{"id":4154,"date":"2026-03-18T13:25:41","date_gmt":"2026-03-18T13:25:41","guid":{"rendered":"https:\/\/www.rbc.com\/fr\/economique\/?p=4154"},"modified":"2026-03-23T15:47:16","modified_gmt":"2026-03-23T15:47:16","slug":"le-point-sur-la-reunion-de-la-banque-du-canada-un-choc-de-loffre-qui-nattend-pas-lautre","status":"publish","type":"post","link":"https:\/\/www.rbc.com\/fr\/economique\/analyse-pour-le-canada\/rapports-de-donnees-provisoires\/le-point-sur-la-reunion-de-la-banque-du-canada-un-choc-de-loffre-qui-nattend-pas-lautre\/","title":{"rendered":"Le point sur la r\u00e9union de la Banque du Canada Un choc de l\u2019offre qui n\u2019attend pas l\u2019autre"},"content":{"rendered":"\n<section class=\"wp-block-rbc-section-block  pos-rel\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner\" style=\"border-radius:0x\">\n<p>La Banque du Canada (BdC) a maintenu le taux du financement \u00e0 un jour \u00e0 2,25&nbsp;% \u00e0 sa deuxi\u00e8me r\u00e9union de 2026 et a transmis trois messages cl\u00e9s dans le cadre de son annonce sur le taux directeur et de sa d\u00e9claration d\u2019ouverture lors de sa conf\u00e9rence de presse.<\/p>\n\n\n\n<p>Premi\u00e8rement, il y a des risques de baisse de la croissance \u00e9conomique au d\u00e9but de 2026 par rapport \u00e0 ses pr\u00e9visions de janvier. Deuxi\u00e8mement, il est trop t\u00f4t pour \u00e9valuer l\u2019incidence du conflit au Moyen-Orient et des prix \u00e9lev\u00e9s du p\u00e9trole sur la croissance globale. Troisi\u00e8mement, les prix de l\u2019\u00e9nergie augmenteront imm\u00e9diatement et ne seront pas pris en compte par la banque centrale, mais seulement si la hausse demeure contenue, et non si elle prend de l\u2019ampleur et persiste. Comme les donn\u00e9es r\u00e9centes de l\u2019indice des prix \u00e0 la consommation (IPC) montrent une att\u00e9nuation persistante des pressions sous-jacentes sur les prix (les mesures de base de la BdC \u00e9taient en moyenne de 1&nbsp;% sur trois mois sur une base annualis\u00e9e en f\u00e9vrier), la BdC dispose d\u2019une grande marge de man\u0153uvre pour attendre d\u2019en savoir plus sur l\u2019incidence du r\u00e9cent conflit et n\u2019a donc pas \u00e0 r\u00e9agir imm\u00e9diatement<\/p>\n\n\n\n<h4 class=\"wp-block-heading has-rbc-bright-blue-color has-text-color has-link-color wp-elements-33be8156459f0aecea89b5d91afcac9b\" id=\"h-nbsp-les-risques-pesant-sur-la-croissance-semblent-surtout-baissiers-nbsp-par-rapport-aux-previsions-de-janvier\">\u00ab&nbsp;Les risques pesant sur la croissance semblent surtout baissiers&nbsp;\u00bb par rapport aux pr\u00e9visions de janvier<\/h4>\n\n\n\n<p>Au d\u00e9but de 2026, la croissance de l\u2019emploi a \u00e9t\u00e9 faible au Canada et le taux de ch\u00f4mage ne s\u2019est pas vraiment am\u00e9lior\u00e9 par rapport \u00e0 la fin de l\u2019ann\u00e9e derni\u00e8re, s\u2019\u00e9tablissant \u00e0 6,7&nbsp;% en f\u00e9vrier, contre 6,8&nbsp;% en moyenne au quatri\u00e8me trimestre de 2025.<\/p>\n\n\n\n<p>Les d\u00e9penses de consommation, selon notre suivi des donn\u00e9es des cartes RBC, semblent avoir stagn\u00e9 en janvier, mais <a href=\"https:\/\/www.rbc.com\/fr\/economique\/analyse-pour-le-canada\/analyse-en-vedette\/perspectives\/les-depenses-des-titulaires-de-cartes-canadiens-augmentent-malgre-le-repli-des-biens-discretionnaires\/\" target=\"_blank\" data-dig-id=\"LP-AnalysepourleCanada-Rapportsdedonn\u00e9esprovisoires-4154-4528b5b9\" data-dig-category=\"LP-AnalysepourleCanada-Rapportsdedonn\u00e9esprovisoires\" data-dig-action=\"link click\" data-dig-label=\"un rebond mod\u00e9r\u00e9 a \u00e9t\u00e9 observ\u00e9 en f\u00e9vrier\" rel=\"noreferrer noopener\" class=\"rbc-link-format\">un rebond mod\u00e9r\u00e9 a \u00e9t\u00e9 observ\u00e9 en f\u00e9vrier<\/a>. Le gouverneur Macklem a soulign\u00e9 le resserrement des conditions financi\u00e8res\u00a0\u2013 hausse des taux obligataires, baisse des march\u00e9s boursiers et \u00e9largissement des \u00e9carts de taux\u00a0\u2013 au cours des derni\u00e8res semaines en raison du conflit en Iran.<\/p>\n\n\n\n<p>Dans l\u2019ensemble, les donn\u00e9es laissent entrevoir des risques de baisse par rapport \u00e0 la pr\u00e9vision de la BdC de janvier qui tablait sur une croissance trimestrielle annualis\u00e9e du PIB de 1,8&nbsp;% pour le premier trimestre, mais les attentes \u00e0 l\u2019\u00e9gard d\u2019une croissance globale mod\u00e9r\u00e9e en 2026 ont \u00e9t\u00e9 largement maintenues.<\/p>\n\n\n\n<h4 class=\"wp-block-heading has-rbc-bright-blue-color has-text-color has-link-color wp-elements-5c111d34b38460766ce88ffbcec5497a\" id=\"h-nbsp-il-est-trop-tot-pour-evaluer-quelles-repercussions-le-conflit-au-moyen-orient-aura-sur-la-croissance-au-canada-nbsp\">\u00ab&nbsp;Il est trop t\u00f4t pour \u00e9valuer quelles r\u00e9percussions le conflit au Moyen-Orient aura sur la croissance au Canada.&nbsp;\u00bb<\/h4>\n\n\n\n<p>Le r\u00e9cent conflit au Moyen-Orient a \u00e9t\u00e9 le principal sujet d\u2019int\u00e9r\u00eat \u00e0 l\u2019approche de cette r\u00e9union. Comme pr\u00e9vu, le gouverneur Macklem n\u2019a pas adopt\u00e9 de point de vue particulier au sujet de l\u2019incidence de ce conflit sur la croissance nette du Canada.<\/p>\n\n\n\n<p>La BdC a explor\u00e9 diff\u00e9rents canaux de transmission, ce qui est largement conforme \u00e0 sa propre analyse&nbsp;: les revenus tir\u00e9s des exportations d\u2019\u00e9nergie augmenteront parall\u00e8lement aux prix \u00e9lev\u00e9s du p\u00e9trole, mais la hausse des co\u00fbts de l\u2019\u00e9nergie nuira au pouvoir d\u2019achat des consommateurs. Il est tr\u00e8s important de mentionner que nous nous attendons aussi \u00e0 <a href=\"https:\/\/www.rbc.com\/fr\/economique\/analyse-pour-le-canada\/analyse-en-vedette\/perspectives\/calculs-sur-le-petrole-brut-evaluer-la-vulnerabilite-du-canada-face-aux-prix-petroliers-2\/\" target=\"_blank\" data-dig-id=\"LP-AnalysepourleCanada-Rapportsdedonn\u00e9esprovisoires-4154-33bac998\" data-dig-category=\"LP-AnalysepourleCanada-Rapportsdedonn\u00e9esprovisoires\" data-dig-action=\"link click\" data-dig-label=\"peu de r\u00e9actions de la part des investisseurs,\" rel=\"noreferrer noopener\" class=\"rbc-link-format\">peu de r\u00e9actions de la part des investisseurs,<\/a> qui sont g\u00e9n\u00e9ralement \u00e0 l\u2019origine de la majeure partie de la croissance positive d\u00e9coulant de la hausse des prix du p\u00e9trole.<\/p>\n\n\n\n<p>Les pr\u00e9occupations \u00e0 l\u2019\u00e9gard des droits de douane am\u00e9ricains et les difficult\u00e9s commerciales persistent, la r\u00e9vision de l\u2019Accord Canada\u2013\u00c9tats-Unis\u2013Mexique ayant \u00e9t\u00e9 qualifi\u00e9e de \u00ab&nbsp;gros point d\u2019interrogation&nbsp;\u00bb.<\/p>\n\n\n\n<h4 class=\"wp-block-heading has-rbc-bright-blue-color has-text-color has-link-color wp-elements-7ab8ddfc740ea26c2d042c15af582432\" id=\"h-nbsp-le-conseil-de-direction-va-regarder-au-dela-de-l-impact-immediat-de-la-guerre-sur-l-inflation-nbsp\">\u00ab&nbsp;Le Conseil de direction va regarder au-del\u00e0 de l\u2019impact imm\u00e9diat de la guerre sur l\u2019inflation.&nbsp;\u00bb<\/h4>\n\n\n\n<p>De la m\u00eame mani\u00e8re que le gouverneur Kozicki dans le cadre de son discours, le gouverneur Macklem a r\u00e9it\u00e9r\u00e9 lors de la conf\u00e9rence de presse d\u2019aujourd\u2019hui que la banque centrale ne tiendra pas compte de l\u2019incidence imm\u00e9diate de l\u2019inflation accrue des prix de l\u2019\u00e9nergie.<\/p>\n\n\n\n<p>Comme l\u2019\u00e9conomie canadienne affiche une offre exc\u00e9dentaire et que les r\u00e9centes donn\u00e9es sur l\u2019inflation t\u00e9moignent de progr\u00e8s continus dans l\u2019att\u00e9nuation des pressions sous-jacentes sur les prix, la BdC a jug\u00e9 que le risque qu\u2019une hausse de l\u2019inflation des prix de l\u2019\u00e9nergie touche d\u2019autres biens et services \u00e9tait \u00ab&nbsp;contenu&nbsp;\u00bb, mais elle a pr\u00e9venu que plus le conflit persistera, plus les risques de contagion augmenteront.<\/p>\n\n\n\n<p>Dans l\u2019ensemble, il s\u2019agit d\u2019un autre choc de l\u2019offre qui fait suite aux pr\u00e9occupations \u00e0 l\u2019\u00e9gard des droits de douane am\u00e9ricains et qui donne lieu \u00e0 des priorit\u00e9s concurrentes pour la BdC, soit de soutenir la croissance tout en maintenant l\u2019inflation \u00e0 sa cible. Dans un contexte impr\u00e9visible et en constante \u00e9volution, nous nous attendons \u00e0 ce que la BdC demeure prudente et maintienne le taux du financement \u00e0 un jour \u00e0 2,25&nbsp;%, en attendant d\u2019en savoir plus.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide wide\" \/>\n\n\n\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;69e5341d949af&quot;}\" data-wp-interactive=\"core\/image\" data-wp-key=\"69e5341d949af\" class=\"wp-block-image size-large wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on--click=\"actions.showLightbox\" data-wp-on--load=\"callbacks.setButtonStyles\" data-wp-on-window--resize=\"callbacks.setButtonStyles\" height=\"688\" width=\"1024\" src=\"https:\/\/www.rbc.com\/fr\/economique\/wp-content\/uploads\/sites\/24\/2026\/03\/La-BdC-reagira-a-des-chocs-plus-importants-et-persistants-de-loffre-Mars-2026.png?quality=80&amp;w=1024\" alt=\"\" class=\"wp-image-4158\" srcset=\"https:\/\/www.rbc.com\/fr\/economique\/wp-content\/uploads\/sites\/24\/2026\/03\/La-BdC-reagira-a-des-chocs-plus-importants-et-persistants-de-loffre-Mars-2026.png 5834w, https:\/\/www.rbc.com\/fr\/economique\/wp-content\/uploads\/sites\/24\/2026\/03\/La-BdC-reagira-a-des-chocs-plus-importants-et-persistants-de-loffre-Mars-2026.png?resize=300,202 300w, https:\/\/www.rbc.com\/fr\/economique\/wp-content\/uploads\/sites\/24\/2026\/03\/La-BdC-reagira-a-des-chocs-plus-importants-et-persistants-de-loffre-Mars-2026.png?resize=768,516 768w, https:\/\/www.rbc.com\/fr\/economique\/wp-content\/uploads\/sites\/24\/2026\/03\/La-BdC-reagira-a-des-chocs-plus-importants-et-persistants-de-loffre-Mars-2026.png?resize=1024,688 1024w, https:\/\/www.rbc.com\/fr\/economique\/wp-content\/uploads\/sites\/24\/2026\/03\/La-BdC-reagira-a-des-chocs-plus-importants-et-persistants-de-loffre-Mars-2026.png?resize=1536,1032 1536w, https:\/\/www.rbc.com\/fr\/economique\/wp-content\/uploads\/sites\/24\/2026\/03\/La-BdC-reagira-a-des-chocs-plus-importants-et-persistants-de-loffre-Mars-2026.png?resize=2048,1376 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\taria-label=\"Enlarge\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.imageButtonRight\"\n\t\t\tdata-wp-style--top=\"state.imageButtonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><\/figure>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide wide\" \/>\n\n\n\n<p class=\"has-text-align-center\"><strong>\u00c0 propos de l\u2019auteur<\/strong> <strong>:<\/strong><\/p>\n\n\n\n<p><em><strong>Claire Fan<\/strong><em>&nbsp;est \u00e9conomiste&nbsp;principale&nbsp;\u00e0 RBC. Elle se concentre sur les tendances macro\u00e9conomiques et est charg\u00e9e d\u2019\u00e9tablir des pr\u00e9visions relatives au PIB, au march\u00e9 du travail et \u00e0 l\u2019inflation pour le Canada et les \u00c9tats-Unis, en fonction des principaux indicateurs.<\/em><\/em><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide wide\" \/>\n<\/div>\n<\/section>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":318,"featured_media":60,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"advgb_blocks_editor_width":"","advgb_blocks_columns_visual_guide":"","footnotes":""},"categories":[71,83],"tags":[],"rbc_econ_content_type":[],"class_list":["post-4154","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-analyse-pour-le-canada","category-rapports-de-donnees-provisoires"],"acf":[],"yoast_head":"<!-- This site is optimized 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