{"id":27717,"date":"2025-12-10T14:39:06","date_gmt":"2025-12-10T19:39:06","guid":{"rendered":"https:\/\/www.rbcwealthmanagement.com\/fr-ca\/?p=27717"},"modified":"2025-12-10T14:39:07","modified_gmt":"2025-12-10T19:39:07","slug":"global-insight-2026-outlook-united-states","status":"publish","type":"post","link":"https:\/\/www.rbcwealthmanagement.com\/fr-ca\/insights\/global-insight-2026-outlook-united-states","title":{"rendered":"Perspectives mondiales\u00a0\u2013 Panorama\u00a02026\u00a0: \u00c9tats-Unis"},"content":{"rendered":"\n<!-- KEY POINTS -->\n    <div class=\"well b-blue-tint-4 mb-3\">\n      <ul class=\"list-spaced medium\">\n        <li>\n          Il y a suffisamment de catalyseurs potentiels pour que les\n          investisseurs donnent au march\u00e9 boursier am\u00e9ricain le b\u00e9n\u00e9fice du\n          doute au d\u00e9but de 2026.\n        <\/li>\n        <li>\n          Les taux des titres \u00e0 revenu fixe demeurent historiquement\n          int\u00e9ressants, mais les prix des obligations pourraient subir de\n          modestes pressions \u00e0 la baisse en 2026, car la Fed mettra fin \u00e0 ses\n          r\u00e9ductions du taux directeur, ce qui freinera les rendements totaux.\n        <\/li>\n      <\/ul>\n    <\/div>\n\n    <!-- SECTION -->\n    <h2>Actions am\u00e9ricaines<\/h2>\n    <p>\n      Pour que le march\u00e9 haussier se poursuive jusqu\u2019en 2026, nous croyons que\n      certains catalyseurs doivent converger et qu\u2019un obstacle doit \u00eatre\n      surmont\u00e9 :\n    <\/p>\n\n    <ul class=\"list-spaced\">\n      <li>\n        L\u2019\u00e9conomie am\u00e9ricaine et les b\u00e9n\u00e9fices des soci\u00e9t\u00e9s doivent continuer\n        d\u2019afficher une croissance vigoureuse et soutenue;\n      <\/li>\n      <li>\n        L\u2019attention accord\u00e9e au cycle de d\u00e9veloppement de l\u2019intelligence\n        artificielle (IA) doit probablement commencer \u00e0 passer du stade \u00ab 1.0 \u00bb\n        (qui a \u00e9t\u00e9 principalement une question de d\u00e9penses en immobilisations\n        pour la construction d\u2019infrastructures ainsi que l\u2019entra\u00eenement et la\n        mise en \u0153uvre des mod\u00e8les d\u2019IA) \u00e0 l\u2019\u00e9tape \u00ab 2.0 \u00bb (lorsque des signes de\n        productivit\u00e9 et des avantages financiers commencent \u00e0 se manifester pour\n        les soci\u00e9t\u00e9s \u00e0 l\u2019int\u00e9rieur et \u00e0 l\u2019ext\u00e9rieur du secteur des\n        technologies);\n      <\/li>\n      <li>\n        Le march\u00e9 doit faire fi de la tendance selon laquelle l\u2019indice S&#038;P 500 a\n        connu une correction moyenne de 22 % pendant les ann\u00e9es d\u2019\u00e9lections de\n        mi-mandat depuis 1934.\n      <\/li>\n    <\/ul>\n    <p>\n      La barre est-elle haute? Peut-\u00eatre, mais nous savons que le march\u00e9 a d\u00e9j\u00e0\n      surmont\u00e9 des obstacles de taille auparavant.\n    <\/p>\n    <p>\n      Eric Lascelles, \u00e9conomiste en chef de RBC Gestion mondiale d\u2019actifs,\n      pr\u00e9voit que le PIB des \u00c9tats-Unis augmentera de 2,2 % en 2026, soit\n      exactement la hausse moyenne qu\u2019il a affich\u00e9e depuis 2000, mais un\n      pourcentage sup\u00e9rieur \u00e0 la pr\u00e9vision consensuelle de 1,9 %.\n    <\/p>\n    <p>\n      M\u00eame si l\u2019\u00e9cart entre le taux de croissance des b\u00e9n\u00e9fices des soci\u00e9t\u00e9s\n      technologiques et celui des b\u00e9n\u00e9fices des soci\u00e9t\u00e9s non technologiques\n      devrait encore diminuer, la croissance globale des b\u00e9n\u00e9fices au sein de\n      l\u2019indice S&#038;P 500 sera probablement encore fortement touch\u00e9e par les\n      d\u00e9penses en immobilisations li\u00e9es \u00e0 l\u2019IA et \u00e0 l\u2019infonuagique, \u00e9tant donn\u00e9\n      que ces titres repr\u00e9sentent une part importante de la valeur du march\u00e9\n      (aussi appel\u00e9e capitalisation). Les pr\u00e9visions consensuelles de b\u00e9n\u00e9fices\n      de l\u2019indice S&#038;P 500 pour 2026 nous semblent quelque peu \u00e9lev\u00e9es :\n      croissance de 12,8 % sur 12 mois fond\u00e9e sur un b\u00e9n\u00e9fice par action de\n      310 $. Nous restons prudents \u00e0 l\u2019\u00e9gard de la valorisation fond\u00e9e sur un\n      ratio cours\/b\u00e9n\u00e9fice (C\/B) de 21,3 par rapport \u00e0 la moyenne de 18,6 sur\n      10 ans; toutefois, nous ne croyons pas que les ratios C\/B \u00e9lev\u00e9s causeront\n      des probl\u00e8mes tant que la croissance de l\u2019\u00e9conomie et\/ou des b\u00e9n\u00e9fices ne\n      commencera pas \u00e0 fl\u00e9chir.\n    <\/p>\n\n    <!-- U.S. EQUITIES CHART -->\n    <h3>Les attentes \u00e0 l\u2019\u00e9gard des b\u00e9n\u00e9fices : plus de croissance en 2026?<\/h3>\n    <h4>\n      Croissance des b\u00e9n\u00e9fices sur 12 mois de l\u2019indice S&#038;P 500 (bleu fonc\u00e9) et\n      pr\u00e9visions consensuelles (bleu p\u00e2le)\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\/gio-2026-US-fr-equities-chart.png\"\n          alt=\"Croissance des b\u00e9n\u00e9fices sur 12 mois de l\u2019indice S&#038;P 500 (bleu fonc\u00e9) et pr\u00e9visions consensuelles (bleu p\u00e2le)\"\n          class=\"img-fluid mb-1-half\"\n          aria-describedby=\"us-equities-desc\"\n        \/>\n        <p class=\"sr-only\" id=\"us-equities-desc\">\n          Les b\u00e9n\u00e9fices de l\u2019indice S&#038;P 500 ont augment\u00e9 selon les taux suivants\n          sur 12 mois. 2022, 5,4 %; 2023, 0,9 %; 2024, 9,8 %. Selon les\n          pr\u00e9visions consensuelles, les b\u00e9n\u00e9fices devraient augmenter de 11,6 %\n          en 2025 et de 12,8 % en 2026.\n        <\/p>\n        <p class=\"disclaimer\">\n          Sources : RBC Gestion de patrimoine, Bloomberg (croissance pass\u00e9e des\n          b\u00e9n\u00e9fices et pr\u00e9visions consensuelles pour 2025 et 2026); donn\u00e9es en\n          date du 24 novembre 2025.\n        <\/p>\n      <\/div>\n    <\/div>\n\n    <p>\n      Les questions quant \u00e0 savoir s\u2019il y a une bulle dans le segment de l\u2019IA\n      devraient persister en 2026, au moins. Nous ne sommes pas \u00e0 l\u2019aise avec\n      certains aspects du boom, notamment la r\u00e9cente flamb\u00e9e des op\u00e9rations de\n      financement circulaire, soit lorsqu\u2019une grande soci\u00e9t\u00e9 d\u2019IA investit dans\n      une petite soci\u00e9t\u00e9 ou une jeune entreprise d\u2019IA et que cette derni\u00e8re\n      utilise une partie ou la majorit\u00e9 du financement pour acheter du mat\u00e9riel\n      ou des services de la grande soci\u00e9t\u00e9 d\u2019IA. La possibilit\u00e9 que des d\u00e9penses\n      en immobilisations sans pr\u00e9c\u00e9dent soient bient\u00f4t engag\u00e9es dans la\n      production d\u2019\u00e9lectricit\u00e9 ainsi que les contraintes r\u00e9glementaires connexes\n      nous pr\u00e9occupent. \u00c0 ce stade-ci toutefois, certains signaux d\u2019alerte sont\n      au jaune et nous n\u2019entrevoyons pas de bulle \u00e0 proprement parler.\n    <\/p>\n    <p>\n      Nous commen\u00e7ons l\u2019ann\u00e9e 2026 avec une pond\u00e9ration des actions am\u00e9ricaines\n      neutre au march\u00e9 et nous privil\u00e9gions les actions de croissance des\n      dividendes en raison de leurs caract\u00e9ristiques d\u00e9fensives ainsi que le\n      secteur des soins de sant\u00e9, compte tenu de son potentiel d\u2019am\u00e9lioration de\n      la croissance des b\u00e9n\u00e9fices. Nous recommandons aux investisseurs de faire\n      preuve de souplesse dans l\u2019ensemble et de se montrer vigilants \u00e0 l\u2019\u00e9gard\n      des placements dans des actions et des secteurs individuels en les\n      r\u00e9\u00e9quilibrant lorsqu\u2019ils sortent des limites \u00e9tablies.\n    <\/p>\n\n    <!-- SECTION -->\n    <h2>Titres \u00e0 revenu fixe am\u00e9ricains<\/h2>\n    <p>\n      Nous croyons que la R\u00e9serve f\u00e9d\u00e9rale am\u00e9ricaine maintiendra les taux\n      d\u2019int\u00e9r\u00eat pendant la majeure partie de 2026. \u00c0 court terme, on entrevoit\n      toujours de nouvelles r\u00e9ductions qui porteront le taux \u00e0 environ 3,75 % ou\n      3,50 %. Toutefois, comme l\u2019inflation de base devrait se maintenir\n      au-dessus de 3,00 % l\u2019an prochain, m\u00eame si le taux de ch\u00f4mage devrait\n      augmenter modestement pour s\u2019\u00e9tablir \u00e0 4,6 %, nous sommes d\u2019avis qu\u2019il est\n      peu probable que les taux d\u2019int\u00e9r\u00eat continuent de baisser. En fait, si le\n      r\u00e9cent assouplissement de la politique mon\u00e9taire, combin\u00e9 aux mesures de\n      relance budg\u00e9taire prenant la forme de baisses d\u2019imp\u00f4t, stimulait\n      l\u2019activit\u00e9 \u00e9conomique l\u2019an prochain, nous croyons que les march\u00e9s\n      pourraient porter leur attention sur les possibles hausses de taux \u00e0 la\n      fin de 2026 et au d\u00e9but de 2027.\n    <\/p>\n    <p>\n      Le rendement du march\u00e9 obligataire a \u00e9t\u00e9 historiquement en 2025, mais nous\n      nous entrevoyons des perspectives de rendement total plus faibles pour les\n      obligations en 2026. L\u2019indice Bloomberg U.S. Aggregate Bond, un indice de\n      r\u00e9f\u00e9rence compos\u00e9 d\u2019obligations d\u2019\u00c9tat et de soci\u00e9t\u00e9s de cat\u00e9gorie\n      investissement, a commenc\u00e9 l\u2019ann\u00e9e 2025 avec un rendement moyen de 4,9 %.\n      Toutefois, \u00e0 mesure que les taux obligataires ont diminu\u00e9, ce qui a fait\n      grimper les cours des obligations, le rendement total qu\u2019ont obtenu les\n      investisseurs a encore plus augment\u00e9, si bien qu\u2019il a atteint 7,1 %, soit\n      l\u2019un des meilleurs r\u00e9sultats annuels depuis 2000.\n    <\/p>\n\n    <!-- U.S. FIXED INCOME CHART -->\n    <h3>\n      Les taux obligataires devraient baisser au d\u00e9but de 2026, mais ils\n      devraient quand m\u00eame avoisiner des niveaux historiquement \u00e9lev\u00e9s\n    <\/h3>\n    <h4>Taux de rendement de l\u2019indice en d\u00e9but d\u2019ann\u00e9e (%)<\/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\/gio-2026-US-fr-fixed-income-chart.png\"\n          alt=\"Taux de rendement de l\u2019indice en d\u00e9but d\u2019ann\u00e9e (%)\"\n          class=\"img-fluid mb-1-half\"\n          aria-describedby=\"us-fi-desc\"\n        \/>\n        <ul class=\"rbc-legend\">\n          <li class=\"rbc-legend-item\">\n            <div class=\"rbc-legend-bar c-tundra\"><\/div>\n            Rendement de l&rsquo;indice Bloomberg US Aggregate Bond (%)\n          <\/li>\n          <li class=\"rbc-legend-item\">\n            <div class=\"rbc-legend-line rbc-legend-dashed c-sun\"><\/div>\n            Moyenne sur 20 ans\n          <\/li>\n        <\/ul>\n        <p class=\"sr-only\" id=\"us-fi-desc\">\n          Le graphique montre les taux en d\u00e9but d\u2019ann\u00e9e de l\u2019indice Bloomberg\n          U.S. Aggregate Bond depuis 2006, comparativement au taux moyen de 3,4\n          % de l\u2019indice au cours de cette p\u00e9riode. En 2006, l\u2019indice Bloomberg\n          U.S. Aggregate Bond s\u2019\u00e9tablissait \u00e0 5,1 %. Il a atteint 5,3 % en 2007,\n          soit le sommet de la p\u00e9riode, puis a graduellement diminu\u00e9 pour\n          atteindre 1,7 % en 2013. Il a progress\u00e9 pour atteindre 3,3 % en 2019\n          et a ensuite baiss\u00e9 pour atteindre 1,1 % en 2021, soit le creux de la\n          p\u00e9riode. Il a par la suite grimp\u00e9 pour atteindre 4,7 % en 2023 et il\n          s\u2019\u00e9tablissait \u00e0 4,9 % le 10 novembre 2025. La pr\u00e9vision pour 2026 est\n          de 4,4 %.\n        <\/p>\n        <p class=\"disclaimer\">\n          Sources : RBC Gestion de patrimoine et indice Bloomberg US Aggregate\n          Bond; donn\u00e9es sur le taux actuel en date du 10 novembre 2025.\n        <\/p>\n      <\/div>\n    <\/div>\n\n    <p>\n      Compte tenu de nos attentes de r\u00e9ductions de taux minimes par la Fed,\n      d\u2019une croissance \u00e9conomique proche de la moyenne et d\u2019une inflation \u00e9lev\u00e9e\n      sup\u00e9rieure \u00e0 la cible de la Fed, nous entrevoyons une hausse modeste des\n      taux, ce qui exercera des pressions \u00e0 la baisse sur les prix et, par\n      cons\u00e9quent, sur le rendement total. Nous pr\u00e9voyons que le taux des\n      obligations du Tr\u00e9sor \u00e0 10 ans cl\u00f4turera 2026 \u00e0 4,55 %, contre 4,06 %\n      actuellement.\n    <\/p>\n    <p>\n      Les march\u00e9s des titres de cr\u00e9ance demeurent historiquement \u00e9lev\u00e9s et\n      expos\u00e9s \u00e0 de possibles difficult\u00e9s en 2026. Le rendement de l\u2019indice\n      Bloomberg U.S. Investment Grade Corporate Bond est seulement 0,85 % plus\n      \u00e9lev\u00e9 que celui des obligations du Tr\u00e9sor comparables. Nous pr\u00e9voyons une\n      offre accrue d\u2019obligations, principalement de la part de soci\u00e9t\u00e9s\n      technologiques qui cherchent \u00e0 financer des d\u00e9penses en immobilisations\n      li\u00e9es \u00e0 l\u2019IA, ce qui p\u00e8sera sur le secteur des obligations de soci\u00e9t\u00e9s et\n      le rendement global l\u2019an prochain.\n    <\/p>\n    <p>\n      Les obligations municipales ont \u00e9t\u00e9 l\u2019un des segments des titres \u00e0 revenu\n      fixe les plus int\u00e9ressants en 2025, mais sa remont\u00e9e en fin d\u2019ann\u00e9e lui a\n      fait perdre la majeure partie de son attrait. Cela dit, nous croyons que\n      les obligations \u00e0 plus de 10 ans conserveront leur valeur dans les cas o\u00f9\n      les taux de rendement restent sup\u00e9rieurs aux moyennes r\u00e9centes.\n    <\/p>\n\n","protected":false},"excerpt":{"rendered":"<p>Les rendements des march\u00e9s boursiers et obligataires font face \u00e0 d\u2019importants enjeux en 2026, mais nous croyons qu\u2019il faut accorder le b\u00e9n\u00e9fice du doute aux actions.<\/p>\n","protected":false},"author":22,"featured_media":27718,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"rbcwm_post_date":"2025-12-02T11:44:07","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":[1050,1051,1039,1049],"rbcwm_content_owner":[675],"rbcwm_need":[],"rbcwm_segment":[],"rbcwm_solution":[],"rbcwm_topic":[590],"rbcwm_channel":[],"rbcwm_format":[],"class_list":["post-27717","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-analyse","tag-etats-unis-marche-des-actions","tag-les-titres-a-revenu-fixe","tag-perspectives-mondiales-panorama","tag-rendements-des-titres-a-revenu-fixe","rbcwm_content_owner-pag","rbcwm_topic-global-insights"],"acf":{"rbcwm_subtitle":"Les rendements des march\u00e9s boursiers et obligataires font face \u00e0 d\u2019importants enjeux en 2026, mais nous croyons qu\u2019il faut accorder le b\u00e9n\u00e9fice du doute aux actions.","rbcwm_post_author":[949,961],"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>Perspectives mondiales\u00a0\u2013 Panorama\u00a02026\u00a0: \u00c9tats-Unis<\/title>\n<meta name=\"description\" content=\"Les rendements des 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