Semaine de la conjoncture du 28 juin au 4 juillet 2017 : Les propos de M. Draghi ont fait rebondir les taux obligataires en zone euro mais aussi aux Etats-Unis
Chaque semaine, une analyse synthétique des faits et chiffres marquants de la conjoncture mondiale.
Le discours d'introduction de M. Draghi au Forum on Central Banking le 27 juin a provoqué un mini-choc sur les marchés obligataires et des changes.
Confiant dans la reprise européenne, le président de la BCE a estimé que "les forces déflationnistes ont été remplacées par des forces reflationnistes". Les marchés ont vu dans ces propos l'annonce d’un resserrement monétaire plus rapide que prévu.
En une semaine, les taux à 10 ans des obligations souveraines des pays développés (à l’exception du Japon) ont grimpé de 20 points de base, la hausse des anticipations d’inflation à 5 ans dans 5 ans expliquant la moitié de ce rebond. L’euro s’est apprécié jusqu’à 1,14 dollar. Si les derniers indicateurs de prix et d’activité de la zone euro peuvent justifier cette réaction des marchés, c'est moins le cas des indicateurs américains.
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