{"id":50720,"date":"2026-07-21T03:36:57","date_gmt":"2026-07-21T03:36:57","guid":{"rendered":"https:\/\/www.vtmarkets.com\/fr-latam\/uncategorized\/why-did-gold-rise-after-us-cpi-data-inflation-cools-but-fed-outlook-remains-uncertain\/"},"modified":"2026-07-21T03:36:57","modified_gmt":"2026-07-21T03:36:57","slug":"why-did-gold-rise-after-us-cpi-data-inflation-cools-but-fed-outlook-remains-uncertain","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/fr-latam\/featured\/why-did-gold-rise-after-us-cpi-data-inflation-cools-but-fed-outlook-remains-uncertain\/","title":{"rendered":"Pourquoi l\u2019or a-t-il grimp\u00e9 apr\u00e8s les chiffres de l\u2019IPC am\u00e9ricain ? L\u2019inflation se tasse, mais les perspectives de la Fed restent incertaines"},"content":{"rendered":"\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.vtmarkets.com\/wp-content\/uploads\/2026\/07\/codeYThlNDUyNTZhMWZmZWY1OTYyZWFmZDMyZjY1ZmMwZDR_fbVpGd01MWWp2aEluY3hHcENJcWxEeWdhMXFwdE5veHpfVG9rZW46SjNIMmJjcXNzb2pWR1J4VzBtNWxTWTA5Z3k4XzE3ODQxMDUxNzM6MTc4NDEwODc3M19WNAampadd_watermarktrueampscene_typeCCM.jpg\" alt=\"\"\/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Points cl\u00e9s :<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>L\u2019inflation aux \u00c9tats-Unis a ralenti plus qu\u2019anticip\u00e9 : l\u2019IPC global (indice des prix \u00e0 la consommation, mesure des prix pay\u00e9s par les m\u00e9nages) ressort \u00e0 3,5% sur un an et l\u2019IPC sous-jacent (hors alimentation et \u00e9nergie, pour mieux voir la tendance de fond) \u00e0 2,6%, ce qui r\u00e9duit la pression imm\u00e9diate sur la R\u00e9serve f\u00e9d\u00e9rale (Fed, banque centrale am\u00e9ricaine) pour durcir sa politique.<\/li>\n\n\n\n<li>Les march\u00e9s ont bien r\u00e9agi \u00e0 cet IPC plus faible : l\u2019or a progress\u00e9 et le dollar s\u2019est repli\u00e9, les op\u00e9rateurs r\u00e9duisant leurs anticipations de nouvelles hausses de taux.<\/li>\n\n\n\n<li>Les prix de l\u2019\u00e9nergie restent le principal risque : des tensions au Moyen-Orient et une hausse du p\u00e9trole pourraient freiner, voire inverser, le recul r\u00e9cent de l\u2019inflation.<\/li>\n\n\n\n<li>La Fed restera probablement \u00ab d\u00e9pendante des donn\u00e9es \u00bb (elle ajustera ses d\u00e9cisions selon les statistiques \u00e0 venir) et voudra davantage de preuves d\u2019un ralentissement durable de l\u2019inflation.<\/li>\n\n\n\n<li>L\u2019or est soutenu par des attentes de taux plus bas et par la demande de valeur refuge (actif recherch\u00e9 en p\u00e9riode d\u2019incertitude), mais pourrait souffrir si le p\u00e9trole ravive les craintes d\u2019inflation.<\/li>\n\n\n\n<li>Les actions ont profit\u00e9 de la baisse des craintes sur les taux, mais les risques g\u00e9opolitiques et l\u2019inflation tir\u00e9e par l\u2019\u00e9nergie restent des obstacles majeurs.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">L\u2019inflation am\u00e9ricaine ralentit : pourquoi les march\u00e9s ont-ils r\u00e9agi positivement ?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">L\u2019or a progress\u00e9 et le dollar a recul\u00e9 apr\u00e8s la publication de l\u2019IPC am\u00e9ricain : l\u2019inflation montre des signes d\u2019accalmie, ce qui r\u00e9duit la probabilit\u00e9 d\u2019un nouveau durcissement de la Fed.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Le rapport de juillet indique que l\u2019IPC global a recul\u00e9 de <strong>0,4% sur un mois<\/strong>, contre une attente de <strong>-0,1%<\/strong>. Sur un an, l\u2019IPC global ralentit \u00e0 <strong>3,5%<\/strong>, sous le consensus \u00e0 <strong>3,8%<\/strong> et apr\u00e8s <strong>4,2%<\/strong> pr\u00e9c\u00e9demment.<\/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\">US consumer prices declined in June for the first time in six years and a key gauge of underlying inflation was little changed, taking some pressure off the Federal Reserve to raise interest rates. <a href=\"https:\/\/t.co\/wknnLvqRvs\">https:\/\/t.co\/wknnLvqRvs<\/a><\/p>&mdash; Bloomberg (@business) <a href=\"https:\/\/x.com\/business\/status\/2077008883730518473?ref_src=twsrc%5Etfw\">July 14, 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\">L\u2019IPC sous-jacent, qui exclut l\u2019alimentation et l\u2019\u00e9nergie (composantes souvent instables), est rest\u00e9 stable sur un mois et a ralenti \u00e0 <strong>2,6% sur un an<\/strong>, sous les attentes \u00e0 <strong>2,8%<\/strong>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Cette surprise baissi\u00e8re a conduit les march\u00e9s \u00e0 revoir les prochaines d\u00e9cisions de la Fed. Une inflation plus faible limite la n\u00e9cessit\u00e9 de conserver des conditions mon\u00e9taires restrictives (taux \u00e9lev\u00e9s et cr\u00e9dit plus cher), ce qui soutient l\u2019or et p\u00e8se sur le dollar.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Que signifie un IPC plus faible pour la Fed ?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Ces chiffres offrent \u00e0 la Fed un contexte plus confortable, alors qu\u2019elle doit arbitrer entre le risque inflationniste et le soutien \u00e0 la croissance.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Un IPC plus mod\u00e9r\u00e9 sugg\u00e8re un apaisement des tensions sur les prix, ce qui r\u00e9duit l\u2019urgence de nouvelles hausses de taux. Comme l\u2019or ne verse pas d\u2019int\u00e9r\u00eat (actif sans rendement), des anticipations de taux plus bas r\u00e9duisent le \u00ab co\u00fbt d\u2019opportunit\u00e9 \u00bb (le gain auquel on renonce en choisissant l\u2019or plut\u00f4t que des placements r\u00e9mun\u00e9r\u00e9s), ce qui le rend plus attractif.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">La Fed devrait toutefois \u00e9viter de modifier sa trajectoire sur la base d\u2019une seule publication.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">La baisse r\u00e9cente de l\u2019IPC global s\u2019explique en grande partie par l\u2019\u00e9nergie. Des prix de l\u2019\u00e9nergie plus faibles ont tir\u00e9 l\u2019inflation vers le bas, mais cet effet peut s\u2019estomper si le p\u00e9trole repart \u00e0 la hausse.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Le p\u00e9trole peut-il relancer l\u2019inflation ?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Le principal risque pour la tendance actuelle reste l\u2019\u00e9nergie.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Le regain de tensions au Moyen-Orient a fait remonter le brut, alimentant la crainte qu\u2019un rench\u00e9rissement de l\u2019\u00e9nergie finisse par se diffuser au reste des prix.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Une hausse du p\u00e9trole peut faire remonter l\u2019inflation via plusieurs m\u00e9canismes :<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>carburants plus chers, donc transport plus co\u00fbteux<\/li>\n\n\n\n<li>fret plus cher (co\u00fbt d\u2019acheminement des marchandises)<\/li>\n\n\n\n<li>facture \u00e9nerg\u00e9tique plus \u00e9lev\u00e9e, pression sur les marges (profit des entreprises)<\/li>\n\n\n\n<li>hausse des co\u00fbts de production r\u00e9percut\u00e9e sur les consommateurs<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Autrement dit, le recul r\u00e9cent de l\u2019IPC est encourageant, sans garantir une baisse durable. La Fed surveillera les prochaines statistiques pour v\u00e9rifier si la d\u00e9sinflation (ralentissement de l\u2019inflation) se confirme.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Quelles implications de l\u2019IPC pour l\u2019or ?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">L\u2019or a d\u2019abord profit\u00e9 de l\u2019IPC plus faible, car il r\u00e9duit la probabilit\u00e9 de taux plus \u00e9lev\u00e9s.<\/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 slips as oil rally keeps inflation, rate outlook on investors&#39; radar <a href=\"https:\/\/t.co\/xHuF9VpIjk\">https:\/\/t.co\/xHuF9VpIjk<\/a> <a href=\"https:\/\/t.co\/xHuF9VpIjk\">https:\/\/t.co\/xHuF9VpIjk<\/a><\/p>&mdash; Reuters (@Reuters) <a href=\"https:\/\/x.com\/Reuters\/status\/2077274519161524497?ref_src=twsrc%5Etfw\">July 15, 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\">Apr\u00e8s la publication, le dollar a recul\u00e9 : le DXY (indice du dollar, qui mesure le billet vert face \u00e0 un panier de grandes devises) a perdu environ 0,6% dans le mouvement initial. Un dollar plus faible soutient g\u00e9n\u00e9ralement l\u2019or, car il devient moins cher pour les acheteurs utilisant d\u2019autres monnaies.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">L\u2019or est aussi port\u00e9 par l\u2019incertitude g\u00e9opolitique : en p\u00e9riode de stress, les investisseurs recherchent des actifs consid\u00e9r\u00e9s comme plus s\u00fbrs.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Risque principal : si la hausse du p\u00e9trole fait remonter les anticipations d\u2019inflation, les march\u00e9s pourraient \u00e0 nouveau int\u00e9grer une Fed plus \u00ab restrictive \u00bb (plus ferme sur les taux), ce qui p\u00e8serait sur l\u2019or.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u00c0 ce stade, le reflux de l\u2019inflation et la baisse du dollar restent des soutiens, mais l\u2019\u00e9volution du p\u00e9trole et des attentes sur la Fed sera d\u00e9terminante.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Quelles implications de l\u2019IPC pour le dollar ?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Le dollar s\u2019est d\u2019abord affaibli apr\u00e8s l\u2019IPC, les march\u00e9s r\u00e9duisant leur sc\u00e9nario de politique mon\u00e9taire plus stricte.<\/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\">Dollar struggles after softer inflation blunts Fed hike bets <a href=\"https:\/\/t.co\/rm36j3JLKv\">https:\/\/t.co\/rm36j3JLKv<\/a> <a href=\"https:\/\/t.co\/rm36j3JLKv\">https:\/\/t.co\/rm36j3JLKv<\/a><\/p>&mdash; Reuters (@Reuters) <a href=\"https:\/\/x.com\/Reuters\/status\/2077295904407654525?ref_src=twsrc%5Etfw\">July 15, 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\">Avant le rapport, les investisseurs redoutaient qu\u2019une inflation plus forte oblige la Fed \u00e0 maintenir des taux \u00e9lev\u00e9s, voire \u00e0 les relever encore.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Des chiffres plus faibles apportent un r\u00e9pit en r\u00e9duisant la pression imm\u00e9diate sur les d\u00e9cideurs.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Mais la trajectoire du dollar d\u00e9pendra des prochaines donn\u00e9es : si l\u2019\u00e9nergie continue de grimper et que l\u2019inflation repart, les anticipations de taux plus \u00e9lev\u00e9s peuvent revenir rapidement.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Quelles implications de l\u2019IPC pour les actions am\u00e9ricaines ?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Une inflation plus basse est g\u00e9n\u00e9ralement favorable aux actions, car elle r\u00e9duit le risque de hausse des taux.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Les secteurs de croissance, notamment la technologie, profitent souvent d\u2019un recul des rendements obligataires (taux pay\u00e9s par les obligations) : des co\u00fbts d\u2019emprunt plus faibles rendent les b\u00e9n\u00e9fices futurs plus attractifs en valeur actuelle.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Les march\u00e9s continueront toutefois de surveiller les tensions g\u00e9opolitiques et le p\u00e9trole.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Une hausse durable du p\u00e9trole peut compliquer la donne pour les actions : co\u00fbts plus \u00e9lev\u00e9s pour les entreprises, pouvoir d\u2019achat sous pression et risque de stagflation (croissance faible avec inflation \u00e9lev\u00e9e).<\/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\">Stocks gain on drop in US inflation rate; ASML tops forecasts <a href=\"https:\/\/t.co\/lCqsWjElV3\">https:\/\/t.co\/lCqsWjElV3<\/a> <a href=\"https:\/\/t.co\/lCqsWjElV3\">https:\/\/t.co\/lCqsWjElV3<\/a><\/p>&mdash; Reuters (@Reuters) <a href=\"https:\/\/x.com\/Reuters\/status\/2077297182873432228?ref_src=twsrc%5Etfw\">July 15, 2026<\/a><\/blockquote><script async src=\"https:\/\/platform.x.com\/widgets.js\" charset=\"utf-8\"><\/script>\n<\/div><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Conclusion : l\u2019IPC ralentit, mais les risques d\u2019inflation persistent<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Le dernier rapport sur l\u2019IPC rassure les march\u00e9s : l\u2019inflation recule et la pression imm\u00e9diate sur la Fed diminue.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Mais les perspectives restent li\u00e9es \u00e0 des facteurs externes, surtout l\u2019\u00e9nergie et la g\u00e9opolitique.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">L\u2019IPC d\u00e9crit l\u2019inflation pass\u00e9e. Le prochain mouvement du p\u00e9trole peut donner des indications sur la direction future de l\u2019inflation.<\/p>\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-latam\/trade-now\/\">ici<\/a> pour cr\u00e9er votre compte r\u00e9el VT Markets.<\/b>\n\n<\/p>","protected":false},"excerpt":{"rendered":"<p>Surprise am\u00e9ricaine : l\u2019IPC recule \u00e0 3,5% et le sous-jacent \u00e0 2,6%, soulageant la Fed. Or en hausse, dollar en baisse, actions port\u00e9es. Mais le p\u00e9trole, dop\u00e9 au Moyen-Orient, menace la d\u00e9sinflation.<\/p>\n","protected":false},"author":87,"featured_media":50719,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[6,9],"tags":[],"class_list":["post-50720","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 4.9.10 - aioseo.com -->\n\t<meta name=\"description\" content=\"Surprise am\u00e9ricaine : l\u2019IPC recule \u00e0 3,5% et le sous-jacent \u00e0 2,6%, soulageant la Fed. Or en hausse, dollar en baisse, actions port\u00e9es. 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