{"id":191016,"date":"2023-05-26T11:00:00","date_gmt":"2023-05-26T15:00:00","guid":{"rendered":"https:\/\/ibkrcampus.com\/?p=191016"},"modified":"2023-05-26T10:58:01","modified_gmt":"2023-05-26T14:58:01","slug":"feds-favorite-inflation-gauge-rises-more-than-expected-in-april-market-expectations-increase-for-june-interest-rate-hike","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/macro\/feds-favorite-inflation-gauge-rises-more-than-expected-in-april-market-expectations-increase-for-june-interest-rate-hike\/","title":{"rendered":"Fed&#8217;s Favorite Inflation Gauge Rises More Than Expected In April: Market Expectations Increase For June Interest Rate Hike"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\" id=\"h-zinger-key-points\">ZINGER KEY POINTS<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The U.S. PCE&nbsp;price index&nbsp;increased by 4.4% year-on-year in April, above expectations.<\/li>\n\n\n\n<li>The Core PCE price index, which excludes food and energy, rose by 4.7%, indicating that more tightening may be on the way.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">The Personal Consumption Expenditure (PCE) price index, the Federal Reserve&#8217;s preferred&nbsp;measure of inflation, rose 4.4% year over year in April 2023, up from the 4.2% surge in March and above the expected 4.3% rise, the U.S. Bureau of&nbsp;<a href=\"https:\/\/www.benzinga.com\/economics\/macro-economic-events\/23\/05\/32577159\/will-fridays-pce-inflation-release-raise-traders-bets-of-further-fed-rate-hikes\" target=\"_blank\" rel=\"noreferrer noopener\">Economic Analysis&nbsp;reported Friday.<\/a>&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This data point suggests that inflation is showing symptoms of stickiness, boosting projections of further Fed increases and supporting the FOMC&#8217;s indications that borrowing rates will have to remain high for longer.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Simultaneously, the BEA reported that personal expenditures increased at a 0.8% monthly rate in April, up from a flat reading in March and well above the 0.3% predicted.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Personal income climbed by 0.4% month-on-month in April, matching the predicted 0.4% growth and accelerating from the 0.3% increase in March.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Key Takeaways From The April&nbsp;PCE Price Index<\/strong><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The U.S. PCE&nbsp;price index&nbsp;increased by 4.4% year-on-year in April,&nbsp;rising from the 4.2% increase the previous month. The print was above the expected 4.3%.&nbsp;<\/li>\n\n\n\n<li>Prices for goods climbed by 2.1% (compared to 1.6% in March) while prices for services increased by 5.5% (compared to 5.7%). Food costs rose by 6.9% (vs. 9.7%) while energy prices grew by 6.3% (vs. 5.5%).<\/li>\n\n\n\n<li>On a monthly base, PCE inflation surged 0.4%, accelerating from the 0.1% rise in March and topping the expected 0.3% increase.<\/li>\n\n\n\n<li>The Core PCE price index, which excludes food and energy, rose by 4.7% annually in April, above the expected 4.6% increase.&nbsp;<\/li>\n\n\n\n<li>Core PCE inflation advanced at 0.4% monthly pace, 0.1% higher than expected.&nbsp;<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Market Reactions:&nbsp;<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Traders raised their expectations for&nbsp;an interest rate hike in June, now assigning a 46%&nbsp;market-implied probability of a 25-basis-point rise, up from the 42% chance priced prior to the PCE print. A hike by the end of the July meeting is priced in at a nearly 70% probability.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The U.S. dollar index (DXY), moved up by 0.25%. The policy-sensitive two-year Treasury yield increased by 10&nbsp;basis points from 4.5% to 4.6%.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Futures on the S&amp;P 500 index, erased session gains and traded flat&nbsp;for the day.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&#8212;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Originally Posted May 26, 2023 &#8211; <a href=\"https:\/\/www.benzinga.com\/economics\/macro-economic-events\/23\/05\/32593305\/feds-favorite-inflation-gauge-rises-more-than-expected-in-april-market-expectatio\">Fed&#8217;s Favorite Inflation Gauge Rises More Than Expected In April: Market Expectations Increase For June Interest Rate Hike<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Core PCE price index, which excludes food and energy, rose by 4.7%, indicating that more tightening may be on the way.<\/p>\n","protected":false},"author":1128,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[18,6,8,9,26,3],"tags":[3221,77,570,15347,11020],"contributors-categories":[13584],"class_list":["post-191016","post","type-post","status-publish","format-standard","category-macro","category-north-america","category-region","category-securities","category-text-articles","category-traders-insight","tag-economic-data","tag-fed","tag-inflation","tag-personal-consumption-expenditure-pce-price-index","tag-rate-hike","contributors-categories-benzinga"],"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 v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Fed&#8217;s Favorite Inflation Gauge Rises More Than Expected In April: Market Expectations Increase For June Interest Rate Hike<\/title>\n<meta name=\"description\" content=\"The Core PCE price index, which excludes food and energy, rose by 4.7%, indicating that more tightening may be on the way.\" \/>\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\/191016\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Fed&#039;s Favorite Inflation Gauge Rises More Than Expected In April: Market Expectations Increase For June Interest Rate Hike | IBKR Campus US\" \/>\n<meta property=\"og:description\" content=\"The Core PCE price index, which excludes food and energy, rose by 4.7%, indicating that more tightening may be on the way.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/macro\/feds-favorite-inflation-gauge-rises-more-than-expected-in-april-market-expectations-increase-for-june-interest-rate-hike\/\" \/>\n<meta property=\"og:site_name\" content=\"IBKR Campus US\" \/>\n<meta property=\"article:published_time\" content=\"2023-05-26T15:00:00+00:00\" \/>\n<meta name=\"author\" content=\"Piero Cingari\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Piero Cingari\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 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\\\/feds-favorite-inflation-gauge-rises-more-than-expected-in-april-market-expectations-increase-for-june-interest-rate-hike\\\/#article\",\n\t            \"isPartOf\": {\n\t                \"@id\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/traders-insight\\\/securities\\\/macro\\\/feds-favorite-inflation-gauge-rises-more-than-expected-in-april-market-expectations-increase-for-june-interest-rate-hike\\\/\"\n\t            },\n\t            \"author\": {\n\t                \"name\": \"Piero Cingari\",\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#\\\/schema\\\/person\\\/2e1deb46bf9913df17d7a772edadc24b\"\n\t            },\n\t            \"headline\": \"Fed&#8217;s Favorite Inflation Gauge Rises More Than Expected In April: Market Expectations Increase For June Interest Rate Hike\",\n\t            \"datePublished\": \"2023-05-26T15:00:00+00:00\",\n\t            \"mainEntityOfPage\": {\n\t                \"@id\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/traders-insight\\\/securities\\\/macro\\\/feds-favorite-inflation-gauge-rises-more-than-expected-in-april-market-expectations-increase-for-june-interest-rate-hike\\\/\"\n\t            },\n\t            \"wordCount\": 410,\n\t            \"commentCount\": 0,\n\t            \"publisher\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#organization\"\n\t            },\n\t            \"keywords\": [\n\t                \"economic data\",\n\t                \"Fed\",\n\t                \"inflation\",\n\t                \"Personal Consumption Expenditure (PCE) price index\",\n\t                \"rate hike\"\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            \"potentialAction\": [\n\t                {\n\t                    \"@type\": \"CommentAction\",\n\t                    \"name\": \"Comment\",\n\t                    \"target\": [\n\t                        \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/traders-insight\\\/securities\\\/macro\\\/feds-favorite-inflation-gauge-rises-more-than-expected-in-april-market-expectations-increase-for-june-interest-rate-hike\\\/#respond\"\n\t                    ]\n\t                }\n\t            ]\n\t        },\n\t        {\n\t            \"@type\": \"WebPage\",\n\t            \"@id\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/traders-insight\\\/securities\\\/macro\\\/feds-favorite-inflation-gauge-rises-more-than-expected-in-april-market-expectations-increase-for-june-interest-rate-hike\\\/\",\n\t            \"url\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/traders-insight\\\/securities\\\/macro\\\/feds-favorite-inflation-gauge-rises-more-than-expected-in-april-market-expectations-increase-for-june-interest-rate-hike\\\/\",\n\t            \"name\": \"Fed's Favorite Inflation Gauge Rises More Than Expected In April: Market Expectations Increase For June Interest Rate Hike | IBKR Campus US\",\n\t            \"isPartOf\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#website\"\n\t            },\n\t            \"datePublished\": \"2023-05-26T15:00:00+00:00\",\n\t            \"description\": \"The Core PCE price index, which excludes food and energy, rose by 4.7%, indicating that more tightening may be on the way.\",\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\\\/feds-favorite-inflation-gauge-rises-more-than-expected-in-april-market-expectations-increase-for-june-interest-rate-hike\\\/\"\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\\\/2e1deb46bf9913df17d7a772edadc24b\",\n\t            \"name\": \"Piero Cingari\",\n\t            \"url\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/author\\\/piero-cingari\\\/\"\n\t        }\n\t    ]\n\t}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Fed&#8217;s Favorite Inflation Gauge Rises More Than Expected In April: Market Expectations Increase For June Interest Rate Hike","description":"The Core PCE price index, which excludes food and energy, rose by 4.7%, indicating that more tightening may be on the way.","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\/191016\/","og_locale":"en_US","og_type":"article","og_title":"Fed's Favorite Inflation Gauge Rises More Than Expected In April: Market Expectations Increase For June Interest Rate Hike | IBKR Campus US","og_description":"The Core PCE price index, which excludes food and energy, rose by 4.7%, indicating that more tightening may be on the way.","og_url":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/macro\/feds-favorite-inflation-gauge-rises-more-than-expected-in-april-market-expectations-increase-for-june-interest-rate-hike\/","og_site_name":"IBKR Campus US","article_published_time":"2023-05-26T15:00:00+00:00","author":"Piero Cingari","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Piero Cingari","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"NewsArticle","@id":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/macro\/feds-favorite-inflation-gauge-rises-more-than-expected-in-april-market-expectations-increase-for-june-interest-rate-hike\/#article","isPartOf":{"@id":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/macro\/feds-favorite-inflation-gauge-rises-more-than-expected-in-april-market-expectations-increase-for-june-interest-rate-hike\/"},"author":{"name":"Piero Cingari","@id":"https:\/\/ibkrcampus.com\/campus\/#\/schema\/person\/2e1deb46bf9913df17d7a772edadc24b"},"headline":"Fed&#8217;s Favorite Inflation Gauge Rises More Than Expected In April: Market Expectations Increase For June Interest Rate Hike","datePublished":"2023-05-26T15:00:00+00:00","mainEntityOfPage":{"@id":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/macro\/feds-favorite-inflation-gauge-rises-more-than-expected-in-april-market-expectations-increase-for-june-interest-rate-hike\/"},"wordCount":410,"commentCount":0,"publisher":{"@id":"https:\/\/ibkrcampus.com\/campus\/#organization"},"keywords":["economic data","Fed","inflation","Personal Consumption Expenditure (PCE) price index","rate hike"],"articleSection":["Macro","North America","Region","Securities","Text Articles","Traders' Insight"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/macro\/feds-favorite-inflation-gauge-rises-more-than-expected-in-april-market-expectations-increase-for-june-interest-rate-hike\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/macro\/feds-favorite-inflation-gauge-rises-more-than-expected-in-april-market-expectations-increase-for-june-interest-rate-hike\/","url":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/macro\/feds-favorite-inflation-gauge-rises-more-than-expected-in-april-market-expectations-increase-for-june-interest-rate-hike\/","name":"Fed's Favorite Inflation Gauge Rises More Than Expected In April: Market Expectations Increase For June Interest Rate Hike | IBKR Campus US","isPartOf":{"@id":"https:\/\/ibkrcampus.com\/campus\/#website"},"datePublished":"2023-05-26T15:00:00+00:00","description":"The Core PCE price index, which excludes food and energy, rose by 4.7%, indicating that more tightening may be on the way.","inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/macro\/feds-favorite-inflation-gauge-rises-more-than-expected-in-april-market-expectations-increase-for-june-interest-rate-hike\/"]}]},{"@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\/2e1deb46bf9913df17d7a772edadc24b","name":"Piero Cingari","url":"https:\/\/www.interactivebrokers.com\/campus\/author\/piero-cingari\/"}]}},"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/posts\/191016","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\/1128"}],"replies":[{"embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/comments?post=191016"}],"version-history":[{"count":0,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/posts\/191016\/revisions"}],"wp:attachment":[{"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/media?parent=191016"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/categories?post=191016"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/tags?post=191016"},{"taxonomy":"contributors-categories","embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/contributors-categories?post=191016"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}