{"id":6790,"date":"2026-08-07T16:16:14","date_gmt":"2026-08-07T16:16:14","guid":{"rendered":"https:\/\/www.rbc.com\/fr\/economique\/?p=6790"},"modified":"2026-08-14T16:19:23","modified_gmt":"2026-08-14T16:19:23","slug":"les-services-seront-le-point-de-friction-pour-une-fed-sensible-a-linflation","status":"publish","type":"post","link":"https:\/\/www.rbc.com\/fr\/economique\/analyse-pour-les-etats-unis\/cette-semaine-aux-etats-unis\/les-services-seront-le-point-de-friction-pour-une-fed-sensible-a-linflation\/","title":{"rendered":"Les services seront le point de friction pour une Fed sensible \u00e0 l\u2019inflation"},"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 sera marqu\u00e9e par un calendrier charg\u00e9, la publication la plus importante \u00e9tant celle de l\u2019IPC de juillet qui sera publi\u00e9e mercredi. <strong>Nous nous attendons \u00e0 ce que l\u2019IPC de base augmente de +0,2 % sur un mois, ce qui fera baisser le rythme sur 12 mois \u00e0 2,4 %. Selon nous, l\u2019inflation globale devrait \u00eatre plus mod\u00e9r\u00e9e, s\u2019\u00e9tablissant \u00e0 +0,1 % sur un mois (+3,3 % sur 12 mois), <\/strong>gr\u00e2ce au repli continu des prix de l\u2019essence.<\/p>\n<\/div><\/div>\n<\/div>\n<\/div>\n\n\n\n<p class=\"wp-block-paragraph\">Les biens de base ont constamment contribu\u00e9 \u00e0 l\u2019inflation globale derni\u00e8rement, passant de stable \u00e0 n\u00e9gative pendant trois&nbsp;mois cons\u00e9cutifs. L\u2019inflation de base dans le secteur des services devrait continuer de reculer par rapport aux sommets d\u2019avril, mais comme il s\u2019agit du dernier \u00e9l\u00e9ment pour ramener l\u2019inflation de base \u00e0 la cible, nous nous attendons \u00e0 ce qu\u2019elle demeure plus rigide que ce que le FOMC voudrait. N\u00e9anmoins, la croissance des prix des logements devrait ralentir en juillet, ce qui procurera un certain soulagement aux services de base. L\u2019indice Zillow Observed Rent a ralenti depuis le premier trimestre de 2025 (\u00e0 l\u2019exception d\u2019une r\u00e9cente anomalie temporaire d\u2019un mois) et tend \u00e0 se r\u00e9percuter sur le loyer \u00e9quivalent pour les propri\u00e9taires avec un d\u00e9calage important. Les ventes de logements neufs et existants ont grandement diminu\u00e9 au cours de la derni\u00e8re ann\u00e9e et demie, et avec pr\u00e8s de deux&nbsp;ans de retard par rapport au loyer \u00e9quivalent pour les propri\u00e9taires, le logement devrait continuer de diminuer jusqu\u2019\u00e0 la fin de l\u2019ann\u00e9e, m\u00eame si un all\u00e8gement plus important sera apport\u00e9 plus tard. De plus, les prix des billets d\u2019avion contribueront \u00e0 rendre le carburant moins co\u00fbteux. Toutefois, la limite \u00e0 long terme pour les services de base demeure la croissance \u00e9lev\u00e9e des salaires, qui continue de limiter la d\u00e9sinflation des services de base, tandis que les baby-boomers, une cohorte relativement moins sensible au revenu salarial, soutiendront \u00e9galement la demande de services.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">L\u2019IPP de base ne devrait pas enregistrer le m\u00eame all\u00e8gement que celui auquel nous nous attendons dans l\u2019IPC de base. Selon <strong>nos pr\u00e9visions, l\u2019IPP de base devrait augmenter de 0,3 % sur un mois,<\/strong> les pressions \u00e9tant attribuables aux services, notamment le transport et l\u2019entreposage. <strong>L\u2019IPP global sera favoris\u00e9 par le r\u00e9pit du secteur de l\u2019\u00e9nergie (+0,1 % sur un mois).<\/strong> Les services commerciaux sont la variable impr\u00e9visible et, apr\u00e8s la flamb\u00e9e inattendue de l\u2019indice ISM du secteur des services en juillet, nous surveillerons la situation des marges des services de gros et de d\u00e9tail au moyen de l\u2019IPP des services commerciaux.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">La semaine culmine avec les donn\u00e9es sur les ventes au d\u00e9tail. <strong>Nous nous attendons<\/strong> \u00e0 ce qu\u2019un repli des prix de l\u2019essence se traduise par une baisse des ventes au d\u00e9tail nominales (-0,3&nbsp;% sur un mois) et \u00e0 ce que les baisses des ventes de v\u00e9hicules automobiles l\u00e9gers seront \u00e9galement d\u00e9favorables. Plus important encore, si l\u2019on exclut les automobiles et le gaz, les d\u00e9penses devraient demeurer positives, ce qui laisse entrevoir une r\u00e9silience de la consommation. <strong>Nous pr\u00e9voyons une hausse de +0,3&nbsp;% sur un mois dans le groupe de contr\u00f4le des ventes au d\u00e9tail<\/strong> (qui exclut les d\u00e9penses dans les secteurs de l\u2019automobile, de l\u2019essence, des mat\u00e9riaux de construction et de la restauration) en juillet. Cela devrait rassurer la Fed quant \u00e0 la vigueur de la demande. N\u00e9anmoins, nous nous attendons \u00e0 ce que les donn\u00e9es sur l\u2019inflation de la semaine prochaine pr\u00e9servent le caract\u00e8re facultatif de la Fed, car le FOMC attend une autre publication sur l\u2019inflation avant la r\u00e9union de septembre.<\/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;6a80427941eff&quot;}\" data-wp-interactive=\"core\/image\" data-wp-key=\"6a80427941eff\" class=\"wp-block-image aligncenter size-full is-resized wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" width=\"2322\" height=\"2106\" 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--pointerdown=\"actions.preloadImage\" data-wp-on--pointerenter=\"actions.preloadImageWithDelay\" data-wp-on--pointerleave=\"actions.cancelPreload\" data-wp-on-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/www.rbc.com\/fr\/economique\/wp-content\/uploads\/sites\/24\/2026\/08\/US-template-for-chartsfr.png\" alt=\"\" class=\"wp-image-6796\" style=\"width:650px\" srcset=\"https:\/\/www.rbc.com\/fr\/economique\/wp-content\/uploads\/sites\/24\/2026\/08\/US-template-for-chartsfr.png 2322w, https:\/\/www.rbc.com\/fr\/economique\/wp-content\/uploads\/sites\/24\/2026\/08\/US-template-for-chartsfr.png?resize=300,272 300w, https:\/\/www.rbc.com\/fr\/economique\/wp-content\/uploads\/sites\/24\/2026\/08\/US-template-for-chartsfr.png?resize=768,697 768w, https:\/\/www.rbc.com\/fr\/economique\/wp-content\/uploads\/sites\/24\/2026\/08\/US-template-for-chartsfr.png?resize=1024,929 1024w, https:\/\/www.rbc.com\/fr\/economique\/wp-content\/uploads\/sites\/24\/2026\/08\/US-template-for-chartsfr.png?resize=1536,1393 1536w, https:\/\/www.rbc.com\/fr\/economique\/wp-content\/uploads\/sites\/24\/2026\/08\/US-template-for-chartsfr.png?resize=2048,1857 2048w\" sizes=\"auto, (max-width: 2322px) 100vw, 2322px\" \/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\tdata-wp-bind--aria-label=\"state.thisImage.triggerButtonAriaLabel\"\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.thisImage.buttonRight\"\n\t\t\tdata-wp-style--top=\"state.thisImage.buttonTop\"\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 wp-block-paragraph\"><strong>\u00c0 propos des auteurs :<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em><strong>Mike Reid<\/strong>&nbsp;est chef, Services \u00e9conomiques RBC \u2013 \u00c9tats-Unis.&nbsp;Il 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>&nbsp;<\/em><\/em>est \u00e9conomiste principale aux \u00c9tats-Unis \u00e0 RBC et membre de l\u2019\u00e9quipe des Services \u00e9conomiques aux \u00c9tats-Unis \u00e0 RBC&nbsp;March\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.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em><strong>Imri Haggin<\/strong>&nbsp;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.<\/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":345,"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],"tags":[89,14,96,97],"rbc_econ_content_type":[],"class_list":["post-6790","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cette-semaine-aux-etats-unis","tag-e-u","tag-economie","tag-fed","tag-inflation"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.2 (Yoast SEO v28.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Les services seront le point de friction pour une Fed sensible \u00e0 l\u2019inflation - RBC Economique<\/title>\n<meta name=\"robots\" content=\"index, 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