{"id":6658,"date":"2026-07-24T15:51:46","date_gmt":"2026-07-24T15:51:46","guid":{"rendered":""},"modified":"2026-07-30T17:21:50","modified_gmt":"2026-07-30T17:21:50","slug":"les-nouveaux-developpements-entraveront-la-fed","status":"publish","type":"post","link":"https:\/\/www.rbc.com\/fr\/economique\/analyse-pour-les-etats-unis\/cette-semaine-aux-etats-unis\/les-nouveaux-developpements-entraveront-la-fed\/","title":{"rendered":"Les nouveaux d\u00e9veloppements entraveront la Fed"},"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<div class=\"wp-block-columns pad-t-hlf mob-pad-t-hlf pad-b-hlf mob-pad-b-hlf pad-l-hlf mob-pad-l-hlf pad-r-hlf mob-pad-r-hlf has-rbc-bright-blue-tint-4-background-color has-background is-layout-flex wp-container-core-columns-is-layout-c94bf079 wp-block-columns-is-layout-flex\" style=\"border-style:none;border-width:0px;border-radius:5px\">\n<div class=\"wp-block-column pad-b-hlf mob-pad-b-hlf pad-t-hlf mob-pad-t-hlf is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:98%\">\n<div class=\"wp-block-media-text is-stacked-on-mobile is-vertically-aligned-center mar-l-hlf pad-l-hlf\" style=\"grid-template-columns:22% auto\"><figure class=\"wp-block-media-text__media\"><img loading=\"lazy\" decoding=\"async\" width=\"1767\" height=\"1632\" src=\"https:\/\/www.rbc.com\/fr\/economique\/wp-content\/uploads\/sites\/24\/2026\/07\/Icon-calend-dec-19-25.png?quality=80&amp;w=1024\" alt=\"\" class=\"wp-image-6383 size-full\" srcset=\"https:\/\/www.rbc.com\/fr\/economique\/wp-content\/uploads\/sites\/24\/2026\/07\/Icon-calend-dec-19-25.png 1767w, https:\/\/www.rbc.com\/fr\/economique\/wp-content\/uploads\/sites\/24\/2026\/07\/Icon-calend-dec-19-25.png?resize=300,277 300w, https:\/\/www.rbc.com\/fr\/economique\/wp-content\/uploads\/sites\/24\/2026\/07\/Icon-calend-dec-19-25.png?resize=768,709 768w, https:\/\/www.rbc.com\/fr\/economique\/wp-content\/uploads\/sites\/24\/2026\/07\/Icon-calend-dec-19-25.png?resize=1024,946 1024w, https:\/\/www.rbc.com\/fr\/economique\/wp-content\/uploads\/sites\/24\/2026\/07\/Icon-calend-dec-19-25.png?resize=1536,1419 1536w\" sizes=\"auto, (max-width: 1767px) 100vw, 1767px\" \/><\/figure><div class=\"wp-block-media-text__content\">\n<p class=\"wp-block-paragraph\" id=\"Intro\">La semaine prochaine, nous nous concentrerons sur la d\u00e9cision du FOMC de mercredi en mati\u00e8re de taux. <strong>Nous nous attendons \u00e0 ce que le comit\u00e9 garde les taux d\u2019int\u00e9r\u00eat stables<\/strong> et \u00e0 ce qu\u2019ils demeurent inchang\u00e9s pour le reste de 2026.<\/p>\n<\/div><\/div>\n<\/div>\n<\/div>\n\n\n\n<p class=\"wp-block-paragraph\">La Fed continue d\u2019\u00eatre confront\u00e9e \u00e0 une inflation persistante et a fait face \u00e0 des pressions \u00e9nerg\u00e9tiques, mais cette situation pourrait devenir plus difficile \u00e0 mesure que la guerre en Iran reprendra de la vigueur. L\u2019annonce r\u00e9cente de nouveaux tarifs douaniers ajoute une autre couche d\u2019incertitude et accentuera probablement les pressions inflationnistes dans les prochains mois. N\u00e9anmoins, nous pensons que le principal point \u00e0 retenir sera son point de vue sur les risques pour l\u2019ensemble de l\u2019\u00e9conomie.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Jeudi, nous conna\u00eetrons la mesure de l\u2019inflation privil\u00e9gi\u00e9e par la Fed. Les d\u00e9flateurs des DPC devraient montrer un ralentissement plus modeste par rapport aux donn\u00e9es de l\u2019IPC et de l\u2019IPP de juin. <strong>Les DPC globales devraient diminuer de -0,1 % sur un mois<\/strong>, la baisse des prix de l\u2019essence en \u00e9tant largement responsable. Toutefois, la combinaison de la pond\u00e9ration et des donn\u00e9es \u00e9lev\u00e9es dans plusieurs composantes des services m\u00e9dicaux r\u00e9percut\u00e9s (c.-\u00e0-d. qu\u2019en juin, l\u2019IPP pour les h\u00f4pitaux a augment\u00e9 de 0,7 % sur un mois, celui pour les soins \u00e0 domicile et les soins de fin de vie a augment\u00e9 de 0,3 % sur la m\u00eame p\u00e9riode) explique <strong>la hausse pr\u00e9vue de 0,2 % sur un mois des DPC de base<\/strong>, comparativement \u00e0 l\u2019IPC de base stable en juin.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Selon nous, <strong>le revenu personnel devrait augmenter de 0,4 % sur un mois<\/strong>, soutenu par la vigueur continue du revenu non li\u00e9 au travail (c.-\u00e0-d. les int\u00e9r\u00eats et le loyer). <strong>Les d\u00e9penses devraient avoir ralenti en termes nominaux (+0,2 % d\u2019un mois sur l\u2019autre)<\/strong>, les d\u00e9penses r\u00e9elles ayant l\u00e9g\u00e8rement augment\u00e9 (+0,3 % d\u2019un mois sur l\u2019autre), la baisse des prix de l\u2019essence ayant aplati le d\u00e9flateur global. Les baisses des d\u00e9penses li\u00e9es aux prix de l\u2019essence ont peut-\u00eatre temporairement fait grimper le taux d\u2019\u00e9pargne, mais ce rebond est fragile. L\u2019escalade de la guerre a fait remonter les produits \u00e9nerg\u00e9tiques ces derniers jours, et les remboursements d\u2019imp\u00f4t d\u00e9mesur\u00e9s de l\u2019ann\u00e9e ont \u00e9t\u00e9 largement d\u00e9pens\u00e9s. \u00c0 notre avis, les consommateurs \u00e0 revenu moyen et faible (dont les charges d\u2019int\u00e9r\u00eats personnels sont \u00e9lev\u00e9es) seront pris entre la r\u00e9duction de leur \u00e9pargne et une d\u00e9pendance croissante au cr\u00e9dit. Nous surveillons la confiance des consommateurs la semaine suivante avec la publication du rapport de l\u2019Universit\u00e9 du Michigan.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Sur le plan de la croissance, <strong>nous nous attendons \u00e0 ce que les donn\u00e9es pr\u00e9liminaires sur le PIB du deuxi\u00e8me trimestre indiquent un taux de 2,4 %,<\/strong> un rythme qui t\u00e9moigne de la r\u00e9silience de la consommation ainsi que des solides investissements des entreprises dans les infrastructures d\u2019IA. Le groupe de contr\u00f4le des ventes au d\u00e9tail (qui exclut les automobiles, l\u2019essence, les services alimentaires et les mat\u00e9riaux de construction) a acc\u00e9l\u00e9r\u00e9 \u00e0 son rythme trimestriel le plus rapide depuis 2022, ce qui confirme l\u2019affirmation selon laquelle la demande int\u00e9rieure demeure robuste. En plus des investissements exceptionnels dans l\u2019\u00e9quipement des soci\u00e9t\u00e9s technologiques de tr\u00e8s grande envergure, ces deux secteurs devraient contribuer \u00e0 eux seuls \u00e0 pr\u00e8s de 2 points de pourcentage \u00e0 la croissance globale.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide wide\" \/>\n\n\n\n<figure class=\"wp-block-image size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"1570\" height=\"1418\" src=\"https:\/\/www.rbc.com\/fr\/economique\/wp-content\/uploads\/sites\/24\/2026\/07\/USWeekAheadJul24FrChart.png\" alt=\"\" class=\"wp-image-6665\" style=\"width:750px\" srcset=\"https:\/\/www.rbc.com\/fr\/economique\/wp-content\/uploads\/sites\/24\/2026\/07\/USWeekAheadJul24FrChart.png 1570w, https:\/\/www.rbc.com\/fr\/economique\/wp-content\/uploads\/sites\/24\/2026\/07\/USWeekAheadJul24FrChart.png?resize=300,271 300w, https:\/\/www.rbc.com\/fr\/economique\/wp-content\/uploads\/sites\/24\/2026\/07\/USWeekAheadJul24FrChart.png?resize=768,694 768w, https:\/\/www.rbc.com\/fr\/economique\/wp-content\/uploads\/sites\/24\/2026\/07\/USWeekAheadJul24FrChart.png?resize=1024,925 1024w, https:\/\/www.rbc.com\/fr\/economique\/wp-content\/uploads\/sites\/24\/2026\/07\/USWeekAheadJul24FrChart.png?resize=1536,1387 1536w\" sizes=\"auto, (max-width: 1570px) 100vw, 1570px\" \/><\/figure>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity is-style-wide wide\" \/>\n\n\n\n<p class=\"mar-t-hlf wp-block-paragraph\">Autres indicateurs \u00e0 surveiller la semaine prochaine :<\/p>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-chevron-list pad-b\">\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\"><strong>Les commandes de biens durables devraient augmenter de +5,7\u00a0% sur un mois,<\/strong> en raison d\u2019un rebond des commandes de Boeing. Si l\u2019on exclut le transport (c.-\u00e0-d. les commandes hors transport), la demande d\u2019intrants li\u00e9s aux infrastructures d\u2019IA devrait maintenir une forte croissance de <strong>0,6\u00a0% sur un mois.<\/strong><\/p>\n<\/li>\n\n\n\n<li class=\"wp-block-rbc-list-item\">\n<p class=\"wp-block-paragraph\">Nous nous attendons \u00e0 ce que <strong>les<\/strong> <strong>demandes initiales de prestations d\u2019assurance-ch\u00f4mage demeurent faibles, avec une pr\u00e9vision de 185\u00a0000<\/strong> pour la semaine se terminant le 25\u00a0juillet. L\u2019absence persistante de licenciements \u00e0 grande \u00e9chelle refl\u00e8te les contraintes structurelles de l\u2019offre auxquelles fait face la population active.<\/p>\n<\/li>\n<\/ul>\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 wp-block-paragraph\"><strong>\u00c0 propos des auteurs :<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em><strong>Mike Reid<\/strong>\u00a0est chef, Services \u00e9conomiques RBC \u2013 \u00c9tats-Unis.\u00a0Il est charg\u00e9 d\u2019\u00e9tablir les perspectives \u00e9conomiques de RBC pour les \u00c9tats-Unis, de commenter les indicateurs macro\u00e9conomiques et de r\u00e9diger des analyses concernant le contexte \u00e9conomique.<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em><em><strong>Carrie Freestone<\/strong>\u00a0est \u00e9conomiste principale aux \u00c9tats-Unis \u00e0 RBC et membre de l\u2019\u00e9quipe des Services \u00e9conomiques aux \u00c9tats-Unis \u00e0 RBC\u00a0March\u00e9s des Capitaux. Elle est responsable de pr\u00e9voir les principaux indicateurs cl\u00e9s am\u00e9ricains, notamment le PIB, l\u2019emploi, les d\u00e9penses de consommation et l\u2019inflation aux \u00c9tats-Unis. Elle contribue \u00e9galement aux commentaires sur la conjoncture \u00e9conomique aux \u00c9tats-Unis qu\u2019elle transmet aux clients au moyen de publications, de pr\u00e9sentations et par l\u2019interm\u00e9diaire des m\u00e9dias.<\/em><\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em><strong>Imri Haggin<\/strong>\u00a0<\/em>est \u00e9conomiste \u00e0 RBC March\u00e9s des Capitaux, o\u00f9 il se concentre sur la recherche th\u00e9matique. Ses travaux ant\u00e9rieurs portaient sur la dynamique du cr\u00e9dit \u00e0 la consommation et la mod\u00e9lisation des liquidit\u00e9s, et mettaient l\u2019accent sur l\u2019utilisation des donn\u00e9es pour comprendre les comportements.<\/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":354,"featured_media":2504,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"advgb_blocks_editor_width":"","advgb_blocks_columns_visual_guide":"","editor_notices":[],"footnotes":"","jetpack_post_was_ever_published":false},"categories":[76,1],"tags":[89,14,96,97,105,102],"rbc_econ_content_type":[],"class_list":["post-6658","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cette-semaine-aux-etats-unis","category-uncategorized","tag-e-u","tag-economie","tag-fed","tag-inflation","tag-marche-du-travail","tag-pib"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.1 (Yoast SEO v28.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Les nouveaux d\u00e9veloppements entraveront la Fed - RBC Economique<\/title>\n<meta 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