{"id":51944,"date":"2026-08-03T17:58:33","date_gmt":"2026-08-03T17:58:33","guid":{"rendered":"https:\/\/www.vtmarkets.com\/fr-eu\/uncategorized\/fed-holds-rates-what-happens-next-for-markets\/"},"modified":"2026-08-03T17:58:33","modified_gmt":"2026-08-03T17:58:33","slug":"fed-holds-rates-what-happens-next-for-markets","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/fr-eu\/learn\/fed-holds-rates-what-happens-next-for-markets\/","title":{"rendered":"La Fed maintient ses taux : quelles perspectives pour les march\u00e9s ?"},"content":{"rendered":"\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.vtmarkets.com\/wp-content\/uploads\/2026\/08\/codeYzM3ODllNDM5MmNkMGM4ZWIxMTRhYzE5NTBiMTZiYWZfWGtEVU5qWmc1RjZEVDdibmpvR013ZnJXVXZsRUMzOFRfVG9rZW46WDlxd2JoVGR0b3AyOWJ4VXpFQ2xDandIZ0xiXzE3ODU3NDg4NjE6MTc4NTc1MjQ2MV9WNAampadd_watermarktrueampscene_typeCCM.png\" alt=\"\"\/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Vue d\u2019ensemble<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>La R\u00e9serve f\u00e9d\u00e9rale a maintenu ses taux inchang\u00e9s lors de la r\u00e9union du FOMC de juillet 2026, mais le message a \u00e9t\u00e9 plus restrictif (favorable \u00e0 des taux plus \u00e9lev\u00e9s) qu\u2019attendu.<\/li>\n\n\n\n<li>Trois responsables de la Fed ont soutenu une nouvelle hausse de 25 points de base (0,25 point de pourcentage), signe de craintes croissantes face \u00e0 une inflation qui persiste.<\/li>\n\n\n\n<li>Le pr\u00e9sident Kevin Warsh a r\u00e9affirm\u00e9 l\u2019objectif d\u2019inflation \u00e0 2% et la volont\u00e9 de garder une politique mon\u00e9taire restrictive (qui freine l\u2019\u00e9conomie via des taux \u00e9lev\u00e9s) jusqu\u2019au retour de la stabilit\u00e9 des prix.<\/li>\n\n\n\n<li>La Fed a \u00e9vit\u00e9 toute indication sur septembre, montrant qu\u2019elle s\u2019appuiera davantage sur les prochaines statistiques \u00e9conomiques.<\/li>\n\n\n\n<li>Les rendements des bons du Tr\u00e9sor ont nettement mont\u00e9, celui du Treasury am\u00e9ricain \u00e0 30 ans atteignant son plus haut depuis 2007, le march\u00e9 r\u00e9visant ses anticipations de taux.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">La r\u00e9union de juillet 2026 de la R\u00e9serve f\u00e9d\u00e9rale s\u2019est conclue par un statu quo sur les taux directeurs, comme l\u2019anticipaient les march\u00e9s. Mais le r\u00e9sultat a compt\u00e9 davantage que le titre. Les investisseurs ont retenu des divergences au sein du Federal Open Market Committee (FOMC, le comit\u00e9 qui d\u00e9cide des taux), un ton plus restrictif du pr\u00e9sident Kevin Warsh, et l\u2019absence d\u2019indication sur la prochaine d\u00e9cision.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Plut\u00f4t que d\u2019annoncer la fin du cycle de resserrement (p\u00e9riode de hausses de taux), la Fed a r\u00e9affirm\u00e9 sa priorit\u00e9: ramener l\u2019inflation vers 2%. Le ton restrictif, la hausse des rendements des Treasuries (obligations d\u2019\u00c9tat am\u00e9ricaines) et la volatilit\u00e9 (fortes variations de prix) sugg\u00e8rent que des conditions mon\u00e9taires strictes pourraient durer plus longtemps que pr\u00e9vu.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Une pause, pas un changement de cap<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Si le taux des fed funds (taux directeur de r\u00e9f\u00e9rence aux \u00c9tats-Unis) n\u2019a pas boug\u00e9, le d\u00e9tail des votes a r\u00e9v\u00e9l\u00e9 des d\u00e9saccords. Trois responsables \u2014 Lorie Logan, Neel Kashkari et Beth Hammack \u2014 ont vot\u00e9 pour une hausse de 25 points de base (0,25 point), estimant l\u2019inflation trop tenace.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-x wp-block-embed-x\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">Three Fed dissenters say rate hike is needed to curb inflation <a href=\"https:\/\/t.co\/6lYSvFvoVd\">https:\/\/t.co\/6lYSvFvoVd<\/a> <a href=\"https:\/\/t.co\/6lYSvFvoVd\">https:\/\/t.co\/6lYSvFvoVd<\/a><\/p>&mdash; Reuters (@Reuters) <a href=\"https:\/\/x.com\/Reuters\/status\/2083218707954700584?ref_src=twsrc%5Etfw\">July 31, 2026<\/a><\/blockquote><script async src=\"https:\/\/platform.x.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Kevin Warsh a qualifi\u00e9 cette division de d\u00e9bat sain, estimant qu\u2019une discussion approfondie am\u00e9liore la d\u00e9cision. Mais ces votes dissidents indiquent aussi que de nouvelles hausses restent possibles si l\u2019inflation ne ralentit pas.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Autre \u00e9volution: la communication. Le communiqu\u00e9 de juillet \u00e9tait plus court et plus direct, sans \u00abforward guidance\u00bb (indication explicite sur la prochaine d\u00e9cision) pour la r\u00e9union de septembre. Le comit\u00e9 a insist\u00e9 sur un point: les d\u00e9cisions d\u00e9pendront des prochaines donn\u00e9es \u00e9conomiques.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">L\u2019inflation reste la priorit\u00e9<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Lors de sa conf\u00e9rence de presse, Warsh a clairement indiqu\u00e9 que la Fed ne crie pas victoire. Il a r\u00e9affirm\u00e9 l\u2019objectif de long terme de 2% et averti qu\u2019il n\u2019existe pas de solution rapide pour effacer des ann\u00e9es de hausse des prix.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Selon lui, l\u2019inflation s\u2019est install\u00e9e sur plusieurs ann\u00e9es, nourrie par une demande forte, des perturbations des cha\u00eenes d\u2019approvisionnement (difficult\u00e9s \u00e0 produire et livrer), des tensions sur le march\u00e9 du travail (p\u00e9nuries ou d\u00e9s\u00e9quilibres de main-d\u2019\u0153uvre) et des risques g\u00e9opolitiques. Revenir \u00e0 la stabilit\u00e9 des prix demandera donc du temps, de la rigueur et des d\u00e9cisions fond\u00e9es sur les donn\u00e9es.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Son discours montre aussi un changement de centre d\u2019attention. Au lieu de discuter du moment o\u00f9 les taux pourraient baisser, la Fed veut maintenir des conditions restrictives tant que l\u2019inflation n\u2019est pas clairement ma\u00eetris\u00e9e. Pour comprendre ces m\u00e9canismes, consultez notre guide sur l\u2019<a href=\"https:\/\/www.vtmarkets.com\/discover\/complete-consumer-price-index-guide-2025-smarter-investing\/\">indice des prix \u00e0 la consommation (CPI, l\u2019indicateur cl\u00e9 de l\u2019inflation pour les m\u00e9nages)<\/a> et notre pr\u00e9sentation de l\u2019<a href=\"https:\/\/www.vtmarkets.com\/discover\/5-steps-to-trade-forex-on-news-releases\/\">analyse fondamentale (m\u00e9thode qui s\u2019appuie sur l\u2019\u00e9conomie et les statistiques)<\/a>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Une Fed davantage d\u00e9pendante des donn\u00e9es<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Point majeur: l\u2019absence de toute indication pour septembre. Contrairement \u00e0 d\u2019autres r\u00e9unions, la Fed a \u00e9vit\u00e9 de sugg\u00e9rer une prochaine d\u00e9cision.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-x wp-block-embed-x\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">A relentless run of uncertainty, from war to tariff fights to inflation that refuses to die, has challenged investors this year. Now they have to balance another risk: A Federal Reserve that won\u2019t tell them what it\u2019s thinking. <a href=\"https:\/\/t.co\/4SfIykyXSg\">https:\/\/t.co\/4SfIykyXSg<\/a><\/p>&mdash; Bloomberg (@business) <a href=\"https:\/\/x.com\/business\/status\/2083544541227827443?ref_src=twsrc%5Etfw\">August 1, 2026<\/a><\/blockquote><script async src=\"https:\/\/platform.x.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Les prochaines publications prendront donc plus de poids, en particulier les chiffres de l\u2019inflation, de l\u2019emploi et les indicateurs de croissance. Chaque statistique importante d\u2019ici la prochaine r\u00e9union peut modifier les anticipations de taux.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">La Fed a aussi ajust\u00e9 son texte, rempla\u00e7ant \u00aba r\u00e9affirm\u00e9 son engagement\u00bb par \u00abpoursuit son engagement\u00bb. Ce choix vise \u00e0 \u00e9viter de donner l\u2019impression d\u2019une trajectoire d\u00e9j\u00e0 fix\u00e9e. Dans ces phases de volatilit\u00e9, certains traders s\u2019appuient sur des indicateurs de volatilit\u00e9: consultez notre guide sur le <a href=\"https:\/\/www.vtmarkets.com\/discover\/vix-index-mastery\/\">VIX (indice de la peur, mesure de la volatilit\u00e9 attendue sur les actions am\u00e9ricaines)<\/a> et sur l\u2019<a href=\"https:\/\/www.vtmarkets.com\/discover\/average-true-range-atr-indicator-guide-master-volatility-trading\/\">ATR \u2013 Average True Range (indicateur qui mesure l\u2019amplitude moyenne des variations de prix)<\/a>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">R\u00e9action des march\u00e9s<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Les march\u00e9s ont jug\u00e9 la r\u00e9union plus restrictive qu\u2019attendu.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Les rendements des Treasuries ont fortement progress\u00e9, celui du 30 ans am\u00e9ricain atteignant environ 5,21%, un sommet depuis 2007. Des rendements longs plus \u00e9lev\u00e9s indiquent que les investisseurs s\u2019attendent \u00e0 des taux durablement \u00e9lev\u00e9s et demandent une r\u00e9mun\u00e9ration plus importante pour le risque d\u2019inflation.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-x wp-block-embed-x\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">Treasury selloff signals need to bolster Fed&#39;s inflation credibility, Musalem tells FT <a href=\"https:\/\/t.co\/02svi8WeZr\">https:\/\/t.co\/02svi8WeZr<\/a> <a href=\"https:\/\/t.co\/02svi8WeZr\">https:\/\/t.co\/02svi8WeZr<\/a><\/p>&mdash; Reuters (@Reuters) <a href=\"https:\/\/x.com\/Reuters\/status\/2083487920632033399?ref_src=twsrc%5Etfw\">August 1, 2026<\/a><\/blockquote><script async src=\"https:\/\/platform.x.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Les actions ont aussi \u00e9t\u00e9 sous pression. Des rendements plus \u00e9lev\u00e9s augmentent le co\u00fbt du cr\u00e9dit et p\u00e9nalisent les valeurs de croissance (actions dont la valorisation d\u00e9pend beaucoup des profits futurs), notamment dans la technologie.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Le dollar a \u00e9galement \u00e9t\u00e9 soutenu, les investisseurs int\u00e9grant la possibilit\u00e9 d\u2019une politique restrictive prolong\u00e9e.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">En r\u00e9sum\u00e9, la communication compte autant que la d\u00e9cision sur les taux. M\u00eame inchang\u00e9s, les taux n\u2019ont pas emp\u00each\u00e9 la Fed de renforcer l\u2019id\u00e9e qu\u2019un assouplissement (baisse de taux) n\u2019est pas imminent.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">L\u2019or r\u00e9agit de fa\u00e7on contrast\u00e9e<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Les prix de l\u2019or ont \u00e9volu\u00e9 de mani\u00e8re contrast\u00e9e apr\u00e8s l\u2019annonce.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">L\u2019or au comptant (spot, prix pour livraison imm\u00e9diate) a d\u2019abord recul\u00e9 d\u2019environ 0,5% vers 4.042 dollars l\u2019once, les traders r\u00e9agissant au ton restrictif. Les contrats \u00e0 terme (futures, prix fix\u00e9 aujourd\u2019hui pour une livraison plus tard) ont l\u00e9g\u00e8rement progress\u00e9, signe d\u2019incertitude sur l\u2019horizon plus long.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">La hausse des rendements des Treasuries a aussi pes\u00e9 sur le m\u00e9tal. L\u2019or ne verse pas d\u2019int\u00e9r\u00eat: quand les obligations rapportent davantage, le \u00abco\u00fbt d\u2019opportunit\u00e9\u00bb (ce \u00e0 quoi on renonce) de d\u00e9tenir de l\u2019or augmente.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-rich is-provider-x wp-block-embed-x\"><div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\"><p lang=\"en\" dir=\"ltr\">Gold advanced after Donald Trump said fresh negotiations with Iran would begin later Monday, raising hopes for a breakthrough in the months-long conflict that would ease energy-driven inflation <a href=\"https:\/\/t.co\/CBsxTrGvpa\">https:\/\/t.co\/CBsxTrGvpa<\/a><\/p>&mdash; Bloomberg (@business) <a href=\"https:\/\/x.com\/business\/status\/2084069251971707330?ref_src=twsrc%5Etfw\">August 3, 2026<\/a><\/blockquote><script async src=\"https:\/\/platform.x.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Malgr\u00e9 ces vents contraires \u00e0 court terme, la tendance de fond de l\u2019or reste li\u00e9e \u00e0 l\u2019incertitude macro\u00e9conomique. Les march\u00e9s traditionnels de l\u2019or ferment le week-end, exposant les traders \u00e0 des annonces g\u00e9opolitiques ou mon\u00e9taires inattendues jusqu\u2019\u00e0 l\u2019ouverture de lundi, avec parfois des \u00abgaps\u00bb (\u00e9carts de cotation entre la cl\u00f4ture et l\u2019ouverture). Pour limiter ce risque, il est possible d\u2019acc\u00e9der \u00e0 une liquidit\u00e9 24h\/24 et 7j\/7 via <a href=\"https:\/\/www.vtmarkets.com\/learn\/trade-gold-every-day-with-xauusd247\/\">XAUUSD247<\/a>, avec des tailles de position \u00e0 partir d\u20191 once, contre des contrats standards de 100 onces.<\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.vtmarkets.com\/wp-content\/uploads\/2026\/08\/codeMzMxMThhMThjODVlNDU0OTk5YTM2MzQ0NDVmZjk0ODNfZ0pObjJaaFpOcG9yRWp1cmhIYzBDSTlZRnpzOWJFckhfVG9rZW46UllxM2JjREplb3RmbWt4bEdDd2xaUTlGZ2VmXzE3ODU3NDg4NzQ6MTc4NTc1MjQ3NF9WNAampadd_watermarktrueampscene_typeCCM.png\" alt=\"\"\/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><a href=\"https:\/\/www.vtmarkets.com\/trade-now\/?utmsource=learn?utm_source=offevent&amp;utm_medium=sem&amp;utm_campaign=learn_article&amp;utm_content=openai_anthropic&amp;utm_term=NA&amp;rt=Organic_content_offevent&amp;ls=NA\">Trader XAUUSD247<\/a><\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\">\u00c0 surveiller avant septembre<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Sans indication de la Fed, les march\u00e9s vont se focaliser sur les statistiques.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Les publications cl\u00e9s incluent l\u2019indice des prix \u00e0 la consommation (CPI), l\u2019indice des prix des d\u00e9penses de consommation (PCE, indicateur d\u2019inflation privil\u00e9gi\u00e9 par la Fed), les cr\u00e9ations d\u2019emplois hors agriculture (Nonfarm Payrolls), le ch\u00f4mage, la progression des salaires et les ventes au d\u00e9tail. Ensemble, ces donn\u00e9es diront si l\u2019inflation ralentit assez ou si la Fed doit durcir davantage.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">La division des votes accro\u00eet aussi l\u2019incertitude. La majorit\u00e9 a soutenu le statu quo en juillet, mais trois responsables voulaient d\u00e9j\u00e0 une hausse. Si l\u2019inflation reste \u00e9lev\u00e9e, d\u2019autres pourraient adopter une position plus restrictive avant septembre.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Les investisseurs devront aussi suivre les discours des responsables de la Fed, car leurs d\u00e9clarations publiques peuvent \u00e9clairer leur lecture de l\u2019inflation et de l\u2019\u00e9conomie.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Points cl\u00e9s<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Malgr\u00e9 des taux inchang\u00e9s, la r\u00e9union de juillet envoie un message restrictif. Le retour de divisions internes, l\u2019absence d\u2019indication pour la suite et la d\u00e9termination de Kevin Warsh \u00e0 combattre l\u2019inflation sugg\u00e8rent que la Fed n\u2019est pas pr\u00eate \u00e0 passer \u00e0 une politique plus souple.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Pour les march\u00e9s, cela signifie que des baisses de taux rapides sont moins probables, tandis que les donn\u00e9es d\u2019inflation et d\u2019emploi p\u00e8seront davantage sur la trajectoire de politique mon\u00e9taire.<\/p>\n\n\n\n<details class=\"wp-block-details is-layout-flow wp-block-details-is-layout-flow\"><summary>FAQs<\/summary>\n<ol start=\"1\" class=\"wp-block-list\">\n<li><strong>Pourquoi la R\u00e9serve f\u00e9d\u00e9rale a-t-elle laiss\u00e9 ses taux inchang\u00e9s ?<\/strong><\/li>\n<\/ol>\n\n\n\n<p class=\"wp-block-paragraph\">La Fed a maintenu ses taux car elle juge la politique actuelle d\u00e9j\u00e0 suffisamment restrictive (elle freine d\u00e9j\u00e0 la demande) tout en attendant de nouvelles donn\u00e9es. Cela ne signifie pas que la lutte contre l\u2019inflation est termin\u00e9e.<\/p>\n\n\n\n<ol start=\"2\" class=\"wp-block-list\">\n<li><strong>Pourquoi y a-t-il eu trois votes dissidents lors du FOMC de juillet ?<\/strong><\/li>\n<\/ol>\n\n\n\n<p class=\"wp-block-paragraph\">Lorie Logan, Neel Kashkari et Beth Hammack ont vot\u00e9 pour une hausse de 25 points de base (0,25 point) car ils estiment que l\u2019inflation reste trop persistante et qu\u2019un nouveau durcissement pourrait \u00eatre n\u00e9cessaire pour r\u00e9tablir la stabilit\u00e9 des prix.<\/p>\n\n\n\n<ol start=\"3\" class=\"wp-block-list\">\n<li><strong>Que voulait dire Kevin Warsh en affirmant que la Fed n\u2019a \u00abpas de baguette magique\u00bb ?<\/strong><\/li>\n<\/ol>\n\n\n\n<p class=\"wp-block-paragraph\">Il a expliqu\u00e9 que l\u2019inflation s\u2019est construite sur plusieurs ann\u00e9es et ne peut pas dispara\u00eetre en quelques semaines ou mois. Revenir \u00e0 des prix stables exige du temps, une politique mon\u00e9taire rigoureuse et le maintien de l\u2019objectif de 2%.<\/p>\n\n\n\n<ol start=\"4\" class=\"wp-block-list\">\n<li><strong>Pourquoi les rendements des Treasuries ont-ils mont\u00e9 apr\u00e8s le statu quo ?<\/strong><\/li>\n<\/ol>\n\n\n\n<p class=\"wp-block-paragraph\">Les rendements ont augment\u00e9 car les investisseurs ont jug\u00e9 le message global plus restrictif que pr\u00e9vu. Le march\u00e9 estime d\u00e9sormais que les taux pourraient rester \u00e9lev\u00e9s plus longtemps, ce qui pousse \u00e0 exiger un rendement plus important sur les obligations d\u2019\u00c9tat de long terme.<\/p>\n\n\n\n<ol start=\"5\" class=\"wp-block-list\">\n<li><strong>Que doivent surveiller les investisseurs avant le FOMC de septembre ?<\/strong><\/li>\n<\/ol>\n\n\n\n<p class=\"wp-block-paragraph\">Ils doivent suivre de pr\u00e8s les chiffres d\u2019inflation, l\u2019indice PCE (mesure de l\u2019inflation suivie de pr\u00e8s par la Fed), les cr\u00e9ations d\u2019emplois hors agriculture, le ch\u00f4mage, les ventes au d\u00e9tail, la croissance du PIB (production totale de l\u2019\u00e9conomie) et les commentaires des responsables de la Fed. Ces indicateurs aideront \u00e0 d\u00e9terminer si la Fed conserve sa position ou durcit encore.<\/p>\n<\/details>\n\n\n\n\n<p class=\"wp-block-paragraph\"><b>Commencez \u00e0 trader d\u00e8s maintenant \u2014 cliquez <a href=\"https:\/\/www.vtmarkets.com\/fr-eu\/trade-now\/\">ici<\/a> pour cr\u00e9er votre compte r\u00e9el VT Markets.<\/b>\n\n<\/p>","protected":false},"excerpt":{"rendered":"<p>Pause, mais pas pivot : en juillet 2026, la Fed garde ses taux, durcit le ton et se divise. Rendements des Treasuries en fl\u00e8che, dollar soutenu : septembre d\u00e9pendra des donn\u00e9es.<\/p>\n","protected":false},"author":87,"featured_media":51943,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[3],"tags":[],"class_list":["post-51944","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-learn"],"acf":{"acf_article_selection_author":null},"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO Pro 4.9.10 - aioseo.com -->\n\t<meta name=\"description\" content=\"Pause, mais pas pivot : en juillet 2026, la Fed garde ses taux, durcit le ton et se divise. 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