{"id":9605,"date":"2026-08-15T17:45:00","date_gmt":"2026-08-15T14:45:00","guid":{"rendered":"https:\/\/fxknews.com\/?p=9605"},"modified":"2026-08-15T01:05:11","modified_gmt":"2026-08-14T22:05:11","slug":"fedin-yeni-rota-arayisi-enflasyon-verisi-sonrasi-faiz-artirimi-ihtimali-masada","status":"publish","type":"post","link":"https:\/\/fxknews.com\/?p=9605","title":{"rendered":"Fed&#8217;in Yeni Rota Aray\u0131\u015f\u0131: Enflasyon Verisi Sonras\u0131 Faiz Art\u0131r\u0131m\u0131 \u0130htimali Masada"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><strong>Federal Rezerv&#8217;in 28-29 Temmuz FOMC toplant\u0131s\u0131nda politika faizini y\u00fczde 3,50-3,75 aral\u0131\u011f\u0131nda sabit tutmas\u0131, piyasalar\u0131n g\u00fcndeminde kal\u0131c\u0131 bir soruyu yeniden \u00f6ne \u00e7\u0131kard\u0131: Fed bir sonraki hamlesinde indirime mi, yoksa art\u0131r\u0131ma m\u0131 gidecek? 12 A\u011fustos&#8217;ta a\u00e7\u0131klanan enflasyon verisi ve art arda gelen \u015fahin merkez bankas\u0131 mesajlar\u0131, bu sorunun yan\u0131t\u0131n\u0131n piyasalar\u0131n \u00f6nceki beklentisinden farkl\u0131 bir y\u00f6ne kayd\u0131\u011f\u0131na i\u015faret ediyor.<\/strong><\/p>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_86 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=9605\/#Temmuz_Karari_Gorunurdeki_Sakinligin_Altindaki_Ayrisma\" >Temmuz Karar\u0131: G\u00f6r\u00fcn\u00fcrdeki Sakinli\u011fin Alt\u0131ndaki Ayr\u0131\u015fma<\/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=9605\/#TUFE_Verisi_Beklenenden_Yumusak_Ama_Tabloyu_Degistirmedi\" >T\u00dcFE Verisi: Beklenenden Yumu\u015fak, Ama Tabloyu De\u011fi\u015ftirmedi<\/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=9605\/#Sahin_Cephe_Kashkari_Cook_ve_Warsh_Ayni_Cizgide\" >\u015eahin Cephe: Kashkari, Cook ve Warsh Ayn\u0131 \u00c7izgide<\/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=9605\/#Gorev_Degisimi_Powelldan_Warsha_Gecis\" >G\u00f6rev De\u011fi\u015fimi: Powell&#8217;dan Warsh&#8217;a Ge\u00e7i\u015f<\/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=9605\/#Jackson_Hole_Bekleniyor\" >Jackson Hole Bekleniyor<\/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=9605\/#Siradaki_Durak_16_Eylul\" >S\u0131radaki Durak: 16 Eyl\u00fcl<\/a><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Temmuz_Karari_Gorunurdeki_Sakinligin_Altindaki_Ayrisma\"><\/span>Temmuz Karar\u0131: G\u00f6r\u00fcn\u00fcrdeki Sakinli\u011fin Alt\u0131ndaki Ayr\u0131\u015fma<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Fed&#8217;in Temmuz toplant\u0131s\u0131nda al\u0131nan sabit tutma karar\u0131 oybirli\u011fiyle de\u011fil, 9&#8217;a kar\u015f\u0131 3 oyla ge\u00e7ti. \u00dc\u00e7 komite \u00fcyesinin 25 baz puanl\u0131k art\u0131r\u0131mdan yana oy kullanm\u0131\u015f olmas\u0131, komite i\u00e7inde enflasyon riskine dair g\u00f6r\u00fc\u015f ayr\u0131l\u0131\u011f\u0131n\u0131n y\u00fczeye \u00e7\u0131kt\u0131\u011f\u0131n\u0131 g\u00f6steriyor. 19 A\u011fustos&#8217;ta yay\u0131mlanacak toplant\u0131 tutanaklar\u0131, bu ayr\u0131\u015fman\u0131n gerek\u00e7elerini ortaya koyacak ve Eyl\u00fcl \u00f6ncesi kritik bir veri noktas\u0131 olarak izlenecek.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"TUFE_Verisi_Beklenenden_Yumusak_Ama_Tabloyu_Degistirmedi\"><\/span>T\u00dcFE Verisi: Beklenenden Yumu\u015fak, Ama Tabloyu De\u011fi\u015ftirmedi<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">12 A\u011fustos&#8217;ta a\u00e7\u0131klanan Temmuz ay\u0131 enflasyon verileri kar\u0131\u015f\u0131k bir g\u00f6r\u00fcn\u00fcm sundu. Y\u0131ll\u0131k T\u00dcFE y\u00fczde 3,4 ile bir \u00f6nceki aya g\u00f6re hafif gerileme g\u00f6sterirken, ayl\u0131k art\u0131\u015f y\u00fczde 0,1&#8217;de kald\u0131. \u00c7ekirdek T\u00dcFE ise ayl\u0131k y\u00fczde 0,2, y\u0131ll\u0131k y\u00fczde 2,5 seviyesinde ger\u00e7ekle\u015fti. Veri \u00f6ncesinde zay\u0131f gelen istihdam rakamlar\u0131 \u2014 tar\u0131m d\u0131\u015f\u0131 istihdam\u0131n Temmuz&#8217;da 23 bin ki\u015fi azalmas\u0131 ve ADP \u00f6zel sekt\u00f6r istihdam\u0131n\u0131n beklentilerin alt\u0131nda kalmas\u0131 \u2014 enflasyonun yava\u015flayabilece\u011fi beklentisini g\u00fc\u00e7lendirmi\u015fti; T\u00dcFE&#8217;nin bu \u00f6l\u00e7\u00fcde \u0131l\u0131ml\u0131 gelmesi, art\u0131r\u0131m senaryosunu tamamen masadan kald\u0131rmasa da CME FedWatch verilerine g\u00f6re Eyl\u00fcl&#8217;de art\u0131r\u0131m olas\u0131l\u0131\u011f\u0131n\u0131 istihdam verisi \u00f6ncesindeki y\u00fczde 60 seviyesinden y\u00fczde 50&#8217;ye \u00e7ekti.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Sahin_Cephe_Kashkari_Cook_ve_Warsh_Ayni_Cizgide\"><\/span>\u015eahin Cephe: Kashkari, Cook ve Warsh Ayn\u0131 \u00c7izgide<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Enflasyonun ivme kaybetmesine ra\u011fmen Fed i\u00e7indeki \u015fahin ton kesilmedi. Temmuz toplant\u0131s\u0131nda art\u0131r\u0131m y\u00f6n\u00fcnde oy kullanan \u00fc\u00e7 \u00fcyeden biri olan Minneapolis Fed Ba\u015fkan\u0131 Neel Kashkari, enflasyonu dizginlemek i\u00e7in faizlerin \u015fimdiden kademeli olarak y\u00fckseltilmeye ba\u015flanmas\u0131 gerekti\u011fini savundu. Fed Guvern\u00f6r\u00fc Lisa Cook da benzer bir mesaj vererek, enflasyon yava\u015flamazsa art\u0131r\u0131ma haz\u0131r olduklar\u0131n\u0131 ve politika yap\u0131c\u0131lar\u0131n y\u00fczde 2 hedefine d\u00f6n\u00fc\u015f\u00fc bekleme l\u00fcks\u00fcne sahip olmayabilece\u011fini vurgulad\u0131.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Fed Ba\u015fkan\u0131 Kevin Warsh ise enflasyon hedefinde herhangi bir esnekli\u011fe kap\u0131y\u0131 kapatt\u0131; &#8220;yumu\u015fak bir enflasyon hedefi&#8221; ya da &#8220;\u00f6rt\u00fcl\u00fc gev\u015fek hedef&#8221; gibi bir yakla\u015f\u0131m\u0131n s\u00f6z konusu olmad\u0131\u011f\u0131n\u0131, tek referans noktan\u0131n y\u00fczde 2 oldu\u011funu belirtti. Financial Times&#8217;\u0131n haberine g\u00f6re Warsh, enflasyon verilerinin y\u00fcksek gelmesi durumunda Eyl\u00fcl toplant\u0131s\u0131nda faiz art\u0131rmaya haz\u0131r oldu\u011fu sinyalini de verdi.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Gorev_Degisimi_Powelldan_Warsha_Gecis\"><\/span>G\u00f6rev De\u011fi\u015fimi: Powell&#8217;dan Warsh&#8217;a Ge\u00e7i\u015f<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Kevin Warsh, 22 May\u0131s 2026&#8217;da Fed&#8217;in 17. Ba\u015fkan\u0131 olarak g\u00f6reve ba\u015flayarak Jerome Powell&#8217;\u0131n yerini ald\u0131. Senato onay s\u00fcrecinin 54&#8217;e 45 gibi dar bir farkla ge\u00e7mesi, ataman\u0131n modern d\u00f6nemin en tart\u0131\u015fmal\u0131 ba\u015fkan onaylamalar\u0131ndan biri olarak kay\u0131tlara ge\u00e7mesine neden oldu. Warsh, ge\u00e7mi\u015fte Fed&#8217;in piyasalara a\u015f\u0131r\u0131 m\u00fcdahil hale geldi\u011fini ve ileriye d\u00f6n\u00fck y\u00f6nlendirme prati\u011finin politika hatalar\u0131na yol a\u00e7t\u0131\u011f\u0131n\u0131 savunan sert ele\u015ftirileriyle tan\u0131n\u0131yordu; g\u00f6reve ba\u015flad\u0131\u011f\u0131ndan bu yana FOMC&#8217;nin toplant\u0131 s\u0131kl\u0131\u011f\u0131n\u0131 azaltma se\u00e7ene\u011fini g\u00fcndeme ta\u015f\u0131d\u0131\u011f\u0131 da yak\u0131n kaynaklarca do\u011fruland\u0131.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Trump ise faiz kararlar\u0131 s\u00fcrecinin tamamen de\u011filse de k\u0131smen Warsh&#8217;a ba\u011fl\u0131 oldu\u011funu s\u00f6yleyerek, karar\u0131n tek ba\u015f\u0131na kendisine ait olmad\u0131\u011f\u0131n\u0131 vurgulad\u0131.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Jackson_Hole_Bekleniyor\"><\/span>Jackson Hole Bekleniyor<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Yat\u0131r\u0131mc\u0131lar\u0131n g\u00f6z\u00fc \u015fimdi Warsh&#8217;\u0131n Jackson Hole Ekonomi Politikas\u0131 Sempozyumu&#8217;nda yapaca\u011f\u0131 ilk b\u00fcy\u00fck konu\u015fmaya \u00e7evrilmi\u015f durumda. Piyasa kat\u0131l\u0131mc\u0131lar\u0131 bu konu\u015fmadan daha kapsaml\u0131 ve y\u00f6n g\u00f6sterici sinyaller bekliyor; Warsh&#8217;\u0131n ileriye d\u00f6n\u00fck y\u00f6nlendirmeye mesafeli duru\u015fu g\u00f6z \u00f6n\u00fcne al\u0131nd\u0131\u011f\u0131nda net taahh\u00fctlerden ka\u00e7\u0131n\u0131p veri ba\u011f\u0131ml\u0131l\u0131\u011f\u0131n\u0131 \u00f6ne \u00e7\u0131karan bir s\u00f6ylem benimsemesi olas\u0131 g\u00f6r\u00fcl\u00fcyor.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Siradaki_Durak_16_Eylul\"><\/span>S\u0131radaki Durak: 16 Eyl\u00fcl<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">A\u011fustos ay\u0131nda planl\u0131 bir FOMC toplant\u0131s\u0131 bulunmuyor; bir sonraki faiz karar\u0131 15-16 Eyl\u00fcl toplant\u0131s\u0131n\u0131n ard\u0131ndan 16 Eyl\u00fcl \u00c7ar\u015famba g\u00fcn\u00fc TS\u0130 21.00&#8217;de a\u00e7\u0131klanacak. Bu toplant\u0131, komitenin g\u00fcncellenmi\u015f ekonomik projeksiyonlar\u0131n\u0131 (SEP) ve nokta grafi\u011fini de i\u00e7erecek d\u00f6rt toplant\u0131dan biri olmas\u0131 nedeniyle ayr\u0131 bir \u00f6nem ta\u015f\u0131yor.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u00d6zetle tablo \u015fu \u015fekilde: T\u00dcFE&#8217;nin \u0131l\u0131ml\u0131 gelmesi art\u0131r\u0131m beklentisini bir miktar geriletti, ancak Kashkari, Cook ve Warsh&#8217;tan art arda gelen \u015fahin mesajlar, piyasalar\u0131n uzun s\u00fcredir fiyatlad\u0131\u011f\u0131 &#8220;indirim d\u00f6ng\u00fcs\u00fc&#8221; senaryosunun yerini &#8220;art\u0131r\u0131m riski&#8221; tart\u0131\u015fmas\u0131na b\u0131rakmaya devam etti\u011fini g\u00f6steriyor. Eyl\u00fcl&#8217;e kadar ge\u00e7ecek s\u00fcrede 19 A\u011fustos&#8217;taki toplant\u0131 tutanaklar\u0131 ve Jackson Hole&#8217;daki Warsh konu\u015fmas\u0131, y\u00f6n\u00fcn netle\u015fmesinde belirleyici olacak.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Federal Rezerv&#8217;in 28-29 Temmuz FOMC toplant\u0131s\u0131nda politika faizini y\u00fczde 3,50-3,75 aral\u0131\u011f\u0131nda sabit tutmas\u0131, piyasalar\u0131n g\u00fcndeminde kal\u0131c\u0131 bir soruyu yeniden \u00f6ne<\/p>\n","protected":false},"author":1,"featured_media":9606,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"colormag_page_container_layout":"default_layout","colormag_page_sidebar_layout":"default_layout","footnotes":""},"categories":[1],"tags":[26],"class_list":["post-9605","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finansal-piyasalar","tag-fed"],"_links":{"self":[{"href":"https:\/\/fxknews.com\/index.php?rest_route=\/wp\/v2\/posts\/9605","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=9605"}],"version-history":[{"count":0,"href":"https:\/\/fxknews.com\/index.php?rest_route=\/wp\/v2\/posts\/9605\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/fxknews.com\/index.php?rest_route=\/wp\/v2\/media\/9606"}],"wp:attachment":[{"href":"https:\/\/fxknews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9605"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/fxknews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9605"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/fxknews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9605"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}