{"id":25667,"date":"2025-04-25T12:24:46","date_gmt":"2025-04-25T16:24:46","guid":{"rendered":"https:\/\/www.rbcwealthmanagement.com\/fr-ca\/?p=25667"},"modified":"2025-04-25T12:24:47","modified_gmt":"2025-04-25T16:24:47","slug":"monetary-policy-possibilities","status":"publish","type":"post","link":"https:\/\/www.rbcwealthmanagement.com\/fr-ca\/insights\/monetary-policy-possibilities","title":{"rendered":"Possibilit\u00e9s de politique mon\u00e9taire"},"content":{"rendered":"\n<p><strong>Par Atul Bhatia, CFA<\/strong><\/p>\n\n\n\n <p>\n      Au cours des 20 derni\u00e8res ann\u00e9es, l\u2019\u00e9tablissement de la politique\n      mon\u00e9taire des \u00c9tats-Unis a \u00e9t\u00e9 davantage un jeu de dames qu\u2019un jeu\n      d\u2019\u00e9checs. Les r\u00e8gles \u00e9taient simples : si l\u2019\u00e9conomie recule, on abaisse\n      les taux; si une crise frappe, on porte les taux \u00e0 z\u00e9ro; si la crise se\n      prolonge; on ach\u00e8te des obligations du gouvernement am\u00e9ricain. La seule\n      fois o\u00f9 l\u2019inflation s\u2019est r\u00e9v\u00e9l\u00e9e \u00eatre un grave probl\u00e8me, celui-ci \u00e9tait\n      tout de m\u00eame simple. La R\u00e9serve f\u00e9d\u00e9rale am\u00e9ricaine (Fed) pouvait jouer au\n      m\u00e9chant policier et relever les taux, \u00e9tant donn\u00e9 que le gouvernement\n      f\u00e9d\u00e9ral mettait en \u0153uvre d\u2019importantes mesures de relance.\n    <\/p>\n    <p>\n      Dans ce contexte, il est compr\u00e9hensible que certains investisseurs pensent\n      que la Fed viendra encore une fois \u00e0 la rescousse si, comme nous nous y\n      attendons, la croissance \u00e9conomique ralentit jusqu\u2019\u00e0 la fin de l\u2019ann\u00e9e.\n      Nous croyons que c\u2019est cet \u00e9tat d\u2019esprit qui fait en sorte que les\n      contrats \u00e0 terme sur taux d\u2019int\u00e9r\u00eat indiquent une quasi-certitude que la\n      Fed r\u00e9duira les taux au moins une fois, et possiblement deux fois, d\u2019ici\n      juillet, ce qui s\u2019ajoute aux r\u00e9ductions totalisant 100 points de base (pb)\n      l\u2019an dernier.\n    <\/p>\n    <p>\n      Aussi tentant que ce point de vue puisse \u00eatre, nous pensons que les\n      prochaines r\u00e9unions de la Fed seront tout sauf simples et que les\n      investisseurs devraient se pr\u00e9parer \u00e0 une approche plus r\u00e9fl\u00e9chie de\n      l\u2019\u00e9tablissement des taux par la Fed que ce qui est actuellement pris en\n      compte. Une intervention plus lente de la Fed pourrait cr\u00e9er de la\n      volatilit\u00e9, mais nous croyons qu\u2019une telle approche sera ultimement\n      avantageuse pour l\u2019\u00e9conomie et les march\u00e9s.\n    <\/p>\n    <!-- SECTION -->\n    <h2>Un pays propice \u00e0 la stagflation<\/h2>\n    <p>\n      Le probl\u00e8me ici est que la Fed devrait subir des pressions des deux volets\n      de son mandat : le plein-emploi et la stabilit\u00e9 des prix. Si les\n      pr\u00e9visions \u2013 y compris les n\u00f4tres et celles de plusieurs autres grandes\n      banques \u2013 sont exactes, la croissance restera essentiellement stable\n      jusqu\u2019\u00e0 la fin de l\u2019ann\u00e9e, les prix \u00e0 la consommation augmentant \u00e0 un taux\n      annuel de pr\u00e8s de 4 %.\n    <\/p>\n    <p>\n      L\u2019id\u00e9e que la Fed proc\u00e9dera \u00e0 des r\u00e9ductions de taux \u00ab pr\u00e9ventives \u00bb \u2013 que\n      nous d\u00e9finissons comme une baisse des cibles de taux du financement \u00e0 un\n      jour lorsque l\u2019inflation est sup\u00e9rieure \u00e0 3 % \u2013 est probl\u00e9matique, selon\n      nous, sur au moins trois fronts :\n    <\/p>\n    <ul class=\"list-spaced\">\n      <li>\n        <strong>Cimentation des attentes.<\/strong>&ensp;Les banques centrales\n        tendent \u00e0 se concentrer sur les attentes d\u2019inflation \u00e0 moyen terme des\n        consommateurs. La th\u00e9orie \u2013 qui est appuy\u00e9e par les donn\u00e9es \u2013 est que,\n        lorsque les gens s\u2019attendent \u00e0 ce que l\u2019inflation se produise, elle\n        devient une proph\u00e9tie autor\u00e9alisatrice. Les m\u00e9nages qui s\u2019attendent \u00e0\n        une croissance des prix ont tendance \u00e0 d\u00e9penser plus rapidement et \u00e0\n        exiger des salaires plus \u00e9lev\u00e9s, ce qui peut exercer des pressions \u00e0 la\n        hausse sur les prix.\n      <\/li>\n      <li>\n        <strong>Des efforts infructueux.<\/strong>&ensp;Nous ne comprenons pas\n        dans quelle mesure la baisse des taux est cens\u00e9e aider. Si l\u2019\u00e9conomie\n        ralentit en raison de l\u2019incertitude politique et de l\u2019effet des tarifs\n        douaniers, une baisse de 25 pb du taux du financement \u00e0 un jour n\u2019aura\n        pas beaucoup d\u2019effet. Un financement un peu moins cher est une\n        excellente chose, mais pour une soci\u00e9t\u00e9 dont les co\u00fbts des intrants sont\n        125 % plus \u00e9lev\u00e9s, le probl\u00e8me est beaucoup plus fondamental : la\n        demande est insuffisante selon tout prix de vente rentable. Les\n        r\u00e9ductions de taux ne changent pas grand-chose \u00e0 ces calculs de base.\n      <\/li>\n      <li>\n        <strong>Courbes plus accentu\u00e9es.<\/strong>&ensp;Bien que la Fed cible le\n        taux des pr\u00eats \u00e0 un jour, tr\u00e8s peu d\u2019activit\u00e9 \u00e9conomique r\u00e9elle est\n        financ\u00e9e au moyen d\u2019emprunts quotidiens. Les soci\u00e9t\u00e9s tiennent\n        g\u00e9n\u00e9ralement compte des taux obligataires \u00e0 10 ans dans le calcul des\n        co\u00fbts et de la rentabilit\u00e9 potentielle d\u2019un projet lorsqu\u2019elles font des\n        investissements. Une r\u00e9duction de taux pr\u00e9ventive par les banques\n        centrales pourrait faire craindre que la Fed n\u2019accorde pas suffisamment\n        de poids \u00e0 son mandat li\u00e9 \u00e0 l\u2019inflation et inciter les investisseurs \u00e0\n        exiger des taux plus \u00e9lev\u00e9s \u00e0 long terme. Si cette situation se\n        produisait, les investissements seraient probablement r\u00e9duits, ce qui\n        accentuerait les pr\u00e9occupations \u00e0 l\u2019\u00e9gard de la croissance et de\n        l\u2019emploi.\n      <\/li>\n    <\/ul>\n    <p>\n      En fin de compte, nous entrevoyons plusieurs risques \u2013 et potentiellement\n      des avantages limit\u00e9s \u2013 pour la Fed de r\u00e9duire les taux de fa\u00e7on muscl\u00e9e\n      pendant que l\u2019inflation et les attentes d\u2019inflation sont \u00e9lev\u00e9es.\n    <\/p>\n    <!-- SECTION -->\n    <h2>Stabilit\u00e9 politique<\/h2>\n    <p>\n      Une autre difficult\u00e9 pour la Fed dans l\u2019\u00e9laboration de ses politiques\n      selon l\u2019orientation de l\u2019\u00e9conomie est que les intrants essentiels changent\n      \u00e0 une vitesse presque sans pr\u00e9c\u00e9dent. Nous croyons que les droits de\n      douane en sont l\u2019exemple \u00e9vident, une pause sur les droits de douane dits\n      r\u00e9ciproques (qui peuvent \u00e0 certains niveaux changer la donne) ayant \u00e9t\u00e9\n      d\u00e9cr\u00e9t\u00e9e. L\u2019impulsion de croissance des \u00c9tats-Unis semble tr\u00e8s diff\u00e9rente\n      si cette pause aboutit \u00e0 des accords commerciaux n\u00e9goci\u00e9s que si la\n      plupart des droits de douane dits r\u00e9ciproques sont finalement impos\u00e9s.\n    <\/p>\n    <p>\n      Cette incertitude pose une importante difficult\u00e9 \u00e0 la Fed. Si elle prend\n      des mesures pour r\u00e9duire les taux avant la publication des donn\u00e9es en\n      raison des droits de douane \u00e9lev\u00e9s, la justification de cette r\u00e9duction\n      pourrait \u00eatre neutralis\u00e9e par une d\u00e9cision politique subs\u00e9quente. Si l\u2019on\n      va \u00e0 l\u2019extr\u00eame, cette situation pourrait l\u2019inciter \u00e0 passer de baisses de\n      taux \u00e0 des hausses de taux en tr\u00e8s peu de temps, peut-\u00eatre en une ou deux\n      r\u00e9unions.\n    <\/p>\n    <p>\n      L\u2019objectif institutionnel ultime de la Fed consiste \u00e0 inspirer confiance\n      tant dans l\u2019\u00e9conomie dans son ensemble que dans la valeur du dollar. Les\n      changements rapides de politique ne favorisent pas le renforcement de la\n      confiance, et nous pensons que la banque centrale pr\u00e9f\u00e9rera attendre et\n      \u00eatre certaine plut\u00f4t que d\u2019agir rapidement en raison des sables mouvants\n      de la politique budg\u00e9taire.\n    <\/p>\n    <!-- SECTION -->\n    <h2>Lentement au d\u00e9but, puis tout d\u2019un coup?<\/h2>\n    <p>\n      Selon nous, deux trajectoires s\u2019offrent \u00e0 la Fed pour abaisser les taux.\n    <\/p>\n    <p>\n      La premi\u00e8re est un repli des attentes d\u2019inflation qui rassure la Fed et\n      fournit un argument convaincant en faveur d\u2019une baisse des taux, m\u00eame si\n      les derni\u00e8res donn\u00e9es sur l\u2019inflation sont sup\u00e9rieures \u00e0 la cible. Les\n      seuils de d\u00e9clenchement des mesures r\u00e9els d\u00e9pendront de l\u2019interaction du\n      ch\u00f4mage, des indicateurs de croissance \u00e9conomique avanc\u00e9s, de l\u2019inflation\n      actuelle et des attentes d\u2019inflation \u2013 nous assistons certainement \u00e0 une\n      partie d\u2019\u00e9checs, et non de dames \u2013, mais nous pensons que les attentes\n      d\u2019inflation contenues sont un pr\u00e9requis pour agir rapidement.\n    <\/p>\n    <p>\n      La deuxi\u00e8me trajectoire consisterait probablement \u00e0 attendre que le\n      ralentissement de la croissance et la hausse du ch\u00f4mage freinent\n      l\u2019inflation et forcent la Fed \u00e0 agir. Dans ce cas, nous nous attendons \u00e0\n      ce que le lent d\u00e9part soit accompagn\u00e9 de mesures plus muscl\u00e9es, la Fed\n      \u00e9tant dispos\u00e9e \u00e0 envisager des mesures plus importantes, comme elle l\u2019a\n      fait au cours du cycle de r\u00e9duction de l\u2019an dernier.\n    <\/p>\n    <p>\n      Pour les investisseurs, nous entrevoyons le risque qu\u2019ils per\u00e7oivent une\n      Fed qui ne r\u00e9duit pas ses taux aussi rapidement que pr\u00e9vu comme la perte\n      d\u2019un appui, ce qui pourrait susciter de la volatilit\u00e9 \u00e0 court terme. Nous\n      croyons que ce point de vue sous-estime les d\u00e9fis auxquels la banque\n      centrale est confront\u00e9e et que la trajectoire la plus favorable \u00e0 long\n      terme devrait \u00eatre de se concentrer sur l\u2019inflation et les attentes\n      d\u2019inflation.\n    <\/p>\n","protected":false},"excerpt":{"rendered":"<p>La Fed a souvent \u00e9t\u00e9 prompte \u00e0 r\u00e9duire les taux pour soutenir l\u2019\u00e9conomie en p\u00e9riode de ralentissement. Nous examinons pourquoi la Fed pourrait rester sur la touche plus longtemps que certains investisseurs pourraient l\u2019esp\u00e9rer en raison des pressions inflationnistes potentielles et de l\u2019incertitude politique.<\/p>\n","protected":false},"author":15,"featured_media":25668,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"rbcwm_post_date":"2025-04-24T09:34:29","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":[888,620,889,861],"rbcwm_content_owner":[675],"rbcwm_need":[],"rbcwm_segment":[],"rbcwm_solution":[],"rbcwm_topic":[590],"rbcwm_channel":[],"rbcwm_format":[],"class_list":["post-25667","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-analyse","tag-hausses-de-taux","tag-linflation","tag-les-baisses-de-taux-des-banques-centrales","tag-tarifs","rbcwm_content_owner-pag","rbcwm_topic-global-insights"],"acf":{"rbcwm_subtitle":"La Fed a souvent \u00e9t\u00e9 prompte \u00e0 r\u00e9duire les taux pour soutenir l\u2019\u00e9conomie en p\u00e9riode de ralentissement. Nous examinons pourquoi la Fed pourrait rester sur la touche plus longtemps que certains investisseurs pourraient l\u2019esp\u00e9rer en raison des pressions inflationnistes potentielles et de l\u2019incertitude politique.","rbcwm_post_author":"","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>Possibilit\u00e9s de politique mon\u00e9taire<\/title>\n<meta name=\"description\" content=\"La Fed a souvent \u00e9t\u00e9 prompte \u00e0 r\u00e9duire les taux pour soutenir l\u2019\u00e9conomie en p\u00e9riode de ralentissement. 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