{"id":186717,"date":"2023-03-14T11:35:00","date_gmt":"2023-03-14T15:35:00","guid":{"rendered":"https:\/\/ibkrcampus.com\/?p=186717"},"modified":"2023-05-02T09:03:16","modified_gmt":"2023-05-02T13:03:16","slug":"chairman-powells-senate-shocker","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/macro\/chairman-powells-senate-shocker\/","title":{"rendered":"Chairman Powell\u2019s Senate Shocker"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\"><a href=\"https:\/\/www.bmogam.com\/ca-en\/advisors\/insights\/category\/weekly-commentary\/\">Weekly Commentary<\/a><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-market-recap\">Market Recap<\/h3>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Equity markets slid this week as trouble in the banking sector pushed the Fed, Bank of Canada and economic data to the background.<\/li>\n\n\n\n<li>The S&amp;P 500 fell 4.5%, with all sectors in the red.<\/li>\n\n\n\n<li>The banks were thumped 11.5%, with some even larger spills in the smaller regional bank group.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-senate-surprise\">Senate Surprise<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Last week, Fed Chairman Jerome Powell\u2019s hawkish remarks to the U.S. Senate\u2014which indicated that the terminal interest rate may now be in the 6% range\u2014prompted a selloff in markets. There\u2019s no question that his comments came as a surprise to investors. Why? There are a few factors. We\u2019re not surprised that inflation has been sticky; we\u2019ve said all along that it will be a bit of a grind, with certain parts of inflation coming down faster than others. For the most part, the supply side of inflation has been improving, while the demand side looked like it was getting better before popping up again, and that\u2019s an issue. The Fed has consistently said that inflation will likely stay higher for longer than expected. This was confirmed by the latest inflation numbers, and that\u2019s really what surprised markets. When the Fed talks about being \u201cdata dependent,\u201d this is what they mean\u2014the inflation numbers weren\u2019t as good as hoped, so Chairman Powell left the door open for a 50bps rate hike, which is a reversal of previous expectations. Our evaluation is that at least two or three more rate increases are in the cards, with the magnitude of those hikes still to be determined. The Fed will need to see multiple months of weakening employment and cooling inflation before they consider a rate-hiking pause. However, the recent collapse of Silicon Valley Bank (SVB) Financial probably puts more pressure on the Fed to slow down until the full ramifications are known.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Bottom Line:&nbsp;<\/strong>For now, the risk is on the side of higher-than-expected interest rates, not lower\u2014but the SVB Financial situation throws a wrench into that equation.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-bank-of-canada\">Bank of Canada<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Meanwhile, north of the border, the Bank of Canada held interest rates steady at 4.5%, following through on its previous announcement of a rate-hiking pause. Does this mean that we\u2019ve reached a plateau that will continue for the remainder of 2023? It\u2019s a difficult situation to read. The first thing for investors to know is that the inflation picture looks different in Canada than it does in the U.S. We\u2019re seeing inflation dropping in Canada, which is why we think the BoC\u2019s pause was the correct decision. The BoC also has to be more careful than the Fed when it comes to balancing the goal of reducing inflation with the health of consumers, who have greater household debt and are affected more by mortgage rates and the housing situation than their American counterparts. (Remember that housing impacts both Canadians\u2019 net worth and consumer confidence.) The BoC clearly wants to follow through on their promised pause, as last week\u2019s announcement shows. But we can\u2019t say with 100% confidence that rates won\u2019t move higher at some point. If inflation spikes, hikes will be back on the table. The other consideration is the exchange rate. The USD continues to strengthen versus the CAD because of the divergence in their interest rate policies. Will the BoC let the CAD get so far from the USD? That remains to be seen.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Bottom Line:&nbsp;<\/strong>Rate increase could be in store for later in the year, but the bar to change course is high, because the BoC wants to avoid having egg on their face.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-u-s-china-relations\">U.S.-China Relations<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Tensions between China and the U.S. are continuing to increase, particularly with respect to technology. Investors may well ask\u2014is there a way to access China\u2019s economic rebound while managing this risk? When you invest in Emerging Markets (EM), you do so knowing that it\u2019s a riskier asset class, in part because of geopolitical issues. In our evaluation, every time tensions flare up and markets pull back, it creates an opportunity to buy at a discount\u2014as long as you still believe that growth in China will be much stronger than in North America, which we do. We\u2019ve recently increased the allocation to EM in our portfolios based largely on China, which isn\u2019t being afflicted by the high inflation and interest rates of North American economies. We see recent issues like the balloon incident as likely short-term stories, whereas China\u2019s reopening is a long-term tailwind, with China being in a similar situation to North American and Europe a couple of years ago but with even more horsepower behind it. This isn\u2019t to minimize the potential for further tension\u2014there are some significant concerns about the relationship between the two countries, and this flare-up has been bigger than previous ones. What we\u2019re watching to see is if China retaliates against specific companies. To take Huawei as an example: despite all the restrictions levied against it, China didn\u2019t retaliate against Apple\u2014Huawei\u2019s biggest competitor and a company that does a lot of business in China. Why? Perhaps because they don\u2019t want to risk derailing their own fragile economic recovery.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Bottom Line:&nbsp;<\/strong>Even with the potential for geopolitical hiccups, we still expect China\u2019s recovery to be the best story this year.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-positioning\">Positioning<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">We\u2019ve just completed our monthly review and overall, we\u2019re remaining relatively balanced. We do, however, see some risk in the near term\u2014we don\u2019t know what inflation will look like over the next month, and markets could react quicky if anything changes. Also, we recently became aware of the first bank in North America collapsing since the financial crisis and the fallout of this is still to be determined. This will obviously cause some additional risk aversion. There is no change to our equity and bond allocations, and we are continuing to prefer bonds to cash due to attractive yields and additional volatility we are seeing in the markets. Geographically, we\u2019re now slightly underweight the U.S. due to inflation and interest rate uncertainty, and we\u2019re bullish on Emerging Markets, largely because of the China reopening story and the discounts available compared to a couple of months ago. We also remain slightly underweight Canada and neutral on international markets (EAFE). No changes on the fixed income side\u2014we\u2019re overweight Investment Grade bonds and neutral on High Yield, EM debt, and duration. At this point, we don\u2019t feel the reward of lower grade credit is sufficient to justify the additional risk, and while we will look to increase our duration exposure down the road, we\u2019re not quite there yet. On the style front, we\u2019re still slightly bullish on Value, and while we are getting less hesitant on Growth than we were previously, we\u2019re remaining Neutral for now because inflation and interest rates could put pressure on valuations in the near term. And finally, in terms of currency, we\u2019ve come down to neutral from slightly bullish on the CAD\u2014as previously mentioned, the divergence in the Fed and BoC\u2019s interest rate policies will likely increase the gap between the CAD and USD in the short term.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&#8212;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Originally Posted March 13, 2023 &#8211; <a href=\"https:\/\/www.bmogam.com\/ca-en\/advisors\/insights\/weekly-commentary-mar-13-2023-chairman-powells-senate-shocker\/\">Chairman Powell\u2019s Senate Shocker<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Disclosures:<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The viewpoints expressed by the Portfolio Manager represents their assessment of the markets at the time of publication. Those views are subject to change without notice at any time without any kind of notice. The information provided herein does not constitute a solicitation of an offer to buy, or an offer to sell securities nor should the information be relied upon as investment advice. Past performance is no guarantee of future results. This communication is intended for informational purposes only.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">BMO Global Asset Management is a brand name under which BMO Asset Management Inc. and BMO Investments Inc. operate.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Any statement that necessarily depends on future events may be a forward-looking statement. Forward-looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions. Although such statements are based on assumptions that are believed to be reasonable, there can be no assurance that actual results will not differ materially from expectations. Investors are cautioned not to rely unduly on any forward-looking statements. In connection with any forward-looking statements, investors should carefully consider the areas of risk described in the most recent simplified prospectus.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This article is for information purposes. The information contained herein is not, and should not be construed as, investment, tax or legal advice to any party. Investments should be evaluated relative to the individual\u2019s investment objectives and professional advice should be obtained with respect to any circumstance.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Commissions, management fees and expenses (if applicable) all may be associated with investments in mutual funds. Trailing commissions may be associated with investments in certain series of securities of mutual funds. Please read the fund facts, ETF facts or prospectus of the relevant mutual fund before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. Distributions are not guaranteed and are subject to change and\/or elimination.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For a summary of the risks of an investment in the BMO Mutual Funds, please see the specific risks set out in the prospectus. ETF Series of the BMO Mutual Funds trade like stocks, fluctuate in market value and may trade at a discount to their net asset value, which may increase the risk of loss. Distributions are not guaranteed and are subject to change and\/or elimination.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">BMO Mutual Funds are managed by BMO Investments Inc., which is an investment fund manager and a separate legal entity from Bank of Montreal.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u00ae\/\u2122Registered trademarks\/trademark of Bank of Montreal, used under licence.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Equity markets slid this week as trouble in the banking sector pushed the Fed, Bank of Canada and economic data to the background.<\/p>\n","protected":false},"author":919,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[18,6,8,9,26,3],"tags":[246,3221,77,2298,14927,14827],"contributors-categories":[13733],"class_list":["post-186717","post","type-post","status-publish","format-standard","category-macro","category-north-america","category-region","category-securities","category-text-articles","category-traders-insight","tag-banks","tag-economic-data","tag-fed","tag-market-recap","tag-us-china-relations","tag-weekly-commentary","contributors-categories-bmo-exchange-traded-funds"],"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.9 (Yoast SEO v28.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Chairman Powell\u2019s Senate Shocker | Traders&#039; Insight<\/title>\n<meta name=\"description\" content=\"Equity markets slid this week as trouble in the banking sector pushed the Fed, Bank of Canada and economic data to the background.\" \/>\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.interactivebrokers.com\/campus\/wp-json\/wp\/v2\/posts\/186717\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Chairman Powell\u2019s Senate Shocker | IBKR Campus US\" \/>\n<meta property=\"og:description\" content=\"Equity markets slid this week as trouble in the banking sector pushed the Fed, Bank of Canada and economic data to the background.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/macro\/chairman-powells-senate-shocker\/\" \/>\n<meta property=\"og:site_name\" content=\"IBKR Campus US\" \/>\n<meta property=\"article:published_time\" content=\"2023-03-14T15:35:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-05-02T13:03:16+00:00\" \/>\n<meta name=\"author\" content=\"Sadiq Adatia\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Sadiq Adatia\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"7 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\n\t    \"@context\": \"https:\\\/\\\/schema.org\",\n\t    \"@graph\": [\n\t        {\n\t            \"@type\": \"NewsArticle\",\n\t            \"@id\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/traders-insight\\\/securities\\\/macro\\\/chairman-powells-senate-shocker\\\/#article\",\n\t            \"isPartOf\": {\n\t                \"@id\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/traders-insight\\\/securities\\\/macro\\\/chairman-powells-senate-shocker\\\/\"\n\t            },\n\t            \"author\": {\n\t                \"name\": \"Sadiq Adatia\",\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#\\\/schema\\\/person\\\/b5fe781de4428a2ca7d2835d38dfd4c7\"\n\t            },\n\t            \"headline\": \"Chairman Powell\u2019s Senate Shocker\",\n\t            \"datePublished\": \"2023-03-14T15:35:00+00:00\",\n\t            \"dateModified\": \"2023-05-02T13:03:16+00:00\",\n\t            \"mainEntityOfPage\": {\n\t                \"@id\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/traders-insight\\\/securities\\\/macro\\\/chairman-powells-senate-shocker\\\/\"\n\t            },\n\t            \"wordCount\": 1645,\n\t            \"publisher\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#organization\"\n\t            },\n\t            \"keywords\": [\n\t                \"banks\",\n\t                \"economic data\",\n\t                \"Fed\",\n\t                \"market recap\",\n\t                \"US - China Relations\",\n\t                \"weekly commentary\"\n\t            ],\n\t            \"articleSection\": [\n\t                \"Macro\",\n\t                \"North America\",\n\t                \"Region\",\n\t                \"Securities\",\n\t                \"Text Articles\",\n\t                \"Traders' Insight\"\n\t            ],\n\t            \"inLanguage\": \"en-US\"\n\t        },\n\t        {\n\t            \"@type\": \"WebPage\",\n\t            \"@id\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/traders-insight\\\/securities\\\/macro\\\/chairman-powells-senate-shocker\\\/\",\n\t            \"url\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/traders-insight\\\/securities\\\/macro\\\/chairman-powells-senate-shocker\\\/\",\n\t            \"name\": \"Chairman Powell\u2019s Senate Shocker | IBKR Campus US\",\n\t            \"isPartOf\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#website\"\n\t            },\n\t            \"datePublished\": \"2023-03-14T15:35:00+00:00\",\n\t            \"dateModified\": \"2023-05-02T13:03:16+00:00\",\n\t            \"description\": \"Equity markets slid this week as trouble in the banking sector pushed the Fed, Bank of Canada and economic data to the background.\",\n\t            \"inLanguage\": \"en-US\",\n\t            \"potentialAction\": [\n\t                {\n\t                    \"@type\": \"ReadAction\",\n\t                    \"target\": [\n\t                        \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/traders-insight\\\/securities\\\/macro\\\/chairman-powells-senate-shocker\\\/\"\n\t                    ]\n\t                }\n\t            ]\n\t        },\n\t        {\n\t            \"@type\": \"WebSite\",\n\t            \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#website\",\n\t            \"url\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/\",\n\t            \"name\": \"IBKR Campus US\",\n\t            \"description\": \"Financial Education from Interactive Brokers\",\n\t            \"publisher\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#organization\"\n\t            },\n\t            \"potentialAction\": [\n\t                {\n\t                    \"@type\": \"SearchAction\",\n\t                    \"target\": {\n\t                        \"@type\": \"EntryPoint\",\n\t                        \"urlTemplate\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/?s={search_term_string}\"\n\t                    },\n\t                    \"query-input\": {\n\t                        \"@type\": \"PropertyValueSpecification\",\n\t                        \"valueRequired\": true,\n\t                        \"valueName\": \"search_term_string\"\n\t                    }\n\t                }\n\t            ],\n\t            \"inLanguage\": \"en-US\"\n\t        },\n\t        {\n\t            \"@type\": \"Organization\",\n\t            \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#organization\",\n\t            \"name\": \"Interactive Brokers\",\n\t            \"alternateName\": \"IBKR\",\n\t            \"url\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/\",\n\t            \"logo\": {\n\t                \"@type\": \"ImageObject\",\n\t                \"inLanguage\": \"en-US\",\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#\\\/schema\\\/logo\\\/image\\\/\",\n\t                \"url\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2024\\\/05\\\/ibkr-campus-logo.jpg\",\n\t                \"contentUrl\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2024\\\/05\\\/ibkr-campus-logo.jpg\",\n\t                \"width\": 669,\n\t                \"height\": 669,\n\t                \"caption\": \"Interactive Brokers\"\n\t            },\n\t            \"image\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#\\\/schema\\\/logo\\\/image\\\/\"\n\t            },\n\t            \"publishingPrinciples\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/about-ibkr-campus\\\/\",\n\t            \"ethicsPolicy\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/cyber-security-notice\\\/\"\n\t        },\n\t        {\n\t            \"@type\": \"Person\",\n\t            \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#\\\/schema\\\/person\\\/b5fe781de4428a2ca7d2835d38dfd4c7\",\n\t            \"name\": \"Sadiq Adatia\",\n\t            \"url\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/author\\\/sadiq-s-adatia\\\/\"\n\t        }\n\t    ]\n\t}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Chairman Powell\u2019s Senate Shocker | Traders' Insight","description":"Equity markets slid this week as trouble in the banking sector pushed the Fed, Bank of Canada and economic data to the background.","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.interactivebrokers.com\/campus\/wp-json\/wp\/v2\/posts\/186717\/","og_locale":"en_US","og_type":"article","og_title":"Chairman Powell\u2019s Senate Shocker | IBKR Campus US","og_description":"Equity markets slid this week as trouble in the banking sector pushed the Fed, Bank of Canada and economic data to the background.","og_url":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/macro\/chairman-powells-senate-shocker\/","og_site_name":"IBKR Campus US","article_published_time":"2023-03-14T15:35:00+00:00","article_modified_time":"2023-05-02T13:03:16+00:00","author":"Sadiq Adatia","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Sadiq Adatia","Est. reading time":"7 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"NewsArticle","@id":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/macro\/chairman-powells-senate-shocker\/#article","isPartOf":{"@id":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/macro\/chairman-powells-senate-shocker\/"},"author":{"name":"Sadiq Adatia","@id":"https:\/\/ibkrcampus.com\/campus\/#\/schema\/person\/b5fe781de4428a2ca7d2835d38dfd4c7"},"headline":"Chairman Powell\u2019s Senate Shocker","datePublished":"2023-03-14T15:35:00+00:00","dateModified":"2023-05-02T13:03:16+00:00","mainEntityOfPage":{"@id":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/macro\/chairman-powells-senate-shocker\/"},"wordCount":1645,"publisher":{"@id":"https:\/\/ibkrcampus.com\/campus\/#organization"},"keywords":["banks","economic data","Fed","market recap","US - China Relations","weekly commentary"],"articleSection":["Macro","North America","Region","Securities","Text Articles","Traders' Insight"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/macro\/chairman-powells-senate-shocker\/","url":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/macro\/chairman-powells-senate-shocker\/","name":"Chairman Powell\u2019s Senate Shocker | IBKR Campus US","isPartOf":{"@id":"https:\/\/ibkrcampus.com\/campus\/#website"},"datePublished":"2023-03-14T15:35:00+00:00","dateModified":"2023-05-02T13:03:16+00:00","description":"Equity markets slid this week as trouble in the banking sector pushed the Fed, Bank of Canada and economic data to the background.","inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/macro\/chairman-powells-senate-shocker\/"]}]},{"@type":"WebSite","@id":"https:\/\/ibkrcampus.com\/campus\/#website","url":"https:\/\/ibkrcampus.com\/campus\/","name":"IBKR Campus US","description":"Financial Education from Interactive Brokers","publisher":{"@id":"https:\/\/ibkrcampus.com\/campus\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/ibkrcampus.com\/campus\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/ibkrcampus.com\/campus\/#organization","name":"Interactive Brokers","alternateName":"IBKR","url":"https:\/\/ibkrcampus.com\/campus\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ibkrcampus.com\/campus\/#\/schema\/logo\/image\/","url":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/05\/ibkr-campus-logo.jpg","contentUrl":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2024\/05\/ibkr-campus-logo.jpg","width":669,"height":669,"caption":"Interactive Brokers"},"image":{"@id":"https:\/\/ibkrcampus.com\/campus\/#\/schema\/logo\/image\/"},"publishingPrinciples":"https:\/\/www.interactivebrokers.com\/campus\/about-ibkr-campus\/","ethicsPolicy":"https:\/\/www.interactivebrokers.com\/campus\/cyber-security-notice\/"},{"@type":"Person","@id":"https:\/\/ibkrcampus.com\/campus\/#\/schema\/person\/b5fe781de4428a2ca7d2835d38dfd4c7","name":"Sadiq Adatia","url":"https:\/\/www.interactivebrokers.com\/campus\/author\/sadiq-s-adatia\/"}]}},"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/posts\/186717","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/users\/919"}],"replies":[{"embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/comments?post=186717"}],"version-history":[{"count":0,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/posts\/186717\/revisions"}],"wp:attachment":[{"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/media?parent=186717"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/categories?post=186717"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/tags?post=186717"},{"taxonomy":"contributors-categories","embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/contributors-categories?post=186717"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}