{"id":49261,"date":"2026-06-02T10:59:15","date_gmt":"2026-06-02T10:59:15","guid":{"rendered":"https:\/\/www.vtmarkets.com\/tr\/uncategorized\/ingilterede-m4-para-arzi-artisi-hafif-yukseldi-sahin-ingiltere-merkez-bankasi-beklentilerini-guclendirdi\/"},"modified":"2026-06-02T10:59:15","modified_gmt":"2026-06-02T10:59:15","slug":"ingilterede-m4-para-arzi-artisi-hafif-yukseldi-sahin-ingiltere-merkez-bankasi-beklentilerini-guclendirdi","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/tr-mena\/live-updates\/ingilterede-m4-para-arzi-artisi-hafif-yukseldi-sahin-ingiltere-merkez-bankasi-beklentilerini-guclendirdi\/","title":{"rendered":"\u0130ngiltere\u2019de M4 para arz\u0131 art\u0131\u015f\u0131 hafif y\u00fckseldi, \u015fahin \u0130ngiltere Merkez Bankas\u0131 beklentilerini g\u00fc\u00e7lendirdi"},"content":{"rendered":"<p>Birle\u015fik Krall\u0131k\u2019ta M4 para arz\u0131 b\u00fcy\u00fcmesi Nisan\u2019da y\u0131ll\u0131k bazda %4,5\u2019e y\u00fckseldi; \u00f6nceki d\u00f6nemde %4,3 seviyesindeydi. Bu hareket, bir \u00f6nceki aya k\u0131yasla geni\u015f para arz\u0131 geni\u015flemesinde m\u00fctevaz\u0131 bir h\u0131zlanmaya i\u015faret ediyor.<\/p>\n<p>Son veri, y\u0131ll\u0131k b\u00fcy\u00fcmeyi pozitif b\u00f6lgede tutarken parasal toplamlar\u0131n b\u00fcy\u00fcme h\u0131z\u0131nda s\u0131n\u0131rl\u0131 bir g\u00fc\u00e7lenmeye de i\u015faret ediyor. Ba\u015fl\u0131k verinin yan\u0131nda ilave bir k\u0131r\u0131l\u0131m payla\u015f\u0131lmad\u0131.<\/p>\n<h3>Parasal Geni\u015fleme ve Enflasyon Etkileri<\/h3>\n<p>Birle\u015fik Krall\u0131k\u2019ta M4 para arz\u0131n\u0131n y\u0131ll\u0131k bazda %4,5\u2019e y\u00fckselmesini not ediyoruz; bu durum, ekonomide altta yatan enflasyonist bask\u0131lar\u0131n birikti\u011fini d\u00fc\u015f\u00fcnd\u00fcr\u00fcyor. Geni\u015f paran\u0131n s\u00fcregelen geni\u015flemesi, enflasyonun \u0130ngiltere Merkez Bankas\u0131\u2019n\u0131n (BoE) %2 hedefine kolayl\u0131kla geri d\u00f6nece\u011fi g\u00f6r\u00fc\u015f\u00fcn\u00fc zorla\u015ft\u0131r\u0131yor. Tarihsel olarak, likiditedeki bu t\u00fcr art\u0131\u015flar \u00e7o\u011fu zaman daha y\u00fcksek t\u00fcketici fiyatlar\u0131 d\u00f6nemlerinin \u00f6nc\u00fcs\u00fc olmu\u015ftur; 2021\u2019de g\u00f6r\u00fclen \u00f6r\u00fcnt\u00fc buna \u00f6rnek te\u015fkil ediyor.<\/p>\n<p>Bu veri, BoE\u2019nin patikas\u0131n\u0131 yeniden de\u011ferlendirmemize neden oluyor ve \u00f6n\u00fcm\u00fczdeki aylarda daha \u015fahin bir duru\u015fu giderek daha olas\u0131 k\u0131l\u0131yor. Piyasan\u0131n 2026\u2019ya y\u00f6nelik olas\u0131 faiz indirimlerini fiyatlardan \u00e7\u0131karmay\u0131 s\u00fcrd\u00fcrmesini bekliyoruz; bu duyarl\u0131l\u0131k SONIA vadeli i\u015flemlerine de yans\u0131m\u0131\u015f durumda ve kontratlar y\u0131l sonuna kadar 25 baz puan\u0131n alt\u0131nda bir indirim ima ediyor. Bu sabah itibar\u0131yla Birle\u015fik Krall\u0131k 2 y\u0131ll\u0131k gilt getirisi de buna tepki vererek %4,68\u2019e t\u0131rmand\u0131; bu seviye bir ay\u0131 a\u015fk\u0131n s\u00fcrenin en y\u00fckse\u011fi.<\/p>\n<h3>GBP, Sabit Getirili Piyasalar ve Hisse Senetleri \u0130\u00e7in Piyasa G\u00f6r\u00fcn\u00fcm\u00fc<\/h3>\n<p>Bu \u00e7er\u00e7evede, Euro gibi para politikas\u0131n\u0131 gev\u015fetmeye haz\u0131rlanan merkez bankalar\u0131na sahip para birimlerine kar\u015f\u0131 Sterlin\u2019de (GBP) g\u00fc\u00e7lenme g\u00f6r\u00fcyoruz. Yat\u0131r\u0131mc\u0131lar, riski tan\u0131mlamak ad\u0131na GBP\/EUR \u00fczerinde al\u0131m opsiyonlar\u0131 (call) ile daha g\u00fc\u00e7l\u00fc bir GBP senaryosuna g\u00f6re pozisyon almay\u0131 de\u011ferlendirebilir. Son d\u00f6viz piyasas\u0131 verileri, sterline kar\u015f\u0131 k\u0131sa pozisyonlarda azalmaya i\u015faret ediyor; bu da daha geni\u015f piyasa duyarl\u0131l\u0131\u011f\u0131n\u0131n halihaz\u0131rda de\u011fi\u015fmeye ba\u015flad\u0131\u011f\u0131n\u0131 g\u00f6steriyor.<\/p>\n<p>Sabit getirili piyasalar taraf\u0131nda \u00e7\u0131kar\u0131m, \u00f6zellikle e\u011frinin k\u0131sa taraf\u0131nda Birle\u015fik Krall\u0131k devlet tahvili getirileri \u00fczerinde ilave yukar\u0131 y\u00f6nl\u00fc bask\u0131. \u00d6n\u00fcm\u00fczdeki haftalarda 2 y\u0131ll\u0131k gilt getirisinin %4,75 seviyesini test etmesini bekliyoruz; \u00f6zellikle yakla\u015fan \u00fccret veya hizmet enflasyonu verilerinin y\u00fcksek kalmas\u0131 halinde. \u201cDaha uzun s\u00fcre daha y\u00fcksek\u201d faiz ortam\u0131na pozisyon almak i\u00e7in k\u0131sa vadeli gilt vadeli i\u015flemlerinde k\u0131sa pozisyon ya da faiz swaplar\u0131 kullan\u0131labilir.<\/p>\n<p>Bu g\u00f6r\u00fcn\u00fcm Birle\u015fik Krall\u0131k hisse senetleri i\u00e7in karma bir tablo sunuyor; daha y\u00fcksek bor\u00e7lanma maliyetleri, b\u00fcy\u00fcmeye duyarl\u0131 hisseler i\u00e7in r\u00fczg\u00e2r\u0131 tersine \u00e7eviriyor. Bor\u00e7lulu\u011fu y\u00fcksek olan gayrimenkul ve kamu hizmetleri (utilities) gibi faiz hassasiyeti y\u00fcksek sekt\u00f6rlerde temkinli oluruz. Buna kar\u015f\u0131n, Birle\u015fik Krall\u0131k bankac\u0131l\u0131k hisseleri daha iyi performans g\u00f6sterebilir; zira y\u00fckselen faiz ortam\u0131nda genellikle net faiz marjlar\u0131n\u0131n artmas\u0131ndan faydalan\u0131rlar.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S\u00fcrpriz sinyal: \u0130ngiltere\u2019de M4 para arz\u0131 Nisan\u2019da y\u0131ll\u0131k %4,5\u2019e \u00e7\u0131kt\u0131. Bu, enflasyon bask\u0131s\u0131 ve BoE\u2019nin daha \u015fahin kalma ihtimalini art\u0131r\u0131yor; 2 y\u0131ll\u0131k gilt %4,68. GBP g\u00fc\u00e7lenebilir.<\/p>\n","protected":false},"author":87,"featured_media":47680,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[71],"tags":[],"class_list":["post-49261","post","type-post","status-publish","format-standard","has-post-thumbnail","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\/49261","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=49261"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/posts\/49261\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/media\/47680"}],"wp:attachment":[{"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/media?parent=49261"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/categories?post=49261"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/tags?post=49261"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}