{"id":4453,"date":"2026-01-05T13:42:44","date_gmt":"2026-01-05T10:12:44","guid":{"rendered":"https:\/\/deltafx.com\/blog\/?p=4453"},"modified":"2026-01-26T12:41:30","modified_gmt":"2026-01-26T09:11:30","slug":"ecb-monetary-policy-real-rate-2026-analysis","status":"publish","type":"post","link":"https:\/\/deltafx.com/blog\/fa\/ecb-monetary-policy-real-rate-2026-analysis\/","title":{"rendered":"\u062a\u0648\u0631\u0645\u060c \u0628\u0647\u0631\u0647 \u0648 \u0633\u06cc\u0627\u0633\u062a \u067e\u0648\u0644\u06cc\u061b \u0645\u0639\u0627\u062f\u0644\u0647 \u062a\u0627\u0632\u0647 ECB \u062f\u0631 \u0633\u0627\u0644 \u06f2\u06f0\u06f2\u06f6"},"content":{"rendered":"<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">\u062f\u0631 \u0622\u063a\u0627\u0632 \u0633\u0627\u0644 \u06f2\u06f0\u06f2\u06f6\u060c \u0628\u0627\u0632\u0646\u06af\u0631\u06cc \u062f\u0631 \u0646\u062d\u0648\u0647 \u0648\u0627\u06a9\u0646\u0634 \u0628\u0627\u0646\u06a9 \u0645\u0631\u06a9\u0632\u06cc \u0627\u0631\u0648\u067e\u0627 (ECB) \u0628\u0647 \u062a\u063a\u06cc\u06cc\u0631\u0627\u062a \u0627\u0642\u062a\u0635\u0627\u062f\u06cc\u060c \u062a\u0635\u0648\u06cc\u0631 \u062f\u0642\u06cc\u0642\u200c\u062a\u0631\u06cc \u0627\u0632 \u0645\u0646\u0637\u0642 \u0633\u06cc\u0627\u0633\u062a \u067e\u0648\u0644\u06cc \u0627\u06cc\u0646 \u0646\u0647\u0627\u062f \u0627\u0631\u0627\u0626\u0647 \u0645\u06cc\u200c\u062f\u0647\u062f. \u0628\u0631\u0631\u0633\u06cc\u200c\u0647\u0627\u06cc \u062c\u062f\u06cc\u062f \u0646\u0634\u0627\u0646 \u0645\u06cc\u200c\u062f\u0647\u062f \u067e\u0633 \u0627\u0632 \u067e\u0627\u06cc\u0627\u0646 \u062f\u0648\u0631\u0647 \u0637\u0648\u0644\u0627\u0646\u06cc \u0646\u0631\u062e\u200c\u0647\u0627\u06cc \u0628\u0647\u0631\u0647 \u0646\u0632\u062f\u06cc\u06a9 \u0628\u0647 \u0635\u0641\u0631\u060c \u0646\u0631\u062e \u0628\u0647\u0631\u0647 \u0648\u0627\u0642\u0639\u06cc \u0628\u0647 \u0645\u062a\u063a\u06cc\u0631 \u06a9\u0644\u06cc\u062f\u06cc \u062f\u0631 \u062a\u0635\u0645\u06cc\u0645\u200c\u06af\u06cc\u0631\u06cc\u200c\u0647\u0627\u06cc ECB \u062a\u0628\u062f\u06cc\u0644 \u0634\u062f\u0647 \u0627\u0633\u062a. \u0628\u0631 \u0627\u0633\u0627\u0633 \u062f\u0627\u062f\u0647\u200c\u0647\u0627 \u0648 \u0645\u062f\u0644 \u062a\u062d\u0644\u06cc\u0644\u06cc\u060c \u0646\u0631\u062e \u0628\u0647\u0631\u0647 \u0648\u0627\u0642\u0639\u06cc \u062e\u0646\u062b\u06cc \u06cc\u0627 \u0647\u0645\u0627\u0646 r* \u062f\u0631 \u0645\u062d\u062f\u0648\u062f\u0647 \u0645\u0646\u0641\u06cc \u06f0\u066b\u06f3 \u062f\u0631\u0635\u062f \u0628\u0631\u0622\u0648\u0631\u062f \u0645\u06cc\u200c\u0634\u0648\u062f.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">\u062a\u0627\u0628\u0639 \u0648\u0627\u06a9\u0646\u0634 \u0628\u0627\u0646\u06a9 \u0645\u0631\u06a9\u0632\u06cc \u0627\u06af\u0631\u0686\u0647 \u062c\u0627\u06cc\u06af\u0632\u06cc\u0646 \u062a\u062d\u0644\u06cc\u0644 \u0639\u0645\u06cc\u0642 \u0627\u0642\u062a\u0635\u0627\u062f\u06cc \u0646\u06cc\u0633\u062a\u060c \u0627\u0645\u0627 \u0628\u0647\u200c\u0639\u0646\u0648\u0627\u0646 \u06cc\u06a9 \u0645\u0639\u06cc\u0627\u0631 \u0645\u0642\u0627\u06cc\u0633\u0647\u200c\u0627\u06cc \u0645\u0646\u0638\u0645 \u0639\u0645\u0644 \u0645\u06cc\u200c\u06a9\u0646\u062f \u0648 \u06a9\u0645\u06a9 \u0645\u06cc\u200c\u06a9\u0646\u062f \u062a\u0635\u0645\u06cc\u0645\u200c\u0647\u0627\u06cc \u0641\u0639\u0644\u06cc \u0628\u0627 \u0631\u0641\u062a\u0627\u0631 \u06af\u0630\u0634\u062a\u0647 \u0633\u06cc\u0627\u0633\u062a\u200c\u06af\u0630\u0627\u0631\u0627\u0646 \u0633\u0646\u062c\u06cc\u062f\u0647 \u0634\u0648\u062f. \u0627\u06cc\u0646 \u0686\u0627\u0631\u0686\u0648\u0628 \u0645\u0634\u062e\u0635 \u0645\u06cc\u200c\u06a9\u0646\u062f \u06a9\u0647 \u0622\u06cc\u0627 \u0633\u06cc\u0627\u0633\u062a \u067e\u0648\u0644\u06cc \u062f\u0631 \u0645\u0642\u0637\u0639 \u06a9\u0646\u0648\u0646\u06cc \u062a\u0647\u0627\u062c\u0645\u06cc\u060c \u0645\u062d\u062a\u0627\u0637\u0627\u0646\u0647 \u06cc\u0627 \u0647\u0645\u200c\u0631\u0627\u0633\u062a\u0627 \u0628\u0627 \u0627\u0644\u06af\u0648\u06cc \u062a\u0627\u0631\u06cc\u062e\u06cc ECB \u0628\u0648\u062f\u0647 \u0627\u0633\u062a.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">\u062f\u0644\u06cc\u0644 \u0627\u0635\u0644\u06cc \u0628\u0627\u0632\u0646\u06af\u0631\u06cc \u062f\u0631 \u0627\u06cc\u0646 \u0645\u062f\u0644\u060c \u062a\u063a\u06cc\u06cc\u0631 \u0631\u0698\u06cc\u0645 \u0633\u06cc\u0627\u0633\u062a \u067e\u0648\u0644\u06cc \u062f\u0631 \u0633\u0627\u0644\u200c\u0647\u0627\u06cc \u0627\u062e\u06cc\u0631 \u0627\u0633\u062a. \u0627\u0632 \u0633\u0627\u0644 \u06f2\u06f0\u06f0\u06f9 \u062a\u0627 \u06f2\u06f0\u06f2\u06f2\u060c \u0646\u0631\u062e\u200c\u0647\u0627\u06cc \u0628\u0647\u0631\u0647 \u0639\u0645\u0644\u0627\u064b \u062f\u0631 \u06a9\u0641 \u0642\u0631\u0627\u0631 \u062f\u0627\u0634\u062a\u0646\u062f \u0648 ECB \u0628\u06cc\u0634\u062a\u0631 \u0646\u0642\u0634 \u062a\u0639\u06cc\u06cc\u0646\u200c\u06a9\u0646\u0646\u062f\u0647 \u00ab\u062d\u062f\u0627\u0642\u0644 \u0646\u0631\u062e\u00bb \u0631\u0627 \u0627\u06cc\u0641\u0627 \u0645\u06cc\u200c\u06a9\u0631\u062f. \u0627\u0645\u0627 \u0627\u0632 \u062a\u0627\u0628\u0633\u062a\u0627\u0646 \u06f2\u06f0\u06f2\u06f2 \u0648 \u0628\u0627 \u0627\u0648\u062c\u200c\u06af\u06cc\u0631\u06cc \u062a\u0648\u0631\u0645\u060c \u0628\u0627\u0646\u06a9 \u0645\u0631\u06a9\u0632\u06cc \u0627\u0631\u0648\u067e\u0627 \u062f\u0648\u0628\u0627\u0631\u0647 \u0628\u0647 \u0627\u0633\u062a\u0641\u0627\u062f\u0647 \u0641\u0639\u0627\u0644 \u0627\u0632 \u0646\u0631\u062e \u0628\u0647\u0631\u0647 \u0631\u0648\u06cc \u0622\u0648\u0631\u062f. \u062a\u0631\u06a9\u06cc\u0628 \u0627\u06cc\u0646 \u062f\u0648 \u062f\u0648\u0631\u0647 \u0645\u062a\u0641\u0627\u0648\u062a \u062f\u0631 \u06cc\u06a9 \u0645\u062f\u0644 \u0648\u0627\u062d\u062f\u060c \u062a\u0635\u0648\u06cc\u0631 \u062f\u0642\u06cc\u0642\u06cc \u0627\u0632 \u0631\u0641\u062a\u0627\u0631 \u06a9\u0646\u0648\u0646\u06cc \u0633\u06cc\u0627\u0633\u062a \u067e\u0648\u0644\u06cc \u0627\u0631\u0627\u0626\u0647 \u0646\u0645\u06cc\u200c\u062f\u0627\u062f.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">\u062f\u0631 \u062a\u062d\u0644\u06cc\u0644 \u062c\u062f\u06cc\u062f\u060c \u062a\u0645\u0631\u06a9\u0632 \u062a\u0646\u0647\u0627 \u0628\u0631 \u062f\u0648\u0631\u0647\u200c\u0627\u06cc \u06af\u0630\u0627\u0634\u062a\u0647 \u0634\u062f\u0647 \u06a9\u0647 ECB \u0628\u0627\u0631 \u062f\u06cc\u06af\u0631 \u0646\u0631\u062e \u0628\u0647\u0631\u0647 \u0631\u0627 \u0628\u0647\u200c\u0639\u0646\u0648\u0627\u0646 \u0627\u0628\u0632\u0627\u0631 \u0627\u0635\u0644\u06cc \u0633\u06cc\u0627\u0633\u062a \u067e\u0648\u0644\u06cc \u0628\u0647 \u06a9\u0627\u0631 \u06af\u0631\u0641\u062a\u0647 \u0627\u0633\u062a. \u0646\u062a\u0627\u06cc\u062c \u0646\u0634\u0627\u0646 \u0645\u06cc\u200c\u062f\u0647\u062f \u062a\u063a\u06cc\u06cc\u0631\u0627\u062a \u0646\u0631\u062e \u0628\u0647\u0631\u0647 \u0628\u06cc\u0634 \u0627\u0632 \u0647\u0631 \u0639\u0627\u0645\u0644 \u062f\u06cc\u06af\u0631\u06cc \u0628\u0647 \u062a\u0648\u0631\u0645 \u0647\u0633\u062a\u0647 \u0648 \u0633\u0637\u062d \u0646\u0631\u062e \u0628\u0647\u0631\u0647 \u0648\u0627\u0642\u0639\u06cc \u0648\u0627\u0628\u0633\u062a\u0647 \u0627\u0633\u062a. \u0628\u0647 \u0628\u06cc\u0627\u0646 \u0633\u0627\u062f\u0647\u060c \u0632\u0645\u0627\u0646\u06cc \u06a9\u0647 \u0646\u0631\u062e \u0628\u0647\u0631\u0647 \u0648\u0627\u0642\u0639\u06cc \u0628\u06cc\u0634 \u0627\u0632 \u062d\u062f \u067e\u0627\u06cc\u06cc\u0646 \u0628\u0627\u0634\u062f\u060c ECB \u0646\u0631\u062e\u200c\u0647\u0627 \u0631\u0627 \u0627\u0641\u0632\u0627\u06cc\u0634 \u0645\u06cc\u200c\u062f\u0647\u062f \u0648 \u0632\u0645\u0627\u0646\u06cc \u06a9\u0647 \u0627\u06cc\u0646 \u0646\u0631\u062e \u0628\u06cc\u0634 \u0627\u0632 \u062d\u062f \u0628\u0627\u0644\u0627 \u0628\u0627\u0634\u062f\u060c \u0628\u0647 \u06a9\u0627\u0647\u0634 \u0622\u0646 \u062a\u0645\u0627\u06cc\u0644 \u067e\u06cc\u062f\u0627 \u0645\u06cc\u200c\u06a9\u0646\u062f.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">\u0628\u0631 \u0627\u0633\u0627\u0633 \u0645\u06cc\u0627\u0646\u06af\u06cc\u0646 \u0646\u0631\u062e \u0628\u0647\u0631\u0647 \u0648\u0627\u0642\u0639\u06cc \u0627\u0632 \u0698\u0648\u0626\u0646 \u06f2\u06f0\u06f2\u06f5 \u062a\u0627\u06a9\u0646\u0648\u0646 \u0648 \u0647\u0645\u0686\u0646\u06cc\u0646 \u0628\u0631\u0622\u0648\u0631\u062f \u0645\u062f\u0644\u060c \u0646\u0631\u062e \u062e\u0646\u062b\u06cc \u0648\u0627\u0642\u0639\u06cc \u062f\u0631 \u0645\u062d\u062f\u0648\u062f\u0647 \u0645\u0646\u0641\u06cc \u06f0\u066b\u06f3 \u062f\u0631\u0635\u062f \u0642\u0631\u0627\u0631 \u062f\u0627\u0631\u062f\u061b \u0647\u0631 \u0686\u0646\u062f \u062f\u0627\u0645\u0646\u0647 \u0639\u062f\u0645 \u0642\u0637\u0639\u06cc\u062a \u0647\u0645\u0686\u0646\u0627\u0646 \u0628\u0627\u0644\u0627\u0633\u062a. \u0627\u06cc\u0646 \u0645\u0648\u0636\u0648\u0639 \u0646\u0634\u0627\u0646 \u0645\u06cc\u200c\u062f\u0647\u062f \u062a\u0627 \u0632\u0645\u0627\u0646\u06cc \u06a9\u0647 \u0646\u0631\u062e \u0628\u0647\u0631\u0647 \u0648\u0627\u0642\u0639\u06cc \u0628\u0647 \u0627\u06cc\u0646 \u0633\u0637\u062d \u0646\u0632\u062f\u06cc\u06a9 \u0628\u0627\u0634\u062f\u060c \u0633\u06cc\u0627\u0633\u062a \u067e\u0648\u0644\u06cc ECB \u0627\u062d\u062a\u0645\u0627\u0644\u0627\u064b \u0628\u0627 \u0627\u062d\u062a\u06cc\u0627\u0637 \u0648 \u06af\u0627\u0645\u200c\u0647\u0627\u06cc \u0645\u062d\u062f\u0648\u062f \u0627\u062f\u0627\u0645\u0647 \u062e\u0648\u0627\u0647\u062f \u06cc\u0627\u0641\u062a \u0648 \u062a\u0635\u0645\u06cc\u0645\u200c\u0647\u0627\u06cc \u0628\u0632\u0631\u06af \u062a\u0646\u0647\u0627 \u062f\u0631 \u0635\u0648\u0631\u062a \u062a\u063a\u06cc\u06cc\u0631 \u062c\u062f\u06cc \u0645\u0633\u06cc\u0631 \u062a\u0648\u0631\u0645 \u06cc\u0627 \u0628\u0627\u0632\u0646\u06af\u0631\u06cc \u062f\u0631 \u0628\u0631\u0622\u0648\u0631\u062f \u0646\u0631\u062e \u062e\u0646\u062b\u06cc \u0627\u062a\u062e\u0627\u0630 \u0645\u06cc\u200c\u0634\u0648\u062f.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"font-weight: 400;\">\u062f\u0631 \u0645\u062c\u0645\u0648\u0639\u060c \u0627\u06cc\u0646 \u0686\u0627\u0631\u0686\u0648\u0628 \u062a\u062d\u0644\u06cc\u0644\u06cc \u0633\u0627\u062f\u0647 \u0627\u0645\u0627 \u06a9\u0627\u0631\u0628\u0631\u062f\u06cc\u060c \u0627\u0628\u0632\u0627\u0631 \u0645\u0646\u0627\u0633\u0628\u06cc \u0628\u0631\u0627\u06cc \u062f\u0631\u06a9 \u062c\u0647\u062a \u0648 \u0633\u0631\u0639\u062a \u062a\u0635\u0645\u06cc\u0645\u200c\u0647\u0627\u06cc \u0622\u06cc\u0646\u062f\u0647 \u0628\u0627\u0646\u06a9 \u0645\u0631\u06a9\u0632\u06cc \u0627\u0631\u0648\u067e\u0627 \u0641\u0631\u0627\u0647\u0645 \u0645\u06cc\u200c\u06a9\u0646\u062f\u061b \u0628\u0647\u200c\u0648\u06cc\u0698\u0647 \u062f\u0631 \u062f\u0648\u0631\u0647\u200c\u0627\u06cc \u06a9\u0647 \u0628\u0627\u0632\u0627\u0631\u0647\u0627 \u0646\u0633\u0628\u062a \u0628\u0647 \u0633\u06cc\u0627\u0633\u062a \u067e\u0648\u0644\u06cc \u062d\u0633\u0627\u0633\u200c\u062a\u0631 \u0627\u0632 \u0647\u0645\u06cc\u0634\u0647 \u0647\u0633\u062a\u0646\u062f.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u062f\u0631 \u0622\u063a\u0627\u0632 \u0633\u0627\u0644 \u06f2\u06f0\u06f2\u06f6\u060c \u0628\u0627\u0632\u0646\u06af\u0631\u06cc \u062f\u0631 \u0646\u062d\u0648\u0647 \u0648\u0627\u06a9\u0646\u0634 \u0628\u0627\u0646\u06a9 \u0645\u0631\u06a9\u0632\u06cc \u0627\u0631\u0648\u067e\u0627 (ECB) \u0628\u0647 \u062a\u063a\u06cc\u06cc\u0631\u0627\u062a \u0627\u0642\u062a\u0635\u0627\u062f\u06cc\u060c \u062a\u0635\u0648\u06cc\u0631 \u062f\u0642\u06cc\u0642\u200c\u062a\u0631\u06cc \u0627\u0632 \u0645\u0646\u0637\u0642 \u0633\u06cc\u0627\u0633\u062a \u067e\u0648\u0644\u06cc \u0627\u06cc\u0646 \u0646\u0647\u0627\u062f \u0627\u0631\u0627\u0626\u0647 \u0645\u06cc\u200c\u062f\u0647\u062f. \u0628\u0631\u0631\u0633\u06cc\u200c\u0647\u0627\u06cc \u062c\u062f\u06cc\u062f \u0646\u0634\u0627\u0646 \u0645\u06cc\u200c\u062f\u0647\u062f \u067e\u0633 \u0627\u0632 \u067e\u0627\u06cc\u0627\u0646 \u062f\u0648\u0631\u0647 \u0637\u0648\u0644\u0627\u0646\u06cc \u0646\u0631\u062e\u200c\u0647\u0627\u06cc \u0628\u0647\u0631\u0647 \u0646\u0632\u062f\u06cc\u06a9 \u0628\u0647 \u0635\u0641\u0631\u060c \u0646\u0631\u062e \u0628\u0647\u0631\u0647 \u0648\u0627\u0642\u0639\u06cc \u0628\u0647 \u0645\u062a\u063a\u06cc\u0631 \u06a9\u0644\u06cc\u062f\u06cc \u062f\u0631 \u062a\u0635\u0645\u06cc\u0645\u200c\u06af\u06cc\u0631\u06cc\u200c\u0647\u0627\u06cc ECB \u062a\u0628\u062f\u06cc\u0644 \u0634\u062f\u0647 \u0627\u0633\u062a. \u0628\u0631 \u0627\u0633\u0627\u0633 \u062f\u0627\u062f\u0647\u200c\u0647\u0627 \u0648 [&hellip;]<\/p>\n","protected":false},"author":14,"featured_media":4455,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[],"class_list":["post-4453","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-fa"],"_links":{"self":[{"href":"https:\/\/deltafx.com/blog\/wp-json\/wp\/v2\/posts\/4453","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/deltafx.com/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/deltafx.com/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/deltafx.com/blog\/wp-json\/wp\/v2\/users\/14"}],"replies":[{"embeddable":true,"href":"https:\/\/deltafx.com/blog\/wp-json\/wp\/v2\/comments?post=4453"}],"version-history":[{"count":1,"href":"https:\/\/deltafx.com/blog\/wp-json\/wp\/v2\/posts\/4453\/revisions"}],"predecessor-version":[{"id":4456,"href":"https:\/\/deltafx.com/blog\/wp-json\/wp\/v2\/posts\/4453\/revisions\/4456"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/deltafx.com/blog\/wp-json\/wp\/v2\/media\/4455"}],"wp:attachment":[{"href":"https:\/\/deltafx.com/blog\/wp-json\/wp\/v2\/media?parent=4453"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/deltafx.com/blog\/wp-json\/wp\/v2\/categories?post=4453"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/deltafx.com/blog\/wp-json\/wp\/v2\/tags?post=4453"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}