{"id":3410,"date":"2018-10-04T12:16:35","date_gmt":"2018-10-04T12:16:35","guid":{"rendered":"https:\/\/www.bondvigilantes.com\/francais\/?p=3410"},"modified":"2018-10-22T12:44:00","modified_gmt":"2018-10-22T12:44:00","slug":"us-long-rates-giant-anaconda-turn","status":"publish","type":"post","link":"https:\/\/bondvigilantes.com\/francais\/2018\/10\/us-long-rates-giant-anaconda-turn\/","title":{"rendered":"Taux am\u00e9ricains \u00e0 long terme : retournement en vue de l\u2019anaconda g\u00e9ant ?"},"content":{"rendered":"<p>La partie longue du march\u00e9 des emprunts d\u2019\u00c9tat am\u00e9ricains a souvent \u00e9t\u00e9 d\u00e9crite comme un anaconda g\u00e9ant ; ce dernier attire peu l\u2019attention dans la mesure o\u00f9 il dort la plupart du temps, mais d\u00e8s qu\u2019il se r\u00e9veille, tout le monde autour tremble. L\u2019emprunt d\u2019\u00c9tat am\u00e9ricain \u00e0 30 ans ne mord pas, mais ses mouvements peuvent \u00eatre tout aussi empoisonn\u00e9s en ce sens o\u00f9 ils d\u00e9terminent des millions de taux hypoth\u00e9caires, ainsi que les prix que les gouvernements et les entreprises du monde entier paient pour leurs emprunts. Ce march\u00e9 est-il sur le point d\u2019\u00eatre le t\u00e9moin d\u2019une augmentation de son rendement ?<\/p>\n<p>Jusqu\u2019\u00e0 pr\u00e9sent, le rendement de l\u2019emprunt d\u2019\u00c9tat am\u00e9ricain \u00e0 30 ans a g\u00e9n\u00e9ralement fait sourire les investisseurs &#8211; une progression de 600 points de base au cours des 30 derni\u00e8res ann\u00e9es a rendu l\u2019argent relativement bon march\u00e9, la prime de terme s\u2019est effondr\u00e9e, aplatissant ainsi la courbe des taux \u00e0 des niveaux jamais observ\u00e9s depuis la crise financi\u00e8re de 2007-2008 comme l\u2019illustre le graphique ci-dessous :<\/p>\n<p><a href=\"https:\/\/bondvigilantes.com\/wp-content\/uploads\/sites\/4\/2021\/12\/1-FR-US-long-rates-is-the-giant-anaconda-about-to-turn.FR-VF.png\" data-rel=\"lightbox-gallery-6XV6aLxy\" data-rl_title=\"\" data-rl_caption=\"\" title=\"\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-3473\" src=\"https:\/\/bondvigilantes.com\/wp-content\/uploads\/sites\/4\/2021\/12\/1-FR-US-long-rates-is-the-giant-anaconda-about-to-turn.FR-VF.png\" alt=\"\" width=\"960\" height=\"720\" srcset=\"https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/1-FR-US-long-rates-is-the-giant-anaconda-about-to-turn.FR-VF.png 960w, https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/1-FR-US-long-rates-is-the-giant-anaconda-about-to-turn.FR-VF-300x225.png 300w, https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/1-FR-US-long-rates-is-the-giant-anaconda-about-to-turn.FR-VF-768x576.png 768w\" sizes=\"auto, (max-width: 960px) 100vw, 960px\" \/><\/a><\/p>\n<p>Les investisseurs regardent maintenant cet aplatissement avec angoisse, craignant qu\u2019il n\u2019annonce une r\u00e9cession imminente : lorsque les pr\u00e9c\u00e9dents aplatissements ont conduit \u00e0 une inversion en 2000 et 2006, une r\u00e9cession n\u2019a pas manqu\u00e9 de suivre.<\/p>\n<p>Je ne pense pas que ce soit le cas \u00e0 l\u2019heure actuelle ; plus encore, je crois que nous pourrions bien observer l\u2019inverse. Il y a \u00e0 cela plusieurs raisons :<\/p>\n<p><strong>Des raisons techniques :<\/strong> le rendement de l\u2019emprunt d\u2019\u00c9tat am\u00e9ricain \u00e0 30 ans pourrait reproduire ce qu\u2019a connu celui de l\u2019emprunt d\u2019\u00c9tat am\u00e9ricain \u00e0 10 ans plus t\u00f4t cette ann\u00e9e, un point que <a href=\"https:\/\/bondvigilantes.com\/blog\/2021\/12\/24\/is-this-a-turning-point-for-bonds\/\"><strong>que j\u2019avais abord\u00e9 sur le blog peu de temps avant l\u2019\u00e9volution du march\u00e9<\/strong><\/a> : apr\u00e8s quatre ans \u00e0 essayer de passer le cap des 2,64 %, le rendement \u00e0 10 ans a finalement franchi ce seuil en f\u00e9vrier suite \u00e0 la publication de solides chiffres sur le front des revenus horaires &#8211; enfin un signe d\u2019inflation apr\u00e8s une d\u00e9cennie de prix atones. Ce fut l\u00e0 un changement significatif par rapport aux tendances \u00e0 court et \u00e0 long terme.<\/p>\n<p><a href=\"https:\/\/bondvigilantes.com\/wp-content\/uploads\/sites\/4\/2021\/12\/2-FR-US-long-rates-is-the-giant-anaconda-about-to-turn.FR-VF.png\" data-rel=\"lightbox-gallery-6XV6aLxy\" data-rl_title=\"\" data-rl_caption=\"\" title=\"\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-3475\" src=\"https:\/\/bondvigilantes.com\/wp-content\/uploads\/sites\/4\/2021\/12\/2-FR-US-long-rates-is-the-giant-anaconda-about-to-turn.FR-VF.png\" alt=\"\" width=\"960\" height=\"720\" srcset=\"https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/2-FR-US-long-rates-is-the-giant-anaconda-about-to-turn.FR-VF.png 960w, https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/2-FR-US-long-rates-is-the-giant-anaconda-about-to-turn.FR-VF-300x225.png 300w, https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/2-FR-US-long-rates-is-the-giant-anaconda-about-to-turn.FR-VF-768x576.png 768w\" sizes=\"auto, (max-width: 960px) 100vw, 960px\" \/><\/a><\/p>\n<p>Pourrions-nous observer la m\u00eame chose pour le rendement \u00e0 30 ans qui, par nature, est un peu plus lents \u00e0 \u00e9voluer que le march\u00e9 \u00e0 10 ans plus volatil ? Comme le montre le graphique ci-dessous, l\u2019emprunt d\u2019\u00c9tat am\u00e9ricain \u00e0 30 ans a \u00e9galement enregistr\u00e9 une phase haussi\u00e8re de trois d\u00e9cennies et a \u00e9volu\u00e9 au sein d\u2019une fourchette comprise entre 2 % et 3,25 % au cours des quatre derni\u00e8res ann\u00e9es.<\/p>\n<p><a href=\"https:\/\/bondvigilantes.com\/wp-content\/uploads\/sites\/4\/2021\/12\/3-FR-US-long-rates-is-the-giant-anaconda-about-to-turn.FR-VF.png\" data-rel=\"lightbox-gallery-6XV6aLxy\" data-rl_title=\"\" data-rl_caption=\"\" title=\"\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-3476\" src=\"https:\/\/bondvigilantes.com\/wp-content\/uploads\/sites\/4\/2021\/12\/3-FR-US-long-rates-is-the-giant-anaconda-about-to-turn.FR-VF.png\" alt=\"\" width=\"960\" height=\"720\" srcset=\"https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/3-FR-US-long-rates-is-the-giant-anaconda-about-to-turn.FR-VF.png 960w, https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/3-FR-US-long-rates-is-the-giant-anaconda-about-to-turn.FR-VF-300x225.png 300w, https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/3-FR-US-long-rates-is-the-giant-anaconda-about-to-turn.FR-VF-768x576.png 768w\" sizes=\"auto, (max-width: 960px) 100vw, 960px\" \/><\/a><\/p>\n<p>Je pense que ce niveau pourrait \u00eatre bient\u00f4t franchi : outre l\u2019am\u00e9lioration des perspectives fondamentales (voir ci-dessous), la r\u00e9forme de l\u2019imp\u00f4t sur les soci\u00e9t\u00e9s plus t\u00f4t cette ann\u00e9e a encourag\u00e9 les fonds de pension sous-capitalis\u00e9s \u00e0 acqu\u00e9rir des titres obligataires \u00e0 long terme jusqu\u2019\u00e0 la mi-septembre. C\u2019est pourquoi la demande en faveur de cette classe d\u2019actifs pourrait d\u00e9sormais diminuer et, ce faisant, entra\u00eener une hausse des rendements.<\/p>\n<p><strong>Des raisons fondamentales : <\/strong>cause plus durable que des facteurs d\u00e9clenchants ou techniques potentiels, je pense que la hausse des taux longs am\u00e9ricains pourrait \u00eatre le reflet naturel d\u2019une \u00e9conomie robuste. Bien qu\u2019elle ne progresse pas \u00e0 un rythme spectaculaire, l\u2019\u00e9conomie am\u00e9ricaine produit n\u00e9anmoins des statistiques positives, une situation qui pourrait bient\u00f4t g\u00e9n\u00e9rer davantage d\u2019inflation, ce qui est g\u00e9n\u00e9ralement le signe pr\u00e9curseur d\u2019une augmentation des rendements. Voyons ce que le march\u00e9 du travail nous enseigne.<\/p>\n<p><a href=\"https:\/\/bondvigilantes.com\/wp-content\/uploads\/sites\/4\/2021\/12\/4-FR-US-long-rates-is-the-giant-anaconda-about-to-turn.FR-VF.png\" data-rel=\"lightbox-gallery-6XV6aLxy\" data-rl_title=\"\" data-rl_caption=\"\" title=\"\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-3477\" src=\"https:\/\/bondvigilantes.com\/wp-content\/uploads\/sites\/4\/2021\/12\/4-FR-US-long-rates-is-the-giant-anaconda-about-to-turn.FR-VF.png\" alt=\"\" width=\"960\" height=\"720\" srcset=\"https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/4-FR-US-long-rates-is-the-giant-anaconda-about-to-turn.FR-VF.png 960w, https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/4-FR-US-long-rates-is-the-giant-anaconda-about-to-turn.FR-VF-300x225.png 300w, https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/4-FR-US-long-rates-is-the-giant-anaconda-about-to-turn.FR-VF-768x576.png 768w\" sizes=\"auto, (max-width: 960px) 100vw, 960px\" \/><\/a><\/p>\n<p>Le graphique indique que les entreprises am\u00e9ricaines ont revu \u00e0 la hausse leurs projets d\u2019embauche, au m\u00eame moment o\u00f9 il leur faut plus de temps pour trouver de nouveaux talents. Nous savons tous qu\u2019un march\u00e9 du travail tendu contribue g\u00e9n\u00e9ralement \u00e0 une acc\u00e9l\u00e9ration de l\u2019inflation et, \u00e0 terme, \u00e0 une hausse des taux. Fait int\u00e9ressant, le g\u00e9ant de la technologie Amazon vient d\u2019annoncer une augmentation de salaire pour ses employ\u00e9s, un signe clair attestant du caract\u00e8re tendu du march\u00e9 \u2013 s\u2019il y a bien quelqu\u2019un qui conna\u00eet les perspectives de l\u2019\u00e9conomie et sait \u00e0 quel point les march\u00e9s du travail sont tendus, c\u2019est bien Amazon. Peut-\u00eatre qu\u2019Amazon fournit un autre indice du r\u00e9veil de l\u2019anaconda, de la hausse des taux qui se profile.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>La partie longue du march\u00e9 des emprunts d\u2019\u00c9tat am\u00e9ricains a souvent \u00e9t\u00e9 d\u00e9crite comme un anaconda g\u00e9ant ; ce dernier attire peu l\u2019attention dans la mesure o\u00f9 il dort la plupart du temps, mais d\u00e8s qu\u2019il se r\u00e9veille, tout le monde autour tremble. L\u2019emprunt d\u2019\u00c9tat am\u00e9ricain \u00e0 30 ans ne mord pas, mais ses mouvements peuvent \u00eatre tout aussi empoisonn\u00e9s en ce sens o\u00f9 ils d\u00e9terminent des millions de taux hypoth\u00e9caires, ainsi que les prix que les gouvernements et les entreprises du monde entier paient&#8230;<\/p>\n","protected":false},"author":3,"featured_media":3473,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[242,232],"tags":[289,218],"class_list":["post-3410","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-courbe-de-rendement","category-tresors","tag-bonds","tag-us"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v25.8 (Yoast SEO v27.6) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Taux am\u00e9ricains \u00e0 long terme : retournement en vue de l\u2019anaconda g\u00e9ant ? - Francais<\/title>\n<meta name=\"description\" content=\"La partie longue du march\u00e9 des emprunts d\u2019\u00c9tat am\u00e9ricains a souvent \u00e9t\u00e9 d\u00e9crite comme un anaconda g\u00e9ant ; ce dernier attire peu l\u2019attention dans la mesure\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/bondvigilantes.com\/francais\/2018\/10\/us-long-rates-giant-anaconda-turn\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Richard Woolnough\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/2018\\\/10\\\/us-long-rates-giant-anaconda-turn\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/2018\\\/10\\\/us-long-rates-giant-anaconda-turn\\\/\"},\"author\":{\"name\":\"Richard Woolnough\",\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/#\\\/schema\\\/person\\\/37ed0b3c35627328e05e569614ba3086\"},\"headline\":\"Taux am\u00e9ricains \u00e0 long terme : retournement en vue de l\u2019anaconda g\u00e9ant ?\",\"datePublished\":\"2018-10-04T12:16:35+00:00\",\"dateModified\":\"2018-10-22T12:44:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/2018\\\/10\\\/us-long-rates-giant-anaconda-turn\\\/\"},\"wordCount\":760,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/2018\\\/10\\\/us-long-rates-giant-anaconda-turn\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/wp-content\\\/uploads\\\/sites\\\/4\\\/2021\\\/12\\\/1-FR-US-long-rates-is-the-giant-anaconda-about-to-turn.FR-VF.png\",\"keywords\":[\"Bonds\",\"US\"],\"articleSection\":[\"courbe de rendement\",\"Tr\u00e9sors\"],\"inLanguage\":\"fr-FR\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/2018\\\/10\\\/us-long-rates-giant-anaconda-turn\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/2018\\\/10\\\/us-long-rates-giant-anaconda-turn\\\/\",\"url\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/2018\\\/10\\\/us-long-rates-giant-anaconda-turn\\\/\",\"name\":\"Taux am\u00e9ricains \u00e0 long terme : retournement en vue de l\u2019anaconda g\u00e9ant ? 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