{"id":10404,"date":"2024-09-25T10:08:33","date_gmt":"2024-09-25T08:08:33","guid":{"rendered":"https:\/\/oneswissbank.com\/?p=10404"},"modified":"2024-09-25T10:08:33","modified_gmt":"2024-09-25T08:08:33","slug":"les-taux-baissent-les-rendements-selevent","status":"publish","type":"post","link":"https:\/\/oneswissbank.com\/macro-fr\/les-taux-baissent-les-rendements-selevent\/?lang=fr","title":{"rendered":"Les taux baissent, les rendements s\u2019\u00e9l\u00e8vent"},"content":{"rendered":"\t\t
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\n\t\t\t\t\t\t\tFran\u00e7ois Christen\t\t\t\t\t\t<\/h3>\n\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t
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Chief Economist<\/p>\n\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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La d\u00e9cision de la Fed d\u2019entamer le cycle par un geste audacieux a fragilis\u00e9 les emprunts \u00e0 long terme.<\/p>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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Article original publi\u00e9 sur agefi.com<\/a><\/p>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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Conform\u00e9ment aux \u00ab fuites \u00bb relay\u00e9es par Nick Timiraos du Wall Street Journal, la R\u00e9serve F\u00e9d\u00e9ral a entam\u00e9 le cycle de baisses des taux d\u2019int\u00e9r\u00eat en r\u00e9duisant le taux d\u2019int\u00e9r\u00eat des \u00ab Fed funds \u00bb d\u2019un demi pourcent vers une fourchette comprise en 4.75 % et 5.0 %. Ce choix est discutable, mais pas d\u00e9raisonnable compte tenu du reflux probant de l\u2019inflation, de 7 % \u00e0 2.2 %, observ\u00e9 depuis l\u2019\u00e9t\u00e9 2022 et du redressement du taux de ch\u00f4mage, de 3.4 % en avril 2023 \u00e0 4.2 % le mois pass\u00e9. <\/p>\n

La d\u00e9cision a \u00e9t\u00e9 prise \u00e0 une majorit\u00e9 de 11 contre 1, en la personne de Michelle Bowman qui s\u2019est prononc\u00e9e en faveur d\u2019une baisse de 0.25 %. Les projections d\u00e9voil\u00e9es mercredi pass\u00e9 et les d\u00e9clarations de Jerome Powell lors de la conf\u00e9rence de presse invitent \u00e0 ne pas consid\u00e9rer la baisse de 0.5 % comme un incr\u00e9ment qui s\u2019appliquera automatiquement lors des prochaines r\u00e9unions. La m\u00e9diane des pr\u00e9visions d\u00e9voil\u00e9es mercredi pass\u00e9 n\u2019implique plus que deux r\u00e9ductions de 0.25 % conduisant le taux d\u2019int\u00e9r\u00eat des \u00ab Fed funds \u00bb entre 4.25 % et 4.5 % en fin d\u2019ann\u00e9e, suivies d\u2019une baisse cumul\u00e9e de 1 % en 2025. Ces projections impliquent une trajectoire plus prudente que celle qui est encore escompt\u00e9e par les investisseurs et n\u00e9gociants. En bref, la R\u00e9serve F\u00e9d\u00e9rale a amorc\u00e9 son cycle par un geste fort, mais elle garde un oeil attentif sur l\u2019inflation et n\u2019exclut pas d\u2019interrompre son action si cela se r\u00e9v\u00e8le n\u00e9cessaire. <\/p>\n

Outre les pr\u00e9visions de taux d\u2019int\u00e9r\u00eat, les autres projections traduisent l\u2019espoir et la volont\u00e9 d\u2019accomplir un \u00ab atterrissage en douceur \u00bb caract\u00e9ris\u00e9 par une croissance r\u00e9elle et un taux d\u2019inflation \u00e0 proximit\u00e9 de 2 % tant en 2024 qu\u2019en 2025, ainsi qu\u2019un taux de ch\u00f4mage culminant \u00e0 4.4 % avant de refluer vers un taux de 4.2 % que le FOMC per\u00e7oit aujourd\u2019hui comme un niveau d\u2019\u00e9quilibre \u00e0 long terme.<\/p>\n

La baisse de taux g\u00e9n\u00e9reuse op\u00e9r\u00e9e par la Fed s\u2019accorde assez mal avec les indicateurs r\u00e9cents, g\u00e9n\u00e9ralement souriants. Bien que modeste, la progression de 0.1 % des ventes au d\u00e9tail en ao\u00fbt s\u2019apparente \u00e0 une bonne nouvelle apr\u00e8s l\u2019envol de 1.1 % survenu le mois pr\u00e9c\u00e9dent. Le rebond de la production manufacturi\u00e8re, en hausse de 0.9 % en ao\u00fbt apr\u00e8s avoir c\u00e9d\u00e9 0.7 % en juillet, et le repli des demandes d\u2019indemnit\u00e9s de ch\u00f4mage sont autant de sympt\u00f4mes qui sugg\u00e8rent que l\u2019\u00e9conomie am\u00e9ricaine poursuit une expansion robuste et peu compatible avec une baisse rapide et ample des taux d\u2019int\u00e9r\u00eat. Ce constat n\u2019a pas \u00e9chapp\u00e9 aux intervenants du march\u00e9 obligataire, comme en t\u00e9moigne le redressement du rendement du T-Note US d\u2019une dizaine de points de base, \u00e0 proximit\u00e9 de 3.75 %. <\/p>\n

En Europe, la Banque d\u2019Angleterre a jou\u00e9 la carte de la prudence en conservant son taux directeur \u00e0 5 %. L\u2019\u00e9volution favorable de la conjoncture britannique refl\u00e9t\u00e9e par la progression soutenue des ventes au d\u00e9tail et des signaux positifs transmis par les enqu\u00eates aupr\u00e8s des entreprises valident l\u2019approche graduelle de la banque centrale. Ces d\u00e9veloppements ont provoqu\u00e9 un l\u00e9ger redressement des rendements en livres sterling, en phase avec les emprunts en dollars. <\/p>\n

Sur le march\u00e9 des capitaux en euro, les rendements sont stationnaires. La d\u00e9gradation du climat des
affaires mise en lumi\u00e8re par les derni\u00e8res enqu\u00eates laisse craindre une r\u00e9cession qui s\u00e9vit d\u00e9j\u00e0 dans le secteur manufacturier. Le d\u00e9clin du PMI consacr\u00e9s aux services de 52.9 en ao\u00fbt \u00e0 50.6 en septembre pourrait annoncer une r\u00e9cession et inciter la BCE \u00e0 assouplir davantage sa politique d\u00e8s le 17 octobre, puis le 12 d\u00e9cembre. En Suisse, la BNS est aussi vou\u00e9e \u00e0 abaisser son taux directeur \u00e0 1 % jeudi tout en laissant entrevoir la possibilit\u00e9 d\u2019une r\u00e9duction accrue, en phase avec la Fed et la BCE. <\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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\n\n\t\t\n\t\t\t\t\t\t\n\t\t\t\tGoldilocks extends its holiday in the USA\t\t\t<\/a>\n\n\t\t\t\t<\/h4>\n\t\t\t\t\t
\n\t\t\t\t\t\n\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t<\/i>\t\t\t\t\t\t\t\t\t\n\t\t\tFran\u00e7ois Christen\t\t<\/span>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/i>\t\t\t\t\t\t\t\t\t\n\t\t\t11 December 2024\t\t<\/span>\n\t\t\t\t<\/div>\n\t\t\n\t\t
\n\t\t\tA mild labour market and friendly central bankers reinforce the prevailing optimism.\t\t<\/div>\n\n\t\t\t\t\t\n\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\n\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\tRead More \u2192<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t<\/a>\n\t\t\t\t\t\t<\/div>\n\t\t\t\n\t\t<\/div>\n\t\t\n\t<\/div>\n\n<\/div>\n\n
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\n\n\t\t\n\t\t\t\t\t\t\n\t\t\t\tSustainability and accomplishment\t\t\t<\/a>\n\n\t\t\t\t<\/h4>\n\t\t\t\t\t
\n\t\t\t\t\t\n\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t<\/i>\t\t\t\t\t\t\t\t\t\n\t\t\tAudrey Cauchet\t\t<\/span>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/i>\t\t\t\t\t\t\t\t\t\n\t\t\t29 November 2024\t\t<\/span>\n\t\t\t\t<\/div>\n\t\t\n\t\t
\n\t\t\tSustainability is also a significant component of achievement, as the role of organisations is no longer limited to the search for profitability. The desire to ...\t\t<\/div>\n\n\t\t\t\t\t\n\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\n\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\tRead More \u2192<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t<\/a>\n\t\t\t\t\t\t<\/div>\n\t\t\t\n\t\t<\/div>\n\t\t\n\t<\/div>\n\n<\/div>\n\n
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\n\n\t\t\n\t\t\t\t\t\t\n\t\t\t\tGonet & Cie SA and ONE swiss bank SA are joining forces to create a leading player in Switzerland\t\t\t<\/a>\n\n\t\t\t\t<\/h4>\n\t\t\t\t\t
\n\t\t\t\t\t\n\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t<\/i>\t\t\t\t\t\t\t\t\t\n\t\t\tONE swiss bank\t\t<\/span>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/i>\t\t\t\t\t\t\t\t\t\n\t\t\t19 November 2024\t\t<\/span>\n\t\t\t\t<\/div>\n\t\t\n\t\t
\n\t\t\tGonet & Cie SA and ONE swiss bank SA are pleased to announce their merger to create a leading player in wealth and asset management ...\t\t<\/div>\n\n\t\t\t\t\t\n\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\n\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\tRead More \u2192<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t<\/a>\n\t\t\t\t\t\t<\/div>\n\t\t\t\n\t\t<\/div>\n\t\t\n\t<\/div>\n\n<\/div>\n\n
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\n\n\t\t\n\t\t\t\t\t\t\n\t\t\t\tThe \u201cred wave\u201d sparks enthusiasm\t\t\t<\/a>\n\n\t\t\t\t<\/h4>\n\t\t\t\t\t
\n\t\t\t\t\t\n\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t<\/i>\t\t\t\t\t\t\t\t\t\n\t\t\tFran\u00e7ois Christen\t\t<\/span>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/i>\t\t\t\t\t\t\t\t\t\n\t\t\t13 November 2024\t\t<\/span>\n\t\t\t\t<\/div>\n\t\t\n\t\t
\n\t\t\tDonald Trump's return to the White House, however, entails several risks for bond investors.\t\t<\/div>\n\n\t\t\t\t\t\n\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\n\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\tRead More \u2192<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t<\/a>\n\t\t\t\t\t\t<\/div>\n\t\t\t\n\t\t<\/div>\n\t\t\n\t<\/div>\n\n<\/div>\n\n
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\n\n\t\t\n\t\t\t\t\t\t\n\t\t\t\tThe hawks are sleepy, the vigilantes are waking up\t\t\t<\/a>\n\n\t\t\t\t<\/h4>\n\t\t\t\t\t
\n\t\t\t\t\t\n\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t<\/i>\t\t\t\t\t\t\t\t\t\n\t\t\tFran\u00e7ois Christen\t\t<\/span>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/i>\t\t\t\t\t\t\t\t\t\n\t\t\t30 October 2024\t\t<\/span>\n\t\t\t\t<\/div>\n\t\t\n\t\t
\n\t\t\tThe Federal Reserve's dovish stance and the prospect of a Donald Trump victory undermine bonds.\t\t<\/div>\n\n\t\t\t\t\t\n\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\n\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\tRead More \u2192<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t<\/a>\n\t\t\t\t\t\t<\/div>\n\t\t\t\n\t\t<\/div>\n\t\t\n\t<\/div>\n\n<\/div>\n\n
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\n\t\t\t\n\t\t\t\"\"<\/a>\n\t\t\tCorporate Social Responsibility<\/span><\/span>\t\t<\/div>\n\t\t\n\t\t\t\n\t\t\t
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\n\n\t\t\n\t\t\t\t\t\t\n\t\t\t\tSustainability and integrity\t\t\t<\/a>\n\n\t\t\t\t<\/h4>\n\t\t\t\t\t
\n\t\t\t\t\t\n\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t<\/i>\t\t\t\t\t\t\t\t\t\n\t\t\tAudrey Cauchet\t\t<\/span>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/i>\t\t\t\t\t\t\t\t\t\n\t\t\t25 October 2024\t\t<\/span>\n\t\t\t\t<\/div>\n\t\t\n\t\t
\n\t\t\tAt a time when the risk of greenwashing is coming under increasing scrutiny from supervisory authorities, particularly in the financial sector, there is no denying ...\t\t<\/div>\n\n\t\t\t\t\t\n\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\n\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\tRead More \u2192<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t<\/a>\n\t\t\t\t\t\t<\/div>\n\t\t\t\n\t\t<\/div>\n\t\t\n\t<\/div>\n\n<\/div>\n\n
\n\t
\n\n\t\t\t\t\n\t\t
\n\n\t\t\t\t
\n\t\t\t\n\t\t\t\"\"<\/a>\n\t\t\tMacro<\/span><\/span>\t\t<\/div>\n\t\t\n\t\t\t\n\t\t\t
\n\t\t\t\t\t

\n\n\t\t\n\t\t\t\t\t\t\n\t\t\t\tEconomic data validate Fed’s plans\t\t\t<\/a>\n\n\t\t\t\t<\/h4>\n\t\t\t\t\t
\n\t\t\t\t\t\n\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t<\/i>\t\t\t\t\t\t\t\t\t\n\t\t\tFran\u00e7ois Christen\t\t<\/span>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/i>\t\t\t\t\t\t\t\t\t\n\t\t\t9 October 2024\t\t<\/span>\n\t\t\t\t<\/div>\n\t\t\n\t\t
\n\t\t\tDefying predictions of any sort of landing, the US economy continues to fly at high altitude.\t\t<\/div>\n\n\t\t\t\t\t\n\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\n\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\tRead More \u2192<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t<\/a>\n\t\t\t\t\t\t<\/div>\n\t\t\t\n\t\t<\/div>\n\t\t\n\t<\/div>\n\n<\/div>\n\n
\n\t
\n\n\t\t\t\t\n\t\t
\n\n\t\t\t\t
\n\t\t\t\n\t\t\t\"\"<\/a>\n\t\t\tInvestment<\/span><\/span>\t\t<\/div>\n\t\t\n\t\t\t\n\t\t\t
\n\t\t\t\t\t

\n\n\t\t\n\t\t\t\t\t\t\n\t\t\t\tPortefeuilles indiciels : Quand la simplicit\u00e9 cache des d\u00e9fis majeurs\t\t\t<\/a>\n\n\t\t\t\t<\/h4>\n\t\t\t\t\t
\n\t\t\t\t\t\n\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t<\/i>\t\t\t\t\t\t\t\t\t\n\t\t\tAymeric Converset\t\t<\/span>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/i>\t\t\t\t\t\t\t\t\t\n\t\t\t2 October 2024\t\t<\/span>\n\t\t\t\t<\/div>\n\t\t\n\t\t
\n\t\t\tLa gestion indicielle a conquis les investisseurs institutionnels avec ses promesses tenues d\u2019efficacit\u00e9 \u00e0 moindre co\u00fbt, mais derri\u00e8re ces b\u00e9n\u00e9fices se cachent des d\u00e9fis souvent ...\t\t<\/div>\n\n\t\t\t\t\t\n\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\n\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\tRead More \u2192<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t<\/a>\n\t\t\t\t\t\t<\/div>\n\t\t\t\n\t\t<\/div>\n\t\t\n\t<\/div>\n\n<\/div>\n\n
\n\t
\n\n\t\t\t\t\n\t\t
\n\n\t\t\t\t
\n\t\t\t\n\t\t\t\"\"<\/a>\n\t\t\tMacro<\/span><\/span>\t\t<\/div>\n\t\t\n\t\t\t\n\t\t\t
\n\t\t\t\t\t

\n\n\t\t\n\t\t\t\t\t\t\n\t\t\t\tMoney rates fall, bond yields rise\t\t\t<\/a>\n\n\t\t\t\t<\/h4>\n\t\t\t\t\t
\n\t\t\t\t\t\n\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t<\/i>\t\t\t\t\t\t\t\t\t\n\t\t\tFran\u00e7ois Christen\t\t<\/span>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/i>\t\t\t\t\t\t\t\t\t\n\t\t\t25 September 2024\t\t<\/span>\n\t\t\t\t<\/div>\n\t\t\n\t\t
\n\t\t\tThe Fed's decision to start the cycle with a bold move has led to a further steepening of the yield curve.\t\t<\/div>\n\n\t\t\t\t\t\n\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\n\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\tRead More \u2192<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t<\/a>\n\t\t\t\t\t\t<\/div>\n\t\t\t\n\t\t<\/div>\n\t\t\n\t<\/div>\n\n<\/div>\n\n
\n\t
\n\n\t\t\t\t\n\t\t
\n\n\t\t\t\t
\n\t\t\t\n\t\t\t\"\"<\/a>\n\t\t\tCorporate Social Responsibility<\/span><\/span>\t\t<\/div>\n\t\t\n\t\t\t\n\t\t\t
\n\t\t\t\t\t

\n\n\t\t\n\t\t\t\t\t\t\n\t\t\t\tSustainability and determination\t\t\t<\/a>\n\n\t\t\t\t<\/h4>\n\t\t\t\t\t
\n\t\t\t\t\t\n\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t<\/i>\t\t\t\t\t\t\t\t\t\n\t\t\tAudrey Cauchet\t\t<\/span>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/i>\t\t\t\t\t\t\t\t\t\n\t\t\t19 September 2024\t\t<\/span>\n\t\t\t\t<\/div>\n\t\t\n\t\t
\n\t\t\tOne of the key factors in the success of a sustainability approach is the definition of a long-term strategy, which is the result of strong ...\t\t<\/div>\n\n\t\t\t\t\t\n\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\n\n\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\tRead More \u2192<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t<\/a>\n\t\t\t\t\t\t<\/div>\n\t\t\t\n\t\t<\/div>\n\t\t\n\t<\/div>\n\n<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\n\t\t<\/div>\n\n\t\t\t\t\t\t<\/div>\n\t\t
\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t
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<\/div>\n\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

La d\u00e9cision de la Fed d\u2019entamer le cycle par un geste audacieux a fragilis\u00e9 les emprunts \u00e0 long terme.<\/p>\n","protected":false},"author":8,"featured_media":7078,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"neve_meta_sidebar":"","neve_meta_container":"","neve_meta_enable_content_width":"off","neve_meta_content_width":70,"neve_meta_title_alignment":"","neve_meta_author_avatar":"","neve_post_elements_order":"","neve_meta_disable_header":"","neve_meta_disable_footer":"","neve_meta_disable_title":"","footnotes":""},"categories":[113],"tags":[128,134,137],"class_list":["post-10404","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-macro-fr","tag-fixed-income-fr","tag-investment-oulook-fr","tag-macroeconomy-fr"],"yoast_head":"\nLes taux baissent, les rendements s\u2019\u00e9l\u00e8vent - ONE swiss bank<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/oneswissbank.com\/macro-fr\/les-taux-baissent-les-rendements-selevent\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Les taux baissent, les rendements s\u2019\u00e9l\u00e8vent - ONE swiss bank\" \/>\n<meta property=\"og:description\" content=\"La d\u00e9cision de la Fed d\u2019entamer le cycle par un geste audacieux a fragilis\u00e9 les emprunts \u00e0 long terme.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/oneswissbank.com\/macro-fr\/les-taux-baissent-les-rendements-selevent\/?lang=fr\" \/>\n<meta property=\"og:site_name\" content=\"ONE swiss bank\" \/>\n<meta property=\"article:published_time\" content=\"2024-09-25T08:08:33+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/oneswissbank.com\/wp-content\/uploads\/2022\/12\/powell.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2560\" \/>\n\t<meta property=\"og:image:height\" content=\"1440\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Fran\u00e7ois Christen\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@ONEswissbank\" \/>\n<meta name=\"twitter:site\" content=\"@ONEswissbank\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Fran\u00e7ois Christen\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/oneswissbank.com\/macro-fr\/les-taux-baissent-les-rendements-selevent\/?lang=fr#article\",\"isPartOf\":{\"@id\":\"https:\/\/oneswissbank.com\/macro-fr\/les-taux-baissent-les-rendements-selevent\/?lang=fr\"},\"author\":{\"name\":\"Fran\u00e7ois Christen\",\"@id\":\"https:\/\/oneswissbank.com\/#\/schema\/person\/f284d1be80397f948b07700ba28303d1\"},\"headline\":\"Les taux baissent, les rendements s\u2019\u00e9l\u00e8vent\",\"datePublished\":\"2024-09-25T08:08:33+00:00\",\"dateModified\":\"2024-09-25T08:08:33+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/oneswissbank.com\/macro-fr\/les-taux-baissent-les-rendements-selevent\/?lang=fr\"},\"wordCount\":707,\"publisher\":{\"@id\":\"https:\/\/oneswissbank.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/oneswissbank.com\/macro-fr\/les-taux-baissent-les-rendements-selevent\/?lang=fr#primaryimage\"},\"thumbnailUrl\":\"https:\/\/oneswissbank.com\/wp-content\/uploads\/2022\/12\/powell.jpg\",\"keywords\":[\"Fixed Income\",\"Investment Oulook\",\"Macroeconomy\"],\"articleSection\":[\"Macro\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/oneswissbank.com\/macro-fr\/les-taux-baissent-les-rendements-selevent\/?lang=fr\",\"url\":\"https:\/\/oneswissbank.com\/macro-fr\/les-taux-baissent-les-rendements-selevent\/?lang=fr\",\"name\":\"Les taux baissent, les rendements s\u2019\u00e9l\u00e8vent - 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