{"id":992,"date":"2015-08-11T08:40:48","date_gmt":"2015-08-11T08:40:48","guid":{"rendered":"https:\/\/www.bondvigilantes.com\/francais\/?p=992"},"modified":"2015-08-18T11:15:32","modified_gmt":"2015-08-18T11:15:32","slug":"economists-predict-fed-rate-hike-can-learn-anything-2013-fed-fake","status":"publish","type":"post","link":"https:\/\/bondvigilantes.com\/francais\/2015\/08\/economists-predict-fed-rate-hike-can-learn-anything-2013-fed-fake\/","title":{"rendered":"Alors que les \u00e9conomistes pr\u00e9disent une hausse des taux de la Fed, y a-t-il des enseignements \u00e0 tirer du \u00ab Fed Fake \u00bb de 2013 ?"},"content":{"rendered":"<p>Trente-cinq des quarante-et-un \u00e9conomistes interrog\u00e9s par Bloomberg s\u2019attendent actuellement \u00e0 ce que le FOMC rel\u00e8ve le taux des fonds f\u00e9d\u00e9raux le 17 septembre prochain, engageant ainsi une p\u00e9riode de normalisation de la politique de la Fed. La plupart d\u2019entre eux s\u2019appuient sur le communiqu\u00e9 de juillet du FOMC qui signale une am\u00e9lioration des donn\u00e9es en juin et indique certains progr\u00e8s dans les conditions n\u00e9cessaires \u00e0 un rel\u00e8vement. Ces \u00e9conomistes qui pr\u00e9voient une hausse des taux vous diront que l\u2019\u00e9conomie am\u00e9ricaine se reprend apr\u00e8s le ralentissement observ\u00e9 cet hiver, que le march\u00e9 de l\u2019emploi continue de s\u2019am\u00e9liorer et que l\u2019inflation de base fait preuve d\u2019une relative inertie (l\u2019indice PCE de base s\u2019\u00e9tablit \u00e0 1,3\u00a0% en glissement annuel), permettant ainsi au FOMC d\u2019engager le long processus d\u2019inversion de sa politique mon\u00e9taire ultra accommodante.<\/p>\n<p>Les march\u00e9s, de leur c\u00f4t\u00e9, tablent \u00e0 50\u00a0% sur la possibilit\u00e9 d\u2019une hausse des taux. Rien n\u2019est encore jou\u00e9 en ce qui concerne le mois de septembre, notamment apr\u00e8s la publication vendredi dernier du rapport concernant l\u2019indice du co\u00fbt de la main-d\u2019\u0153uvre (ECI). La hausse de 0,2\u00a0% de l\u2019indice ECI en juin a mis fin \u00e0 un mouvement d\u2019acc\u00e9l\u00e9ration des salaires engag\u00e9 il y a un an. Pour un FOMC qui surveille de pr\u00e8s les conditions du march\u00e9 de l\u2019emploi, la faiblesse des donn\u00e9es de l\u2019ECI jette un doute sur les pr\u00e9visions des \u00e9conomistes.<\/p>\n<p>Il y a deux ans \u00e0 peine, de nombreux \u00e9conomistes se mordaient les doigts d\u2019avoir pr\u00e9dit que la Fed r\u00e9duirait le programme d\u2019achat d\u2019actifs mis en place dans le cadre de sa politique d\u2019assouplissement quantitatif. \u00c0 l\u2019\u00e9poque, l\u2019immense majorit\u00e9 d\u2019entre eux estimait que Ben Bernanke avait signal\u00e9 cette r\u00e9duction d\u00e8s mai 2013 et beaucoup avaient int\u00e9gr\u00e9 ce facteur dans leurs pr\u00e9visions. Au final, la Fed d\u00e9cida de ne pas intervenir, les milieux \u00e9conomiques et financiers se livr\u00e8rent \u00e0 un examen de conscience et on inventa une expression accrocheuse (\u00ab\u00a0Fed Fake\u00a0\u00bb) pour tenter de tourner \u00e0 la l\u00e9g\u00e8re le fait que la plupart des \u00e9conomistes s\u2019\u00e9taient tromp\u00e9s.<\/p>\n<p>La Fed n\u2019a eu de cesse de r\u00e9p\u00e9ter que la politique mon\u00e9taire d\u00e9pendait des donn\u00e9es et qu\u2019elle n\u2019\u00e9tait pas d\u00e9termin\u00e9e \u00e0 l\u2019avance. Le rapport sur l\u2019emploi publi\u00e9 vendredi sera extr\u00eamement important dans la d\u00e9cision de la Fed de relever ou non ses taux &#8211; tout semble se jouer sur ce point. Mais n\u2019y a-t-il pas des enseignements \u00e0 tirer du <a href=\"https:\/\/bondvigilantes.com\/blog\/2021\/12\/19\/the-fed-didnt-taper-whats-next-for-us-monetary-policy-and-bond-markets\/\">comportement<\/a> de la Fed en septembre 2013, qui a surpris les march\u00e9s en d\u00e9cidant de poursuivre sa politique d\u2019assouplissement quantitatif\u00a0?<\/p>\n<p><a href=\"https:\/\/bondvigilantes.com\/wp-content\/uploads\/sites\/4\/2021\/12\/2015-08-us-blog_FR11.png\" data-rel=\"lightbox-gallery-JbsngoSe\" data-rl_title=\"\" data-rl_caption=\"\" title=\"\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-1003\" src=\"https:\/\/bondvigilantes.com\/wp-content\/uploads\/sites\/4\/2021\/12\/2015-08-us-blog_FR11.png\" alt=\"2015-08 us blog_FR1\" width=\"960\" height=\"720\" srcset=\"https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/2015-08-us-blog_FR11.png 960w, https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/2015-08-us-blog_FR11-300x225.png 300w\" sizes=\"auto, (max-width: 960px) 100vw, 960px\" \/><\/a><\/p>\n<p>\u00c0 la lueur d\u2019un certain nombre de donn\u00e9es \u00e9conomiques int\u00e9rieures, il semble que l\u2019\u00e9conomie am\u00e9ricaine b\u00e9n\u00e9ficie d\u2019une meilleure assise qu\u2019en septembre 2013. La croissance est solide, le taux de ch\u00f4mage est faible, la confiance des consommateurs est plus \u00e9lev\u00e9e et l\u2019ISM signale que l\u2019expansion de l\u2019\u00e9conomie devrait se poursuivre. Malheureusement pour ceux qui appellent \u00e0 un rel\u00e8vement des taux, l\u2019inflation est beaucoup plus faible, les ventes au d\u00e9tail sont stables et les vents contraires li\u00e9s au dollar US devraient continuer de souffler sur les entreprises am\u00e9ricaines pendant encore un certain temps. Par ailleurs, le contexte \u00e9conomique mondial est moins porteur qu\u2019en 2013 compte tenu des pr\u00e9occupations concernant la croissance \u00e9conomique chinoise et l\u2019affaiblissement des march\u00e9s \u00e9mergents qui en d\u00e9coule, des risques de retomb\u00e9es en Europe li\u00e9s \u00e0 l\u2019incertitude entourant la Gr\u00e8ce et de la possibilit\u00e9 qu\u2019un r\u00e9f\u00e9rendum sur l\u2019Europe soit organis\u00e9 au Royaume-Uni en 2016.<\/p>\n<p><a href=\"https:\/\/bondvigilantes.com\/wp-content\/uploads\/sites\/4\/2021\/12\/2015-08-us-blog_FR21.png\" data-rel=\"lightbox-gallery-JbsngoSe\" data-rl_title=\"\" data-rl_caption=\"\" title=\"\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-1004\" src=\"https:\/\/bondvigilantes.com\/wp-content\/uploads\/sites\/4\/2021\/12\/2015-08-us-blog_FR21.png\" alt=\"2015-08 us blog_FR2\" width=\"960\" height=\"720\" srcset=\"https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/2015-08-us-blog_FR21.png 960w, https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/2015-08-us-blog_FR21-300x225.png 300w\" sizes=\"auto, (max-width: 960px) 100vw, 960px\" \/><\/a><\/p>\n<p>Cette analyse sugg\u00e8re que le rel\u00e8vement des taux de la Fed en septembre est loin d\u2019\u00eatre acquis. Les \u00e9conomistes interrog\u00e9s par Bloomberg pr\u00e9f\u00e8rent vraisemblablement se fondre dans la foule et suivre le mouvement. Personnellement, je pense que le fait de savoir si la Fed rel\u00e8vera ou non ses taux est moins important que celui de d\u00e9terminer o\u00f9 se trouve le taux final des fonds f\u00e9d\u00e9raux dans un cycle potentiel de hausse des taux. Il est probable que le resserrement de la Fed dans ce cycle sera anormalement lent, prudent et bien communiqu\u00e9 aux march\u00e9s. Si c\u2019est le cas, la r\u00e9action des march\u00e9s obligataires sera vraisemblablement limit\u00e9e par rapport aux hausses de taux pr\u00e9c\u00e9dentes. Pour que les rendements obligataires augmentent de fa\u00e7on marqu\u00e9e, il faudrait une r\u00e9\u00e9valuation des attentes en mati\u00e8re d\u2019inflation. Selon nous, un tel mouvement est peu probable \u00e0 court terme, compte tenu de l\u2019appr\u00e9ciation du dollar US, de la croissance mod\u00e9r\u00e9e des salaires, du niveau d\u2019endettement \u00e9lev\u00e9 des consommateurs et de la chute des prix des mati\u00e8res premi\u00e8res. En cons\u00e9quence, la r\u00e9action du march\u00e9 \u00e0 une \u00e9ventuelle hausse des taux en septembre sera probablement timide par rapport \u00e0 ce que nous avons pu conna\u00eetre par le pass\u00e9.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Trente-cinq des quarante-et-un \u00e9conomistes interrog\u00e9s par Bloomberg s\u2019attendent actuellement \u00e0 ce que le FOMC rel\u00e8ve le taux des fonds f\u00e9d\u00e9raux le 17 septembre prochain, engageant ainsi une p\u00e9riode de normalisation de la politique de la Fed. La plupart d\u2019entre eux s\u2019appuient sur le communiqu\u00e9 de juillet du FOMC qui signale une am\u00e9lioration des donn\u00e9es en juin et indique certains progr\u00e8s dans les conditions n\u00e9cessaires \u00e0 un rel\u00e8vement. Ces \u00e9conomistes qui pr\u00e9voient une hausse des taux vous diront que l\u2019\u00e9conomie am\u00e9ricaine se reprend apr\u00e8s le ralentissement&#8230;<\/p>\n","protected":false},"author":191,"featured_media":1003,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[43,13],"tags":[111,122],"class_list":["post-992","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-politique-monetaire","category-taux-dinteret","tag-qe","tag-reserve-federale"],"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>Alors que les \u00e9conomistes pr\u00e9disent une hausse des taux de la Fed, y a-t-il des enseignements \u00e0 tirer du \u00ab Fed Fake \u00bb de 2013 ? - Francais<\/title>\n<meta name=\"description\" content=\"Trente-cinq des quarante-et-un \u00e9conomistes interrog\u00e9s par Bloomberg s\u2019attendent actuellement \u00e0 ce que le FOMC rel\u00e8ve le taux des fonds f\u00e9d\u00e9raux le 17\" \/>\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\/2015\/08\/economists-predict-fed-rate-hike-can-learn-anything-2013-fed-fake\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Anthony Doyle\" \/>\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\\\/2015\\\/08\\\/economists-predict-fed-rate-hike-can-learn-anything-2013-fed-fake\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/2015\\\/08\\\/economists-predict-fed-rate-hike-can-learn-anything-2013-fed-fake\\\/\"},\"author\":{\"name\":\"Anthony Doyle\",\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/#\\\/schema\\\/person\\\/18694630210f0f0d07a4b9199358e117\"},\"headline\":\"Alors que les \u00e9conomistes pr\u00e9disent une hausse des taux de la Fed, y a-t-il des enseignements \u00e0 tirer du \u00ab Fed Fake \u00bb de 2013 ?\",\"datePublished\":\"2015-08-11T08:40:48+00:00\",\"dateModified\":\"2015-08-18T11:15:32+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/2015\\\/08\\\/economists-predict-fed-rate-hike-can-learn-anything-2013-fed-fake\\\/\"},\"wordCount\":896,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/2015\\\/08\\\/economists-predict-fed-rate-hike-can-learn-anything-2013-fed-fake\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/wp-content\\\/uploads\\\/sites\\\/4\\\/2021\\\/12\\\/2015-08-us-blog_FR11.png\",\"keywords\":[\"QE\",\"r\u00e9serve f\u00e9d\u00e9rale\"],\"articleSection\":[\"politique mon\u00e9taire\",\"Taux d'int\u00e9r\u00eat\"],\"inLanguage\":\"fr-FR\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/2015\\\/08\\\/economists-predict-fed-rate-hike-can-learn-anything-2013-fed-fake\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/2015\\\/08\\\/economists-predict-fed-rate-hike-can-learn-anything-2013-fed-fake\\\/\",\"url\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/2015\\\/08\\\/economists-predict-fed-rate-hike-can-learn-anything-2013-fed-fake\\\/\",\"name\":\"Alors que les \u00e9conomistes pr\u00e9disent une hausse des taux de la Fed, y a-t-il des enseignements \u00e0 tirer du \u00ab Fed Fake \u00bb de 2013 ? 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