Macro-économie / Taux
Macro-économie / Taux
La dette américaine fait de nouveau florès
Alors que les non-résidents s’en étaient délestés au plus fort de la crise de la Covid-19, la dette américaine trouve à nouveau des acheteurs en dehors des États-Unis, surtout en Europe.
Drapeau américain - Etats-Unis - bar
Chaque mois, le Trésor américain publie des données sur les TIC (Treasury International Capital). Les TIC permettent d’en savoir plus sur les flux de capitaux entrants et sortants des États-Unis et également sur la nature des acquisitions faites par les non-résidents (obligations, actions, etc…). Pour le mois de juin, le Trésor vient tout juste de publier les chiffres.
Il en ressort, entre autres, qu’après s'en être délestés de 322,8 milliards de dollars entre février et avril à la suite du déclenchement de la crise de la Covid-19, les non-résidents ont plébiscité la dette publique américaine en juin, confirmant ainsi un mouvement d’achat débuté en mai. En juin, les étrangers détenaient pour 7 038,9 milliards de dollars de dette publique américaine (contre 6 904,3 milliards de dollars en avril), soit environ un tiers de la dette publique de marché totale des États-Unis (20 530 milliards de dollars au 30 juin 2020). Et près de 60% de ce montant est détenu par des institutions publiques étrangères (essentiellement les banques centrales à travers leurs réserves de change).
Ce sont ces dernières qui sont en grande partie à l’origine du regain d’intérêt pour la dette américaine - elles représentent plus de 70% de la hausse des détentions entre avril et juin. S’il est un secret de polichinelle que le Japon et la Chine sont les deux premiers créanciers étrangers des États-Unis (1 261,3 milliards de dollars et 1 074,4 milliards de dollars respectivement), ce ne sont pas les deux géants asiatiques qui se sont précipités sur la dette de l'Oncle Sam au deuxième trimestre. On retrouve en fait l’Irlande (29,1 milliards de dollars), qui est le quatrième créancier étranger des États-Unis, l’Inde (25,3 milliards de dollars), puis le Royaume-Uni avec 16,4 milliards de dollars. La zone euro, elle, a vu sa détention de dette publique américaine progresser de 52 milliards de dollars entre avril et juin. D'après nos calculs, si les Dix-neuf ne détiennent "que" 6% de la dette publique de marché américaine, leurs acquisitions ont tout de même représenté près de 40% des flux acheteurs au deuxième trimestre.
À l’inverse, lors du deuxième trimestre, le Canada a été le pays qui a le plus vendu la dette publique américaine (8,8 milliards de dollars), quand sur le seul mois de juin, c’est la France qui a effectué les achats nets les plus élevés, avec 13,7 milliards de dollars - rappelons que l'Hexagone est le quatorzième créancier étranger des États-Unis avec 144,2 milliards de dollars. À noter qu’entre avril et juin, les institutions publiques étrangères ont davantage ciblé leurs achats vers les Treasury Bills, ces titres de dette publique dont la maturité est d’un an maximum (pour 51,5 milliards de dollars), que vers les titres de plus long terme que sont les T-Bonds & Notes (43,4 milliards de dollars).
© Copyright WanSquare
Reproduction et diffusion interdites sans autorisation écrite
Reproduction et diffusion interdites sans autorisation écrite
Vous souhaitez réagir à cet article ou apporter une précision ?
Commentez cet article
À lire aussi
[NOTICE] Undefined index: extension in /home/ppd_wansquare/protected/helpers/helpers.php (line 539)
Notice: Undefined index: extension in /home/ppd_wansquare/protected/helpers/helpers.php on line 539
[NOTICE] exif_imagetype(): Read error! in /home/ppd_wansquare/protected/helpers/helpers.php (line 541)
Notice: exif_imagetype(): Read error! in /home/ppd_wansquare/protected/helpers/helpers.php on line 541
[NOTICE] exif_imagetype(): Read error! in /home/ppd_wansquare/protected/helpers/helpers.php (line 545)
Notice: exif_imagetype(): Read error! in /home/ppd_wansquare/protected/helpers/helpers.php on line 545
[WARNING] imagecreatefromjpeg(): gd-jpeg: JPEG library reports unrecoverable error: Empty input file in /home/ppd_wansquare/protected/helpers/helpers.php (line 557)
Warning: imagecreatefromjpeg(): gd-jpeg: JPEG library reports unrecoverable error: Empty input file in /home/ppd_wansquare/protected/helpers/helpers.php on line 557
[WARNING] imagecreatefromjpeg(): '/home/ppd_wansquare/public_html/images/bibli/' is not a valid JPEG file in /home/ppd_wansquare/protected/helpers/helpers.php (line 557)
Warning: imagecreatefromjpeg(): '/home/ppd_wansquare/public_html/images/bibli/' is not a valid JPEG file in /home/ppd_wansquare/protected/helpers/helpers.php on line 557
[WARNING] imagesx() expects parameter 1 to be resource, boolean given in /home/ppd_wansquare/protected/helpers/helpers.php (line 562)
Warning: imagesx() expects parameter 1 to be resource, boolean given in /home/ppd_wansquare/protected/helpers/helpers.php on line 562
[WARNING] imagesy() expects parameter 1 to be resource, boolean given in /home/ppd_wansquare/protected/helpers/helpers.php (line 562)
Warning: imagesy() expects parameter 1 to be resource, boolean given in /home/ppd_wansquare/protected/helpers/helpers.php on line 562
[WARNING] Division by zero in /home/ppd_wansquare/protected/helpers/helpers.php (line 562)
Warning: Division by zero in /home/ppd_wansquare/protected/helpers/helpers.php on line 562
[WARNING] imagesx() expects parameter 1 to be resource, boolean given in /home/ppd_wansquare/protected/helpers/helpers.php (line 574)
Warning: imagesx() expects parameter 1 to be resource, boolean given in /home/ppd_wansquare/protected/helpers/helpers.php on line 574
[WARNING] imagesy() expects parameter 1 to be resource, boolean given in /home/ppd_wansquare/protected/helpers/helpers.php (line 575)
Warning: imagesy() expects parameter 1 to be resource, boolean given in /home/ppd_wansquare/protected/helpers/helpers.php on line 575
[WARNING] imagecreatetruecolor(): Invalid image dimensions in /home/ppd_wansquare/protected/helpers/helpers.php (line 578)
Warning: imagecreatetruecolor(): Invalid image dimensions in /home/ppd_wansquare/protected/helpers/helpers.php on line 578
[WARNING] imagealphablending() expects parameter 1 to be resource, boolean given in /home/ppd_wansquare/protected/helpers/helpers.php (line 579)
Warning: imagealphablending() expects parameter 1 to be resource, boolean given in /home/ppd_wansquare/protected/helpers/helpers.php on line 579
[WARNING] imagesavealpha() expects parameter 1 to be resource, boolean given in /home/ppd_wansquare/protected/helpers/helpers.php (line 580)
Warning: imagesavealpha() expects parameter 1 to be resource, boolean given in /home/ppd_wansquare/protected/helpers/helpers.php on line 580
[WARNING] imagesavealpha() expects parameter 1 to be resource, boolean given in /home/ppd_wansquare/protected/helpers/helpers.php (line 582)
Warning: imagesavealpha() expects parameter 1 to be resource, boolean given in /home/ppd_wansquare/protected/helpers/helpers.php on line 582
[WARNING] imagecolorallocatealpha() expects parameter 1 to be resource, boolean given in /home/ppd_wansquare/protected/helpers/helpers.php (line 583)
Warning: imagecolorallocatealpha() expects parameter 1 to be resource, boolean given in /home/ppd_wansquare/protected/helpers/helpers.php on line 583
[WARNING] imagecolortransparent() expects parameter 1 to be resource, boolean given in /home/ppd_wansquare/protected/helpers/helpers.php (line 584)
Warning: imagecolortransparent() expects parameter 1 to be resource, boolean given in /home/ppd_wansquare/protected/helpers/helpers.php on line 584
[WARNING] imagefill() expects parameter 1 to be resource, boolean given in /home/ppd_wansquare/protected/helpers/helpers.php (line 585)
Warning: imagefill() expects parameter 1 to be resource, boolean given in /home/ppd_wansquare/protected/helpers/helpers.php on line 585
[WARNING] imagecopyresampled() expects parameter 1 to be resource, boolean given in /home/ppd_wansquare/protected/helpers/helpers.php (line 587)
Warning: imagecopyresampled() expects parameter 1 to be resource, boolean given in /home/ppd_wansquare/protected/helpers/helpers.php on line 587
[WARNING] imagepng() expects parameter 1 to be resource, boolean given in /home/ppd_wansquare/protected/helpers/helpers.php (line 589)
Warning: imagepng() expects parameter 1 to be resource, boolean given in /home/ppd_wansquare/protected/helpers/helpers.php on line 589
[WARNING] rename(/home/ppd_wansquare/public_html/images/thumbs/176_112_.tmp,/home/ppd_wansquare/public_html/images/thumbs/176_112_): No such file or directory in /home/ppd_wansquare/protected/helpers/helpers.php (line 590)
Warning: rename(/home/ppd_wansquare/public_html/images/thumbs/176_112_.tmp,/home/ppd_wansquare/public_html/images/thumbs/176_112_): No such file or directory in /home/ppd_wansquare/protected/helpers/helpers.php on line 590
[WARNING] imagedestroy() expects parameter 1 to be resource, boolean given in /home/ppd_wansquare/protected/helpers/helpers.php (line 591)
Warning: imagedestroy() expects parameter 1 to be resource, boolean given in /home/ppd_wansquare/protected/helpers/helpers.php on line 591
[WARNING] imagedestroy() expects parameter 1 to be resource, boolean given in /home/ppd_wansquare/protected/helpers/helpers.php (line 592)
Warning: imagedestroy() expects parameter 1 to be resource, boolean given in /home/ppd_wansquare/protected/helpers/helpers.php on line 592
[NOTICE] Undefined index: extension in /home/ppd_wansquare/protected/helpers/helpers.php (line 539)
Notice: Undefined index: extension in /home/ppd_wansquare/protected/helpers/helpers.php on line 539
[NOTICE] exif_imagetype(): Read error! in /home/ppd_wansquare/protected/helpers/helpers.php (line 541)
Notice: exif_imagetype(): Read error! in /home/ppd_wansquare/protected/helpers/helpers.php on line 541
[NOTICE] exif_imagetype(): Read error! in /home/ppd_wansquare/protected/helpers/helpers.php (line 545)
Notice: exif_imagetype(): Read error! in /home/ppd_wansquare/protected/helpers/helpers.php on line 545
[WARNING] imagecreatefromjpeg(): gd-jpeg: JPEG library reports unrecoverable error: Empty input file in /home/ppd_wansquare/protected/helpers/helpers.php (line 557)
Warning: imagecreatefromjpeg(): gd-jpeg: JPEG library reports unrecoverable error: Empty input file in /home/ppd_wansquare/protected/helpers/helpers.php on line 557
[WARNING] imagecreatefromjpeg(): '/home/ppd_wansquare/public_html/images/bibli/' is not a valid JPEG file in /home/ppd_wansquare/protected/helpers/helpers.php (line 557)
Warning: imagecreatefromjpeg(): '/home/ppd_wansquare/public_html/images/bibli/' is not a valid JPEG file in /home/ppd_wansquare/protected/helpers/helpers.php on line 557
[WARNING] imagesx() expects parameter 1 to be resource, boolean given in /home/ppd_wansquare/protected/helpers/helpers.php (line 562)
Warning: imagesx() expects parameter 1 to be resource, boolean given in /home/ppd_wansquare/protected/helpers/helpers.php on line 562
[WARNING] imagesy() expects parameter 1 to be resource, boolean given in /home/ppd_wansquare/protected/helpers/helpers.php (line 562)
Warning: imagesy() expects parameter 1 to be resource, boolean given in /home/ppd_wansquare/protected/helpers/helpers.php on line 562
[WARNING] Division by zero in /home/ppd_wansquare/protected/helpers/helpers.php (line 562)
Warning: Division by zero in /home/ppd_wansquare/protected/helpers/helpers.php on line 562
[WARNING] imagesx() expects parameter 1 to be resource, boolean given in /home/ppd_wansquare/protected/helpers/helpers.php (line 574)
Warning: imagesx() expects parameter 1 to be resource, boolean given in /home/ppd_wansquare/protected/helpers/helpers.php on line 574
[WARNING] imagesy() expects parameter 1 to be resource, boolean given in /home/ppd_wansquare/protected/helpers/helpers.php (line 575)
Warning: imagesy() expects parameter 1 to be resource, boolean given in /home/ppd_wansquare/protected/helpers/helpers.php on line 575
[WARNING] imagecreatetruecolor(): Invalid image dimensions in /home/ppd_wansquare/protected/helpers/helpers.php (line 578)
Warning: imagecreatetruecolor(): Invalid image dimensions in /home/ppd_wansquare/protected/helpers/helpers.php on line 578
[WARNING] imagealphablending() expects parameter 1 to be resource, boolean given in /home/ppd_wansquare/protected/helpers/helpers.php (line 579)
Warning: imagealphablending() expects parameter 1 to be resource, boolean given in /home/ppd_wansquare/protected/helpers/helpers.php on line 579
[WARNING] imagesavealpha() expects parameter 1 to be resource, boolean given in /home/ppd_wansquare/protected/helpers/helpers.php (line 580)
Warning: imagesavealpha() expects parameter 1 to be resource, boolean given in /home/ppd_wansquare/protected/helpers/helpers.php on line 580
[WARNING] imagesavealpha() expects parameter 1 to be resource, boolean given in /home/ppd_wansquare/protected/helpers/helpers.php (line 582)
Warning: imagesavealpha() expects parameter 1 to be resource, boolean given in /home/ppd_wansquare/protected/helpers/helpers.php on line 582
[WARNING] imagecolorallocatealpha() expects parameter 1 to be resource, boolean given in /home/ppd_wansquare/protected/helpers/helpers.php (line 583)
Warning: imagecolorallocatealpha() expects parameter 1 to be resource, boolean given in /home/ppd_wansquare/protected/helpers/helpers.php on line 583
[WARNING] imagecolortransparent() expects parameter 1 to be resource, boolean given in /home/ppd_wansquare/protected/helpers/helpers.php (line 584)
Warning: imagecolortransparent() expects parameter 1 to be resource, boolean given in /home/ppd_wansquare/protected/helpers/helpers.php on line 584
[WARNING] imagefill() expects parameter 1 to be resource, boolean given in /home/ppd_wansquare/protected/helpers/helpers.php (line 585)
Warning: imagefill() expects parameter 1 to be resource, boolean given in /home/ppd_wansquare/protected/helpers/helpers.php on line 585
[WARNING] imagecopyresampled() expects parameter 1 to be resource, boolean given in /home/ppd_wansquare/protected/helpers/helpers.php (line 587)
Warning: imagecopyresampled() expects parameter 1 to be resource, boolean given in /home/ppd_wansquare/protected/helpers/helpers.php on line 587
[WARNING] imagepng() expects parameter 1 to be resource, boolean given in /home/ppd_wansquare/protected/helpers/helpers.php (line 589)
Warning: imagepng() expects parameter 1 to be resource, boolean given in /home/ppd_wansquare/protected/helpers/helpers.php on line 589
[WARNING] rename(/home/ppd_wansquare/public_html/images/thumbs/176_112_.tmp,/home/ppd_wansquare/public_html/images/thumbs/176_112_): No such file or directory in /home/ppd_wansquare/protected/helpers/helpers.php (line 590)
Warning: rename(/home/ppd_wansquare/public_html/images/thumbs/176_112_.tmp,/home/ppd_wansquare/public_html/images/thumbs/176_112_): No such file or directory in /home/ppd_wansquare/protected/helpers/helpers.php on line 590
[WARNING] imagedestroy() expects parameter 1 to be resource, boolean given in /home/ppd_wansquare/protected/helpers/helpers.php (line 591)
Warning: imagedestroy() expects parameter 1 to be resource, boolean given in /home/ppd_wansquare/protected/helpers/helpers.php on line 591
[WARNING] imagedestroy() expects parameter 1 to be resource, boolean given in /home/ppd_wansquare/protected/helpers/helpers.php (line 592)
Warning: imagedestroy() expects parameter 1 to be resource, boolean given in /home/ppd_wansquare/protected/helpers/helpers.php on line 592