{"id":53789,"date":"2026-09-10T06:03:49","date_gmt":"2026-09-10T06:03:49","guid":{"rendered":"https:\/\/www.vtmarkets.com\/fr-eu\/uncategorized\/cpi-explained-how-us-inflation-data-moves-financial-markets\/"},"modified":"2026-09-10T06:03:49","modified_gmt":"2026-09-10T06:03:49","slug":"cpi-explained-how-us-inflation-data-moves-financial-markets","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/fr-eu\/learn\/cpi-explained-how-us-inflation-data-moves-financial-markets\/","title":{"rendered":"IPC expliqu\u00e9 : comment les donn\u00e9es d\u2019inflation am\u00e9ricaines font bouger les march\u00e9s financiers"},"content":{"rendered":"\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.vtmarkets.com\/wp-content\/uploads\/2026\/09\/codeNmUzNGJjNjc3Zjc4N2Y0MTA3ZmUzMjFhYjY1YWUxNWNfVGowbGVxRWVZaUliSHYwNGhSOW9pMjZyZ01jaklHSjJfVG9rZW46T3JDNWJqOHRYb0lsend4UWtyWWxjekxoZ0xkXzE3ODkwMTg3MjE6MTc4OTAyMjMyMV9WNAampadd_watermarktrueampscene_typeCCM.png\" alt=\"\"\/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Chaque mois, les traders se concentrent sur l\u2019une des statistiques am\u00e9ricaines les plus surveill\u00e9es : l\u2019<strong><a href=\"https:\/\/www.vtmarkets.com\/discover\/complete-consumer-price-index-guide-2025-smarter-investing\/\">indice des prix \u00e0 la consommation (CPI)<\/a><\/strong>. Cette publication mesure l\u2019inflation, mais son impact d\u00e9passe souvent les prix pay\u00e9s par les m\u00e9nages.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Sur les march\u00e9s, le CPI peut modifier les anticipations sur la prochaine d\u00e9cision de la R\u00e9serve f\u00e9d\u00e9rale (la Fed, la banque centrale des \u00c9tats-Unis), surtout si le chiffre s\u2019\u00e9carte du consensus. Un CPI plus \u00e9lev\u00e9 que pr\u00e9vu renforce l\u2019id\u00e9e d\u2019une politique mon\u00e9taire plus restrictive (taux directeurs plus \u00e9lev\u00e9s ou maintenus hauts). Un CPI plus faible alimente, au contraire, les paris sur des baisses de taux. Ces ajustements se r\u00e9percutent ensuite sur le dollar, l\u2019or et les actions.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Chaque mois, les traders se concentrent sur l\u2019une des statistiques am\u00e9ricaines les plus surveill\u00e9es : l\u2019<strong><a href=\"https:\/\/www.vtmarkets.com\/discover\/complete-consumer-price-index-guide-2025-smarter-investing\/\">indice des prix \u00e0 la consommation (CPI)<\/a><\/strong>. Cette publication mesure l\u2019inflation, mais son impact d\u00e9passe souvent les prix pay\u00e9s par les m\u00e9nages.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Qu\u2019est-ce que le CPI et pourquoi est-ce important ?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Le CPI mesure l\u2019\u00e9volution, dans le temps, des prix d\u2019un large panier de biens et services. Ce panier regroupe notamment le logement, l\u2019alimentation, l\u2019\u00e9nergie, les transports, la sant\u00e9 et les biens de consommation. Il donne une vision d\u2019ensemble du co\u00fbt de la vie aux \u00c9tats-Unis.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Le CPI est publi\u00e9 en variation mensuelle (par rapport au mois pr\u00e9c\u00e9dent) et en variation annuelle (par rapport au m\u00eame mois un an plus t\u00f4t).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Les traders suivent aussi de pr\u00e8s le <strong>CPI sous-jacent (Core CPI)<\/strong>, qui exclut l\u2019alimentation et l\u2019\u00e9nergie. Ces deux postes sont souvent instables (m\u00e9t\u00e9o, probl\u00e8mes d\u2019approvisionnement, tensions g\u00e9opolitiques). Le \u00ab sous-jacent \u00bb aide donc \u00e0 juger si la hausse des prix s\u2019installe dans l\u2019\u00e9conomie. Beaucoup le comparent aussi \u00e0 d\u2019autres <strong><a href=\"https:\/\/www.vtmarkets.com\/discover\/leading-lagging-coincident-economic-indicators-explained\/\">indicateurs avanc\u00e9s et retard\u00e9s<\/a><\/strong> : les indicateurs avanc\u00e9s tendent \u00e0 bouger avant l\u2019\u00e9conomie (ils donnent des signaux pr\u00e9coces), les retard\u00e9s apr\u00e8s (ils confirment une tendance).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Mais le chiffre \u00ab brut \u00bb ne suffit pas. La r\u00e9action d\u00e9pend surtout de l\u2019\u00e9cart avec les attentes.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">CPI et R\u00e9serve f\u00e9d\u00e9rale<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Le lien entre le CPI et la Fed explique l\u2019attention port\u00e9e \u00e0 cette publication.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">La Fed vise la stabilit\u00e9 des prix tout en soutenant l\u2019emploi. Une inflation durable complique des baisses de taux. Si l\u2019inflation reste trop \u00e9lev\u00e9e, la Fed peut maintenir des taux hauts plus longtemps. Une reprise de l\u2019inflation peut m\u00eame remettre sur la table un durcissement.<\/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\">Treasuries fell as traders worried that rising oil prices will fan inflation and add to pressure on the Federal Reserve to raise interest rates <a href=\"https:\/\/t.co\/FY5254fPCb\">https:\/\/t.co\/FY5254fPCb<\/a><\/p>&mdash; Bloomberg (@business) <a href=\"https:\/\/x.com\/business\/status\/2097700319773814828?ref_src=twsrc%5Etfw\">September 9, 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\">\u00c0 l\u2019inverse, une d\u00e9sinflation (ralentissement durable de la hausse des prix) donne plus de marge \u00e0 la Fed pour baisser les taux, surtout si le march\u00e9 du travail et la croissance montrent des signes de faiblesse.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">C\u2019est l\u00e0 que le CPI devient central pour les traders : le march\u00e9 essaie en permanence d\u2019anticiper la Fed. Le trading des <strong><a href=\"https:\/\/www.vtmarkets.com\/discover\/how-to-trade-interest-rate-expectations\/\">anticipations de taux<\/a><\/strong> consiste \u00e0 se positionner sur ce que le march\u00e9 pense que la banque centrale fera. Quand l\u2019inflation surprend, il faut s\u2019adapter \u00e0 des <strong><a href=\"https:\/\/www.vtmarkets.com\/discover\/mixed-economic-signals-how-investors-should-respond\/\">signaux \u00e9conomiques contradictoires<\/a><\/strong> entre classes d\u2019actifs.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Par exemple, si l\u2019inflation ressort nettement au-dessus des attentes, le march\u00e9 peut r\u00e9duire la probabilit\u00e9 de baisses de taux, voire envisager des taux plus \u00e9lev\u00e9s. Un chiffre plus faible que pr\u00e9vu peut produire l\u2019effet inverse.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Comment le CPI influence le dollar<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Le dollar est tr\u00e8s sensible aux anticipations de taux. Si le march\u00e9 pense que les taux am\u00e9ricains resteront \u00e9lev\u00e9s, les actifs am\u00e9ricains peuvent para\u00eetre plus attractifs, ce qui soutient la demande de dollars.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Un CPI sup\u00e9rieur aux attentes peut donc soutenir l\u2019<strong><a href=\"https:\/\/www.vtmarkets.com\/discover\/why-does-dxy-rise-in-uncertain-markets\/\">indice du dollar (DXY)<\/a><\/strong>, qui mesure le dollar face \u00e0 un panier de grandes devises. Les annonces de CPI entra\u00eenent souvent de fortes variations ; la <strong><a href=\"https:\/\/www.vtmarkets.com\/discover\/how-to-manage-risk-when-trading-dxy-cfds\/\">gestion du risque sur les CFD DXY<\/a><\/strong> est donc cl\u00e9. Un CPI plus faible peut, au contraire, peser sur le dollar contre les principales devises.<\/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\">The dollar neared its lowest in nearly seven months as the yen rallied, with traders looking ahead to the US Treasury\u2019s buyback announcement and inflation data later this week <a href=\"https:\/\/t.co\/ygYvRrEIMZ\">https:\/\/t.co\/ygYvRrEIMZ<\/a><\/p>&mdash; Bloomberg (@business) <a href=\"https:\/\/x.com\/business\/status\/2097593389067743578?ref_src=twsrc%5Etfw\">September 9, 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\">Mais tout d\u00e9pend de ce que le march\u00e9 a d\u00e9j\u00e0 int\u00e9gr\u00e9 dans les prix.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Si un CPI \u00e9lev\u00e9 est d\u00e9j\u00e0 attendu et que le chiffre est conforme, la r\u00e9action du dollar peut rester limit\u00e9e. En revanche, une surprise marqu\u00e9e \u00e0 la hausse ou \u00e0 la baisse peut d\u00e9clencher un mouvement plus net, car les traders ajustent leurs positions sur les <strong><a href=\"https:\/\/www.vtmarkets.com\/discover\/best-currency-pairs-to-trade-top-10-forex-pairs-guide\/\">principales paires de devises du Forex<\/a><\/strong> (le march\u00e9 des changes).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">C\u2019est pourquoi comparer le <strong>chiffre publi\u00e9<\/strong>, le <strong>consensus<\/strong> et le <strong>chiffre pr\u00e9c\u00e9dent<\/strong> est plus utile que regarder le CPI seul.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Que signifie le CPI pour l\u2019or ?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">L\u2019or r\u00e9agit souvent vite aux changements d\u2019inflation et d\u2019anticipations de taux.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Le m\u00e9canisme passe surtout par les rendements obligataires et le dollar. L\u2019or ne verse pas d\u2019int\u00e9r\u00eat : quand les rendements des obligations du Tr\u00e9sor am\u00e9ricain montent et que les taux sont attendus \u00e9lev\u00e9s, l\u2019or devient moins attractif. Un dollar plus fort p\u00e8se aussi sur l\u2019or, car le m\u00e9tal est cot\u00e9 en dollars.<\/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 climbs on subdued US dollar as inflation data awaited amid oil rally <a href=\"https:\/\/t.co\/OXp16B9rFc\">https:\/\/t.co\/OXp16B9rFc<\/a> <a href=\"https:\/\/t.co\/OXp16B9rFc\">https:\/\/t.co\/OXp16B9rFc<\/a><\/p>&mdash; Reuters (@Reuters) <a href=\"https:\/\/x.com\/Reuters\/status\/2097872711640912101?ref_src=twsrc%5Etfw\">September 10, 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\">Un CPI sup\u00e9rieur aux attentes peut donc faire pression sur l\u2019or s\u2019il pousse le march\u00e9 \u00e0 anticiper des taux plus \u00e9lev\u00e9s ou des rendements du Tr\u00e9sor plus hauts. Un CPI plus faible peut soutenir l\u2019or en r\u00e9duisant les anticipations de taux et en faisant baisser les rendements, ce qui peut \u00eatre favorable au <strong><a href=\"https:\/\/www.vtmarkets.com\/discover\/xauusd-price-forecast-gold-trading-analysis-charts-news\/\">XAU\/USD<\/a><\/strong> (le prix de l\u2019or exprim\u00e9 en dollars par once).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">La relation n\u2019est pas m\u00e9canique. L\u2019inflation peut aussi augmenter la demande d\u2019or quand les investisseurs cherchent \u00e0 prot\u00e9ger leur pouvoir d\u2019achat. Mais l\u2019id\u00e9e que l\u2019or est toujours une \u00ab couverture contre l\u2019inflation \u00bb (un actif cens\u00e9 pr\u00e9server la valeur quand les prix montent) est discut\u00e9e. Suivre le lien entre l\u2019or et les <strong><a href=\"https:\/\/www.vtmarkets.com\/discover\/us-treasury-yields-and-gold-why-traders-watch-real-rates\/\">taux r\u00e9els<\/a><\/strong> (rendements corrig\u00e9s de l\u2019inflation) est souvent plus parlant que le CPI global.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Pourquoi les actions am\u00e9ricaines r\u00e9agissent au CPI<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Les actions sont li\u00e9es aux anticipations d\u2019inflation, car les taux d\u2019int\u00e9r\u00eat influencent le co\u00fbt du financement des entreprises et la mani\u00e8re dont les investisseurs valorisent les profits futurs.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Un CPI sup\u00e9rieur aux attentes peut relever les anticipations de taux et pousser en hausse les rendements du Tr\u00e9sor. Cela peut peser sur les valorisations, surtout pour les valeurs de croissance et de technologie, dont la valeur d\u00e9pend beaucoup de b\u00e9n\u00e9fices attendus plus tard.<\/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\">Wall St slips as steep oil prices stoke inflation concerns ahead of CPI <a href=\"https:\/\/t.co\/YAoaUmOe8N\">https:\/\/t.co\/YAoaUmOe8N<\/a> <a href=\"https:\/\/t.co\/YAoaUmOe8N\">https:\/\/t.co\/YAoaUmOe8N<\/a><\/p>&mdash; Reuters (@Reuters) <a href=\"https:\/\/x.com\/Reuters\/status\/2097364360146407731?ref_src=twsrc%5Etfw\">September 8, 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\">Un CPI plus faible peut cr\u00e9er l\u2019environnement inverse. Si le march\u00e9 pense que la Fed peut baisser les taux, la d\u00e9tente des rendements peut soutenir les actions et le sentiment sur des indices de r\u00e9f\u00e9rence comme le <strong><a href=\"https:\/\/www.vtmarkets.com\/discover\/sp-500-trading-guide\/\">S&amp;P 500<\/a><\/strong> et le <strong><a href=\"https:\/\/www.vtmarkets.com\/discover\/how-to-trade-nas100-cash\/\">NAS100<\/a><\/strong> (indice li\u00e9 au Nasdaq 100).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Attention toutefois : une inflation tr\u00e8s faible n\u2019est pas forc\u00e9ment une bonne nouvelle pour les actions. Si elle s\u2019accompagne d\u2019un net ralentissement, le march\u00e9 peut s\u2019inqui\u00e9ter des b\u00e9n\u00e9fices et de la croissance.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">C\u2019est pourquoi les investisseurs institutionnels utilisent souvent une <strong><a href=\"https:\/\/www.vtmarkets.com\/discover\/top-down-vs-bottom-up-fundamental-analysis-explained\/\">analyse fondamentale \u00ab top-down \u00bb<\/a><\/strong> : partir de l\u2019\u00e9conomie (croissance, inflation, politique mon\u00e9taire) pour \u00e9valuer ensuite les march\u00e9s et les secteurs, plut\u00f4t que de se limiter au CPI.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Que surveiller le jour du CPI ?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Le point cl\u00e9 est l\u2019\u00e9cart entre le chiffre publi\u00e9 et le consensus. Plus la surprise est grande, plus la r\u00e9action initiale peut \u00eatre forte.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Il faut aussi comparer CPI global et CPI sous-jacent. Si le CPI global grimpe surtout \u00e0 cause de l\u2019\u00e9nergie, mais que le sous-jacent reste stable, l\u2019interpr\u00e9tation peut \u00eatre diff\u00e9rente d\u2019un sc\u00e9nario o\u00f9 les deux acc\u00e9l\u00e8rent.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Les rendements du Tr\u00e9sor donnent aussi du contexte. Suivre le <strong><a href=\"https:\/\/www.vtmarkets.com\/discover\/how-to-read-the-10-year-treasury-yield-chart\/\">rendement \u00e0 10 ans<\/a><\/strong> apr\u00e8s la publication aide \u00e0 voir si le march\u00e9 int\u00e8gre un changement de cap. Rep\u00e9rer t\u00f4t une <strong><a href=\"https:\/\/www.vtmarkets.com\/discover\/how-to-analyse-treasury-yield-breakouts\/\">cassure<\/a><\/strong> (franchissement d\u2019un seuil important) sur les rendements peut donner de l\u2019avance aux traders sur le Forex et les mati\u00e8res premi\u00e8res.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Enfin, il ne faut pas se limiter aux premi\u00e8res minutes. Les mouvements initiaux peuvent s\u2019inverser quand le march\u00e9 analyse les d\u00e9tails. Une <strong><a href=\"https:\/\/www.vtmarkets.com\/discover\/trade-risk-management-tips\/\">gestion du risque<\/a><\/strong> stricte (taille de position, stop-loss, limites de pertes) aide \u00e0 \u00e9viter les \u00e0-coups.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Trois r\u00e9actions possibles des march\u00e9s<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Un <strong>CPI plus \u00e9lev\u00e9 que pr\u00e9vu<\/strong> peut renforcer la crainte d\u2019une inflation durable et r\u00e9duire les attentes d\u2019assouplissement mon\u00e9taire (baisse des taux). Dans ce cas, le dollar et les rendements du Tr\u00e9sor peuvent \u00eatre soutenus, tandis que l\u2019or et les actions sensibles aux taux peuvent \u00eatre sous pression.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Un chiffre <strong>conforme<\/strong> peut provoquer une r\u00e9action limit\u00e9e, surtout s\u2019il confirme ce qui est d\u00e9j\u00e0 dans les prix. L\u2019attention peut alors se d\u00e9placer vers d\u2019autres indicateurs et la communication de la Fed.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Un <strong>CPI plus faible que pr\u00e9vu<\/strong> peut renforcer les anticipations de baisse de taux et peser sur le dollar et les rendements. L\u2019or et les actions peuvent en profiter si des taux plus bas deviennent plus probables.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ce sont des sc\u00e9narios g\u00e9n\u00e9raux, pas des certitudes. Le positionnement du march\u00e9 (les paris d\u00e9j\u00e0 en place), l\u2019ampleur de la surprise et le contexte macro\u00e9conomique comptent.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Regarder au-del\u00e0 du chiffre principal<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Le CPI est souvent r\u00e9sum\u00e9 \u00e0 un chiffre qui \u00ab fait bouger \u00bb les march\u00e9s, mais son int\u00e9r\u00eat vient surtout de ce qu\u2019il indique sur la trajectoire de la politique mon\u00e9taire.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">La vraie question n\u2019est pas seulement de savoir si l\u2019inflation monte ou baisse, mais si la publication change les attentes sur la prochaine d\u00e9cision de la Fed.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Chaque CPI sert donc de point de contr\u00f4le pour le r\u00e9cit de march\u00e9. En comparant le chiffre publi\u00e9 aux attentes, en analysant les composantes, et en observant la r\u00e9action des rendements et du dollar, les traders comprennent mieux la lecture du march\u00e9.<\/p>\n\n\n\n<details class=\"wp-block-details is-layout-flow wp-block-details-is-layout-flow\"><summary><strong>Foire aux questions (FAQ)<\/strong><\/summary>\n<h4 class=\"wp-block-heading\"><strong>1) Qu\u2019est-ce que l\u2019indice des prix \u00e0 la consommation (CPI) et pourquoi est-il important pour les traders ?<\/strong><\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">Le CPI mesure l\u2019\u00e9volution moyenne des prix pay\u00e9s par les m\u00e9nages pour un panier de biens et services. C\u2019est l\u2019un des principaux indicateurs de l\u2019inflation. Les traders le suivent car une surprise sur l\u2019inflation peut influencer les d\u00e9cisions de taux de la Fed, et donc la volatilit\u00e9 sur le Forex (march\u00e9 des changes), l\u2019or et les actions.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>2) Quel est l\u2019effet d\u2019un CPI sup\u00e9rieur aux attentes sur le dollar ?<\/strong><\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">Un CPI sup\u00e9rieur aux attentes sugg\u00e8re une inflation plus tenace, ce qui augmente la probabilit\u00e9 que la Fed maintienne des taux \u00e9lev\u00e9s ou les rel\u00e8ve. Des taux plus hauts rendent g\u00e9n\u00e9ralement les actifs libell\u00e9s en dollars plus attractifs, ce qui peut soutenir l\u2019<strong><a href=\"https:\/\/www.vtmarkets.com\/discover\/why-does-dxy-rise-in-uncertain-markets\/\">indice du dollar (DXY)<\/a><\/strong> (barom\u00e8tre du dollar face \u00e0 un panier de devises).<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>3) Pourquoi l\u2019or baisse-t-il souvent quand le CPI est plus \u00e9lev\u00e9 que pr\u00e9vu ?<\/strong><\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">L\u2019or ne verse pas d\u2019int\u00e9r\u00eat. Quand le CPI surprend \u00e0 la hausse, les rendements des obligations du Tr\u00e9sor et les anticipations de taux montent souvent, ce qui rend l\u2019or moins attractif que des actifs qui rapportent un rendement. En plus, un dollar plus fort, li\u00e9 \u00e0 des attentes de taux plus \u00e9lev\u00e9s, peut peser sur le <strong><a href=\"https:\/\/www.vtmarkets.com\/discover\/xauusd-price-forecast-gold-trading-analysis-charts-news\/\">prix de l\u2019or (XAU\/USD)<\/a><\/strong> (or cot\u00e9 en dollars).<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>4) Comment les indices actions comme le S&amp;P 500 et le Nasdaq r\u00e9agissent-ils aux publications de CPI ?<\/strong><\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">Les march\u00e9s actions r\u00e9agissent souvent n\u00e9gativement \u00e0 une inflation plus forte que pr\u00e9vu, car elle signifie un co\u00fbt d\u2019emprunt plus \u00e9lev\u00e9 pour les entreprises et r\u00e9duit la valeur actuelle des b\u00e9n\u00e9fices futurs (c\u2019est particuli\u00e8rement vrai pour les valeurs de croissance et technologiques). \u00c0 l\u2019inverse, un CPI plus faible peut am\u00e9liorer le sentiment sur le <strong><a href=\"https:\/\/www.vtmarkets.com\/discover\/sp-500-trading-guide\/\">S&amp;P 500<\/a><\/strong> et le <strong><a href=\"https:\/\/www.vtmarkets.com\/discover\/how-to-trade-nas100-cash\/\">NAS100<\/a><\/strong> si le march\u00e9 anticipe des baisses de taux.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>5) Quelle est la diff\u00e9rence entre le CPI global (headline) et le CPI sous-jacent (core) ?<\/strong><\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">Le CPI global mesure l\u2019inflation sur l\u2019ensemble du panier. Le CPI sous-jacent exclut l\u2019alimentation et l\u2019\u00e9nergie, deux postes souvent tr\u00e8s volatils, afin de mieux suivre la tendance de fond des prix.<\/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>Le CPI am\u00e9ricain, barom\u00e8tre cl\u00e9 de l\u2019inflation, peut surprendre et faire basculer les anticipations de la Fed. \u00c0 la cl\u00e9 : volatilit\u00e9 sur dollar, rendements, or et actions, selon l\u2019\u00e9cart au consensus.<\/p>\n","protected":false},"author":87,"featured_media":53788,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[12,3],"tags":[],"class_list":["post-53789","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-learn"],"acf":{"acf_article_selection_author":null},"aioseo_notices":[],"aioseo_head":"\n\t\t<!-- All in One SEO Pro 5.0.1.1 - 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