{"id":1721,"date":"2026-05-29T16:47:49","date_gmt":"2026-05-29T13:47:49","guid":{"rendered":"https:\/\/fxknews.com\/?p=1721"},"modified":"2026-05-29T17:26:30","modified_gmt":"2026-05-29T14:26:30","slug":"1721","status":"publish","type":"post","link":"https:\/\/fxknews.com\/?p=1721","title":{"rendered":"Fed&#8217;de Hawkish D\u00f6n\u00fc\u015f\u00fcm: Faiz Art\u0131r\u0131m\u0131 Art\u0131k Masa D\u0131\u015f\u0131 De\u011fil"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<p class=\"wp-block-paragraph\">Son iki haftada Fed yetkililerinden art arda gelen a\u00e7\u0131klamalar, merkez bankas\u0131n\u0131n politika y\u00f6nelimini k\u00f6kl\u00fc bi\u00e7imde sorgulat\u0131r hale getirdi. \u0130ran Sava\u015f\u0131&#8217;n\u0131n enerji fiyatlar\u0131 \u00fczerinde yaratt\u0131\u011f\u0131 bask\u0131 ve yap\u0131\u015fkan enflasyon verileri, y\u0131l ba\u015f\u0131nda faiz indirimi olarak fiyatlanan piyasa beklentilerini tersine \u00e7evirdi. Bug\u00fcn itibar\u0131yla piyasalar 2026&#8217;da indirim de\u011fil art\u0131r\u0131m ihtimalini fiyatlamaya ba\u015flam\u0131\u015f durumda.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-transparent ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title ez-toc-toggle\" style=\"cursor:pointer\">\u0130\u00e7indekiler<\/p>\n<span class=\"ez-toc-title-toggle\"><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/fxknews.com\/?p=1721\/#Wallerin_Frankfurt_Donusu_En_Sert_Sinyal\" >Waller&#8217;\u0131n Frankfurt D\u00f6n\u00fc\u015f\u00fc: En Sert Sinyal<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/fxknews.com\/?p=1721\/#Nisan_FOMC_Tutanaklari_1992den_Bu_Yana_En_Derin_Kirilma\" >Nisan FOMC Tutanaklar\u0131: 1992&#8217;den Bu Yana En Derin K\u0131r\u0131lma<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/fxknews.com\/?p=1721\/#Uc_Bolgesel_Baskandan_Ortak_Hawkish_Mesaj\" >\u00dc\u00e7 B\u00f6lgesel Ba\u015fkandan Ortak Hawkish Mesaj<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/fxknews.com\/?p=1721\/#Yeni_Baskan_Warsh_Guvercin_Unvan_Sahin_Ortam\" >Yeni Ba\u015fkan Warsh: G\u00fcvercin \u00dcnvan, \u015eahin Ortam<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/fxknews.com\/?p=1721\/#Piyasalar_Ne_Fiyatliyor\" >Piyasalar Ne Fiyatl\u0131yor?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/fxknews.com\/?p=1721\/#ECB_Ekseninde_Ayrisan_Bir_Gorunum\" >ECB Ekseninde Ayr\u0131\u015fan Bir G\u00f6r\u00fcn\u00fcm<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/fxknews.com\/?p=1721\/#Sonuc\" >Sonu\u00e7<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Wallerin_Frankfurt_Donusu_En_Sert_Sinyal\"><\/span><strong>Waller&#8217;\u0131n Frankfurt D\u00f6n\u00fc\u015f\u00fc: En Sert Sinyal<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Bu s\u00fcrecin en kritik a\u00e7\u0131klamas\u0131, Fed Guvern\u00f6r\u00fc Christopher Waller&#8217;dan 22 May\u0131s&#8217;ta geldi. Y\u0131l\u0131n ba\u015f\u0131nda faiz indirimini savunan isimlerden biri olan Waller, Frankfurt&#8217;taki merkez bankac\u0131l\u0131\u011f\u0131 forumunda tam anlam\u0131yla bir politika U-d\u00f6n\u00fc\u015f\u00fc yapt\u0131.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Waller, politika metninden &#8220;gev\u015feme yanl\u0131l\u0131\u011f\u0131&#8221; ifadesinin \u00e7\u0131kar\u0131lmas\u0131n\u0131 destekledi\u011fini belirterek faiz indirimi ile faiz art\u0131r\u0131m\u0131n\u0131n bundan b\u00f6yle e\u015fit derecede olas\u0131 oldu\u011funu a\u00e7\u0131klad\u0131. Daha da \u00f6nemlisi, &#8220;Enflasyon yak\u0131nda yava\u015flamazsa faiz art\u0131r\u0131m\u0131n\u0131 art\u0131k g\u00f6z ard\u0131 edemiyorum&#8221; dedi.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Waller&#8217;\u0131n tercih etti\u011fi enflasyon g\u00f6stergesi olan PCE endeksi Nisan&#8217;da y\u00fczde 3,8&#8217;e ula\u015ft\u0131 \u2014 Fed&#8217;in hedefinin neredeyse iki kat\u0131. \u00dcstelik bu bask\u0131 yaln\u0131zca enerji de\u011fil, mal ve hizmetler genelinde yay\u0131l\u0131yor. A\u00e7\u0131klaman\u0131n ard\u0131ndan vadeli i\u015flem piyasalar\u0131, Ekim FOMC toplant\u0131s\u0131nda 25 baz puanl\u0131k art\u0131r\u0131m olas\u0131l\u0131\u011f\u0131n\u0131 yakla\u015f\u0131k y\u00fczde 67 olarak fiyatlamaya ba\u015flad\u0131.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Nisan_FOMC_Tutanaklari_1992den_Bu_Yana_En_Derin_Kirilma\"><\/span><strong>Nisan FOMC Tutanaklar\u0131: 1992&#8217;den Bu Yana En Derin K\u0131r\u0131lma<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">29 Nisan FOMC toplant\u0131s\u0131ndaki 8-4 oylamas\u0131, 1992&#8217;den bu yana g\u00f6r\u00fclen en fazla muhalif oy say\u0131s\u0131na ula\u015ft\u0131. Bu ayr\u0131\u015fman\u0131n yap\u0131s\u0131 \u00f6zellikle dikkat \u00e7ekici: Muhalefet edenlerden Stephen Miran faiz indirimi istedi, ancak Beth Hammack, Neel Kashkari ve Lorie Logan ise faizi sabit tutmay\u0131 desteklediler, ancak a\u00e7\u0131klamada &#8220;gev\u015feme yanl\u0131l\u0131\u011f\u0131na&#8221; yer verilmesine kar\u015f\u0131 \u00e7\u0131kt\u0131lar.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">20 May\u0131s&#8217;ta a\u00e7\u0131klanan Nisan toplant\u0131s\u0131 tutanaklar\u0131, enflasyon y\u00fczde 2 hedefine geri d\u00f6nmezse &#8220;politika s\u0131k\u0131la\u015ft\u0131rmas\u0131n\u0131n uygun hale gelebilece\u011fini&#8221; vurgulayan \u00fcye \u00e7o\u011funlu\u011funu ortaya koydu. &#8220;Pek \u00e7ok kat\u0131l\u0131mc\u0131&#8221; ise a\u00e7\u0131klamadan gev\u015feme yanl\u0131s\u0131 dilin \u00e7\u0131kar\u0131lmas\u0131n\u0131 tercih edeceklerini belirtti.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Uc_Bolgesel_Baskandan_Ortak_Hawkish_Mesaj\"><\/span><strong>\u00dc\u00e7 B\u00f6lgesel Ba\u015fkandan Ortak Hawkish Mesaj<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Cleveland Fed Ba\u015fkan\u0131 Hammack, Minneapolis Fed Ba\u015fkan\u0131 Kashkari ve Dallas Fed Ba\u015fkan\u0131 Logan, 1 May\u0131s&#8217;ta yay\u0131mlad\u0131klar\u0131 ayr\u0131 a\u00e7\u0131klamalarda Fed&#8217;in bir sonraki ad\u0131m\u0131n yaln\u0131zca indirim olmad\u0131\u011f\u0131n\u0131, \u0130ran Sava\u015f\u0131&#8217;n\u0131n enflasyon riskleri kar\u015f\u0131s\u0131nda art\u0131r\u0131m\u0131n da masada oldu\u011funu net bi\u00e7imde sinyallemesi gerekti\u011fini belirtti.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Kashkari a\u00e7\u0131klamas\u0131nda bunu do\u011frudan ifade etti: &#8220;FOMC, bir sonraki faiz de\u011fi\u015fikli\u011finin ekonominin seyrine ba\u011fl\u0131 olarak indirim de art\u0131r\u0131m da olabilece\u011fini sinyalleyen bir politika g\u00f6r\u00fcn\u00fcm\u00fc sunmal\u0131.&#8221;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Hammack ise a\u00e7\u0131klamas\u0131nda geni\u015f tabanl\u0131 enflasyon bask\u0131lar\u0131, y\u00fckselen enerji fiyatlar\u0131, g\u00fc\u00e7l\u00fc b\u00fcy\u00fcme ve tam istihdama yak\u0131n bir i\u015fg\u00fcc\u00fc piyasas\u0131 g\u00f6z \u00f6n\u00fcne al\u0131nd\u0131\u011f\u0131nda gev\u015feme yanl\u0131l\u0131\u011f\u0131n\u0131n art\u0131k uygun olmad\u0131\u011f\u0131n\u0131 vurgulad\u0131.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Yeni_Baskan_Warsh_Guvercin_Unvan_Sahin_Ortam\"><\/span><strong>Yeni Ba\u015fkan Warsh: G\u00fcvercin \u00dcnvan, \u015eahin Ortam<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">22 May\u0131s&#8217;ta g\u00f6reve ba\u015flayan Warsh, faiz indirimi hedefleriyle tan\u0131nan bir isim olarak g\u00f6reve geldi. Ancak CME FedWatch arac\u0131 2026&#8217;da indirim ihtimalini neredeyse s\u0131f\u0131ra indirmi\u015f, aksine Nisan CPI ve PPI verileri sonras\u0131nda art\u0131r\u0131m ihtimalini \u00e7ok daha y\u00fcksek g\u00f6steriyor.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Warsh&#8217;\u0131n ge\u00e7mi\u015f sicili, merkez bankas\u0131ndaki \u00f6nceki g\u00f6revinde bile enflasyon risklerine kar\u015f\u0131 y\u00fcksek faizi savundu\u011funu ortaya koyuyor. 10 ve 30 y\u0131ll\u0131k Hazine tahvil getirilerindeki y\u00fckseli\u015fin de bu yeni liderlikle tesad\u00fcf olmad\u0131\u011f\u0131 de\u011ferlendiriliyor.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Warsh, g\u00f6revinin ilk FOMC toplant\u0131s\u0131n\u0131 Haziran&#8217;da yapacak. Enflasyon y\u00fckselirken ve tahvil getirileri co\u015farken, komitede bir\u00e7ok \u00fcye faiz art\u0131r\u0131m\u0131n\u0131n kap\u0131da tutulmas\u0131 gerekti\u011fini zaten vurguluyor. Warsh&#8217;\u0131n kendi tercihleriyle komitenin a\u011f\u0131rl\u0131k merkezi aras\u0131ndaki gerilim, Haziran toplant\u0131s\u0131n\u0131n en kritik ba\u015fl\u0131\u011f\u0131 olacak.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Piyasalar_Ne_Fiyatliyor\"><\/span><strong>Piyasalar Ne Fiyatl\u0131yor?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Vadeli i\u015flem piyasalar\u0131 2026 y\u0131l\u0131 i\u00e7in faiz indirimi senaryosunu fiyatlamay\u0131 b\u0131rakm\u0131\u015f durumda. Aral\u0131k FOMC toplant\u0131s\u0131nda 25 baz puanl\u0131k art\u0131r\u0131m ihtimali y\u00fczde 43 olarak fiyatlan\u0131rken, 2027&#8217;ye iki art\u0131r\u0131m beklentisi de masaya geldi.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">JPMorgan&#8217;\u0131n ba\u015f ekonomisti bir panel tart\u0131\u015fmas\u0131nda piyasalara \u015funu iletti: &#8220;Alt\u0131n \u00fc\u00e7l\u00fc (Goldilocks) d\u00f6nemi resmen kapan\u0131yor.&#8221; Ayn\u0131 panelde Fed Gubernat\u00f6r\u00fc Waller&#8217;\u0131n gev\u015feme yanl\u0131l\u0131\u011f\u0131n\u0131 politika metninden \u00e7\u0131karma y\u00f6n\u00fcndeki somut bask\u0131s\u0131, bu hawkish d\u00f6n\u00fc\u015f\u00fcm\u00fc peki\u015ftirdi.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"ECB_Ekseninde_Ayrisan_Bir_Gorunum\"><\/span><strong>ECB Ekseninde Ayr\u0131\u015fan Bir G\u00f6r\u00fcn\u00fcm<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Fed hen\u00fcz resmi bir sinyal vermemi\u015fken, ECB cephesi daha a\u00e7\u0131k konu\u015fuyor. ECB Y\u00f6netim Kurulu \u00fcyesi Isabel Schnabel, Orta Do\u011fu&#8217;da h\u0131zl\u0131 bir \u00e7\u00f6z\u00fcme ula\u015f\u0131lsa dahi Haziran toplant\u0131s\u0131nda faiz art\u0131\u015f\u0131n\u0131n gerekli oldu\u011funu a\u00e7\u0131k\u00e7a ifade etti. ECB Ba\u015f Ekonomisti Philip Lane ise Haziran&#8217;da fiyat g\u00f6r\u00fcn\u00fcm\u00fcn\u00fcn yukar\u0131 y\u00f6nl\u00fc revize edilece\u011fine i\u015faret etti. Bu hawkish s\u00f6ylem, Fed-ECB politika \u0131raksama beklentilerini yeniden \u015fekillendiriyor.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Sonuc\"><\/span><strong>Sonu\u00e7<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Tablonun \u00f6zeti \u015fu: Fed i\u00e7inde art\u0131k &#8220;ne zaman indiriz&#8221; sorusu yerini &#8220;art\u0131rmak gerekir mi&#8221; sorusuna b\u0131rakm\u0131\u015f durumda. Waller&#8217;\u0131n Frankfurt d\u00f6n\u00fc\u015f\u00fc, Nisan tutanaklar\u0131 ve \u00fc\u00e7 b\u00f6lgesel ba\u015fkan\u0131n ortak sinyali, y\u00f6n de\u011fi\u015fikli\u011finin tek bir isme ya da tek bir toplant\u0131ya \u00f6zg\u00fc olmad\u0131\u011f\u0131n\u0131 g\u00f6steriyor. Haziran FOMC&#8217;u, yeni Ba\u015fkan Warsh&#8217;\u0131n bu bask\u0131y\u0131 nas\u0131l y\u00f6netece\u011finin ilk s\u0131nav\u0131 olacak.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Son iki haftada Fed yetkililerinden art arda gelen a\u00e7\u0131klamalar, merkez bankas\u0131n\u0131n politika y\u00f6nelimini k\u00f6kl\u00fc bi\u00e7imde sorgulat\u0131r hale getirdi. \u0130ran Sava\u015f\u0131&#8217;n\u0131n<\/p>\n","protected":false},"author":1,"featured_media":1722,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"colormag_page_container_layout":"default_layout","colormag_page_sidebar_layout":"default_layout","footnotes":""},"categories":[4],"tags":[27,26,54],"class_list":["post-1721","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-analizler","tag-faiz","tag-fed","tag-waller"],"_links":{"self":[{"href":"https:\/\/fxknews.com\/index.php?rest_route=\/wp\/v2\/posts\/1721","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/fxknews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/fxknews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/fxknews.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/fxknews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1721"}],"version-history":[{"count":2,"href":"https:\/\/fxknews.com\/index.php?rest_route=\/wp\/v2\/posts\/1721\/revisions"}],"predecessor-version":[{"id":1736,"href":"https:\/\/fxknews.com\/index.php?rest_route=\/wp\/v2\/posts\/1721\/revisions\/1736"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/fxknews.com\/index.php?rest_route=\/wp\/v2\/media\/1722"}],"wp:attachment":[{"href":"https:\/\/fxknews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1721"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/fxknews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1721"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/fxknews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1721"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}