{"id":24697,"date":"2025-02-05T10:43:52","date_gmt":"2025-02-05T15:43:52","guid":{"rendered":"https:\/\/www.rbcwealthmanagement.com\/fr-ca\/?p=24697"},"modified":"2025-02-05T10:43:53","modified_gmt":"2025-02-05T15:43:53","slug":"will-investors-see-a-pause-in-rate-cuts-or-the-end","status":"publish","type":"post","link":"https:\/\/www.rbcwealthmanagement.com\/fr-ca\/insights\/will-investors-see-a-pause-in-rate-cuts-or-the-end","title":{"rendered":"Les investisseurs verront-ils une pause ou la fin des r\u00e9ductions de taux ?"},"content":{"rendered":"\n <p>\n      La divergence des trajectoires politiques ne devrait probablement pas \u00eatre\n      si surprenante dans le contexte des contre-courants mondiaux qui ont\n      \u00e9merg\u00e9 au cours des derniers mois.\n    <\/p>\n    <p>\n      La d\u00e9cision de la Fed n\u2019a \u00e9galement pas \u00e9t\u00e9 inattendue. Tous les analystes\n      sond\u00e9s par Bloomberg anticipaient cette pause de la banque centrale, et la\n      r\u00e9action atone des march\u00e9s cette semaine le confirme.\n    <\/p>\n    <p>\n      M\u00eame si nous n\u2019avons pas beaucoup appris de la Fed cette semaine, les\n      questions sur les mesures qu\u2019elle prendra par la suite continueront sans\n      aucun doute de planer sur les march\u00e9s, m\u00eame si la banque centrale \u00e9t\u00e9\n      rel\u00e9gu\u00e9e au second plan, la politique \u00e9tant au centre des manchettes pour\n      l\u2019instant.\n    <\/p>\n    <!-- SECTION -->\n    <h2>Certitude de l\u2019incertitude<\/h2>\n    <p>\n      Il va sans dire que l\u2019incertitude entourant la Fed demeure \u00e9lev\u00e9e.\n      RBC March\u00e9s des Capitaux a continu\u00e9 de soutenir que la Fed a probablement\n      termin\u00e9 de r\u00e9duire son taux directeur \u00e0 4,50 % et qu\u2019elle maintiendra le\n      statu quo pour au moins toute l\u2019ann\u00e9e 2025.\n    <\/p>\n    <p>\n      Toutefois, un large \u00e9ventail d\u2019opinions existe toujours en raison de\n      l\u2019incertitude \u00e9lev\u00e9e, alors que les pr\u00e9visions consensuelles en date du\n      25 janvier \u2013 qui devraient au moins refl\u00e9ter en partie l\u2019incidence\n      potentielle des changements politiques de la nouvelle administration \u2013\n      montrent toujours que d\u2019autres r\u00e9ductions de taux pourraient \u00eatre\n      d\u00e9cr\u00e9t\u00e9es.\n    <\/p>\n    <!-- EX 1 -->\n    <h3>\n      Malgr\u00e9 une pause, les analystes pr\u00e9voient toujours des r\u00e9ductions de taux\n      par la Fed\n    <\/h3>\n    <h4>Estimations consensuelles des taux des fonds f\u00e9d\u00e9raux<\/h4>\n    <div class=\"row mb-4\">\n      <div class=\"col-lg-10 col-md-8 col-sm-8 col-xs-10 col-xxs-12\">\n        <img decoding=\"async\"\n          src=\"https:\/\/www.rbcwealthmanagement.com\/assets\/wp-content\/uploads\/global\/will-investors-see-pause-fr-chart-1.png\"\n          alt=\"Estimations consensuelles des taux des fonds f\u00e9d\u00e9raux\"\n          class=\"img-fluid mb-1-half\"\n          aria-describedby=\"chart1desc\"\n        \/>\n        <p class=\"sr-only\" id=\"chart1desc\">\n          Le graphique montre la trajectoire de la fourchette sup\u00e9rieure du taux\n          des fonds f\u00e9d\u00e9raux et la fourchette des pr\u00e9visions, ainsi que\n          l\u2019estimation m\u00e9diane consensuelle jusqu\u2019\u00e0 la fin de 2026. Les\n          pr\u00e9visions les plus \u00e9lev\u00e9es pr\u00e9voient une hausse des taux \u00e0 4,75 %\n          d\u2019ici la fin de 2026, tandis que les pr\u00e9visions les plus faibles\n          pr\u00e9voient une r\u00e9duction \u00e0 seulement 2,50 %. Selon les pr\u00e9visions\n          m\u00e9dianes, les taux passeront de 4,50 % \u00e0 3,50 %.\n        <\/p>\n        <ul class=\"rbc-legend\">\n          <li class=\"rbc-legend-item\">\n            <div class=\"rbc-legend-line c-dark-blue-tint-1\"><\/div>\n            Taux des fonds f\u00e9d\u00e9raux\n          <\/li>\n          <li class=\"rbc-legend-item\">\n            <div\n              class=\"rbc-legend-line rbc-legend-dashed c-dark-blue-tint-1\"\n            ><\/div>\n            Pr\u00e9vision m\u00e9diane\n          <\/li>\n          <li class=\"rbc-legend-item\">\n            <div class=\"rbc-legend-line c-warm-yellow\"><\/div>\n            Fourchette des pr\u00e9visions\n          <\/li>\n        <\/ul>\n        <p class=\"disclaimer\">\n          Sources : RBC Gestion de patrimoine, R\u00e9serve f\u00e9d\u00e9rale am\u00e9ricaine,\n          sondage consensuel des analystes de Bloomberg men\u00e9 du 16 au 25 janvier\n        <\/p>\n      <\/div>\n    <\/div>\n    <p>\n      Dans l\u2019\u00e9tat actuel des choses, les analystes s\u2019attendent toujours \u00e0 ce que\n      la Fed abaisse les taux \u00e0 sa prochaine r\u00e9union en mars, quoique le march\u00e9\n      escompte actuellement que la probabilit\u00e9 d\u2019une telle baisse est d\u2019\u00e0 peine\n      20 %. Comme le pr\u00e9sident de la banque centrale, Jerome Powell, l\u2019a\n      soulign\u00e9 lors de sa conf\u00e9rence de presse, les d\u00e9cideurs ne sont pas\n      press\u00e9s de r\u00e9duire les taux en ce moment. \u00c0 notre avis, la Fed continue de\n      pencher pour de nouvelles r\u00e9ductions de taux cette ann\u00e9e.\n    <\/p>\n    <!-- SECTION -->\n    <h2>La Fed n\u2019a pas abaiss\u00e9 son taux, mais les march\u00e9s l\u2019ont fait<\/h2>\n    <p>\n      Comme nous l\u2019avons <a href=\"https:\/\/www.rbcwealthmanagement.com\/fr-ca\/insights\/fed-rate-cuts-for-what\" title=\"Des baisses de taux de la Fed pour quoi?\">mentionn\u00e9 en novembre<\/a>, les r\u00e9ductions du taux directeur\n      de la Fed n\u2019ont pas eu une influence concr\u00e8te sur la baisse des taux\n      d\u2019int\u00e9r\u00eat. La Fed a abaiss\u00e9 son taux directeur de 1,00 % de septembre \u00e0\n      d\u00e9cembre, mais le taux de l\u2019obligation du Tr\u00e9sor \u00e0 10 ans \u2013 qui influe de\n      fa\u00e7on plus g\u00e9n\u00e9rale sur les taux d\u2019emprunt des consommateurs \u2013 a grimp\u00e9 de\n      plus de 1 %. Les taux hypoth\u00e9caires, par exemple, ont augment\u00e9 de plus de\n      0,50 % au cours de cette p\u00e9riode.\n    <\/p>\n    <p>\n      En quelques mots, m\u00eame si la Fed a certainement le contr\u00f4le sur les taux\n      d\u2019int\u00e9r\u00eat, elle n\u2019a pas un contr\u00f4le total et est toujours \u00e0 la merci des\n      forces du march\u00e9. Les meilleures donn\u00e9es \u00e9conomiques, les risques li\u00e9s \u00e0\n      l\u2019inflation persistante et le moins grand nombre de baisses de taux prises\n      en compte par les march\u00e9s ont tous contribu\u00e9 \u00e0 hausser les taux \u00e0 long\n      terme au cours des derniers mois, malgr\u00e9 les efforts de la Fed.\n    <\/p>\n    <p>\n      M\u00eame si la Fed a saut\u00e9 une baisse de taux de 0,25 % cette semaine, nous\n      avons vu un r\u00e9pit du c\u00f4t\u00e9 des taux alors que le taux des obligations du\n      Tr\u00e9sor \u00e0 10 ans a maintenant c\u00e9d\u00e9 plus de 0,30 % par rapport au sommet de\n      pr\u00e8s de 4,80 % atteint le 14 janvier. M\u00eame si c\u2019est simplement un repli\n      dans un contexte de tendance haussi\u00e8re continue, nous commen\u00e7ons \u00e0 nous\n      demander si la r\u00e9cente baisse des taux \u00e0 long terme pourrait refl\u00e9ter\n      l\u2019id\u00e9e que les menaces tarifaires et commerciales posent un plus grand\n      danger pour les perspectives de croissance que pour le contexte de\n      l\u2019inflation.\n    <\/p>\n    <!-- SECTION -->\n    <h2>Indices du pass\u00e9<\/h2>\n    <p>\n      M\u00eame si M. Powell a explicitement indiqu\u00e9 cette semaine qu\u2019il ne\n      formulerait aucun commentaire sur les politiques propos\u00e9es, y compris les\n      tarifs douaniers, les menaces tarifaires et commerciales de 2019 peuvent\n      peut-\u00eatre nous guider quant \u00e0 la fa\u00e7on dont la Fed pourrait \u00e9valuer les\n      risques cette fois-ci.\n    <\/p>\n    <p>\n      Au cours de l\u2019\u00e9pisode pr\u00e9c\u00e9dent de menaces tarifaires en 2019, les\n      d\u00e9cideurs de la Fed sont devenus de plus en plus pr\u00e9occup\u00e9s par les\n      risques pesant sur la croissance et de moins en moins par les risques de\n      hausse de l\u2019inflation. Les pr\u00e9occupations ont culmin\u00e9 vers juin 2019, car\n      les droits de douane sur l\u2019acier ont \u00e9t\u00e9 \u00e9tendus au Canada, au Mexique et\n      en Europe, mais ont commenc\u00e9 \u00e0 s\u2019estomper \u00e0 la fin de l\u2019ann\u00e9e, les\n      \u00c9tats-Unis ayant suspendu certains points de leurs plans tarifaires \u00e0 un\n      stade avanc\u00e9.\n    <\/p>\n    <!-- EX 2 -->\n    <h3>\n      Les d\u00e9cideurs de la Fed ont vu plus de risques pour la croissance que pour\n      l\u2019inflation pendant l\u2019\u00e9pisode de droits de douane de 2019\n    <\/h3>\n    <h4>\n      Nombre de membres du Federal Open Market Committee d\u00e9fendant chaque point\n      de vue\n    <\/h4>\n    <div class=\"row mb-4\">\n      <div class=\"col-lg-10 col-md-8 col-sm-8 col-xs-10 col-xxs-12\">\n        <img decoding=\"async\"\n          src=\"https:\/\/www.rbcwealthmanagement.com\/assets\/wp-content\/uploads\/global\/will-investors-see-pause-fr-chart-2.png\"\n          alt=\"Points de vue des responsables de la Fed sur les risques de croissance et d'inflation\"\n          class=\"img-fluid mb-1-half\"\n          aria-describedby=\"chart2desc\"\n        \/>\n        <p class=\"sr-only\" id=\"chart2desc\">\n          Le graphique montre le nombre de d\u00e9cideurs de la Fed qui ont vu des\n          risques de baisse de la croissance \u00e9conomique et des risques de hausse\n          de l\u2019inflation lors de diverses r\u00e9unions sur la politique mon\u00e9taire de\n          2016 \u00e0 2019. Par exemple, dans un contexte de menaces commerciales et\n          tarifaires en 2019, 14 des 17 d\u00e9cideurs ont vu des risques de baisse\n          de la croissance, tandis qu\u2019aucun n\u2019a vu de risques de hausse de\n          l\u2019inflation.\n        <\/p>\n        <ul class=\"rbc-legend\">\n          <li class=\"rbc-legend-item\">\n            <div class=\"rbc-legend-line c-dark-blue-tint-1\">\n              <div\n                class=\"rbc-legend-circle rbc-legend-outline b-dark-blue-tint-1 c-white\"\n              ><\/div>\n            <\/div>\n            Risques de baisse de la croissance\n          <\/li>\n          <li class=\"rbc-legend-item\">\n            <div class=\"rbc-legend-line c-warm-yellow\">\n              <div\n                class=\"rbc-legend-circle rbc-legend-outline b-warm-yellow c-white\"\n              ><\/div>\n            <\/div>\n            Risques de hausse de l\u2019inflation\n          <\/li>\n        <\/ul>\n        <p class=\"disclaimer\">Sources : RBC Gestion de patrimoine, Bloomberg<\/p>\n      <\/div>\n    <\/div>\n    <p>\n      Par cons\u00e9quent, nous pensons que le discours actuel \u2013 ainsi que\n      l\u2019int\u00e9gration par le march\u00e9 de la hausse de l\u2019inflation, des taux\n      d\u2019int\u00e9r\u00eat \u00e9lev\u00e9s et du nombre futur moindre de r\u00e9ductions de taux par la\n      Fed \u2013 sur les enjeux des tarifs douaniers et des \u00e9changes commerciaux\n      pourraient \u00eatre mal fond\u00e9s.\n    <\/p>\n    <p>\n      M\u00eame si des mois pourraient s\u2019\u00e9couler avant que des plans tarifaires\n      soient mis en place, s\u2019ils se concr\u00e9tisent, l\u2019incertitude \u00e0 elle seule\n      pourrait entre-temps plomber les d\u00e9cisions d\u2019investissement et l\u2019activit\u00e9\n      des entreprises et les activit\u00e9s li\u00e9es aux nouvelles commandes. Le\n      ralentissement \u00e9conomique observ\u00e9 en 2019, en particulier dans le secteur\n      manufacturier, a contribu\u00e9 en partie \u00e0 la d\u00e9cision de la Fed de proc\u00e9der \u00e0\n      une s\u00e9rie de r\u00e9ductions de taux \u00ab en guise de police d\u2019assurance \u00bb.\n    <\/p>\n    <p>\n      Une grande partie de l\u2019attention semble porter sur les risques\n      inflationnistes li\u00e9s aux tarifs douaniers \u2013 qui sont certainement\n      importants \u2013, mais l\u2019effet de ces risques de hausse pourrait \u00eatre plus que\n      neutralis\u00e9 par celui des risques de baisse de la croissance, selon nous.\n    <\/p>\n    <p>\n      Pour ces raisons, nous pensons que le r\u00e9cent repli des taux de rendement\n      des titres du Tr\u00e9sor devrait se poursuivre. Le taux des obligations du\n      Tr\u00e9sor \u00e0 10 ans devrait se situer entre 4,25 % et 4,75 % \u00e0 court terme.\n      Donc, m\u00eame si la Fed a mis sur pause ses r\u00e9ductions de taux cette semaine,\n      nous ne croyons pas qu\u2019elle y mettra fin pour l\u2019instant.\n    <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Les banques centrales dans le monde en ont offert pour tous les go\u00fbts ce mois-ci, qu\u2019il s\u2019agisse des nouvelles hausses de taux d\u2019int\u00e9r\u00eat au Japon ou des r\u00e9ductions de taux au Canada et en Europe, alors que la R\u00e9serve f\u00e9d\u00e9rale am\u00e9ricaine est demeur\u00e9e immobile.<\/p>\n","protected":false},"author":15,"featured_media":24698,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"rbcwm_post_date":"2025-01-30T13:10:53","editor_notices":[],"rbc_url_alias":"","rbcwm_featured_desktop_image_position":"","rbcwm_featured_mobile_image_position":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[510],"tags":[854],"rbcwm_content_owner":[675],"rbcwm_need":[],"rbcwm_segment":[],"rbcwm_solution":[],"rbcwm_topic":[590],"rbcwm_channel":[],"rbcwm_format":[],"class_list":["post-24697","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-analyse","tag-reductions-de-taux","rbcwm_content_owner-pag","rbcwm_topic-global-insights"],"acf":{"rbcwm_subtitle":"Les banques centrales dans le monde en ont offert pour tous les go\u00fbts ce mois-ci, qu\u2019il s\u2019agisse des nouvelles hausses de taux d\u2019int\u00e9r\u00eat au Japon ou des r\u00e9ductions de taux au Canada et en Europe, alors que la R\u00e9serve f\u00e9d\u00e9rale am\u00e9ricaine est demeur\u00e9e immobile.","rbcwm_post_author":[961],"rbcwm_custom_breadcrumb_text":"","rbcwm_custom_breadcrumb_link_url":"","rbcwm_disclaimers":{"add_disclosures":["Yes"],"perspective_disclaimer":"","expandable":"","omit_from_pages":[],"disclaimer_footnote":""},"rbcwm_insight_cta_id":[10888],"rbcwm_pagination":{"next_link":"","next_link_text":"Next article","previous_link":"","previous_link_text":"Previous article"},"rbcwm_video_duration":"","article_time":"","rbcwm_enable_toc":false,"rbcwm_toc_selector":"h2"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.8 (Yoast SEO v26.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Les investisseurs verront-ils une pause ou la fin des r\u00e9ductions de taux ?<\/title>\n<meta name=\"description\" content=\"Les banques centrales dans le monde en ont offert pour tous les go\u00fbts ce mois-ci, qu\u2019il s\u2019agisse des nouvelles hausses de taux d\u2019int\u00e9r\u00eat au Japon ou des r\u00e9ductions de taux au Canada et en Europe, alors que la R\u00e9serve f\u00e9d\u00e9rale am\u00e9ricaine est demeur\u00e9e immobile.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.rbcwealthmanagement.com\/fr-ca\/insights\/will-investors-see-a-pause-in-rate-cuts-or-the-end\" \/>\n<meta property=\"og:locale\" content=\"fr_CA\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Les investisseurs verront-ils une pause ou la fin des r\u00e9ductions de taux ?\" \/>\n<meta property=\"og:description\" content=\"Les banques centrales dans le monde en ont offert pour tous les go\u00fbts ce mois-ci, qu\u2019il s\u2019agisse des nouvelles hausses de taux d\u2019int\u00e9r\u00eat au 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