Natixis - Ã€ un certain moment, la dette extÃ©rieure des Ã‰tats-Unis sera supÃ©rieure Ã la demande de dette en dollars des non-rÃ©sidents

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Natixis

Patrick Artus

Ã€ un certain moment, la dette extÃ©rieure des Ã‰tats-Unis sera supÃ©rieure Ã la demande de dette en dollars des non-rÃ©sidents

Lâ€™insuffisance dâ€™Ã©pargne des Ã‰tats-Unis est structurelle, et est aggravÃ©e par les politiques budgÃ©taires expansionnistes. Il en rÃ©sulte une hausse continuelle de la dette extÃ©rieure nette des Ã‰tats-Unis . NÃ©cessairement, dans le futur, la dette extÃ©rieure des Ã‰tats-Unis deviendra supÃ©rieure (ex ante) Ã la demande dâ€™actifs en dollars par les non-rÃ©sidents. Il devra alors y avoir un ajustement qui seraÂ : soit une hausse des taux dâ€™intÃ©rÃªt et une baisse des cours boursiers aux Ã‰tats-UnisÂ ; soit une dÃ©prÃ©ciation du dollar.

12/08/2020 6 FR

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Natixis

Based across the world’s leading financial centers, Natixis CIB Research offers an integrated view of the markets. The team provides support to inform Natixis clients’ investment and hedging decisions across all asset classes.

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Analysts

Patrick Artus

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Ã€ un certain moment, la dette extÃ©rieure des Ã‰tats-Unis sera supÃ©rieure Ã la demande de dette en dollars des non-rÃ©sidents

Long Bono 01/41 vs. Short Bund 05/41

Overview of the Asian covered bond market

Consolidation after the euphoria?

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