{"id":50957,"date":"2026-07-09T18:46:41","date_gmt":"2026-07-09T18:46:41","guid":{"rendered":"https:\/\/www.vtmarkets.com\/tr-mena\/uncategorized\/fomc-sonrasi-altin-yatirimcilari-kevin-warshun-bir-sonraki-hamlesini-neden-izlemeli\/"},"modified":"2026-07-09T18:46:41","modified_gmt":"2026-07-09T18:46:41","slug":"fomc-sonrasi-altin-yatirimcilari-kevin-warshun-bir-sonraki-hamlesini-neden-izlemeli","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/tr-mena\/featured\/fomc-sonrasi-altin-yatirimcilari-kevin-warshun-bir-sonraki-hamlesini-neden-izlemeli\/","title":{"rendered":"FOMC Sonras\u0131: Alt\u0131n Yat\u0131r\u0131mc\u0131lar\u0131 Kevin Warsh\u2019un Bir Sonraki Hamlesini Neden \u0130zlemeli?"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/www.vtmarkets.com\/wp-content\/uploads\/2026\/07\/img_v3_0213e_386ae0f5-2ca8-405a-b9bd-608d4e50b3hu-1024x569.jpg\" alt=\"\" class=\"wp-image-61483\"\/><\/figure>\n\n\n\n<p><strong>\u00d6ne \u00c7\u0131kanlar<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Warsh, Fed\u2019i sadece faiz politikas\u0131yla de\u011fil, ileti\u015fim diliyle de yeniden \u015fekillendiriyor. Daha k\u0131sa metinler, daha az \u201cileri y\u00f6nlendirme\u201d (Fed\u2019in gelecekte ne yapaca\u011f\u0131na dair \u00f6nceden verdi\u011fi sinyaller) ve daha fazla \u201ctakdir yetkisi\u201d (karar\u0131 toplant\u0131dan toplant\u0131ya verip ba\u011flay\u0131c\u0131 s\u00f6z vermeme) merkez bankas\u0131n\u0131n ileti\u015fiminde belirgin bir de\u011fi\u015fim.<\/li>\n\n\n\n<li>Daha az y\u00f6nlendirme, Fed\u2019e daha fazla esneklik sa\u011flar. Ayr\u0131nt\u0131l\u0131 taahh\u00fctlerden ka\u00e7\u0131nmak, ekonomi de\u011fi\u015ftik\u00e7e \u00f6nceki tahminlere ba\u011fl\u0131 kalmadan politika de\u011fi\u015ftirme alan\u0131 yarat\u0131r.<\/li>\n\n\n\n<li>Piyasalarda belirsizlik artabilir. Fed\u2019den daha az sinyal gelirse, yat\u0131r\u0131mc\u0131lar veri a\u00e7\u0131klamalar\u0131nda ve FOMC toplant\u0131lar\u0131nda daha y\u00fcksek fiyat dalgalanmas\u0131 (oynakl\u0131k) g\u00f6rebilir.<\/li>\n\n\n\n<li>Alt\u0131nda iki a\u015famal\u0131 g\u00f6r\u00fcn\u00fcm \u00f6ne \u00e7\u0131k\u0131yor. \u201c\u015eahin Fed\u201d (enflasyonla m\u00fccadele i\u00e7in faiz art\u0131rmaya daha yak\u0131n duru\u015f) ve daha y\u00fcksek \u201creel getiri\u201d (faiz\/enstr\u00fcman getirisi eksi enflasyon) k\u0131sa vadede alt\u0131n i\u00e7in bask\u0131. Ancak Fed\u2019in ba\u011f\u0131ms\u0131zl\u0131\u011f\u0131 veya \u015feffafl\u0131\u011f\u0131na g\u00fcven zedelenirse bu, alt\u0131n i\u00e7in g\u00fc\u00e7l\u00fc bir uzun vadeli destek olabilir.<\/li>\n\n\n\n<li>En b\u00fcy\u00fck risk g\u00fcvenilirlik. Warsh\u2019\u0131n ad\u0131mlar\u0131 Fed\u2019e g\u00fcveni art\u0131r\u0131rsa alt\u0131n bask\u0131 alt\u0131nda kalabilir. Buna kar\u015f\u0131l\u0131k para politikas\u0131n\u0131n siyasalla\u015ft\u0131\u011f\u0131 alg\u0131s\u0131 g\u00fc\u00e7lenirse, \u201cg\u00fcvenli liman\u201d olarak alt\u0131n talebi h\u0131zlanabilir.<\/li>\n<\/ul>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p>Son FOMC toplant\u0131s\u0131, Fed\u2019in faiz g\u00f6r\u00fcn\u00fcm\u00fcnden daha fazlas\u0131n\u0131 i\u015faret etmi\u015f olabilir. Ayn\u0131 zamanda Fed Ba\u015fkan\u0131 Kevin Warsh\u2019\u0131n kurumu nas\u0131l d\u00f6n\u00fc\u015ft\u00fcrmek istedi\u011fine dair \u015fimdiye kadarki en net tabloyu sundu.<\/p>\n\n\n\n<p>Piyasalar \u00f6nce faizin sabit b\u0131rak\u0131lmas\u0131na ve enflasyon tart\u0131\u015fmas\u0131na odakland\u0131. Ancak as\u0131l hik\u00e2ye, Fed\u2019in art\u0131k politikay\u0131 nas\u0131l anlatt\u0131\u011f\u0131nda yat\u0131yor. Daha k\u0131sa metinler, daha az ileri y\u00f6nlendirme ve daha fazla takdir yetkisi; Warsh\u2019\u0131n sadece para politikas\u0131n\u0131 de\u011fil, arkas\u0131ndaki yakla\u015f\u0131m\u0131 da de\u011fi\u015ftirdi\u011fini g\u00f6steriyor.<\/p>\n\n\n\n<p>Bu \u00f6nemli; \u00e7\u00fcnk\u00fc Fed\u2019in bug\u00fcn kurdu\u011fu ileti\u015fim dili, yar\u0131n y\u00f6n de\u011fi\u015ftirmesini kolayla\u015ft\u0131rabilir ya da zorla\u015ft\u0131rabilir. Alt\u0131n yat\u0131r\u0131mc\u0131s\u0131 i\u00e7in Warsh\u2019\u0131n bir sonraki ad\u0131m\u0131n\u0131 okumak, bir sonraki faiz indirimi tahmini kadar kritik olabilir.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Warsh\u2019\u0131n Farkl\u0131 Bir Fed Vizyonu<\/h2>\n\n\n\n<p>Kevin Warsh, Fed ba\u015fkanl\u0131\u011f\u0131na \u201cbo\u015f sayfa\u201d olarak gelmedi. Ba\u015fkan olmadan \u00f6nce de g\u00f6r\u00fc\u015f\u00fc netti: Fed\u2019in piyasaya fazla m\u00fcdahale etti\u011fini, ileri y\u00f6nlendirmeye a\u015f\u0131r\u0131 yasland\u0131\u011f\u0131n\u0131 ve oynakl\u0131\u011fa kar\u015f\u0131 piyasalar\u0131 fazla \u201ckorudu\u011funu\u201d d\u00fc\u015f\u00fcn\u00fcyordu. Warsh\u2019a g\u00f6re enflasyonla m\u00fccadele merkez bankas\u0131n\u0131n temel sorumlulu\u011fu; g\u00fcvenilirlik belirleyici; Fed de ekonominin kal\u0131c\u0131 kurtar\u0131c\u0131s\u0131 olmamal\u0131.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-x wp-block-embed-x\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">Fed minutes due as analysts debate whether Warsh will curtail them <a href=\"https:\/\/t.co\/CIj043gxwz\">https:\/\/t.co\/CIj043gxwz<\/a> <a href=\"https:\/\/t.co\/CIj043gxwz\">https:\/\/t.co\/CIj043gxwz<\/a><\/p>&mdash; Reuters (@Reuters) <a href=\"https:\/\/x.com\/Reuters\/status\/2074847246026236075?ref_src=twsrc%5Etfw\">July 8, 2026<\/a><\/blockquote><script async src=\"https:\/\/platform.x.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>Warsh g\u00f6reve geldikten sonra da bu ana \u00e7izgi de\u011fi\u015fmedi. \u201cG\u00fcvercin\u201d (faiz indirimine daha yak\u0131n) iken \u201c\u015fahin\u201de d\u00f6nm\u00fc\u015f de\u011fil. De\u011fi\u015fen, uygulama ve yetki kullan\u0131m\u0131: Eskiden ele\u015ftiriyi d\u0131\u015far\u0131dan yap\u0131yordu; \u015fimdi i\u00e7eriden d\u00f6n\u00fc\u015ft\u00fcr\u00fcyor.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Warsh Geldikten Sonra Ne De\u011fi\u015fti?<\/h2>\n\n\n\n<p>En b\u00fcy\u00fck de\u011fi\u015fim, enflasyona bak\u0131\u015f\u0131 de\u011fil; \u00e7al\u0131\u015fma tarz\u0131.<\/p>\n\n\n\n<p>Warsh, Fed\u2019in ileri y\u00f6nlendirmeye ba\u011f\u0131ml\u0131l\u0131\u011f\u0131n\u0131 azaltmak, politika mesaj\u0131n\u0131 k\u0131saltmak ve kurumu daha az \u00f6ng\u00f6r\u00fclebilir k\u0131lmak i\u00e7in h\u0131zl\u0131 ad\u0131mlar att\u0131. Ayr\u0131ca kendi \u201cdot plot\u201d (FOMC \u00fcyelerinin gelecek faiz beklentilerini nokta olarak g\u00f6steren grafik) tahminini piyasaya \u00e7\u0131pa yapmamay\u0131 se\u00e7ti.<\/p>\n\n\n\n<p>Bu yakla\u015f\u0131m <strong>8 Temmuz 2026<\/strong>\u2019da yay\u0131mlanan FOMC tutanaklar\u0131yla somutla\u015ft\u0131. Tutanaklar, ileri y\u00f6nlendirmeyi s\u0131n\u0131rlama tercihini g\u00fc\u00e7lendirdi; politika metni belirgin bi\u00e7imde k\u0131sald\u0131 ve faizin gelecekteki seyrine dair daha az sinyal verdi. Warsh\u2019\u0131n k\u0131sa ve net mesaj talebinin sonucu olarak resmi a\u00e7\u0131klama metni <strong>al\u0131\u015f\u0131lm\u0131\u015f uzunlu\u011funun yakla\u015f\u0131k \u00fc\u00e7te birine<\/strong> indirildi.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-x wp-block-embed-x\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">A few Federal Reserve officials in their most recent policy meeting said there was a case for raising interest rates, though they ultimately supported the decision to leave rates on hold <a href=\"https:\/\/t.co\/mF2XV9IaZr\">https:\/\/t.co\/mF2XV9IaZr<\/a><\/p>&mdash; Bloomberg (@business) <a href=\"https:\/\/x.com\/business\/status\/2074918481472925848?ref_src=twsrc%5Etfw\">July 8, 2026<\/a><\/blockquote><script async src=\"https:\/\/platform.x.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>Bu, k\u0131sa vadede Warsh\u2019\u0131 daha ba\u011f\u0131ms\u0131z ve daha \u015fahin g\u00f6steriyor. Piyasaya \u201cfaiz indirimi s\u00f6z\u00fc yok, her toplant\u0131y\u0131 \u00f6nceden yaz\u0131p \u00e7izmiyoruz, b\u00fcy\u00fcme endi\u015fesi \u00e7\u0131kt\u0131 diye enflasyon mesaj\u0131n\u0131 yumu\u015fatm\u0131yoruz\u201d diyor. Sonu\u00e7: faiz indirimi beklentileri a\u00e7\u0131s\u0131ndan piyasada olumsuz okunmas\u0131.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Warsh Ba\u015fkan\u0131n A\u011f\u0131rl\u0131\u011f\u0131n\u0131 Nas\u0131l Art\u0131r\u0131yor?<\/h2>\n\n\n\n<p>Bu de\u011fi\u015fiklikler teknik g\u00f6r\u00fcnebilir; ancak Fed Ba\u015fkan\u0131\u2019n\u0131n etkisini art\u0131rd\u0131\u011f\u0131 i\u00e7in \u00f6nemli.<\/p>\n\n\n\n<p>\u00d6nceki d\u00fczende yat\u0131r\u0131mc\u0131lar; ileri y\u00f6nlendirme, uzun politika metinleri, dot plot ve farkl\u0131 Fed yetkililerinin konu\u015fmalar\u0131ndan \u00e7ok say\u0131da sinyal al\u0131yordu. Bu durum piyasaya rehberlik ederken, ba\u015fkan\u0131n sert bir politika d\u00f6n\u00fc\u015f\u00fcn\u00fc gerek\u00e7elendirmesini de zorla\u015ft\u0131r\u0131yordu; \u00e7\u00fcnk\u00fc ge\u00e7mi\u015fte verilen sinyallerle \u00e7eli\u015fme riski vard\u0131.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-x wp-block-embed-x\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">New Fed chair Kevin Warsh said he was ready to disappoint anyone who thinks his Fed will tolerate inflation over 2%. Carsten Brzeski of ING told <a href=\"https:\/\/x.com\/Reuters?ref_src=twsrc%5Etfw\">@Reuters<\/a> that if the Fed does hike rates, that could bring it back into conflict with the White House <a href=\"https:\/\/t.co\/MerB1xy34r\">pic.twitter.com\/MerB1xy34r<\/a><\/p>&mdash; Reuters (@Reuters) <a href=\"https:\/\/x.com\/Reuters\/status\/2072645208437854630?ref_src=twsrc%5Etfw\">July 2, 2026<\/a><\/blockquote><script async src=\"https:\/\/platform.x.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p>Warsh bu modelden uzakla\u015f\u0131yor. Fed\u2019in \u201c\u015feffafl\u0131k\u201d gelene\u011fine ters d\u00fc\u015fen bir hamleyle <strong>Warsh, 2026 dot plot i\u00e7in ki\u015fisel faiz tahmini vermeyi reddetti<\/strong>. Bu ara\u00e7 Ocak 2012\u2019de devreye al\u0131nd\u0131\u011f\u0131ndan beri, projeksiyonunu tamamen saklayan ilk Fed Ba\u015fkan\u0131 oldu.<\/p>\n\n\n\n<p>Kendi noktas\u0131n\u0131 grafikten \u00e7ekip resmi a\u00e7\u0131klamay\u0131 k\u0131saltt\u0131k\u00e7a, toplant\u0131dan toplant\u0131ya karar verme alan\u0131 geni\u015fliyor. Kurum daha az konu\u015ftuk\u00e7a, ba\u015fkan\u0131n mesaj\u0131 daha belirleyici hale geliyor.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Yat\u0131r\u0131mc\u0131lar Neden Trump\u2019\u0131n \u0130stedi\u011fini Alaca\u011f\u0131n\u0131 D\u00fc\u015f\u00fcnebilir?<\/h2>\n\n\n\n<p>Burada siyaset devreye giriyor. Warsh bug\u00fcn ba\u011f\u0131ms\u0131z bir duru\u015f sergilese de, g\u00f6reve geli\u015f \u015fekli g\u00f6z ard\u0131 edilemiyor. Trump taraf\u0131ndan se\u00e7ildi ve piyasalar Trump\u2019\u0131n daha d\u00fc\u015f\u00fck faiz, daha g\u00fc\u00e7l\u00fc b\u00fcy\u00fcme ve ekonomik g\u00fcndemine daha az direnen bir Fed istedi\u011fini biliyor.<\/p>\n\n\n\n<p>8 Temmuz tutanaklar\u0131, g\u00f6r\u00fc\u015f ayr\u0131l\u0131klar\u0131n\u0131n belirgin oldu\u011fu bir Fed\u2019e i\u015faret etti. Komite politika faizini (federal fonlama faizi) <strong>%3,50\u2013%3,75<\/strong> aral\u0131\u011f\u0131nda oy birli\u011fiyle sabit tuttu. Ancak \u00fcyelerin tahminleri keskin bi\u00e7imde ayr\u0131\u015ft\u0131: 18 kat\u0131l\u0131mc\u0131n\u0131n dokuzu y\u0131l bitmeden en az bir faiz art\u0131\u015f\u0131 \u00f6ng\u00f6r\u00fcrken, sekizi sabit kalmas\u0131n\u0131 bekliyor, yaln\u0131zca biri indirim \u00f6ng\u00f6r\u00fcyor. Bu ayr\u0131\u015fma; Fed\u2019in \u201cEkonomik Projeksiyonlar \u00d6zeti\u201dndeki (b\u00fcy\u00fcme, enflasyon, i\u015fsizlik gibi temel tahminler) revizyonla da birlikte geldi: <strong>\u00e7ekirdek PCE enflasyon<\/strong> (g\u0131da ve enerji gibi oynak kalemler hari\u00e7, ki\u015fisel t\u00fcketim harcamalar\u0131 fiyat endeksi) beklentisi 2026 i\u00e7in <strong>%3,3\u2019e<\/strong> y\u00fckseltildi (\u00f6nce %2,7), b\u00fcy\u00fcme (GSYH) tahminleri ise a\u015fa\u011f\u0131 \u00e7ekildi.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.vtmarkets.com\/wp-content\/uploads\/2026\/07\/codeNWM5ZjAyYzA0ZTc4NWQ0YjY0OTE1NTA3ZTE2YmM2OGZfNlBJZXB4QndYRGZjSVJ5NFMzZUlqWHc4OXFpU2RwemNfVG9rZW46S09MR2J4RU9Zb3lxeHp4aFVDU2xsVEJGZ2xCXzE3ODM1NzkwNDA6MTc4MzU4MjY0MF9WNAampadd_watermarktrueampscene_typeCCM.png\" alt=\"\"\/><\/figure>\n\n\n\n<p>Warsh, \u00e7ekirdek enflasyonun %3,3\u2019e \u201cyap\u0131\u015fkan\u201d kald\u0131\u011f\u0131 (kolay d\u00fc\u015fmeyen) bir ortamda Trump\u2019a hemen faiz indirimi sunmayabilir. Ancak kurdu\u011fu yap\u0131, ileride bunu yapmas\u0131n\u0131 kolayla\u015ft\u0131rabilir.<\/p>\n\n\n\n<p>\u0130leri y\u00f6nlendirme tamamen azalt\u0131l\u0131r ve ba\u015fkan dot plot\u2019a kat\u0131lmad\u0131\u011f\u0131 i\u00e7in bu sinyal g\u00fcc\u00fcn\u00fc kaybederse, piyasalar\u0131n ba\u015fkan\u0131 \u201cge\u00e7mi\u015f s\u00f6zlere\u201d g\u00f6re s\u0131k\u0131\u015ft\u0131raca\u011f\u0131 daha az dayanak kal\u0131r. Zaman\u0131 geldi\u011finde Warsh, b\u00fcy\u00fck bir y\u00f6n de\u011fi\u015fimini ge\u00e7mi\u015f taahh\u00fctlerle \u00e7eli\u015fmeden; \u201c\u00e7evik ve veriye dayal\u0131\u201d bir karar olarak gerek\u00e7elendirebilir.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Alt\u0131n \u0130\u00e7in Ne Anlama Geliyor?<\/h2>\n\n\n\n<p>Alt\u0131n a\u00e7\u0131s\u0131ndan Warsh\u2019\u0131n g\u00fc\u00e7lenen ba\u015fkanl\u0131\u011f\u0131 iki a\u015famada etkili olabilir.<\/p>\n\n\n\n<p>K\u0131sa vadede alt\u0131n i\u00e7in olumsuz. 8 Temmuz tutanaklar\u0131 bu bask\u0131y\u0131 g\u00f6sterdi. Tutanaklar, enflasyon y\u00fcksek seyretti\u011fi i\u00e7in \u201cpolitika s\u0131k\u0131la\u015ft\u0131rma\u201d (faizi art\u0131rma veya daha s\u0131k\u0131 para politikas\u0131) e\u011filimini \u00f6ne \u00e7\u0131kard\u0131. Piyasa tepkisiyle alt\u0131n <strong>%0,75 d\u00fc\u015ferek 4.075 dolara<\/strong> geriledi; Ocak ay\u0131ndaki <strong>5.589 dolar<\/strong> rekorunun yakla\u015f\u0131k %27 alt\u0131nda. Enflasyon beklentisi y\u00fckselip Fed faiz art\u0131rmaya yak\u0131nla\u015ft\u0131k\u00e7a \u201creel getiri\u201d artar; faiz getirisi olmayan alt\u0131n bu nedenle g\u00f6rece cazibesini kaybeder.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.vtmarkets.com\/wp-content\/uploads\/2026\/07\/codeMjc5MDMyMWI1YTIzNjM1ZjYxNjE3NDUyZjRjZWM2OTdfVG9OMGsyWkNTR1B2U1RxYnJVVlpEVGpESDloZmJPTk1fVG9rZW46R01rWGJ2ZERvb0kxRlp4cXRLbGx3RE5RZ2FmXzE3ODM1ODA1NzA6MTc4MzU4NDE3MF9WNAampadd_watermarktrueampscene_typeCCM.png\" alt=\"\"\/><\/figure>\n\n\n\n<p>Orta vadeli risk farkl\u0131: Yat\u0131r\u0131mc\u0131lar Warsh\u2019\u0131n ad\u0131mlar\u0131n\u0131n Fed\u2019i daha az \u015feffaf, daha fazla tek ki\u015finin karar\u0131na ba\u011fl\u0131 ve Trump\u2019\u0131n tercihlerine daha a\u00e7\u0131k hale getirdi\u011fine inan\u0131rsa, alt\u0131n g\u00fc\u00e7l\u00fc bir toparlanma g\u00f6sterebilir.<\/p>\n\n\n\n<p>Bu durumda alt\u0131n, sadece enflasyon verisi veya yak\u0131n faiz indirimi beklentisiyle hareket etmez; sistemin kendisine duyulan g\u00fcveni fiyatlar. Warsh\u2019\u0131n \u201caz konu\u015fan\u201d \u00e7er\u00e7evesi Fed\u2019in g\u00fcvenilirli\u011fini g\u00fc\u00e7lendirirse alt\u0131n i\u00e7in olumsuz kalabilir; ancak g\u00fc\u00e7 tek elde toplanm\u0131\u015f ve Fed siyasalla\u015f\u0131yor alg\u0131s\u0131 olu\u015fursa, alt\u0131n g\u00fcvenli liman talebiyle sert y\u00fckseli\u015f g\u00f6sterebilir.<\/p>\n\n\n\n<p><strong>B\u00fcy\u00fck Sorular<\/strong><\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Son FOMC toplant\u0131s\u0131 sonras\u0131 mevcut federal fonlama faizi nedir?<\/h3>\n\n\n\n<p>Federal A\u00e7\u0131k Piyasa Komitesi, politika faizi hedefini oy birli\u011fiyle %3,50\u2013%3,75 aral\u0131\u011f\u0131nda sabit tuttu. Ancak tutanaklar, komite i\u00e7inde ayr\u0131\u015fman\u0131n g\u00fc\u00e7l\u00fc oldu\u011funu g\u00f6steriyor: 18 kat\u0131l\u0131mc\u0131n\u0131n dokuzu, 2026 sonuna kadar en az bir faiz art\u0131\u015f\u0131 \u00f6ng\u00f6r\u00fcyor. Gerek\u00e7e, t\u00fcketici fiyatlar\u0131ndaki risklerin kal\u0131c\u0131 olmas\u0131.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Fed Ba\u015fkan\u0131 Kevin Warsh merkez bankas\u0131 ileti\u015fimini nas\u0131l de\u011fi\u015ftiriyor?<\/h3>\n\n\n\n<p>Warsh, piyasaya \u201cad\u0131m ad\u0131m \u00f6nceden yol haritas\u0131 verme\u201d yakla\u015f\u0131m\u0131n\u0131 azaltarak daha esnek bir \u00e7er\u00e7eveye ge\u00e7iyor. Bunu, resmi FOMC a\u00e7\u0131klama metnini ola\u011fan uzunlu\u011funun yakla\u015f\u0131k \u00fc\u00e7te birine indirerek ve dot plot i\u00e7in ki\u015fisel faiz tahminini tamamen vermeyerek yapt\u0131. Dot plot 2012\u2019de ba\u015flad\u0131\u011f\u0131ndan beri bunu yapan ilk Fed Ba\u015fkan\u0131 oldu.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Daha k\u0131sa FOMC metni neden \u00f6nemli?<\/h3>\n\n\n\n<p>Ayr\u0131nt\u0131l\u0131 ileri y\u00f6nlendirme ve kapsaml\u0131 tahminler azalt\u0131ld\u0131\u011f\u0131nda, Fed gelece\u011fe d\u00f6n\u00fck daha az s\u00f6z vermi\u015f olur. Bu \u201ckurumsal sessizlik\u201d, karar g\u00fcc\u00fcn\u00fc daha \u00e7ok ba\u015fkanda toplar ve ileride para politikas\u0131nda h\u0131zl\u0131 y\u00f6n de\u011fi\u015fimini, ge\u00e7mi\u015f mesajlarla \u00e7eli\u015fmeden yapabilmesini kolayla\u015ft\u0131r\u0131r.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Temmuz FOMC tutanaklar\u0131 alt\u0131n fiyat\u0131n\u0131 nas\u0131l etkiledi?<\/h3>\n\n\n\n<p>Temmuz tutanaklar\u0131na ilk tepki alt\u0131n a\u00e7\u0131s\u0131ndan olumsuz oldu: fiyat <strong>%0,75<\/strong> d\u00fc\u015ferek <strong>4.075 dolar<\/strong> seviyesine indi; bu seviye Ocak rekoru <strong>5.589 dolar<\/strong>\u0131n yakla\u015f\u0131k %27 alt\u0131nda. K\u0131sa vadeli bask\u0131n\u0131n iki nedeni \u00f6ne \u00e7\u0131kt\u0131: \u00e7ekirdek PCE enflasyon beklentisinin <strong>%3,3<\/strong>e y\u00fckselmesi ve komite i\u00e7indeki \u015fahin e\u011filim. Bu tablo reel getirileri y\u00fckseltir ve faiz getirisi olmayan varl\u0131klar\u0131n cazibesini azalt\u0131r.<\/p>\n\n\n\n\n<p><b>Hemen i\u015flem yapmaya ba\u015flay\u0131n \u2014 ger\u00e7ek VT Markets hesab\u0131n\u0131z\u0131 olu\u015fturmak i\u00e7in <a href=\"https:\/\/www.vtmarkets.com\/tr-mena\/trade-now\">buraya<\/a> t\u0131klay\u0131n.<\/b>\n\n<\/p>","protected":false},"excerpt":{"rendered":"<p>Fed\u2019de \u201cyeni d\u00f6nem\u201d: Warsh metinleri k\u0131salt\u0131p ileri y\u00f6nlendirmeyi azalt\u0131yor, dot plot tahminini sakl\u0131yor. Esneklik artarken belirsizlik ve volatilite y\u00fckselebilir. \u015eahin duru\u015f alt\u0131n\u0131 k\u0131sa vadede bask\u0131lar, g\u00fcven kayb\u0131 uzun vadede destekler.<\/p>\n","protected":false},"author":87,"featured_media":50956,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[48,51],"tags":[],"class_list":["post-50957","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-learn"],"acf":{"acf_article_selection_author":null},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/posts\/50957","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=50957"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/posts\/50957\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/media\/50956"}],"wp:attachment":[{"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/media?parent=50957"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/categories?post=50957"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/tags?post=50957"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}