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  • Fixed Income

Jean François Bay : FED - Les marchés sont-ils trop dépendants aux Banques Centrales ?

  • Jonathan Boyd
  • Jonathan Boyd
  • @jonathanboyd
  • 16 September 2015
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Les marchés sont dans l’attente (le CAC40 oscille depuis 3 semaines autour de 4500).  Les taux longs dans l’attente (le 10 ans US oscille autour de 2.20%).

En théorie : Les fondamentaux US militent en faveur d’une hausse des taux le 17 septembre. Mais , dans la pratique, des éléments exogènes pourraient retarder la hausse en décembre (surtout les pays émergents). Pourtant la crise cet été en Chine, sur les émergents, les devises et sur les mat premières ne sont que la conséquence d’une anticipation de changement de cycle aux USA depuis 1 an.

Mais les marchés ont du mal à franchir le pas et demandent encore un peu de répit. Les marchés sont drogués aux soutiens techniques de la part des Banques centrales.

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