{"id":29275,"date":"2015-06-02T02:11:45","date_gmt":"2015-06-02T07:11:45","guid":{"rendered":"http:\/\/prefblog.com\/?p=29275"},"modified":"2015-06-02T02:11:45","modified_gmt":"2015-06-02T07:11:45","slug":"june-1-2015","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=29275","title":{"rendered":"June 1, 2015"},"content":{"rendered":"

Fed Vice Chairman Stanley Fischer reiterated Fed caution<\/a>:<\/p>\n

When it comes to describing how the Federal Reserve will exit the zero-rate era, \u201cliftoff\u201d is all wrong, says Vice Chairman Stanley Fischer.<\/p>\n

The term, dear to investors and headline writers, \u201cis the most misleading word you can imagine,\u201d he said on Monday in Toronto.<\/p>\n

\u201cLiftoff says we\u2019re going straight up with the interest rate,\u201d Fischer said during a question-and-answer session after a speech on financial crises. \u201cWell, we\u2019re going up with the interest rate, then along, and then another little jump. That\u2019s not liftoff, that\u2019s crawling.\u201d<\/p>\n

His remarks underline a theme hammered home by Fed officials in recent weeks: They won\u2019t follow a predictable path in raising rates, and instead will be guided by the latest economic data.<\/p><\/blockquote>\n

This is a nice try – a very nice try – but only one shift? Regrettably, it belongs in the “stunt” category<\/a>:<\/p>\n

After Starboard Value took over the board of Darden Restaurants Inc., the hedge fund wanted its newly minted directors to have a feel for the business. So it put them to work.<\/p>\n

Every board member worked a night in a restaurant, said Starboard Chief Executive Officer Jeff Smith, who also is Darden\u2019s chairman. Smith said he waited on tables and served food in the kitchen.<\/p>\n

\u201cIt was not undercover — everyone knew,\u201d Smith said in an interview on Bloomberg Television\u2019s \u201cMarket Makers\u201d with Stephanie Ruhle and Erik Schatzker. \u201cIt was an amazing experience. We felt we could not make the decisions without knowing what was happening in the restaurants.”<\/p><\/blockquote>\n

Hopefully, the directors are spending a lot of time in the restaurants, talking to staff, even if they’re not trying to prove they’re mennathepeople.<\/p>\n

I have more education complaints, this time about attracting foreign students to Canada<\/a>:<\/p>\n

Canadian officials are finding it difficult to keep up with the increasing demand from international students, leading to waiting times for visas that are weeks longer than those in Britain or the United States, and reducing the program\u2019s competitiveness.<\/p>\n

The lengthy timelines are contained in a report from Citizenship and Immigration Canada (CIC), obtained by The Globe and Mail through freedom of information legislation. While the federal government wants to double the number of students from abroad by 2022, it has not provided sufficient resources to process the increased numbers, the report says. CIC blames this \u201clack of coordination\u201d between federal departments for an increase of 30 per cent in processing times for study permits and a doubling of the time for temporary resident visas.
…<\/b>
The report also recommends clarifying what role international students play in Canada\u2019s overall immigration strategy. The goal of doubling student numbers was set by a 2012 panel as a way to fill labour-market shortages and increase global economic links. But those economic needs can\u2019t be met without government co-ordination, said the panel\u2019s chair.<\/p><\/blockquote>\n

Foreign students are great! They pay high fees (and therefore probably come from reasonably well-off families), they may well immigrate – with Canadian qualifications, which will help get a first job – and if they don’t immigrate, then they’ll at least live their lives not only knowing that we don’t all live in igloos, but (with luck) having a soft spot for us. I cannot understand why this programme is understaffed.<\/p>\n

It was another disappointing day for the Canadian preferred share market, with PerpetualDiscounts down 2bp, FixedResets losing 19bp and DeemedRetractibles off 1bp. The lengthy Performance Highlights table is dominated by losing FixedResets. Volume was average.<\/p>\n

For as long as the FixedReset market is so violently unsettled, I\u2019ll keep publishing updates of the more interesting and meaningful series of FixedResets\u2019 Implied Volatilities. This doesn\u2019t include Enbridge because although Enbridge has a large number of issues outstanding, all of which are quite liquid, the range of Issue Reset Spreads is too small for decent conclusions. The low is 212bp (ENB.PR.H; second-lowest is ENB.PR.D at 237bp) and the high is a mere 268 for ENB.PF.G.<\/p>\n

Remember that all rich \/cheap assessments are:
\n\u00bb based on Implied Volatility Theory only
\n\u00bb are relative only to other FixedResets from the same issuer
\n\u00bb assume constant GOC-5 yield
\n\u00bb assume constant Implied Volatility
\n\u00bb assume constant spread<\/p>\n

Here\u2019s TRP:<\/p>\n

\"impVol_TRP_150601\"<\/a>
Click for Big<\/i><\/div>\n

TRP.PR.E, which resets 2019-10-30 at +235, is bid at 23.50 to be $1.10 rich, while TRP.PR.G, resetting 2020-11-30 at +296, is $0.68 cheap at its bid price of 24.76.<\/p>\n

\"impVol_MFC_150601\"<\/a>
Click for Big<\/i><\/div>\n

Another excellent fit, but the numbers are perplexing. Implied Volatility for MFC continues to be a conundrum. It is still too high if we consider that NVCC rules will never apply to these issues; it is still too low if we consider them to be NVCC non-compliant issues (and therefore with Deemed Maturities in the call schedule).<\/p>\n

Most expensive is MFC.PR.L, resetting at +216 on 2019-6-19, bid at 23.60 to be $0.64 rich, while MFC.PR.G, resetting at +290bp on 2016-12-19, is bid at 25.01 to be $0.69 cheap.<\/p>\n

\"impVol_BAM_150601\"<\/a>
Click for Big<\/i><\/div>\n

The cheapest issue relative to its peers is BAM.PF.B, resetting at +263bp on 2019-3-31, bid at 22.90 to be $0.43 cheap. BAM.PF.G, resetting at +284bp 2020-6-30 is bid at 24.91 and appears to be $0.56 rich.<\/p>\n

\"impVol_FTS_150601\"<\/a>
Click for Big<\/i><\/div>\n

FTS.PR.H, with a spread of +145bp, and bid at 16.06, looks $0.92 cheap and resets 2015-6-1. FTS.PR.K, with a spread of +205bp and resetting 2019-3-1, is bid at 21.79 and is $0.47 rich.<\/p>\n

\"pairs_FR_150601\"<\/a>
Click for Big<\/i><\/div>\n

Investment-grade pairs predict an average three-month bill yield over the next five-odd years of about 0.50%, and are very nicely clustered today. On the junk side, four pairs are outside the range of the graph: FFH.PR.E \/ FFH.PR.F at -1.02%; AIM.PR.A \/ AIM.PR.B at -0.91%; BRF.PR.A \/ BRF.PR.B at -1.83%; and FFH.PR.C \/ FFH.PR.D at +1.00%.<\/p>\n

\"pairs_FF_150601\"<\/a>
Click for Big<\/i><\/div>\n

Shall we just say that this exhibits a high level of confidence in the continued rapacity of Canadian banks?<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices<\/strong>
Values are provisional and are finalized monthly<\/td>\n<\/tr>\n
Index<\/td>\nMean
Current
Yield
(at bid)<\/td>\n		Median
YTW<\/td>\n		Median
Average
Trading
Value<\/td>\n		Median
Mod Dur
(YTW)<\/td>\n		Issues<\/td>\nDay’s Perf.<\/td>\nIndex Value<\/td>\n<\/tr>\n
Ratchet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-1.4746 %<\/td>\n2,227.7<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-1.4746 %<\/td>\n3,895.1<\/td>\n<\/tr>\n
Floater<\/td>\n3.45 %<\/td>\n3.50 %<\/td>\n56,594<\/td>\n18.45<\/td>\n3<\/td>\n-1.4746 %<\/td>\n2,368.2<\/td>\n<\/tr>\n
OpRet<\/td>\n4.44 %<\/td>\n-14.24 %<\/td>\n29,960<\/td>\n0.09<\/td>\n2<\/td>\n0.0395 %<\/td>\n2,782.9<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.59 %<\/td>\n4.47 %<\/td>\n68,554<\/td>\n3.33<\/td>\n3<\/td>\n-0.2005 %<\/td>\n3,250.6<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n0.0395 %<\/td>\n2,544.7<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.45 %<\/td>\n3.99 %<\/td>\n61,593<\/td>\n0.41<\/td>\n19<\/td>\n0.0434 %<\/td>\n2,520.7<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.08 %<\/td>\n5.06 %<\/td>\n115,767<\/td>\n15.38<\/td>\n14<\/td>\n-0.0151 %<\/td>\n2,764.7<\/td>\n<\/tr>\n
FixedReset<\/td>\n4.44 %<\/td>\n3.76 %<\/td>\n264,096<\/td>\n16.58<\/td>\n86<\/td>\n-0.1933 %<\/td>\n2,386.7<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n4.98 %<\/td>\n3.41 %<\/td>\n107,115<\/td>\n0.88<\/td>\n34<\/td>\n-0.0059 %<\/td>\n2,635.8<\/td>\n<\/tr>\n
FloatingReset<\/td>\n2.43 %<\/td>\n2.91 %<\/td>\n54,502<\/td>\n6.14<\/td>\n8<\/td>\n-0.0907 %<\/td>\n2,336.2<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
TRP.PR.B<\/td>\nFixedReset<\/td>\n-3.48 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-06-01
\nMaturity Price : 14.71
\nEvaluated at bid price : 14.71
\nBid-YTW : 3.73 %<\/td>\n<\/tr>\n
TRP.PR.A<\/td>\nFixedReset<\/td>\n-2.95 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-06-01
\nMaturity Price : 19.41
\nEvaluated at bid price : 19.41
\nBid-YTW : 3.78 %<\/td>\n<\/tr>\n
SLF.PR.G<\/td>\nFixedReset<\/td>\n-2.12 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 16.63
\nBid-YTW : 7.19 %<\/td>\n<\/tr>\n
FTS.PR.H<\/td>\nFixedReset<\/td>\n-1.95 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-06-01
\nMaturity Price : 16.06
\nEvaluated at bid price : 16.06
\nBid-YTW : 3.70 %<\/td>\n<\/tr>\n
BAM.PR.K<\/td>\nFloater<\/td>\n-1.84 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-06-01
\nMaturity Price : 14.38
\nEvaluated at bid price : 14.38
\nBid-YTW : 3.50 %<\/td>\n<\/tr>\n
ENB.PR.F<\/td>\nFixedReset<\/td>\n-1.66 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-06-01
\nMaturity Price : 19.01
\nEvaluated at bid price : 19.01
\nBid-YTW : 4.65 %<\/td>\n<\/tr>\n
ENB.PR.B<\/td>\nFixedReset<\/td>\n-1.52 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-06-01
\nMaturity Price : 18.76
\nEvaluated at bid price : 18.76
\nBid-YTW : 4.53 %<\/td>\n<\/tr>\n
TRP.PR.F<\/td>\nFloatingReset<\/td>\n-1.47 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-06-01
\nMaturity Price : 18.72
\nEvaluated at bid price : 18.72
\nBid-YTW : 3.33 %<\/td>\n<\/tr>\n
BAM.PR.C<\/td>\nFloater<\/td>\n-1.38 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-06-01
\nMaturity Price : 14.30
\nEvaluated at bid price : 14.30
\nBid-YTW : 3.52 %<\/td>\n<\/tr>\n
ENB.PR.J<\/td>\nFixedReset<\/td>\n-1.22 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-06-01
\nMaturity Price : 20.30
\nEvaluated at bid price : 20.30
\nBid-YTW : 4.54 %<\/td>\n<\/tr>\n
BAM.PR.B<\/td>\nFloater<\/td>\n-1.21 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-06-01
\nMaturity Price : 14.75
\nEvaluated at bid price : 14.75
\nBid-YTW : 3.41 %<\/td>\n<\/tr>\n
ENB.PR.Y<\/td>\nFixedReset<\/td>\n-1.18 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-06-01
\nMaturity Price : 18.46
\nEvaluated at bid price : 18.46
\nBid-YTW : 4.70 %<\/td>\n<\/tr>\n
CU.PR.D<\/td>\nPerpetual-Discount<\/td>\n-1.17 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-06-01
\nMaturity Price : 24.14
\nEvaluated at bid price : 24.60
\nBid-YTW : 4.98 %<\/td>\n<\/tr>\n
ENB.PR.P<\/td>\nFixedReset<\/td>\n-1.13 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-06-01
\nMaturity Price : 19.28
\nEvaluated at bid price : 19.28
\nBid-YTW : 4.60 %<\/td>\n<\/tr>\n
ENB.PR.H<\/td>\nFixedReset<\/td>\n-1.11 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-06-01
\nMaturity Price : 17.75
\nEvaluated at bid price : 17.75
\nBid-YTW : 4.53 %<\/td>\n<\/tr>\n
IAG.PR.G<\/td>\nFixedReset<\/td>\n-1.04 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.82
\nBid-YTW : 3.95 %<\/td>\n<\/tr>\n
BAM.PR.X<\/td>\nFixedReset<\/td>\n-1.03 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-06-01
\nMaturity Price : 18.21
\nEvaluated at bid price : 18.21
\nBid-YTW : 4.07 %<\/td>\n<\/tr>\n
BAM.PF.F<\/td>\nFixedReset<\/td>\n-1.01 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-06-01
\nMaturity Price : 23.03
\nEvaluated at bid price : 24.50
\nBid-YTW : 3.97 %<\/td>\n<\/tr>\n
GWO.PR.S<\/td>\nDeemed-Retractible<\/td>\n1.28 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 26.20
\nBid-YTW : 4.60 %<\/td>\n<\/tr>\n
BAM.PF.C<\/td>\nPerpetual-Discount<\/td>\n1.35 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-06-01
\nMaturity Price : 22.23
\nEvaluated at bid price : 22.58
\nBid-YTW : 5.45 %<\/td>\n<\/tr>\n
MFC.PR.F<\/td>\nFixedReset<\/td>\n1.40 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 18.10
\nBid-YTW : 6.40 %<\/td>\n<\/tr>\n
GWO.PR.N<\/td>\nFixedReset<\/td>\n1.53 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 17.30
\nBid-YTW : 6.69 %<\/td>\n<\/tr>\n
MFC.PR.L<\/td>\nFixedReset<\/td>\n1.72 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.60
\nBid-YTW : 4.15 %<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n
Volume Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nShares
Traded<\/td>\n		Notes<\/td>\n<\/tr>\n
CU.PR.F<\/td>\nPerpetual-Discount<\/td>\n174,900<\/td>\nDesjardins crossed 166,700 at 22.70.
\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-06-01
\nMaturity Price : 22.29
\nEvaluated at bid price : 22.65
\nBid-YTW : 4.97 %<\/td>\n<\/tr>\n
MFC.PR.A<\/td>\nOpRet<\/td>\n100,240<\/td>\nCalled for redemption 2015-6-19<\/a>.
\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2015-07-19
\nMaturity Price : 25.00
\nEvaluated at bid price : 24.98
\nBid-YTW : 3.19 %<\/td>\n<\/tr>\n
ENB.PR.D<\/td>\nFixedReset<\/td>\n29,342<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-06-01
\nMaturity Price : 18.68
\nEvaluated at bid price : 18.68
\nBid-YTW : 4.56 %<\/td>\n<\/tr>\n
SLF.PR.G<\/td>\nFixedReset<\/td>\n26,478<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 16.63
\nBid-YTW : 7.19 %<\/td>\n<\/tr>\n
BAM.PR.T<\/td>\nFixedReset<\/td>\n24,862<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-06-01
\nMaturity Price : 21.49
\nEvaluated at bid price : 21.85
\nBid-YTW : 3.85 %<\/td>\n<\/tr>\n
BNS.PR.Z<\/td>\nFixedReset<\/td>\n24,065<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2022-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 23.73
\nBid-YTW : 3.33 %<\/td>\n<\/tr>\n
There were 30 other index-included issues trading in excess of 10,000 shares.<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n
Wide Spread Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nQuote Data and Yield Notes<\/td>\n<\/tr>\n
POW.PR.A<\/td>\nPerpetual-Premium<\/td>\nQuote: 25.54 – 26.49
\nSpot Rate : 0.9500
\nAverage : 0.5414<\/p>\n

YTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2015-07-01
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.54
\nBid-YTW : -11.39 %<\/td>\n<\/tr>\n

PWF.PR.P<\/td>\nFixedReset<\/td>\nQuote: 18.32 – 18.99
\nSpot Rate : 0.6700
\nAverage : 0.4250<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-06-01
\nMaturity Price : 18.32
\nEvaluated at bid price : 18.32
\nBid-YTW : 3.57 %<\/td>\n<\/tr>\n

TRP.PR.A<\/td>\nFixedReset<\/td>\nQuote: 19.41 – 19.93
\nSpot Rate : 0.5200
\nAverage : 0.3772<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-06-01
\nMaturity Price : 19.41
\nEvaluated at bid price : 19.41
\nBid-YTW : 3.78 %<\/td>\n<\/tr>\n

VNR.PR.A<\/td>\nFixedReset<\/td>\nQuote: 24.10 – 24.56
\nSpot Rate : 0.4600
\nAverage : 0.3233<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-06-01
\nMaturity Price : 23.13
\nEvaluated at bid price : 24.10
\nBid-YTW : 3.92 %<\/td>\n<\/tr>\n

TRP.PR.B<\/td>\nFixedReset<\/td>\nQuote: 14.71 – 15.13
\nSpot Rate : 0.4200
\nAverage : 0.3101<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-06-01
\nMaturity Price : 14.71
\nEvaluated at bid price : 14.71
\nBid-YTW : 3.73 %<\/td>\n<\/tr>\n

ENB.PR.J<\/td>\nFixedReset<\/td>\nQuote: 20.30 – 20.60
\nSpot Rate : 0.3000
\nAverage : 0.2103<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2045-06-01
\nMaturity Price : 20.30
\nEvaluated at bid price : 20.30
\nBid-YTW : 4.54 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

Fed Vice Chairman Stanley Fischer reiterated Fed caution: When it comes to describing how the Federal Reserve will exit the zero-rate era, \u201cliftoff\u201d is all wrong, says Vice Chairman Stanley Fischer. The term, dear to …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15],"tags":[],"class_list":["post-29275","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/29275","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=29275"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/29275\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=29275"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=29275"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=29275"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}