{"id":217273,"date":"2025-01-14T09:30:34","date_gmt":"2025-01-14T14:30:34","guid":{"rendered":"https:\/\/ibkrcampus.com\/campus\/?p=217273"},"modified":"2025-02-12T10:17:48","modified_gmt":"2025-02-12T15:17:48","slug":"wildfires-and-washington-economic-turbulence-ahead","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/podcasts\/ibkr-podcasts\/wildfires-and-washington-economic-turbulence-ahead\/","title":{"rendered":"Wildfires and Washington: Economic Turbulence Ahead"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Join Andrew Wilkinson, Steve Sosnick, and Jose Torres as they explore the economic fallout of California&#8217;s wildfires, the impacts of a strong jobs report, and what the new administration&#8217;s policies could mean for markets in 2025. Turbulence ahead\u2014are you ready?<\/p>\n\n\n\n<iframe title=\"Wildfires and Washington: Economic Turbulence Ahead\" allowtransparency=\"true\" height=\"150\" width=\"100%\" style=\"border: none; min-width: min(100%, 430px);height:150px;\" scrolling=\"no\" data-name=\"pb-iframe-player\" src=\"https:\/\/www.podbean.com\/player-v2\/?i=fbzs2-17ad26a-pb&#038;from=pb6admin&#038;share=1&#038;download=1&#038;rtl=0&#038;fonts=Arial&#038;skin=1b1b1b&#038;font-color=ffffff&#038;logo_link=episode_page&#038;btn-skin=c73a3a\" loading=\"lazy\"><\/iframe>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-summary-ibkr-podcasts-ep-217\">Summary \u2013 IBKR Podcasts Ep. 217<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><em>The following is a summary of a live audio recording and may contain errors in spelling or grammar. Although IBKR has edited for clarity no material changes have been made<\/em>.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-andrew-wilkinson-nbsp\"><strong>Andrew Wilkinson<\/strong>&nbsp;<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Welcome, everybody, to this monthly economics and markets edition of our IBKR podcast. Joining me today are Steve Sosnick, Chief Market Strategist, and Jose Torres, Chief Economist. Welcome, guys.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-steve-sosnick-nbsp\"><strong>Steve Sosnick<\/strong>&nbsp;<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Hello, Andrew. Hello, Jose. How are you guys?&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-jose-torres-nbsp\"><strong>Jose Torres<\/strong>&nbsp;<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Hey, Andrew. Hey, Steve. Happy New Year. Great to be here.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-andrew-wilkinson-nbsp-0\"><strong>Andrew Wilkinson<\/strong>&nbsp;<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Glad to be here. And it&#8217;s a wild and wacky Monday morning. We&#8217;re just recording this episode as the markets are opening, and it&#8217;s an ugly open.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">We saw surprising strength in the December jobs report last week that proved catastrophic for equity prices and saw bond markets also take a beating.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">So let&#8217;s start this month with Steve Sosnick. Why do you think, Steve, stocks seemingly dislike the healthy jobs report?&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-steve-sosnick-nbsp-0\"><strong>Steve Sosnick<\/strong>&nbsp;<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Short answer, because equity traders have become liquidity-addicted, not really fundamentally focused. Realistically, let me bring in a lesson from where we were at this time last year. Remember, this time last year, we were looking for about seven to eight rate cuts. We only got the equivalent of four, but yet the markets zoomed. Why?&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Because the economy was good. Because we didn&#8217;t need four rate cuts. We didn&#8217;t need seven or eight rate cuts. I&#8217;ll argue we didn&#8217;t really need four either, which is partially why we zoomed so much.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">But regardless, the markets should be happier not to get rate cuts than to have an economy that requires rate cuts, but that&#8217;s not the thinking right now.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">I think there&#8217;s a lot of uncertainty. A lot of good news got priced in. A lot of uncertainty ahead of the inauguration, which is a week from today as we&#8217;re taping, but also a market holiday.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">As to whether some of the issues about the tariffs and potential immigration restrictions, what effect they might have on the economy.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">And the bond market can&#8217;t get out of its own way. Again, some of that&#8217;s not terrible because part of the reason the bond market&#8217;s going up\u2014the yields are going up, I should say\u2014is because rate cut expectations have diminished. We&#8217;re now between one and two for 2025, down from about four not too long ago.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">That rise is largely commensurate with that. So I&#8217;m not that concerned, but again, markets do strange things, and markets have a nasty way of making as many people wrong as possible. They have a way of puncturing consensus. And the consensus was we were going to get off to a great start in January to a great year.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">That seems to be not in play a little bit. Little fun fact, out of the 15 sessions immediately prior to today, eight of them had moves of greater than 1 % in one direction or another in the S&amp;P 500. Five down, three up. We went months without 1 % moves for good portions of &#8217;23 and &#8217;24.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">So maybe we need to get used to a little more volatility. Maybe we need to get used to the idea that not everything moves in one direction all the time.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-andrew-wilkinson-nbsp-1\"><strong>Andrew Wilkinson<\/strong>&nbsp;<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Smells a bit fishy to me, Steve.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Jose, we reported live on X over the jobs report. Give people your take on the salient pieces of the nonfarm payroll report and the employment situation. And do you largely agree or disagree with what Steve had to say there?&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-jose-torres-nbsp-0\"><strong>Jose Torres<\/strong>&nbsp;<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">I totally agree with Steve. So much of the rallies in &#8217;23 and &#8217;24 were driven by valuation expansion and extreme concentration. So when you have a concentrated rally and you have some kind of derailment, in this case, uncertainty on tariffs as well as rates, that does lead in the medium to long term to some fragility, because how long can you stay?&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Steve, of course, is a strategist, I&#8217;m the economist, but how long can you stay that concentrated and have gains that buoyant into the future, in excess of 20 %, right?&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-steve-sosnick-nbsp-1\"><strong>Steve Sosnick<\/strong>&nbsp;<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">5 %, 7 %? You&#8217;re not supposed to expect 20 %. The part that got me, and my one regret about not being allowed, encouraged, whatever, to put out numbers was, once I saw that everybody&#8217;s price targets were up 7 to 15 % for &#8217;25, it was killing me that I didn&#8217;t put out something lower.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">I alluded to it in plenty of commentary, but I didn\u2019t say 5, 5, 5 or whatever the number should have been, and I still stand by that.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">I think that there&#8217;s a lot of uncertainty coming down the pipe, and if nothing else, get used to some volatility. It doesn&#8217;t kill you to have markets move a little bit.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">And by the way, if you&#8217;re a trader, trade. This is what markets do for you. But people are much happier, people are much more comfortable trading from the long side. It&#8217;s much easier to buy dips and chase rallies if you think the market&#8217;s going to bail you out by going up again.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">It&#8217;s not so easy if the market&#8217;s got some back-end fill and choppiness and maybe a little bit of an even downward tone.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">You have to sometimes switch your mood from buy low, sell high to sell high, buy low if you&#8217;re an active trader.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">So none of this is a killer, but it requires a little bit of a different mindset. And like you&#8217;re saying, Jose, you can&#8217;t just expect this Pollyanna scenario to continue year after year without at least a speed bump or a hiccup or something.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-jose-torres-nbsp-1\"><strong>Jose Torres<\/strong>&nbsp;<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">I\u2019m happy you mentioned speed bumps because one theme that I\u2019ve been pushing is \u201cTrump bumps.\u201d In the past few years, we had a predictable kind of political environment, but now we\u2019re moving into a political environment that\u2019s much more turbulent and is going to feature, in my opinion, more of the turbulence that I\u2019m characterizing as Trump bumps.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">But let me answer your question, Andrew, because I totally went off track. The employment report was strong\u2014above 250,000. Steve Sosnick, we mentioned you in the Twitter live at around 36 minutes.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Steve and I have been using our collective decades of experience every week. We look to the IBKR Forecast Trader market to see if there\u2019s a possible trade or odds that we like, and then we publish that via LinkedIn and Twitter. So we did call out the 29 cents above on the 230,000 nonfarm payrolls. That turned out to be correct. The number came in at 256,000.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Way to go, Steve Sosnick.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-steve-sosnick-nbsp-2\"><strong>Steve Sosnick<\/strong>&nbsp;<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">I mean, Jose, but we did have to agonize over that one a little bit because there weren\u2019t a lot of situations that really screamed out at us as having better risk-reward. And of course, I\u2019m saying risk-reward because when we do these, it\u2019s all about odds. It\u2019s about probability, not certainty. And we thought the market might be undervaluing the probability of an upside surprise.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Every so often, a blind chicken picks up a piece of corn!&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-andrew-wilkinson-nbsp-2\"><strong>Andrew Wilkinson<\/strong>&nbsp;<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">That\u2019s right. That\u2019s right. So, Jose, keep going. Was it a genuinely strong report, do you think?&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-jose-torres-nbsp-2\"><strong>Jose Torres<\/strong>&nbsp;<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">It was a strong report. Real quick, just one more thing on the Forecast Trader. It\u2019s getting harder for Steve and me to find that edge. And that\u2019s a terrific thing. We have more liquidity, more participants, right? They\u2019re moving the odds one way or the other. So the tougher it gets for Torres and Sosnick, the better it is for our markets.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">We encourage you all to engage in our IBKR Forecast Trader market.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Back to the report. Education and health services were the strongest collective, with government adding roughly 40 % of the total. So we\u2019re still seeing the non-cyclical tilt. Corporates are hiring. They\u2019re not going crazy hiring some months; they\u2019re ramping up. Other months, they\u2019re taking it easy.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">But generally speaking, there has been an expectation of pro-growth, pro-business policies from the new administration. Companies have, post-election, shed that election overhang. That uncertainty is past. So I\u2019m expecting a reacceleration in the jobs market.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">We saw that in the report, and we\u2019re seeing that in yields. Steve Sosnick alluded to that earlier\u2014loftier long-end, heavier growth expectations, uncertainty about inflation, goods, and immigration, right?&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Goods drove the whole disinflation train from 2022 to now. If goods inflation reignites, just a little bit, all of a sudden, you\u2019re in a 3.5\u20134 % inflation regime. Services have never cooperated. I don\u2019t expect services inflation to come down.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">As far as equities, they can probably do well with inflation at 3.2 %, 3.1 % with a central bank that tolerates that. However, once you get closer to 4 % on CPI, equities are going to have a lot of trouble.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">I don\u2019t think anyone\u2019s ready for a 4 handle on CPI in the next 6 to 12 months. If the CPI goes to a 4 handle, Steve, I think the 10-year goes to 5.3 %, 5.4 %. And we\u2019ll have to pare back some of those gains from the last two years.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Or earnings prowess is unbelievable, and valuations can stay at roughly 21\u201322 times. If earnings can grow broadly across the market 10\u201315 %, then maybe you can get 10\u201315 % gains this year in a high-rate regime.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Post-pandemic, the Fed enjoyed the train from 2008 to 2020 of just keeping rates so low and keeping liquidity so abundant. Post-pandemic, we\u2019re in a new regime.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-steve-sosnick-nbsp-3\"><strong>Steve Sosnick<\/strong>&nbsp;<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">One thing that I might point out, though, is the market\u2019s already expecting 15 % earnings growth. That\u2019s the problem. Broadly speaking, bottom-up, top-down, S&amp;P 500 earnings are expected to go up by about 15 %. That\u2019s a high bar. And that\u2019s okay.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">If we do it, then the market\u2014sure, that can rally. But the point being, you have to believe at least a good portion of that is priced in. And as we get into earnings season, which begins later this week when JP Morgan rings the opening bell, so to speak, it\u2019s going to be very much about guidance.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Because any whiff that companies can\u2019t produce those earnings that are expected\u2014these companies have been getting punished.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">If they do it collectively, the market gets punished. Look today. One of the reasons is Apple sold fewer iPhones than expected. And that\u2019s not good.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">And if you have Apple leading the charge to the downside, it\u2019s very hard for the markets to say, \u201cLet\u2019s buy that Friday dip,\u201d because there\u2019s some genuine bad news out there.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-steve-sosnick-nbsp-4\"><strong>Steve Sosnick<\/strong>&nbsp;<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Andrew, I may rip up the script. I know you have another question, but this one I think is very timely and it&#8217;s something I was wrestling with all weekend. What do you see, Jose, as the inflationary impacts of the fire in California?&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Let me not minimize that\u2014I think it\u2019s terrible in terms of the human cost, etc. But these things are going to have to be rebuilt. It\u2019s going to put pressure on labor, on building supplies, etc. Do you see this being inflationary or not? This was something I was really wrestling with.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-jose-torres-nbsp-3\"><strong>Jose Torres<\/strong>&nbsp;<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Overall, climate calamities are inflationary. They push up the prices of things, especially when people start getting desperate. Unfortunately, we\u2019re hearing folks are getting desperate for short-term rentals in the area.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Of course, that creates a rush, similar to the equity  market, Steve, that we see sometimes, that drives costs higher. Tough to estimate right now, Steve, especially because I just reported on Thursday that the damages economically were $55 billion. Now they&#8217;re up to $150 billion.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-steve-sosnick-nbsp-5\"><strong>Steve Sosnick<\/strong>&nbsp;<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">I heard an estimate of $250 billion this morning.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-andrew-wilkinson-nbsp-3\"><strong>Andrew Wilkinson<\/strong>&nbsp;<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">That\u2019s what I heard.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-steve-sosnick-nbsp-6\"><strong>Steve Sosnick<\/strong>&nbsp;<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Just keeps going up. And by the way, a lot of those cars. One of the things that had been helping inflation was some easing of car prices, and this is not going to help that because you live in California. You need a car.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-andrew-wilkinson-nbsp-4\"><strong>Andrew Wilkinson<\/strong>&nbsp;<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">I think we\u2019ll be using the word \u201ctrillion\u201d before too long.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-steve-sosnick-nbsp-7\"><strong>Steve Sosnick<\/strong>&nbsp;<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Oh god, no. But yeah. Goodness, no, but yes.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-andrew-wilkinson-nbsp-5\"><strong>Andrew Wilkinson<\/strong>&nbsp;<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">It\u2019s going to happen. It\u2019s going to happen.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-jose-torres-nbsp-4\"><strong>Jose Torres<\/strong>&nbsp;<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Just tilting to the other inflationary aspects. We spoke about the goods, but then on labor\u2014we have labor scarcity in this country. Post-pandemic, it got even worse.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">When I was at the Department of Labor between 2016 and 2018, a common discussion was always, Jose, how are we going to bridge the gap in job openings and the unemployed? Right? Companies want these kinds of workers. They can\u2019t find them in the pool of unemployed folks. That was before the pandemic, Andrew and Steve. That was before the pandemic. Now a lot of people in their 50s, they have several investment portfolios. Several real estate properties.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A lot of them retired, right? You had the immigration effects of President Trump 1.0 and now President Trump 2.0. We\u2019re going to have a lot of those similar dynamics, right? He\u2019s an immigration hawk.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Some folks are going to voluntarily return back where they came from. Other folks\u2014there\u2019s going to be some enforcement actions.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">So that kind of environment weighs on labor supply and drives up costs.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Like I said, a 4 handle on CPI is a possibility. We don\u2019t want to see that, ladies and gentlemen. The best case here is non-inflationary growth. We get economic growth, earnings growth, no inflation.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">We can live with a 10-year right around 5 % if earnings growth is great and everything works out. That\u2019s the best case. Acquiescence from trade partners as well.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-andrew-wilkinson-nbsp-6\"><strong>Andrew Wilkinson<\/strong>&nbsp;<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Steve, you said you wrestled with this concept over the weekend. I can see all the inflation, but maybe you\u2019ve got some thoughts on where it could potentially be deflationary?&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-steve-sosnick-nbsp-8\"><strong>Steve Sosnick<\/strong>&nbsp;<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Deflationary? Offhand, you\u2019ve had a lot of wealth destruction, so in that sense, it could be deflationary, in the sense that, unfortunately, people whose insurance doesn\u2019t cover their losses could be deflationary because they just won\u2019t have the spending power.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">There will be people who have inadequate insurance and won\u2019t be able to rebuild. Who might be underwater on their mortgages and just say to the banks, \u201cHere, have this piece of property, do what you will with it.\u201d That definitely can have a deflationary effect too.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">I think the problem is the inflationary effects are, and again, really should be more of a Jose question because this is economic, but I see where the inflationary effects are first order and the deflationary effects in some ways are second order.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Does that make sense to you, Jose?&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-jose-torres-nbsp-5\"><strong>Jose Torres<\/strong>&nbsp;<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Absolutely. The bar for deflation here is through the roof. We\u2019re in an environment that\u2019s abundant in liquidity and we have a lot of inflationary factors.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The wildfires are isolated to Los Angeles County, which of course is a huge county in the United States, but the United States is massive\u2014sea to shining sea. Consider all the gateway cities and all the other things.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">So I\u2019m confident saying that there\u2019s no deflationary impact on the overall economy from this isolated incident.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-andrew-wilkinson-nbsp-7\"><strong>Andrew Wilkinson<\/strong>&nbsp;<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Great. Jose Torres, Chief Economist at Interactive Brokers, and Steve Sosnick, Chief Market Strategist. Thank you for your thoughts today, and we\u2019ll catch you later in the week on Reddit. Jose, we\u2019re going to talk about the Consumer Price Index as it\u2019s unraveling.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-jose-torres-nbsp-6\"><strong>Jose Torres<\/strong>&nbsp;<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Yes, sir. We\u2019re going to talk about Steve as well. We always have to mention Steve in those live events.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-steve-sosnick-nbsp-9\"><strong>Steve Sosnick<\/strong>&nbsp;<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">No, you don\u2019t. It\u2019s not in your contract. It doesn\u2019t have to come up.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-jose-torres-nbsp-7\"><strong>Jose Torres<\/strong>&nbsp;<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">You haven\u2019t seen it. You haven\u2019t seen the contract.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-steve-sosnick-nbsp-10\"><strong>Steve Sosnick<\/strong>&nbsp;<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Okay. Fair.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-andrew-wilkinson-nbsp-8\"><strong>Andrew Wilkinson<\/strong>&nbsp;<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Thank you very much, gentlemen, and we\u2019ll catch up with you later next week.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-steve-sosnick-nbsp-11\"><strong>Steve Sosnick<\/strong>&nbsp;<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Okay. Take care, everybody. Bye.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-andrew-wilkinson-nbsp-9\"><strong>Andrew Wilkinson<\/strong>&nbsp;<\/h3>\n\n\n\n<p class=\"wp-block-paragraph\">Thanks. Bye-bye.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Join Andrew Wilkinson, Steve Sosnick, and Jose Torres as they explore the economic fallout of California&#8217;s wildfires, the impacts of a strong jobs report, and what the new administration&#8217;s policies could mean for markets in 2025. Turbulence ahead\u2014are you ready?<\/p>\n","protected":false},"author":111,"featured_media":217274,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":true,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[10842,13857],"tags":[18266,2093,18267,217,9362,18264,609,1840,446,570,850,2067,683,10995,72,18265,18268,199,18053,10924],"contributors-categories":[13576],"class_list":["post-217273","post","type-post","status-publish","format-standard","has-post-thumbnail","category-ibkr-podcasts","category-podcasts","tag-2025-economy","tag-bond-markets","tag-california-wildfires","tag-cpi","tag-economic-outlook","tag-economic-policy","tag-economy","tag-equity-markets","tag-federal-reserve","tag-inflation","tag-interest-rates","tag-jobs-report","tag-labor-market","tag-market-volatility","tag-markets","tag-new-administration","tag-rebuilding-costs","tag-tariffs","tag-trading-strategies","tag-wildfires","contributors-categories-interactive-brokers"],"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 v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Wildfires and Washington: Economic Turbulence Ahead<\/title>\n<meta name=\"description\" content=\"Join Andrew Wilkinson, Steve Sosnick, and Jose Torres as they explore the economic fallout of California&#039;s wildfires. Turbulence ahead\u2014are you ready?\" \/>\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\/217273\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Wildfires and Washington: Economic Turbulence Ahead | IBKR Campus US\" \/>\n<meta property=\"og:description\" content=\"Join Andrew Wilkinson, Steve Sosnick, and Jose Torres as they explore the economic fallout of California&#039;s wildfires. Turbulence ahead\u2014are you ready?\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.interactivebrokers.com\/campus\/podcasts\/ibkr-podcasts\/wildfires-and-washington-economic-turbulence-ahead\/\" \/>\n<meta property=\"og:site_name\" content=\"IBKR Campus US\" \/>\n<meta property=\"article:published_time\" content=\"2025-01-14T14:30:34+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-02-12T15:17:48+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2025\/01\/podcast-16x9-2.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"563\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Andrew Wilkinson\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Andrew Wilkinson\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"13 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:\\\/\\\/ibkrcampus.com\\\/campus\\\/podcasts\\\/ibkr-podcasts\\\/wildfires-and-washington-economic-turbulence-ahead\\\/#article\",\n\t            \"isPartOf\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/podcasts\\\/ibkr-podcasts\\\/wildfires-and-washington-economic-turbulence-ahead\\\/\"\n\t            },\n\t            \"author\": {\n\t                \"name\": \"Andrew Wilkinson\",\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#\\\/schema\\\/person\\\/d9f9f59fce942ef53aba42e7ff844803\"\n\t            },\n\t            \"headline\": \"Wildfires and Washington: Economic Turbulence Ahead\",\n\t            \"datePublished\": \"2025-01-14T14:30:34+00:00\",\n\t            \"dateModified\": \"2025-02-12T15:17:48+00:00\",\n\t            \"mainEntityOfPage\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/podcasts\\\/ibkr-podcasts\\\/wildfires-and-washington-economic-turbulence-ahead\\\/\"\n\t            },\n\t            \"wordCount\": 2889,\n\t            \"commentCount\": 0,\n\t            \"publisher\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#organization\"\n\t            },\n\t            \"image\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/podcasts\\\/ibkr-podcasts\\\/wildfires-and-washington-economic-turbulence-ahead\\\/#primaryimage\"\n\t            },\n\t            \"thumbnailUrl\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2025\\\/01\\\/podcast-16x9-2.jpg\",\n\t            \"keywords\": [\n\t                \"2025 economy\",\n\t                \"bond markets\",\n\t                \"California wildfires\",\n\t                \"CPI\",\n\t                \"economic outlook\",\n\t                \"economic policy\",\n\t                \"economy\",\n\t                \"equity markets\",\n\t                \"Federal Reserve\",\n\t                \"inflation\",\n\t                \"interest rates\",\n\t                \"jobs report\",\n\t                \"labor market\",\n\t                \"market volatility\",\n\t                \"markets\",\n\t                \"new administration\",\n\t                \"rebuilding costs\",\n\t                \"tariffs\",\n\t                \"Trading Strategies\",\n\t                \"wildfires\"\n\t            ],\n\t            \"articleSection\": [\n\t                \"IBKR Podcasts\",\n\t                \"Podcasts\"\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:\\\/\\\/ibkrcampus.com\\\/campus\\\/podcasts\\\/ibkr-podcasts\\\/wildfires-and-washington-economic-turbulence-ahead\\\/#respond\"\n\t                    ]\n\t                }\n\t            ]\n\t        },\n\t        {\n\t            \"@type\": \"WebPage\",\n\t            \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/podcasts\\\/ibkr-podcasts\\\/wildfires-and-washington-economic-turbulence-ahead\\\/\",\n\t            \"url\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/podcasts\\\/ibkr-podcasts\\\/wildfires-and-washington-economic-turbulence-ahead\\\/\",\n\t            \"name\": \"Wildfires and Washington: Economic Turbulence Ahead | IBKR Campus US\",\n\t            \"isPartOf\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#website\"\n\t            },\n\t            \"primaryImageOfPage\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/podcasts\\\/ibkr-podcasts\\\/wildfires-and-washington-economic-turbulence-ahead\\\/#primaryimage\"\n\t            },\n\t            \"image\": {\n\t                \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/podcasts\\\/ibkr-podcasts\\\/wildfires-and-washington-economic-turbulence-ahead\\\/#primaryimage\"\n\t            },\n\t            \"thumbnailUrl\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2025\\\/01\\\/podcast-16x9-2.jpg\",\n\t            \"datePublished\": \"2025-01-14T14:30:34+00:00\",\n\t            \"dateModified\": \"2025-02-12T15:17:48+00:00\",\n\t            \"description\": \"Join Andrew Wilkinson, Steve Sosnick, and Jose Torres as they explore the economic fallout of California's wildfires. Turbulence ahead\u2014are you ready?\",\n\t            \"inLanguage\": \"en-US\",\n\t            \"potentialAction\": [\n\t                {\n\t                    \"@type\": \"ReadAction\",\n\t                    \"target\": [\n\t                        \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/podcasts\\\/ibkr-podcasts\\\/wildfires-and-washington-economic-turbulence-ahead\\\/\"\n\t                    ]\n\t                }\n\t            ]\n\t        },\n\t        {\n\t            \"@type\": \"ImageObject\",\n\t            \"inLanguage\": \"en-US\",\n\t            \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/podcasts\\\/ibkr-podcasts\\\/wildfires-and-washington-economic-turbulence-ahead\\\/#primaryimage\",\n\t            \"url\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2025\\\/01\\\/podcast-16x9-2.jpg\",\n\t            \"contentUrl\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2025\\\/01\\\/podcast-16x9-2.jpg\",\n\t            \"width\": 1000,\n\t            \"height\": 563,\n\t            \"caption\": \"Wildfires and Washington: Economic Turbulence Ahead\"\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\\\/d9f9f59fce942ef53aba42e7ff844803\",\n\t            \"name\": \"Andrew Wilkinson\",\n\t            \"description\": \"Andrew Wilkinson is director of IBKR\u2019s trading education team and has been with the company since 2007. Before joining Interactive Brokers, Andrew began his career trading cash, interest rate products and derivative products in London before coming to the United States where he took his masters degree in Finance. He continued his career as a financial writer and commentator for publishers in London and the US. Andrew presents webinars and podcasts with contacts across the financial industry and helps educate investors via IBKR\u2019s Traders\u2019 Academy within the IBKR Campus.\",\n\t            \"url\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/author\\\/andrew-wilkinson\\\/\"\n\t        }\n\t    ]\n\t}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Wildfires and Washington: Economic Turbulence Ahead","description":"Join Andrew Wilkinson, Steve Sosnick, and Jose Torres as they explore the economic fallout of California's wildfires. Turbulence ahead\u2014are you ready?","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\/217273\/","og_locale":"en_US","og_type":"article","og_title":"Wildfires and Washington: Economic Turbulence Ahead | IBKR Campus US","og_description":"Join Andrew Wilkinson, Steve Sosnick, and Jose Torres as they explore the economic fallout of California's wildfires. Turbulence ahead\u2014are you ready?","og_url":"https:\/\/www.interactivebrokers.com\/campus\/podcasts\/ibkr-podcasts\/wildfires-and-washington-economic-turbulence-ahead\/","og_site_name":"IBKR Campus US","article_published_time":"2025-01-14T14:30:34+00:00","article_modified_time":"2025-02-12T15:17:48+00:00","og_image":[{"width":1000,"height":563,"url":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2025\/01\/podcast-16x9-2.jpg","type":"image\/jpeg"}],"author":"Andrew Wilkinson","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Andrew Wilkinson","Est. reading time":"13 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"NewsArticle","@id":"https:\/\/ibkrcampus.com\/campus\/podcasts\/ibkr-podcasts\/wildfires-and-washington-economic-turbulence-ahead\/#article","isPartOf":{"@id":"https:\/\/ibkrcampus.com\/campus\/podcasts\/ibkr-podcasts\/wildfires-and-washington-economic-turbulence-ahead\/"},"author":{"name":"Andrew Wilkinson","@id":"https:\/\/ibkrcampus.com\/campus\/#\/schema\/person\/d9f9f59fce942ef53aba42e7ff844803"},"headline":"Wildfires and Washington: Economic Turbulence Ahead","datePublished":"2025-01-14T14:30:34+00:00","dateModified":"2025-02-12T15:17:48+00:00","mainEntityOfPage":{"@id":"https:\/\/ibkrcampus.com\/campus\/podcasts\/ibkr-podcasts\/wildfires-and-washington-economic-turbulence-ahead\/"},"wordCount":2889,"commentCount":0,"publisher":{"@id":"https:\/\/ibkrcampus.com\/campus\/#organization"},"image":{"@id":"https:\/\/ibkrcampus.com\/campus\/podcasts\/ibkr-podcasts\/wildfires-and-washington-economic-turbulence-ahead\/#primaryimage"},"thumbnailUrl":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2025\/01\/podcast-16x9-2.jpg","keywords":["2025 economy","bond markets","California wildfires","CPI","economic outlook","economic policy","economy","equity markets","Federal Reserve","inflation","interest rates","jobs report","labor market","market volatility","markets","new administration","rebuilding costs","tariffs","Trading Strategies","wildfires"],"articleSection":["IBKR Podcasts","Podcasts"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/ibkrcampus.com\/campus\/podcasts\/ibkr-podcasts\/wildfires-and-washington-economic-turbulence-ahead\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/ibkrcampus.com\/campus\/podcasts\/ibkr-podcasts\/wildfires-and-washington-economic-turbulence-ahead\/","url":"https:\/\/ibkrcampus.com\/campus\/podcasts\/ibkr-podcasts\/wildfires-and-washington-economic-turbulence-ahead\/","name":"Wildfires and Washington: Economic Turbulence Ahead | IBKR Campus US","isPartOf":{"@id":"https:\/\/ibkrcampus.com\/campus\/#website"},"primaryImageOfPage":{"@id":"https:\/\/ibkrcampus.com\/campus\/podcasts\/ibkr-podcasts\/wildfires-and-washington-economic-turbulence-ahead\/#primaryimage"},"image":{"@id":"https:\/\/ibkrcampus.com\/campus\/podcasts\/ibkr-podcasts\/wildfires-and-washington-economic-turbulence-ahead\/#primaryimage"},"thumbnailUrl":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2025\/01\/podcast-16x9-2.jpg","datePublished":"2025-01-14T14:30:34+00:00","dateModified":"2025-02-12T15:17:48+00:00","description":"Join Andrew Wilkinson, Steve Sosnick, and Jose Torres as they explore the economic fallout of California's wildfires. Turbulence ahead\u2014are you ready?","inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/ibkrcampus.com\/campus\/podcasts\/ibkr-podcasts\/wildfires-and-washington-economic-turbulence-ahead\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ibkrcampus.com\/campus\/podcasts\/ibkr-podcasts\/wildfires-and-washington-economic-turbulence-ahead\/#primaryimage","url":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2025\/01\/podcast-16x9-2.jpg","contentUrl":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2025\/01\/podcast-16x9-2.jpg","width":1000,"height":563,"caption":"Wildfires and Washington: Economic Turbulence Ahead"},{"@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\/d9f9f59fce942ef53aba42e7ff844803","name":"Andrew Wilkinson","description":"Andrew Wilkinson is director of IBKR\u2019s trading education team and has been with the company since 2007. Before joining Interactive Brokers, Andrew began his career trading cash, interest rate products and derivative products in London before coming to the United States where he took his masters degree in Finance. He continued his career as a financial writer and commentator for publishers in London and the US. Andrew presents webinars and podcasts with contacts across the financial industry and helps educate investors via IBKR\u2019s Traders\u2019 Academy within the IBKR Campus.","url":"https:\/\/www.interactivebrokers.com\/campus\/author\/andrew-wilkinson\/"}]}},"jetpack_featured_media_url":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2025\/01\/podcast-16x9-2.jpg","_links":{"self":[{"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/posts\/217273","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\/111"}],"replies":[{"embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/comments?post=217273"}],"version-history":[{"count":0,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/posts\/217273\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/media\/217274"}],"wp:attachment":[{"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/media?parent=217273"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/categories?post=217273"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/tags?post=217273"},{"taxonomy":"contributors-categories","embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/contributors-categories?post=217273"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}