeyece\u011fi enflasyon bask\u0131s\u0131 yarat\u0131yor. Enerji kaynakl\u0131 enflasyonla faiz art\u0131rarak m\u00fccadele etmek b\u00fcy\u00fcmeye zarar verebilece\u011fi i\u00e7in merkez bankas\u0131n\u0131n i\u015fi zorla\u015f\u0131yor.<\/p>\n
\u015eimdilik Euro 1,1633 civar\u0131nda tutunuyor. Ancak bu g\u00f6r\u00fcnt\u00fc, Euro\u2019nun kendi g\u00fcc\u00fcnden \u00e7ok genel dolar zay\u0131fl\u0131\u011f\u0131yla ba\u011flant\u0131l\u0131 g\u00f6r\u00fcn\u00fcyor. ECB\u2019nin politika faizi %4,25 seviyesinde destek sa\u011flasa da k\u00fcresel tahvil sat\u0131\u015flar\u0131 Almanya 10 y\u0131ll\u0131k tahvil faizini (getirisi; devletin bor\u00e7lanma maliyetini g\u00f6sterir) %3,1\u2019in \u00fczerine ta\u015f\u0131d\u0131 ve piyasada belirgin bir stres oldu\u011funa i\u015faret ediyor. Bu iki z\u0131t kuvvet\u2014\u015fahin ECB (enflasyonla m\u00fccadelede s\u0131k\u0131 ve faiz art\u0131rmaya yatk\u0131n duru\u015f) ile jeopolitik ve b\u00fcy\u00fcme endi\u015feleri\u2014oynakl\u0131k riskini art\u0131r\u0131yor.<\/p>\n","protected":false},"excerpt":{"rendered":"
G7 kulislerinde Lagarde\u2019\u0131n temkin mesaj\u0131 tahvil sat\u0131\u015flar\u0131 s\u00fcrerken piyasay\u0131 yat\u0131\u015ft\u0131rmad\u0131. Euro 1,1633\u2019te; g\u00fc\u00e7 dolar zay\u0131fl\u0131\u011f\u0131ndan. Enflasyon %2,7; Brent 95$+ ve H\u00fcrm\u00fcz riski ECB\u2019yi s\u0131k\u0131 tutabilir. Oynakl\u0131k art\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-46873","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\/46873","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=46873"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/posts\/46873\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/media?parent=46873"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/categories?post=46873"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/tags?post=46873"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}