{"id":186427,"date":"2025-12-08T14:07:24","date_gmt":"2025-12-08T11:07:24","guid":{"rendered":"https:\/\/coinmuhendisi.com\/blog\/?p=186427"},"modified":"2025-12-08T14:08:08","modified_gmt":"2025-12-08T11:08:08","slug":"eski-fed-repo-uzmani-cabanadan-kritik-likidite-iddiasi","status":"publish","type":"post","link":"https:\/\/coinmuhendisi.com\/blog\/eski-fed-repo-uzmani-cabanadan-kritik-likidite-iddiasi\/","title":{"rendered":"Eski Fed Repo Uzman\u0131 Cabana&#8217;dan Kritik Likidite \u0130ddias\u0131!"},"content":{"rendered":"<p data-start=\"320\" data-end=\"712\">ABD Merkez Bankas\u0131\u2019n\u0131n (<a href=\"https:\/\/coinmuhendisi.com\/blog\/altin-fed-beklentileriyle-yukselisini-surduruyor\/\"><strong>Fed<\/strong><\/a>) para politikas\u0131 son iki y\u0131ld\u0131r k\u00fcresel piyasalar\u0131n ana y\u00f6n belirleyicisi olmaya devam ediyor. Enflasyonla m\u00fccadele, faiz art\u0131\u015flar\u0131, bilan\u00e7o k\u00fc\u00e7\u00fcltme (<a href=\"https:\/\/coinmuhendisi.com\/blog\/qt-sona-ermesi-ve-faiz-indirimi-bitcoin-btcyi-neden-kurtaramadi\/\"><strong>QT<\/strong><\/a>) ve s\u0131k\u0131 finansal ko\u015fullar derken piyasalar uzun s\u00fcredir likiditeye hasret bir d\u00f6nemi ya\u015f\u0131yor. Ancak son g\u00fcnlerde, Fed\u2019e yak\u0131n isimlerden gelen baz\u0131 de\u011ferlendirmeler, bu tablonun de\u011fi\u015febilece\u011fine i\u015faret ediyor.<\/p>\n<p data-start=\"714\" data-end=\"1102\">\u00d6zellikle eski New York Fed repo uzman\u0131 ve \u015fu anda Bank of America b\u00fcnyesinde g\u00f6rev yapan <strong>Mark Cabana<\/strong>\u2019n\u0131n son a\u00e7\u0131klamalar\u0131, piyasalarda yeni bir likidite dalgas\u0131 ihtimalini yeniden g\u00fcndeme ta\u015f\u0131d\u0131. Ancak kritik bir noktan\u0131n alt\u0131 mutlaka \u00e7izilmeli: Bu de\u011ferlendirmeler \u015fu an i\u00e7in resm\u00ee bir karar de\u011fil, yaln\u0131zca Cabana\u2019n\u0131n piyasa dinamiklerine dayanarak yapt\u0131\u011f\u0131 \u00f6ng\u00f6r\u00fclerden ibaret.<\/p>\n<h2 data-start=\"1109\" data-end=\"1160\">Mark Cabana\u2019n\u0131n Likidite Senaryosu Ne Anlat\u0131yor?<\/h2>\n<p data-start=\"1162\" data-end=\"1379\">Mark Cabana\u2019ya g\u00f6re Fed Ba\u015fkan\u0131 Jerome Powell, bu hafta yap\u0131lacak FOMC toplant\u0131s\u0131 sonras\u0131nda ayl\u0131k yakla\u015f\u0131k 45 milyar dolarl\u0131k Hazine bonosu (T-bill) al\u0131m\u0131 ba\u015flatabilecek bir ad\u0131m\u0131 g\u00fcndeme getirebilir. Bu rakam\u0131n:<\/p>\n<ul data-start=\"1381\" data-end=\"1623\">\n<li data-start=\"1381\" data-end=\"1488\">\n<p data-start=\"1383\" data-end=\"1488\">20 milyar dolarl\u0131k k\u0131sm\u0131n\u0131n, b\u00fcy\u00fcyen kamu y\u00fck\u00fcml\u00fcl\u00fcklerine paralel rezerv ihtiyac\u0131n\u0131 kar\u015f\u0131lamak i\u00e7in,<\/p>\n<\/li>\n<li data-start=\"1489\" data-end=\"1623\">\n<p data-start=\"1491\" data-end=\"1623\">25 milyar dolarl\u0131k k\u0131sm\u0131n\u0131n ise, repo piyasas\u0131nda eriyen rezervleri yeniden doldurmak amac\u0131yla kullan\u0131labilece\u011fi ifade ediliyor.<\/p>\n<\/li>\n<\/ul>\n<p data-start=\"1625\" data-end=\"1849\">Cabana\u2019ya g\u00f6re bu s\u00fcre\u00e7 teknik olarak bir \u201cQE\u201d (parasal geni\u015fleme) olarak adland\u0131r\u0131lmayabilir. Ancak bilan\u00e7o b\u00fcy\u00fcmesi anlam\u0131na geldi\u011fi i\u00e7in piyasaya fiilen yeni likidite giri\u015fi yaratacak bir mekanizma olarak \u00e7al\u0131\u015fabilir.<\/p>\n<figure id=\"attachment_186433\" aria-describedby=\"caption-attachment-186433\" style=\"width: 700px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-186433 size-full\" src=\"https:\/\/coinmuhendisi.com\/blog\/wp-content\/uploads\/2025\/12\/fed-7.jpg\" alt=\"\" width=\"700\" height=\"394\" srcset=\"https:\/\/coinmuhendisi.com\/blog\/wp-content\/uploads\/2025\/12\/fed-7.jpg 700w, https:\/\/coinmuhendisi.com\/blog\/wp-content\/uploads\/2025\/12\/fed-7-300x169.jpg 300w\" sizes=\"auto, (max-width: 700px) 100vw, 700px\" \/><figcaption id=\"caption-attachment-186433\" class=\"wp-caption-text\">Fed 2026 hazine bonosu (T-bill) al\u0131m\u0131 beklentisi<\/figcaption><\/figure>\n<h2 data-start=\"1856\" data-end=\"1914\">\u201cQT Bitti, Likidite Muslu\u011fu Yeniden A\u00e7\u0131labilir\u201d \u0130ddias\u0131<\/h2>\n<p data-start=\"1916\" data-end=\"2071\">Cabana\u2019n\u0131n en dikkat \u00e7eken yorumlar\u0131ndan biri ise niceliksel s\u0131k\u0131la\u015ft\u0131rma (QT) s\u00fcrecinin fiilen sona ermi\u015f olabilece\u011fi y\u00f6n\u00fcndeki de\u011ferlendirmesi. Ona g\u00f6re:<\/p>\n<ul data-start=\"2073\" data-end=\"2241\">\n<li data-start=\"2073\" data-end=\"2168\">\n<p data-start=\"2075\" data-end=\"2168\">Aral\u0131k toplant\u0131s\u0131nda Fed yaln\u0131zca 25 baz puanl\u0131k bir faiz indirimi yapmakla kalmayabilir,<\/p>\n<\/li>\n<li data-start=\"2169\" data-end=\"2241\">\n<p data-start=\"2171\" data-end=\"2241\">Ayn\u0131 zamanda likidite kanal\u0131n\u0131 da sessiz \u015fekilde yeniden a\u00e7abilir.<\/p>\n<\/li>\n<\/ul>\n<p data-start=\"2243\" data-end=\"2291\">Bu senaryo ger\u00e7ekle\u015firse, Ocak ay\u0131ndan itibaren:<\/p>\n<ul data-start=\"2293\" data-end=\"2374\">\n<li data-start=\"2293\" data-end=\"2342\">\n<p data-start=\"2295\" data-end=\"2342\">Ayl\u0131k 40\u201345 milyar dolarl\u0131k T-bill al\u0131mlar\u0131<\/p>\n<\/li>\n<li data-start=\"2343\" data-end=\"2374\">\n<p data-start=\"2345\" data-end=\"2374\">Vadeli repo operasyonlar\u0131<\/p>\n<\/li>\n<\/ul>\n<p data-start=\"2376\" data-end=\"2418\">piyasaya ek rezerv sa\u011flamaya ba\u015flayabilir.<\/p>\n<p data-start=\"2420\" data-end=\"2610\">Resm\u00ee ad\u0131 \u201cQE\u201d olmasa bile, bilan\u00e7o geni\u015flemesi anlam\u0131na gelen bu ad\u0131m; hisse senetleri, kripto varl\u0131klar ve di\u011fer riskli enstr\u00fcmanlar i\u00e7in k\u0131sa vadede g\u00fc\u00e7l\u00fc bir destek unsuru olu\u015fturabilir.<\/p>\n<h2 data-start=\"2617\" data-end=\"2671\">Bu Senaryo Ger\u00e7ekle\u015firse Piyasalara Etkisi Ne Olur?<\/h2>\n<p data-start=\"2673\" data-end=\"2758\">Bu t\u00fcr bir likidite geni\u015flemesi, teknik olarak birka\u00e7 kanaldan piyasaya yans\u0131yabilir:<\/p>\n<ul data-start=\"2760\" data-end=\"2939\">\n<li data-start=\"2760\" data-end=\"2826\">\n<p data-start=\"2762\" data-end=\"2826\">Hazine bonosu al\u0131mlar\u0131, RRP (Ters repo) kullan\u0131m\u0131n\u0131 azalt\u0131r<\/p>\n<\/li>\n<li data-start=\"2827\" data-end=\"2881\">\n<p data-start=\"2829\" data-end=\"2881\">RRP\u2019de \u00e7\u00f6z\u00fclme, net sistem likiditesini art\u0131r\u0131r<\/p>\n<\/li>\n<li data-start=\"2882\" data-end=\"2939\">\n<p data-start=\"2884\" data-end=\"2939\">Artan likidite, riskli varl\u0131k i\u015ftah\u0131n\u0131 g\u00fc\u00e7lendirir<\/p>\n<\/li>\n<\/ul>\n<p data-start=\"3184\" data-end=\"3320\">Ancak yine onun uyar\u0131s\u0131yla, bu tarz ge\u00e7ici likidite destekleri uzun vadede daha b\u00fcy\u00fck de\u011ferleme bask\u0131lar\u0131na da zemin haz\u0131rlayabilir.<\/p>\n<h2 data-start=\"3327\" data-end=\"3362\">Kurumsallar Fed\u2019den Ne Bekliyor?<\/h2>\n<h3 data-start=\"3364\" data-end=\"3390\">Bank of America G\u00f6r\u00fc\u015f\u00fc<\/h3>\n<p data-start=\"3392\" data-end=\"3586\">Bank of America\u2019ya g\u00f6re Fed, temkinli bir ileti\u015fim dili kullanmaya devam etse bile piyasalar Ocak ay\u0131 i\u00e7in daha agresif faiz indirimi beklentilerini \u015fimdiden fiyatlamaya ba\u015flayabilir. Banka:<\/p>\n<ul data-start=\"3588\" data-end=\"3759\">\n<li data-start=\"3588\" data-end=\"3634\">\n<p data-start=\"3590\" data-end=\"3634\">Aral\u0131k ay\u0131nda 25 baz puanl\u0131k bir indirim<\/p>\n<\/li>\n<li data-start=\"3635\" data-end=\"3685\">\n<p data-start=\"3637\" data-end=\"3685\">Ancak ayn\u0131 zamanda daha s\u0131k\u0131 bir y\u00f6nlendirme<\/p>\n<\/li>\n<li data-start=\"3686\" data-end=\"3759\">\n<p data-start=\"3688\" data-end=\"3759\">Ve karar s\u00fcrecinde birka\u00e7 kar\u015f\u0131 oyun da g\u00f6r\u00fclebilece\u011fini \u00f6ng\u00f6r\u00fcyor.<\/p>\n<\/li>\n<\/ul>\n<h3 data-start=\"3766\" data-end=\"3800\">Morgan Stanley De\u011ferlendirmesi<\/h3>\n<p data-start=\"3802\" data-end=\"4085\">Morgan Stanley ise son Fed a\u00e7\u0131klamalar\u0131 ve piyasa fiyatlamalar\u0131n\u0131 dikkate alarak Aral\u0131k toplant\u0131s\u0131nda 25 baz puanl\u0131k faiz indiriminin art\u0131k g\u00fc\u00e7l\u00fc bir ihtimal haline geldi\u011fini ifade ediyor. Bankaya g\u00f6re piyasa beklentileri ile Fed\u2019in ileti\u015fimi aras\u0131ndaki mesafe giderek daral\u0131yor.<\/p>\n<h3 data-start=\"4092\" data-end=\"4126\">Hassett\u2019ten Dikkat \u00c7eken Mesaj<\/h3>\n<p data-start=\"4128\" data-end=\"4397\">Beyaz Saray ekonomi dan\u0131\u015fmanlar\u0131ndan Kevin Hassett de Fed\u2019e y\u00f6nelik de\u011ferlendirmesinde, art\u0131k faiz indirimlerine temkinli \u015fekilde ba\u015flanmas\u0131n\u0131n zaman\u0131n\u0131n geldi\u011fini savunuyor. Bu g\u00f6r\u00fc\u015f, piyasalar\u0131n bekledi\u011fi d\u00f6n\u00fc\u015f sinyalleriyle uyumlu bir mesaj olarak okunuyor.<\/p>\n<h2 data-start=\"4404\" data-end=\"4441\">CME FedWatch Verileri Ne S\u00f6yl\u00fcyor?<\/h2>\n<p data-start=\"4443\" data-end=\"4592\">Vadeli i\u015flemler piyasas\u0131n\u0131n en yak\u0131ndan takip edilen g\u00f6stergelerinden biri olan CME FedWatch Tool verileri, yat\u0131r\u0131mc\u0131lar\u0131n bekl understands slightly:<\/p>\n<ul data-start=\"4594\" data-end=\"4690\">\n<li data-start=\"4594\" data-end=\"4643\">\n<p data-start=\"4596\" data-end=\"4643\">25 baz puan faiz indirimi ihtimali: %87,4<\/p>\n<\/li>\n<li data-start=\"4644\" data-end=\"4690\">\n<p data-start=\"4646\" data-end=\"4690\">Faizin sabit b\u0131rak\u0131lma ihtimali: %12,6<\/p>\n<\/li>\n<\/ul>\n<p>Bu oranlar, Aral\u0131k toplant\u0131s\u0131nda indirimin piyasalar taraf\u0131ndan neredeyse \u201cana senaryo\u201d haline getirildi\u011fini g\u00f6steriyor.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-186431 aligncenter\" src=\"https:\/\/coinmuhendisi.com\/blog\/wp-content\/uploads\/2025\/12\/fed-faiz-1.png\" alt=\"\" width=\"1023\" height=\"470\" srcset=\"https:\/\/coinmuhendisi.com\/blog\/wp-content\/uploads\/2025\/12\/fed-faiz-1.png 1023w, https:\/\/coinmuhendisi.com\/blog\/wp-content\/uploads\/2025\/12\/fed-faiz-1-300x138.png 300w, https:\/\/coinmuhendisi.com\/blog\/wp-content\/uploads\/2025\/12\/fed-faiz-1-768x353.png 768w\" sizes=\"auto, (max-width: 1023px) 100vw, 1023px\" \/><\/p>\n<p data-start=\"5822\" data-end=\"6055\">*Bu i\u00e7erik kesinlikle yat\u0131r\u0131m tavsiyesi niteli\u011fi ta\u015f\u0131mamaktad\u0131r.<\/p>\n<p data-start=\"5822\" data-end=\"6055\">Son dakika kripto para haberleri i\u00e7in\u00a0<span style=\"color: #0000ff;\"><a class=\"darkmysite_processed\" style=\"color: #0000ff;\" href=\"https:\/\/t.me\/coinmuhendisihaber\" data-darkmysite_preserved_bg=\"rgb(16, 18, 19)\" data-darkmysite_preserved_color=\"rgb(254, 216, 43)\">hemen<\/a><a class=\"darkmysite_processed\" style=\"color: #0000ff;\" href=\"https:\/\/t.me\/coinmuhendisihaber\" data-darkmysite_preserved_bg=\"rgb(16, 18, 19)\" data-darkmysite_preserved_color=\"rgb(254, 216, 43)\">\u00a0t\u0131kla<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>ABD Merkez Bankas\u0131\u2019n\u0131n (Fed) para politikas\u0131 son iki y\u0131ld\u0131r k\u00fcresel piyasalar\u0131n ana y\u00f6n belirleyicisi olmaya devam ediyor. Enflasyonla m\u00fccadele, faiz art\u0131\u015flar\u0131, bilan\u00e7o k\u00fc\u00e7\u00fcltme (QT) ve s\u0131k\u0131 finansal ko\u015fullar derken piyasalar uzun s\u00fcredir likiditeye hasret bir d\u00f6nemi ya\u015f\u0131yor. Ancak son g\u00fcnlerde, Fed\u2019e yak\u0131n isimlerden gelen baz\u0131 de\u011ferlendirmeler, bu tablonun de\u011fi\u015febilece\u011fine i\u015faret ediyor. \u00d6zellikle eski New York<\/p>\n","protected":false},"author":103,"featured_media":186428,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9692,1512],"tags":[15817,413,33219,37774,1298,35962,35961,36609,37775],"class_list":["post-186427","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ekonomi-haberleri","category-haber","tag-faiz-indirimi","tag-fed","tag-hazine-bonosu","tag-mark-cabana","tag-powell","tag-qe","tag-qt","tag-repo","tag-t-bill"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.8 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Eski Fed Repo Uzman\u0131 Cabana&#039;dan Kritik Likidite \u0130ddias\u0131! - Coin 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