{"id":302215,"date":"2021-07-18T23:54:00","date_gmt":"2021-07-18T20:54:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/market-snapshot-does-the-bond-market-have-it-wrong-about-inflation\/"},"modified":"2021-07-18T23:54:00","modified_gmt":"2021-07-18T20:54:00","slug":"market-snapshot-does-the-bond-market-have-it-wrong-about-inflation","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/market-snapshot-does-the-bond-market-have-it-wrong-about-inflation\/","title":{"rendered":"#Market Snapshot: Does the bond market have it wrong about inflation?"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a348bbf7034a\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a348bbf7034a\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><ul class='ez-toc-list-level-6' ><li class='ez-toc-heading-level-6'><ul class='ez-toc-list-level-6' ><li class='ez-toc-heading-level-6'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/market-snapshot-does-the-bond-market-have-it-wrong-about-inflation\/#A_painful_ride\" >A painful ride<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-6'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/market-snapshot-does-the-bond-market-have-it-wrong-about-inflation\/#Another_Fed_confab_looms\" >Another Fed confab looms<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-6'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/market-snapshot-does-the-bond-market-have-it-wrong-about-inflation\/#Inflation_prognostication\" >Inflation prognostication<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-6'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/buradabiliyorum.com\/en\/market-snapshot-does-the-bond-market-have-it-wrong-about-inflation\/#The_equities_outlook\" >The equities outlook<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-6'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/buradabiliyorum.com\/en\/market-snapshot-does-the-bond-market-have-it-wrong-about-inflation\/#Peak_earnings\" >Peak earnings?<\/a><\/li><\/ul><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/buradabiliyorum.com\/en\/market-snapshot-does-the-bond-market-have-it-wrong-about-inflation\/#Vivien_Lou_Chen\" >Vivien Lou Chen<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong>#Market Snapshot: Does the bond market have it wrong about inflation?<\/strong>&#8221;<\/p>\n<h2 class=\"article__subhead\" itemprop=\"alternativeHeadline\">\n<\/h2>\n<p><\/p>\n<div class=\"column column--full article__content\">\n<div class=\"article__side\">\n<div class=\"container--sticky not-active\">\n<div id=\"cx-next\" data-nosnippet>\n              <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div id=\"js-article__body\" class=\"article__body article-wrap at16-col16 barrons-article-wrap\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0000338671\">\n<div class=\"barrons-article-ad-wrapper\">\n<div data-track=\"barrons-article-ad-wrap\" class=\"barrons-article-ad sticky_item\">\n<div class=\"barrons-main-article-ad-target sticky_target body_ad\" aria-hidden=\"true\"><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div data-layout=\"\n                inline\" data-layout-mobile=\"\" class=\"\n          media-object\n          type-InsetArticleReader\n              \n              inline\n  article__inset\n          article__inset--type-InsetArticleReader\n              article__inset--inline\n  \"><\/p>\n<div class=\"media-object-article-reader\">\n<div class=\"audioplayer\" data-sbid=\"WP-MKTW-0000338671\" role=\"region\" aria-label=\"Listen to Article\" tabindex=\"-1\" id=\"articlereader\" data-show-title=\"false\" data-theme=\"wsj-article-reader\" data-show-header=\"false\" data-show-subscribe=\"false\" data-ads-enabled=\"true\" data-save-publication=\"false\">\n        <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>For now, the U.S. government-bond market <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ears to be going along with the Federal Reserve\u2019s view that inflation will remain largely under control, even after a few months of eye-popping readings. Beneath the relatively sanguine surface, though, is an undercurrent of worry.<\/p>\n<p>The concern is that 10-year Treasury yields<br \/>\n        TMUBMUSD10Y,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.000%\" channel=\"\" class=\"\">1.293%<\/bg-quote><span>,<\/span><br \/>\n       currently hovering around 1.30%\u2014 along with breakeven rates implying expectations for annual price gains of about 2.3% over the coming decade \u2014 are understating the risks of a prolonged spell of higher U.S. inflation. <\/p>\n<div class=\"paywall\">\n       And if those risks come to fruition, pushing long-dated yields higher and steepening the yield curve just as in the first quarter, \u201cthat can very much lead to volatility across asset classes\u201d as bonds sell off, credit spreads widen and stocks drop, said portfolio manager Scott Ruesterholz of Insight Investment, which manages more than $1 trillion. <\/p>\n<p>Recent comments from prominent investors like BlackRock Inc.\u2019s Larry Fink and DoubleLine Capital\u2019s <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2021\/07\/15\/bond-king-gundlach-says-inflation-environment-today-reminds-him-of-the-1970s-jimmy-carteresque.html\" class=\"icon none\">Jeffrey Gundlach<\/a> only serve to underscore the worry that the market is being too complacent. <\/p>\n<p> Two straight months of headline U.S. consumer price index rises at or above 5%, have parts of the financial markets unnerved. And pointed questioning by lawmakers during Fed Chairman Jerome Powell\u2019s semi-annual testimony to Congress over the past week may have added to fears that the central bank may be misjudging the persistency of price pressures unleashed by the pandemic, even as the chairman acknowledged \u201ca shock going through the system associated with reopening of the economy.\u201d  <\/p>\n<h6><span class=\"ez-toc-section\" id=\"A_painful_ride\"><\/span>A painful ride<span class=\"ez-toc-section-end\"><\/span><\/h6>\n<p>\u201cThere is definitely a risk that the market has it wrong here,\u201d said Mark Heppenstall, chief investment officer of Penn Mutual Asset Management, which manages $33 billion from Horsham, Pa. The CIO sees the possibility that headline consumer-price readings come in between 3% and 4% over the next six months as gross domestic product, or GDP, hits 7% to 8% for the year, pushing the 10-year Treasury back toward 2%. If higher inflation and slower economic growth play out, on the other hand, that could create \u201ca push-pull dynamic in rates that leaves the bond market more to grapple with.\u201d<\/p>\n<p>There\u2019s a lot riding on the outlook for bond investors over the remainder of 2021. Fixed income gets hit the hardest of all asset classes by higher inflation, which erodes the fixed value of bonds, and some investors aren\u2019t able to ride out losses for long. \u201cThere will be some stress across other asset markets,\u201d Heppenstall said in a phone interview. \u201cBut for long bond investors, it could be a painful ride.\u201d<\/p>\n<div data-layout=\"inline\n                \" data-layout-mobile=\"\" class=\"\n          media-object\n          type-InsetMediaIllustration\n            inline\n  article__inset\n          article__inset--type-InsetMediaIllustration\n            article__inset--inline\n  \"><\/p>\n<figure class=\"\n        media-object-image\n        enlarge-image\n        img-inline\n        article__inset__image\n      \" itemscope itemtype=\"http:\/\/schema.org\/ImageObject\"><\/p>\n<div style=\"padding-bottom:68.71428571428572%;\" data-subtype=\"photo\" class=\"image-container  responsive-media article__inset__image__image\">\n        <img decoding=\"async\" srcset=\"https:\/\/images.mktw.net\/im-370929?width=540&amp;size=1.4545454545454546 540w, https:\/\/images.mktw.net\/im-370929?width=620&amp;size=1.4545454545454546 620w, https:\/\/images.mktw.net\/im-370929?width=639&amp;size=1.4545454545454546 639w, https:\/\/images.mktw.net\/im-370929?width=700&amp;size=1.4545454545454546 700w, https:\/\/images.mktw.net\/im-370929?width=700&amp;size=1.4545454545454546&amp;pixel_ratio=1.5 1050w, https:\/\/images.mktw.net\/im-370929?width=700&amp;size=1.4545454545454546&amp;pixel_ratio=2 1400w, https:\/\/images.mktw.net\/im-370929?width=700&amp;size=1.4545454545454546&amp;pixel_ratio=3 2100w\" sizes=\"(max-width: 639px) 100vw, (max-width: 979px) 620px, (max-width: 1299px) 540px, 700px\" src=\"https:\/\/images.mktw.net\/im-370929?width=700&amp;height=481\" alt=\"\" title=\"\"><\/div><figcaption class=\"wsj-article-caption article__inset__image__caption\" itemprop=\"caption\"><\/figcaption><\/figure>\n<\/div>\n<h6><span class=\"ez-toc-section\" id=\"Another_Fed_confab_looms\"><\/span>Another Fed confab looms<span class=\"ez-toc-section-end\"><\/span><\/h6>\n<p> Investors are largely looking beyond the U.S. economic reports due for the coming week \u2014 which include housing-related data on Monday and Tuesday; weekly jobless claims on Thursday; and monthly purchasing managers\u2019 indexes for manufacturing and services on Friday. They are focused instead on the Fed\u2019s July 27-28 meeting in Washington, where policy makers are likely to continue their discussions of tapering bond purchases while adopting what Powell calls a more \u201chumble\u201d  mindset on inflation. <\/p>\n<p>Fed officials will be in a traditional blackout period for speeches in the coming week, leading up to that gathering. <\/p>\n<h6><span class=\"ez-toc-section\" id=\"Inflation_prognostication\"><\/span>Inflation prognostication<span class=\"ez-toc-section-end\"><\/span><\/h6>\n<p>Meanwhile, a number of forecasters are already bracing for months of elevated price readings far above the Fed\u2019s 2% target. Economists at Fannie Mae forecast consumer prices will stay around 5% on a year-over-year basis through the end of 2021. Those at Barclays Plc expect headline CPI to come in at 6% year-over-year in December, while Wells Fargo &amp; Co. expects a 4% rate for the entire year \u2014 meaning that readings should continue being around 5% through the end of December.<\/p>\n<p>Insight Investment\u2019s Ruesterholz sees the likelihood of inflation continuing to come in above 3% until the second quarter of next year amid strong U.S. economic growth, before dropping back down to 2.25% to 2.5% by the end of 2022. That\u2019s because price pressures from the reopening of hotels, increased consumer <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/trip-and-travel\/\" data-internallinksmanager029f6b8e52c=\"10\" title=\"Trip &amp; Travel\" target=\"_blank\" rel=\"noopener\">travel<\/a>, and used-car sales should ultimately dissipate, while disrupted supply chains will likely \u201crepair themselves,\u201d the New York-based portfolio manager says.<\/p>\n<p>Ruesterholz says Insight is investing in \u201chigh-yield, growth-sensitive assets\u201d that are lower in credit quality and in collateralized loan obligations, or CLOs, and that he sees Treasury Inflation-Protected Securities, or TIPS, as an \u201cinteresting\u201d way to play a higher-inflation scenario.<\/p>\n<p><strong>Check out:<\/strong> As inflation surges, BlackRock\u2019s iShares investment strategy pro says clients \u2018confounded by the move in interest rates\u2019<\/p>\n<p>\u201cWe have to be cognizant that the forces keeping inflation elevated have been much\u00a0stronger than anticipated, and we run the risk that the longer that happens, the more likely inflation is to bleed into other categories, investor psychology, and expectations,\u201d he says.<\/p>\n<h6><span class=\"ez-toc-section\" id=\"The_equities_outlook\"><\/span>The equities outlook<span class=\"ez-toc-section-end\"><\/span><\/h6>\n<p>Last week, the Nasdaq Composite Index<br \/>\n        COMP,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210598365\/realtime\" class=\"negative\">-0.80%<\/bg-quote><br \/>\n       finished the week lower for the first time in about a month and the small-capitalization Russell 2000 index<br \/>\n        RUT,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210598147\/delayed\" class=\"negative\">-1.24%<\/bg-quote><br \/>\n       fell more than 4.5%, marking its worst week since October 30 and its third consecutive weekly decline. <\/p>\n<p>In other words, in absolute terms, neither growth stocks, highlighted in the <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">technology<\/a>-laden Nasdaq, or the value sector, reflected in the Russell, are performing well in July. <\/p>\n<p>What is working? The largest of the large are outperforming, thus far, with the Nasdaq Composite Index<br \/>\n        COMP,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210598365\/realtime\" class=\"negative\">-0.80%<\/bg-quote><br \/>\n       up  about 1.2% on the month. That dynamic also is helping the S&amp;P 500<br \/>\n        SPX,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210599714\/realtime\" class=\"negative\">-0.75%<\/bg-quote><br \/>\n       and the Dow Jones Industrial Average<br \/>\n        DJIA,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210598065\/realtime\" class=\"negative\">-0.86%<\/bg-quote><br \/>\n       put in gains thus far this month. <\/p>\n<div id=\"cx-membership-tile\"><\/div>\n<p>\u201cThe S&amp;P 500 is up 4% since June 3rd, but ~80% of that move can be attributed to the largest 5 stocks,\u201d wrote Larry Adam, CIO at Raymond James\u2019s wealth management unit, in a weekly research report.  <\/p>\n<p>That said, Adam said that he isn\u2019t overly worried about the narrow breadth of winning stocks.<\/p>\n<p>\u201cNarrowing breadth is a sign of internal weakness and can sometimes precede pullback periods. We are mindful of this, but not overly concerned given the strong inter<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">media<\/a>te-term technical backdrop along with the market\u2019s proclivity<br \/>for sector rotation latel,\u201d he wrote.  <\/p>\n<h6><span class=\"ez-toc-section\" id=\"Peak_earnings\"><\/span>Peak earnings?<span class=\"ez-toc-section-end\"><\/span><\/h6>\n<p>FactSet Research\u2019s John Butters says 85% of S&amp;P 500 companies have reported a positive earnings-per-share surprises for the second quarter thus far. <\/p>\n<p>\u201cIf 85% is the final percentage, it will mark the second-highest percentage of S&amp;P 500 companies reporting positive EPS surprises since FactSet began tracking this metric in 2008,\u201d he wrote on Friday. <\/p>\n<p>He said the blended earnings\u00a0growth rate, including actual results and estimates, for Q2 2021 for the S&amp;P 500 is 69.3%, which would mark the highest year-over-year\u00a0earnings\u00a0growth reported by the index since Q4 2009 (109.1%), if figures hold. <\/p>\n<p>Adam says that better-than-expected quarterly results from American companies are \u201cattributable to the surprising resiliency of the US economy; however, as the reopening is fully realized, much of the uncertainty clouding analysts\u2019 estimates will subside and so will the magnitude of the earnings beats.\u201d <\/p>\n<p>Raymond James will be looking for more guidance from CEOs and CFOs on the on how things are shaping up for the coming three-month period and the full year.<\/p>\n<p><strong>EARNINGS REPORTS DUE JULY 19-23<\/strong><br \/>MONDAY: IBM, Tractor Supply, JB Hunt<br \/>TUESDAY: Netflix, Chipotle<br \/>WEDNESDAY: Coca Cola, United Airlines, Johnson &amp; Johnson, Verizon, Texas Instruments, eBay, Anthem, Baker Hughes<br \/>THURSDAY: Intel, Snap, Twitter, American Air, AT&amp;T, Domino\u2019s, Biogen, Abbot, Equifax<br \/>FRIDAY: American Express, Schlumberger<\/p><\/div>\n<\/div><\/div>\n<p><\/p>\n<div class=\"byline article__byline\">\n<p>      <span>By<\/span><\/p>\n<div class=\"author  hasMenu\" data-scrim='{\"type\":\"author\",\"header\":\"Vivien Lou Chen\",\"subhead\":\"The Wall Street Journal\",\"list\":[]}' itemscope itemprop=\"author\" itemtype=\"http:\/\/schema.org\/Person\">\n<h4 itemprop=\"name\"><span class=\"ez-toc-section\" id=\"Vivien_Lou_Chen\"><\/span>Vivien Lou Chen<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<\/p><\/div>\n<\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"http:\/\/www.marketwatch.com\/news\/story.asp?guid=%7B20C05575-04D4-B545-752A-EF0BCA3562B8%7D&#038;siteid=rss&#038;rss=1\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;#Market Snapshot: Does the bond market have it wrong about inflation?&#8221; For now, the U.S. government-bond market appears to be going along with the Federal Reserve\u2019s view that inflation will remain largely under control, even after a few months of eye-popping readings. Beneath the relatively sanguine surface, though, is an undercurrent of worry. The concern&#8230;<\/p>\n","protected":false},"author":1,"featured_media":302216,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[],"class_list":["post-302215","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/302215","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=302215"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/302215\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/302216"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=302215"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=302215"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=302215"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}