{"id":2541,"date":"2023-04-03T09:50:00","date_gmt":"2023-04-03T07:50:00","guid":{"rendered":"https:\/\/www.montsegur.com\/?p=2541"},"modified":"2024-01-10T15:09:06","modified_gmt":"2024-01-10T14:09:06","slug":"bank-run","status":"publish","type":"post","link":"https:\/\/preprod.montsegur.com\/actualites\/edito-fr\/bank-run\/","title":{"rendered":"Bank Run"},"content":{"rendered":"\n\t<p style=\"text-align: justify;\">Dans un environnement de hausse des taux sur le march\u00e9 mon\u00e9taire, certaines institutions bancaires \u00e0 l\u2019image de la Silicon Valley Bank ont d\u00fb faire face \u00e0 la chute de leurs d\u00e9p\u00f4ts. Ces derni\u00e8res ont alors \u00e9t\u00e9 contraintes de g\u00e9n\u00e9rer des liquidit\u00e9s par la vente de titres dans des conditions moins favorables que lorsqu\u2019elles les avaient acquis. <strong>Relan\u00e7ant les craintes de 2008, le risque de contagion \u00e0 d\u2019autres banques a fortement pes\u00e9 sur les march\u00e9s financiers, et plus particuli\u00e8rement sur le secteur bancaire. <\/strong>Face \u00e0 la d\u00e9fiance des investisseurs, certaines d\u2019entre elles ont vu leur valeur boursi\u00e8re chuter de plus de 50% en une s\u00e9ance. Si la mise en faillite de la Silicon Valley Bank a \u00e9t\u00e9 prononc\u00e9e, la rapide r\u00e9action des autorit\u00e9s am\u00e9ricaines pour \u00e9viter la contagion a quelque peu apais\u00e9 les investisseurs, sans toutefois restaurer la pleine confiance. En effet, le Tr\u00e9sor am\u00e9ricain, la FED ainsi que la FDIC ont conjointement convenu d\u2019une garantie de l\u2019acc\u00e8s aux d\u00e9p\u00f4ts, ainsi que de la mise en place d\u2019un plan de pr\u00eat d\u2019urgence d\u2019un an que les banques peuvent solliciter en \u00e9change de collat\u00e9ral. En parall\u00e8le, la d\u00e9fiance des investisseurs s\u2019est tourn\u00e9e vers les banques europ\u00e9ennes. En l\u2019occurrence, Cr\u00e9dit Suisse, qui a longtemps \u00e9t\u00e9 le maillon faible, a fait face \u00e0 une chute de sa valorisation boursi\u00e8re ainsi qu\u2019\u00e0 une envol\u00e9e de la prime de couverture contre son risque de d\u00e9faut. La Banque nationale suisse ainsi que le r\u00e9gulateur se sont \u00e0 leur tour efforc\u00e9s de rassurer les investisseurs en rappelant que l\u2019\u00e9tablissement respectait les exigences r\u00e9glementaires, veillant \u00e0 \u00e9carter le risque en provenance des banques am\u00e9ricaines. N\u00e9anmoins, confront\u00e9e \u00e0 une crise de confiance apr\u00e8s la mise en faillite de ses cons\u0153urs am\u00e9ricaines, Cr\u00e9dit Suisse fera l\u2019objet d\u2019une acquisition par sa concurrente UBS \u00e0 la demande des autorit\u00e9s nationales. Somme toute, apr\u00e8s de nombreux jours de turbulences, l\u2019app\u00e9tit pour le risque a fait son retour suite au rachat partiel des actifs de la Silicon Valley Bank par First Citizens Bank.<\/p>\n<p style=\"text-align: justify;\"><strong>Au sein d\u2019un contexte d\u00e9licat, les discours des banquiers centraux ont ainsi \u00e9t\u00e9 tr\u00e8s attendus. <\/strong>L\u2019institution europ\u00e9enne a d\u00e9cid\u00e9 de ne pas s\u2019\u00e9loigner de la trajectoire initialement trac\u00e9e et de proc\u00e9der \u00e0 une hausse de 50 points de base de ses taux directeurs. Si la vigueur du ph\u00e9nom\u00e8ne inflationniste reste encore incompatible avec la cible des 2 %, il se pose d\u00e9sormais la question des perspectives. A ce sujet, Christine Lagarde pr\u00e9cise que l\u2019institution conservera son approche \u00ab data dependent \u00bb pour ses prochaines d\u00e9cisions. Quant \u00e0 la R\u00e9serve F\u00e9d\u00e9rale, elle reste prudente compte tenu du contexte en indiquant une hausse des taux directeurs de 25 points de base, les portant ainsi \u00e0 4,75 \u2013 5 %. La devise, les taux souverains ainsi que les actifs risqu\u00e9s ont marqu\u00e9 le pas suite \u00e0 cette annonce alors que J. Powell insistait sur l\u2019incertitude qui pr\u00e9valait. De surcro\u00eet, la normalisation des salaires et de l\u2019emploi reste encore trop lente \u00e0 ses yeux, et la vigueur de l\u2019inflation continue de pr\u00e9occuper.<\/p>\n<p style=\"text-align: justify;\"><strong>Dans le cadre de sa derni\u00e8re r\u00e9union \u00e0 la t\u00eate de la Banque du Japon, Haruhiko Kuroda est quant \u00e0 lui rest\u00e9 fid\u00e8le \u00e0 sa strat\u00e9gie ultra-accommodante.<\/strong> En outre, l\u2019institution s\u2019est m\u00eame montr\u00e9e plus prudente qu\u2019attendu concernant l\u2019activit\u00e9 \u00e9conomique, tout en rappelant que les pressions inflationnistes restaient largement import\u00e9es. Pourtant, les hausses de salaires sont enclench\u00e9es, pouvant ainsi soutenir le pouvoir d\u2019achat des m\u00e9nages et alimenter les pressions inflationnistes \u00e0 travers la demande domestique. Les chiffres de l\u2019inflation japonaise ont dans ce cadre indiqu\u00e9 que le ph\u00e9nom\u00e8ne inflationniste \u00e9tait persistant, et qu\u2019il pourrait \u00e9ventuellement s\u2019acc\u00e9l\u00e9rer lors des prochains mois. Toutefois, il semblerait qu\u2019un changement de cap soit progressivement en cours au sein de l\u2019institution, laissant planer la volont\u00e9 de r\u00e9duire le caract\u00e8re accommodant de la politique mon\u00e9taire. Pour autant, un changement drastique n\u2019est pas envisag\u00e9 sur le court terme et les prochaines statistiques de hausses des salaires constitueront un point d\u2019attention majeur.<\/p>\n<p style=\"text-align: justify;\">Si le risque d\u2019une crise bancaire est venu s\u2019ajouter \u00e0 la persistance de l\u2019inflation, la mission des banquiers centraux qui doivent d\u00e9sormais composer avec de nouvelles variables devient ainsi plus d\u00e9licate. Alors que la r\u00e9activit\u00e9 des autorit\u00e9s et le soutien public a apais\u00e9 la vision des investisseurs, la vigilance reste de mise dans un contexte de recherche de visibilit\u00e9.<\/p>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":6,"featured_media":3148,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[9],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.14 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bank Run - Monts\u00e9gur Finance<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.montsegur.com\/actualites\/edito-fr\/bank-run\/\" \/>\n<meta property=\"og:locale\" content=\"fr_FR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bank Run - Monts\u00e9gur Finance\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.montsegur.com\/actualites\/edito-fr\/bank-run\/\" \/>\n<meta property=\"og:site_name\" content=\"Monts\u00e9gur Finance\" \/>\n<meta property=\"article:published_time\" content=\"2023-04-03T07:50:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-01-10T14:09:06+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.montsegur.com\/assets\/uploads\/2023\/05\/adobestock_123462732_mtsg-1024x485-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"485\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"L&#039;\u00e9quipe Monts\u00e9gur\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"\u00c9crit par\" \/>\n\t<meta name=\"twitter:data1\" content=\"L'\u00e9quipe Monts\u00e9gur\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.montsegur.com\/actualites\/edito-fr\/bank-run\/\",\"url\":\"https:\/\/www.montsegur.com\/actualites\/edito-fr\/bank-run\/\",\"name\":\"Bank Run - Monts\u00e9gur Finance\",\"isPartOf\":{\"@id\":\"https:\/\/www.montsegur.com\/#website\"},\"datePublished\":\"2023-04-03T07:50:00+00:00\",\"dateModified\":\"2024-01-10T14:09:06+00:00\",\"author\":{\"@id\":\"https:\/\/www.montsegur.com\/#\/schema\/person\/0f05ff428d4800cbc1229d12c7013b4f\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.montsegur.com\/actualites\/edito-fr\/bank-run\/#breadcrumb\"},\"inLanguage\":\"fr-FR\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.montsegur.com\/actualites\/edito-fr\/bank-run\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.montsegur.com\/actualites\/edito-fr\/bank-run\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Accueil\",\"item\":\"https:\/\/www.montsegur.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Actualit\u00e9s de l'investisseur\",\"item\":\"https:\/\/www.montsegur.com\/actualites\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Edito\",\"item\":\"https:\/\/www.montsegur.com\/actualites\/edito-fr\/\"},{\"@type\":\"ListItem\",\"position\":4,\"name\":\"Bank Run\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.montsegur.com\/#website\",\"url\":\"https:\/\/www.montsegur.com\/\",\"name\":\"Monts\u00e9gur Finance\",\"description\":\"Investir. Cr\u00e9er. Construire.\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.montsegur.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"fr-FR\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.montsegur.com\/#\/schema\/person\/0f05ff428d4800cbc1229d12c7013b4f\",\"name\":\"L'\u00e9quipe Monts\u00e9gur\",\"sameAs\":[\"https:\/\/www.montsegur.com\/\"],\"url\":\"https:\/\/preprod.montsegur.com\/author\/montsegur\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Bank Run - Monts\u00e9gur Finance","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.montsegur.com\/actualites\/edito-fr\/bank-run\/","og_locale":"fr_FR","og_type":"article","og_title":"Bank Run - Monts\u00e9gur Finance","og_url":"https:\/\/www.montsegur.com\/actualites\/edito-fr\/bank-run\/","og_site_name":"Monts\u00e9gur Finance","article_published_time":"2023-04-03T07:50:00+00:00","article_modified_time":"2024-01-10T14:09:06+00:00","og_image":[{"width":1024,"height":485,"url":"https:\/\/www.montsegur.com\/assets\/uploads\/2023\/05\/adobestock_123462732_mtsg-1024x485-1.jpg","type":"image\/jpeg"}],"author":"L'\u00e9quipe Monts\u00e9gur","twitter_card":"summary_large_image","twitter_misc":{"\u00c9crit par":"L'\u00e9quipe Monts\u00e9gur"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.montsegur.com\/actualites\/edito-fr\/bank-run\/","url":"https:\/\/www.montsegur.com\/actualites\/edito-fr\/bank-run\/","name":"Bank Run - Monts\u00e9gur Finance","isPartOf":{"@id":"https:\/\/www.montsegur.com\/#website"},"datePublished":"2023-04-03T07:50:00+00:00","dateModified":"2024-01-10T14:09:06+00:00","author":{"@id":"https:\/\/www.montsegur.com\/#\/schema\/person\/0f05ff428d4800cbc1229d12c7013b4f"},"breadcrumb":{"@id":"https:\/\/www.montsegur.com\/actualites\/edito-fr\/bank-run\/#breadcrumb"},"inLanguage":"fr-FR","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.montsegur.com\/actualites\/edito-fr\/bank-run\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.montsegur.com\/actualites\/edito-fr\/bank-run\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Accueil","item":"https:\/\/www.montsegur.com\/"},{"@type":"ListItem","position":2,"name":"Actualit\u00e9s de l'investisseur","item":"https:\/\/www.montsegur.com\/actualites\/"},{"@type":"ListItem","position":3,"name":"Edito","item":"https:\/\/www.montsegur.com\/actualites\/edito-fr\/"},{"@type":"ListItem","position":4,"name":"Bank Run"}]},{"@type":"WebSite","@id":"https:\/\/www.montsegur.com\/#website","url":"https:\/\/www.montsegur.com\/","name":"Monts\u00e9gur Finance","description":"Investir. Cr\u00e9er. Construire.","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.montsegur.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"fr-FR"},{"@type":"Person","@id":"https:\/\/www.montsegur.com\/#\/schema\/person\/0f05ff428d4800cbc1229d12c7013b4f","name":"L'\u00e9quipe Monts\u00e9gur","sameAs":["https:\/\/www.montsegur.com\/"],"url":"https:\/\/preprod.montsegur.com\/author\/montsegur\/"}]}},"_links":{"self":[{"href":"https:\/\/preprod.montsegur.com\/wp-json\/wp\/v2\/posts\/2541"}],"collection":[{"href":"https:\/\/preprod.montsegur.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/preprod.montsegur.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/preprod.montsegur.com\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/preprod.montsegur.com\/wp-json\/wp\/v2\/comments?post=2541"}],"version-history":[{"count":3,"href":"https:\/\/preprod.montsegur.com\/wp-json\/wp\/v2\/posts\/2541\/revisions"}],"predecessor-version":[{"id":3150,"href":"https:\/\/preprod.montsegur.com\/wp-json\/wp\/v2\/posts\/2541\/revisions\/3150"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/preprod.montsegur.com\/wp-json\/wp\/v2\/media\/3148"}],"wp:attachment":[{"href":"https:\/\/preprod.montsegur.com\/wp-json\/wp\/v2\/media?parent=2541"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/preprod.montsegur.com\/wp-json\/wp\/v2\/categories?post=2541"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/preprod.montsegur.com\/wp-json\/wp\/v2\/tags?post=2541"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}