Macro-économie / Taux
Macro-économie / Taux
La Fed fait feu de tout bois
La Réserve fédérale vient d'annoncer, par l'intermédiaire de son antenne new-yorkaise, l'augmentation du montant de ses opérations de prise en pension. Explications.
Jerome Powell, le Président de la Fed - Crédit photo : DR
La semaine dernière, à la surprise générale, la Réserve fédérale américaine (Fed) annonçait une baisse de son taux d’intérêt directeur de 50 points de base. C’est par l’intermédiaire de ses injections de liquidités sur le marché monétaire que la Fed compte désormais agir. Elle vient d'annoncer, par l’intermédiaire de son antenne de New York, qu’elle allait augmenter les montants qu'elle injecte chaque jour dans le marché monétaire. Des opérations de grande ampleur qu’elle mène depuis les 16 et 17 septembre derniers lorsque les marchés monétaires ont vu s’envoler les taux d’emprunt au jour le jour.
Jusqu’à présent, la Fed injectait au moins 100 milliards de dollars dans ses opérations de prise en pension au jour le jour. Désormais, c'est au moins 150 milliards de dollars qu’elle sera en mesure d’offrir. Cette hausse du montant alloué sur les marchés a débuté hier et se poursuivra jusqu'au 12 mars pour les prêts au jour le jour. Concernant le montant pour les opérations à deux semaines, il se voit accru pour les opérations d'aujourd'hui et jeudi, et passera d'au moins 20 milliards à au moins 45 milliards.
L'intervention de la Fed prend place dans le contexte où les marchés monétaires ne sont évidemment pas indifférents aux perturbations induites par le coronavirus - le spread LIBOR-OIS, un indicateur dont la faible valeur est fréquemment associée à la bonne tenue des marchés monétaires puisqu'il représente la prime de risque exigée par les banques pour se prêter entre elles, a atteint son plus haut niveau depuis 2011, soit près de 60 points de base. Aussi, la Fed n’a donc d’autre choix que de mettre les bouchées doubles au travers de la hausse de ses opérations de prise en pension, pour s’assurer de la bonne transmission de sa politique monétaire et éviter que le marché monétaire ne se grippe – si elle n’agit pas, le taux d’intérêt au jour le jour pourrait à nouveau sortir de la fourchette dans laquelle il est appelé à évoluer (1% - 1,25% aujourd’hui).
Ainsi, selon la Fed de New York (l'antenne de la Fed qui supervise ces opérations), ces mesures devraient être en mesure d’"aider au bon fonctionnement des marchés de financement alors que les acteurs du marché mettent en oeuvre des plans afin de permettre aux entreprises de résister au coronavirus". Ces opérations de prise en pension viennent en complément des achats que mène la Fed sur le marché obligataire. En effet, chaque mois, elle acquiert pour 60 milliards de bons du Trésor américains à court terme en vue de regonfler les réserves des banques et leur permettre d’être autonomes sur le marché monétaire. Pour l’instant, il n’a pas été question de revoir à la hausse ce montant.
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