{"id":188336,"date":"2026-06-26T13:15:00","date_gmt":"2026-06-26T17:15:00","guid":{"rendered":"https:\/\/linitiative.ca\/International\/la-fed-entre-dans-une-nouvelle-zone-dombre\/"},"modified":"2026-06-26T13:15:00","modified_gmt":"2026-06-26T17:15:00","slug":"la-fed-entre-dans-une-nouvelle-zone-dombre","status":"publish","type":"post","link":"https:\/\/linitiative.ca\/International\/la-fed-entre-dans-une-nouvelle-zone-dombre\/","title":{"rendered":"La Fed entre dans une nouvelle zone d\u2019ombre"},"content":{"rendered":"<div class=\"post-cont-out\">\n<div class=\"post-cont-in no-margin\">\n<div id=\"content-main\" class=\"left relative\">\n<div class=\"liveblog-section\">\n<div id=\"elb-liveblog\" class=\"elb-liveblog elb-theme-light\" data-append-timestamp=\"1\" data-status=\"open\" data-highlighted-entry=\"\" data-show-entries=\"25\" data-endpoint=\"https:\/\/www.tunisienumerique.com\/wp-json\/easy-liveblogs\/v1\/liveblog\/1125224\">\n<div class=\"elb-liveblog-closed-message\">Le blog en direct est termin\u00e9.<\/div>\n<p><button id=\"elb-show-new-posts\" class=\"elb-button button\"\/><\/p>\n<div class=\"elb-no-liveblog-entries-message\">Aucune mise \u00e0 jour du blog en direct pour le moment.<\/div>\n<p><button id=\"elb-load-more\" class=\"elb-button button\">Charger plus<\/button><\/div>\n<\/div>\n<div class=\"simplesocialbuttons simplesocial-round-btm-border simplesocialbuttons_inline simplesocialbuttons-align-left post-1125224 post simplesocialbuttons-inline-no-animation\"><button class=\"simplesocial-fb-share\" rel=\"nofollow\" target=\"_blank\" aria-label=\"Facebook Share\" data-href=\"https:\/\/www.facebook.com\/sharer\/sharer.php?u=https:\/\/www.tunisienumerique.com\/la-fed-entre-dans-une-nouvelle-zone-dombre\/\" onclick=\"javascript:window.open(this.dataset.href, '', 'menubar=no,toolbar=no,resizable=yes,scrollbars=yes,height=600,width=600');return false;\"><span class=\"simplesocialtxt\">Facebook<\/span><\/button> <button class=\"simplesocial-twt-share\" rel=\"nofollow\" target=\"_blank\" aria-label=\"Twitter Share\" data-href=\"https:\/\/twitter.com\/intent\/tweet?text=La+Fed+entre+dans+une+nouvelle+zone+d%E2%80%99ombre&amp;url=https:\/\/www.tunisienumerique.com\/la-fed-entre-dans-une-nouvelle-zone-dombre\/\" onclick=\"javascript:window.open(this.dataset.href, '', 'menubar=no,toolbar=no,resizable=yes,scrollbars=yes,height=600,width=600');return false;\"><span class=\"simplesocialtxt\">Twitter<\/span><\/button> <button rel=\"nofollow\" target=\"_blank\" class=\"simplesocial-linkedin-share\" aria-label=\"LinkedIn Share\" data-href=\"https:\/\/www.linkedin.com\/sharing\/share-offsite\/?url=https:\/\/www.tunisienumerique.com\/la-fed-entre-dans-une-nouvelle-zone-dombre\/\" onclick=\"javascript:window.open(this.dataset.href, '', 'menubar=no,toolbar=no,resizable=yes,scrollbars=yes,height=600,width=600');return false;\"><span class=\"simplesocialtxt\">LinkedIn<\/span><\/button> <button onclick=\"javascript:window.open(this.dataset.href, '_blank' );return false;\" class=\"simplesocial-whatsapp-share\" rel=\"nofollow\" target=\"_blank\" aria-label=\"WhatsApp Share\" data-href=\"https:\/\/api.whatsapp.com\/send?text=https:\/\/www.tunisienumerique.com\/la-fed-entre-dans-une-nouvelle-zone-dombre\/\"><span class=\"simplesocialtxt\">WhatsApp<\/span><\/button><\/p>\n<\/div>\n<p><button class=\"simplefavorite-button\" data-postid=\"1125224\" data-siteid=\"1\" data-groupid=\"1\" data-favoritecount=\"0\"> Lire plus tard<\/button><\/p>\n<p><strong><em>Le nouveau pr\u00e9sident de la R\u00e9serve f\u00e9d\u00e9rale am\u00e9ricaine (Fed), Kevin Warsh, a entam\u00e9 son mandat en op\u00e9rant des changements notables dans sa communication.<\/em><\/strong><\/p>\n<p>Au lieu de discuter du calendrier d\u2019un assouplissement de sa politique mon\u00e9taire comme par le pass\u00e9, la banque centrale am\u00e9ricaine semble laisser ouverte la possibilit\u00e9 d\u2019une nouvelle hausse des taux d\u2019int\u00e9r\u00eat avant la fin de 2026, dans un contexte\u00a0\u00e9conomique\u00a0r\u00e9silient et d\u2019inflation toujours \u00e9lev\u00e9e.<\/p>\n<p>Lors de sa premi\u00e8re r\u00e9union de politique mon\u00e9taire pr\u00e9sid\u00e9e par Warsh, qui s\u2019est tenue les 16 et 17 juin, la Fed a d\u00e9cid\u00e9 de maintenir les taux d\u2019int\u00e9r\u00eat inchang\u00e9s \u00e0 3,50% \u2013 3,75%, avec l\u2019accord unanime de l\u2019ensemble du Comit\u00e9 f\u00e9d\u00e9ral de l\u2019open market (FOMC), l\u2019organe d\u00e9cisionnel de la Fed.<\/p>\n<p>Cependant, on estiment que le point saillant de la r\u00e9union n\u2019\u00e9tait pas la d\u00e9cision relative aux taux d\u2019int\u00e9r\u00eat, mais le changement de style de communication de la Fed avec le march\u00e9.<\/p>\n<p>La banque centrale\u00a0am\u00e9ricaine\u00a0a r\u00e9duit son communiqu\u00e9 de presse. Ce document abandonne tout langage accommodant et toute allusion \u00e0 une baisse des taux d\u2019int\u00e9r\u00eat, affirmant plut\u00f4t que l\u2019inflation reste \u00e9lev\u00e9e en raison de chocs d\u2019offre et s\u2019engageant \u00e0 r\u00e9tablir la stabilit\u00e9 des prix.<\/p>\n<p>Il est \u00e0 noter que le nouveau pr\u00e9sident Warsh a d\u00e9cid\u00e9 de ne pas soumettre de pr\u00e9visions individuelles pour le \u00ab\u00a0dot plot\u00a0\u00bb (un r\u00e9sum\u00e9 des pr\u00e9visions \u00e9conomiques des responsables de la Fed) et a compl\u00e8tement omis toute orientation politique future.<\/p>\n<p>Malgr\u00e9 l\u2019absence de communication officielle, les donn\u00e9es publi\u00e9es ont renforc\u00e9 les sp\u00e9culations quant \u00e0 un resserrement de la politique mon\u00e9taire de la Fed. Le r\u00e9sum\u00e9 des pr\u00e9visions \u00e9conomiques a r\u00e9v\u00e9l\u00e9 que 9 des 18 responsables de la Fed pr\u00e9voyaient au moins une hausse des taux d\u2019int\u00e9r\u00eat en 2026.<\/p>\n<p>Le taux d\u2019int\u00e9r\u00eat m\u00e9dian pr\u00e9vu pour la fin de l\u2019ann\u00e9e a fortement augment\u00e9, passant de 3,4% en mars \u00e0 3,8%. Par ailleurs, la R\u00e9serve f\u00e9d\u00e9rale a revu \u00e0 la hausse de mani\u00e8re significative ses pr\u00e9visions concernant l\u2019indice des d\u00e9penses de consommation personnelle (PCE) \u2013 son principal indicateur d\u2019inflation \u2013 le portant de 2,7% \u00e0 3,6%, un niveau nettement inf\u00e9rieur \u00e0 son objectif \u00e0 long terme de 2%.<\/p>\n<p>Face \u00e0 ces signaux, les investisseurs parient d\u00e9sormais sur une probabilit\u00e9 sup\u00e9rieure \u00e0 85% que la Fed rel\u00e8ve ses taux d\u2019int\u00e9r\u00eat cette ann\u00e9e.<\/p>\n<p>De plus, la d\u00e9termination du v\u00e9ritable taux d\u2019int\u00e9r\u00eat neutre pour l\u2019\u00e9conomie demeure tr\u00e8s ambigu\u00eb, ce qui laisse \u00e0 la Fed une marge de man\u0153uvre raisonnable pour maintenir les niveaux de taux d\u2019int\u00e9r\u00eat actuels pendant une p\u00e9riode prolong\u00e9e.<\/p>\n<div class=\"simplesocialbuttons simplesocial-round-btm-border simplesocialbuttons_inline simplesocialbuttons-align-left post-1125224 post simplesocialbuttons-inline-no-animation\"><button class=\"simplesocial-fb-share\" rel=\"nofollow\" target=\"_blank\" aria-label=\"Facebook Share\" data-href=\"https:\/\/www.facebook.com\/sharer\/sharer.php?u=https:\/\/www.tunisienumerique.com\/la-fed-entre-dans-une-nouvelle-zone-dombre\/\" onclick=\"javascript:window.open(this.dataset.href, '', 'menubar=no,toolbar=no,resizable=yes,scrollbars=yes,height=600,width=600');return false;\"><span class=\"simplesocialtxt\">Facebook<\/span><\/button> <button class=\"simplesocial-twt-share\" rel=\"nofollow\" target=\"_blank\" aria-label=\"Twitter Share\" data-href=\"https:\/\/twitter.com\/intent\/tweet?text=La+Fed+entre+dans+une+nouvelle+zone+d%E2%80%99ombre&amp;url=https:\/\/www.tunisienumerique.com\/la-fed-entre-dans-une-nouvelle-zone-dombre\/\" onclick=\"javascript:window.open(this.dataset.href, '', 'menubar=no,toolbar=no,resizable=yes,scrollbars=yes,height=600,width=600');return false;\"><span class=\"simplesocialtxt\">Twitter<\/span><\/button> <button rel=\"nofollow\" target=\"_blank\" class=\"simplesocial-linkedin-share\" aria-label=\"LinkedIn Share\" data-href=\"https:\/\/www.linkedin.com\/sharing\/share-offsite\/?url=https:\/\/www.tunisienumerique.com\/la-fed-entre-dans-une-nouvelle-zone-dombre\/\" onclick=\"javascript:window.open(this.dataset.href, '', 'menubar=no,toolbar=no,resizable=yes,scrollbars=yes,height=600,width=600');return false;\"><span class=\"simplesocialtxt\">LinkedIn<\/span><\/button> <button onclick=\"javascript:window.open(this.dataset.href, '_blank' );return false;\" class=\"simplesocial-whatsapp-share\" rel=\"nofollow\" target=\"_blank\" aria-label=\"WhatsApp Share\" data-href=\"https:\/\/api.whatsapp.com\/send?text=https:\/\/www.tunisienumerique.com\/la-fed-entre-dans-une-nouvelle-zone-dombre\/\"><span class=\"simplesocialtxt\">WhatsApp<\/span><\/button><\/p>\n<\/div>\n<p><strong>Que se passe-t-il en Tunisie?<\/strong><br \/>Nous expliquons sur notre <a href=\"https:\/\/www.youtube.com\/channel\/UCRzypVq0B_yBad5eGrwBx0Q?sub_confirmation=1\" target=\"_blank\">cha\u00eene YouTube<\/a> . <a href=\"https:\/\/www.youtube.com\/channel\/UCRzypVq0B_yBad5eGrwBx0Q?sub_confirmation=1\" target=\"_blank\">Abonnez-vous!<\/a><\/p>\n<div class=\"mvp-org-wrap\" itemprop=\"publisher\" itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/Organization\">\n<div class=\"mvp-org-logo\" itemprop=\"logo\" itemscope=\"itemscope\" itemtype=\"https:\/\/schema.org\/ImageObject\">\n<p><img loading=\"lazy\" decoding=\"async\" width=\"290\" height=\"78\" src=\"https:\/\/www.tunisienumerique.com\/wp-content\/uploads\/2024\/03\/Logo-Tn1-1-3.png\"\/><\/p>\n<p><meta itemprop=\"url\" content=\"https:\/\/www.tunisienumerique.com\/wp-content\/uploads\/2024\/03\/Logo-Tn1-1-3.png\"\/><\/div>\n<p><meta itemprop=\"name\" content=\"Tunisie Numerique\"\/><\/div>\n<div class=\"mvp-related-posts left relative\">\n<h4 class=\"post-header\"><span class=\"post-header\">LIRE AUSSI<\/span><\/h4>\n<\/div>\n<div id=\"article-ad\">\n  <ins class=\"adsbygoogle\" data-ad-client=\"ca-pub-2102118777505746\" data-ad-slot=\"6168283410\" data-ad-format=\"auto\" data-full-width-responsive=\"true\"\/>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p>Auteur: Mohamed Ben Abderrazek<br \/>\n<a href=\"https:\/\/www.tunisienumerique.com\/la-fed-entre-dans-une-nouvelle-zone-dombre\/\">Cliquez ici pour lire l&rsquo;article depuis sa source.<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Le blog en direct est termin\u00e9. Aucune mise \u00e0 jour du blog en direct pour le moment. Charger plus Facebook Twitter LinkedIn WhatsApp Lire plus tard Le nouveau pr\u00e9sident de la R\u00e9serve f\u00e9d\u00e9rale am\u00e9ricaine (Fed), Kevin Warsh, a entam\u00e9 son mandat en op\u00e9rant des changements notables dans sa communication. Au lieu de discuter du calendrier [&hellip;]<\/p>\n","protected":false},"author":1789,"featured_media":188337,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/www.tunisienumerique.com\/wp-content\/uploads\/2025\/12\/Federal-.jpg","fifu_image_alt":"La Fed entre dans une nouvelle zone d\u2019ombre","footnotes":""},"categories":[73,55],"tags":[],"class_list":["post-188336","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-actualite","category-tunisie"],"_links":{"self":[{"href":"https:\/\/linitiative.ca\/International\/wp-json\/wp\/v2\/posts\/188336","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/linitiative.ca\/International\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/linitiative.ca\/International\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/linitiative.ca\/International\/wp-json\/wp\/v2\/users\/1789"}],"replies":[{"embeddable":true,"href":"https:\/\/linitiative.ca\/International\/wp-json\/wp\/v2\/comments?post=188336"}],"version-history":[{"count":0,"href":"https:\/\/linitiative.ca\/International\/wp-json\/wp\/v2\/posts\/188336\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/linitiative.ca\/International\/wp-json\/wp\/v2\/media\/188337"}],"wp:attachment":[{"href":"https:\/\/linitiative.ca\/International\/wp-json\/wp\/v2\/media?parent=188336"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/linitiative.ca\/International\/wp-json\/wp\/v2\/categories?post=188336"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/linitiative.ca\/International\/wp-json\/wp\/v2\/tags?post=188336"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}