{"id":97342,"date":"2021-08-02T12:35:00","date_gmt":"2021-08-02T16:35:00","guid":{"rendered":"https:\/\/ibkrcampus.com\/?p=97342"},"modified":"2023-02-10T13:32:45","modified_gmt":"2023-02-10T18:32:45","slug":"new-week-new-month-same-old-story","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/stocks\/new-week-new-month-same-old-story\/","title":{"rendered":"New Week, New Month, Same Old Story"},"content":{"rendered":"\n
It\u2019s a summer Monday and the start of a new month. Stocks followed a typical script, rising early because, well\u2026, um\u2026, just because. <\/p>\n\n\n\n
To be fair, it is not unusual to see futures trade higher on the first trading day of a new month. There is a persistent belief that new money flows into the markets on that day from 401K\u2019s and the like, so of course traders bid up index futures to try to get ahead of those flows. Bear that in mind when you wake up and see futures higher on the first of the month on no specific news. <\/p>\n\n\n\n
Of course, that theory covers the first day of the month, not the other 20 trading days a month when we are seemingly as likely to see futures trading higher on no particular news. I know it is simplistic to say that markets seemingly go up because they go up, but here is a chart that goes a long way to explaining the key relationship behind the steadily rising stock market:<\/p>\n\n\n\n
Year-to-Date Federal Reserve Balance Sheet (white) vs. S&P 500 (SPX, blue)<\/h2>\n\n\n\n<\/figure>\n\n\n\n
Source: Bloomberg<\/em><\/p>\n\n\n\n
I\u2019m not usually a fan of simply putting a chart with two lines that seem to move together unless there is a valid reason to suspect causality. In this case, I think the causality is incredibly clear. The Federal Reserve has been steadily increasing their balance sheet, which is a reflection of the monetary stimulus that they have been providing since March, 2020. Since the last market hiccup last September, the balance sheet and SPX have been in lockstep. Consider these statistics:<\/p>\n\n\n\n
SPX vs Fed Balance Sheet Linear Regression Since October, 2020 (top) with Statistics (below)<\/h2>\n\n\n\n<\/figure>\n\n\n\n<\/figure>\n\n\n\n
Source: Bloomberg<\/em><\/p>\n\n\n\n
This is a stunning regression and correlation. We might have guessed from the first graph that they would show a nearly perfect linear relationship and high correlation, but an R-squared of 0.919 is quite high. The only quibble is that there are only 43 weekly observations in that set, but I contend that there is a clear cause-effect behind the statistics.<\/p>\n\n\n\n
Can there be reasons for this relationship to break? Of course. Equity markets discount future events, at least in theory, so economic releases that offer reasons for the Fed to reduce the pace of its stimulus could cause stocks to react before the Fed actually moves. Also, we quietly reached the federal debt ceiling. While few expect that the US will actually default in the coming weeks, a delay in approving a debt ceiling expansion could lead to impediments to the Fed\u2019s normal purchases of government securities. Also, the end of eviction and student loan moratoria could cause outflows from stocks as investors who had delayed paying some of their obligations now use equity holdings to pay down debt. <\/p>\n\n\n\n
For now though, it\u2019s the same old same old. And that tends to be a plus for most investors.<\/p>\n","protected":false},"excerpt":{"rendered":"
It\u2019s a summer Monday and the start of a new month. For now, it\u2019s the same old same old. And that tends to be a plus for most investors.<\/p>\n","protected":false},"author":4,"featured_media":97347,"comment_status":"closed","ping_status":"open","sticky":true,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[15,17,14700,18,6,8,9,22,26,3],"tags":[78,446,910],"contributors-categories":[13576],"class_list":{"0":"post-97342","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-fixed-income","8":"category-futures","9":"category-ibkr-market-insights","10":"category-macro","11":"category-north-america","12":"category-region","13":"category-securities","14":"category-stocks","15":"category-text-articles","16":"category-traders-insight","17":"tag-balance-sheet","18":"tag-federal-reserve","19":"tag-sp-500","20":"contributors-categories-interactive-brokers"},"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"\n
New Week, New Month, Same Old Story | Traders' Insight<\/title>\n<meta name=\"description\" content=\"It\u2019s a summer Monday and the start of a new month. For now, it\u2019s the same old same old. And that tends to be a plus for most investors.\" \/>\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\/97342\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"New Week, New Month, Same Old Story | IBKR Campus US\" \/>\n<meta property=\"og:description\" content=\"It\u2019s a summer Monday and the start of a new month. For now, it\u2019s the same old same old. And that tends to be a plus for most investors.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/new-week-new-month-same-old-story\/\" \/>\n<meta property=\"og:site_name\" content=\"IBKR Campus US\" \/>\n<meta property=\"article:published_time\" content=\"2021-08-02T16:35:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-02-10T18:32:45+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/08\/calendar-01_featured-img.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=\"Steve Sosnick\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Steve Sosnick\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 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\\\/traders-insight\\\/new-week-new-month-same-old-story\\\/#article\",\n\t \"isPartOf\": {\n\t \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/new-week-new-month-same-old-story\\\/\"\n\t },\n\t \"author\": {\n\t \"name\": \"Steve Sosnick\",\n\t \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#\\\/schema\\\/person\\\/31988d9596575a63ddc53e92049a2549\"\n\t },\n\t \"headline\": \"New Week, New Month, Same Old Story\",\n\t \"datePublished\": \"2021-08-02T16:35:00+00:00\",\n\t \"dateModified\": \"2023-02-10T18:32:45+00:00\",\n\t \"mainEntityOfPage\": {\n\t \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/new-week-new-month-same-old-story\\\/\"\n\t },\n\t \"wordCount\": 510,\n\t \"publisher\": {\n\t \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/#organization\"\n\t },\n\t \"image\": {\n\t \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/new-week-new-month-same-old-story\\\/#primaryimage\"\n\t },\n\t \"thumbnailUrl\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2021\\\/08\\\/calendar-01_featured-img.jpg\",\n\t \"keywords\": [\n\t \"balance sheet\",\n\t \"Federal Reserve\",\n\t \"S&P 500\"\n\t ],\n\t \"articleSection\": [\n\t \"Fixed Income\",\n\t \"Futures\",\n\t \"IBKR Insights\",\n\t \"Macro\",\n\t \"North America\",\n\t \"Region\",\n\t \"Securities\",\n\t \"Stocks\",\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:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/new-week-new-month-same-old-story\\\/\",\n\t \"url\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/new-week-new-month-same-old-story\\\/\",\n\t \"name\": \"New Week, New Month, Same Old Story | 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\\\/traders-insight\\\/new-week-new-month-same-old-story\\\/#primaryimage\"\n\t },\n\t \"image\": {\n\t \"@id\": \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/new-week-new-month-same-old-story\\\/#primaryimage\"\n\t },\n\t \"thumbnailUrl\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2021\\\/08\\\/calendar-01_featured-img.jpg\",\n\t \"datePublished\": \"2021-08-02T16:35:00+00:00\",\n\t \"dateModified\": \"2023-02-10T18:32:45+00:00\",\n\t \"description\": \"It\u2019s a summer Monday and the start of a new month. For now, it\u2019s the same old same old. And that tends to be a plus for most investors.\",\n\t \"inLanguage\": \"en-US\",\n\t \"potentialAction\": [\n\t {\n\t \"@type\": \"ReadAction\",\n\t \"target\": [\n\t \"https:\\\/\\\/ibkrcampus.com\\\/campus\\\/traders-insight\\\/new-week-new-month-same-old-story\\\/\"\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\\\/traders-insight\\\/new-week-new-month-same-old-story\\\/#primaryimage\",\n\t \"url\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2021\\\/08\\\/calendar-01_featured-img.jpg\",\n\t \"contentUrl\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2021\\\/08\\\/calendar-01_featured-img.jpg\",\n\t \"width\": 1000,\n\t \"height\": 563,\n\t \"caption\": \"New Week, New Month, Same Old Story\"\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\\\/31988d9596575a63ddc53e92049a2549\",\n\t \"name\": \"Steve Sosnick\",\n\t \"description\": \"Steve is the Chief Strategist at Interactive Brokers. He has held numerous roles in the organization since joining Timber Hill, IBKR\u2019s predecessor, in 1995 as Equity Risk Manager and an options market maker. He developed and implemented automated trading strategies for stocks and options before moving into his current role. Steve has guest authored several columns in Barron\u2019s and made numerous live on Bloomberg TV and Radio, CNBC, Yahoo Finance, Fox Business, and several other media outlets in North America, Asia, Australia, and the Middle East in addition to being quoted frequently in print and electronic media. Prior to joining Interactive Brokers, Sosnick held senior trading roles at Morgan Stanley, Lehman Brothers, and Salomon Brothers, where he completed the firm\u2019s famed training program.\",\n\t \"sameAs\": [\n\t \"https:\\\/\\\/ibkr.com\"\n\t ],\n\t \"url\": \"https:\\\/\\\/www.interactivebrokers.com\\\/campus\\\/author\\\/steve-sosnick\\\/\"\n\t }\n\t ]\n\t}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"New Week, New Month, Same Old Story | Traders' Insight","description":"It\u2019s a summer Monday and the start of a new month. For now, it\u2019s the same old same old. And that tends to be a plus for most investors.","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\/97342\/","og_locale":"en_US","og_type":"article","og_title":"New Week, New Month, Same Old Story | IBKR Campus US","og_description":"It\u2019s a summer Monday and the start of a new month. For now, it\u2019s the same old same old. And that tends to be a plus for most investors.","og_url":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/new-week-new-month-same-old-story\/","og_site_name":"IBKR Campus US","article_published_time":"2021-08-02T16:35:00+00:00","article_modified_time":"2023-02-10T18:32:45+00:00","og_image":[{"width":1000,"height":563,"url":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/08\/calendar-01_featured-img.jpg","type":"image\/jpeg"}],"author":"Steve Sosnick","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Steve Sosnick","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"NewsArticle","@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/new-week-new-month-same-old-story\/#article","isPartOf":{"@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/new-week-new-month-same-old-story\/"},"author":{"name":"Steve Sosnick","@id":"https:\/\/ibkrcampus.com\/campus\/#\/schema\/person\/31988d9596575a63ddc53e92049a2549"},"headline":"New Week, New Month, Same Old Story","datePublished":"2021-08-02T16:35:00+00:00","dateModified":"2023-02-10T18:32:45+00:00","mainEntityOfPage":{"@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/new-week-new-month-same-old-story\/"},"wordCount":510,"publisher":{"@id":"https:\/\/ibkrcampus.com\/campus\/#organization"},"image":{"@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/new-week-new-month-same-old-story\/#primaryimage"},"thumbnailUrl":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/08\/calendar-01_featured-img.jpg","keywords":["balance sheet","Federal Reserve","S&P 500"],"articleSection":["Fixed Income","Futures","IBKR Insights","Macro","North America","Region","Securities","Stocks","Text Articles","Traders' Insight"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/new-week-new-month-same-old-story\/","url":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/new-week-new-month-same-old-story\/","name":"New Week, New Month, Same Old Story | IBKR Campus US","isPartOf":{"@id":"https:\/\/ibkrcampus.com\/campus\/#website"},"primaryImageOfPage":{"@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/new-week-new-month-same-old-story\/#primaryimage"},"image":{"@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/new-week-new-month-same-old-story\/#primaryimage"},"thumbnailUrl":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/08\/calendar-01_featured-img.jpg","datePublished":"2021-08-02T16:35:00+00:00","dateModified":"2023-02-10T18:32:45+00:00","description":"It\u2019s a summer Monday and the start of a new month. For now, it\u2019s the same old same old. And that tends to be a plus for most investors.","inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/ibkrcampus.com\/campus\/traders-insight\/new-week-new-month-same-old-story\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ibkrcampus.com\/campus\/traders-insight\/new-week-new-month-same-old-story\/#primaryimage","url":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/08\/calendar-01_featured-img.jpg","contentUrl":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/08\/calendar-01_featured-img.jpg","width":1000,"height":563,"caption":"New Week, New Month, Same Old Story"},{"@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\/31988d9596575a63ddc53e92049a2549","name":"Steve Sosnick","description":"Steve is the Chief Strategist at Interactive Brokers. He has held numerous roles in the organization since joining Timber Hill, IBKR\u2019s predecessor, in 1995 as Equity Risk Manager and an options market maker. He developed and implemented automated trading strategies for stocks and options before moving into his current role. Steve has guest authored several columns in Barron\u2019s and made numerous live on Bloomberg TV and Radio, CNBC, Yahoo Finance, Fox Business, and several other media outlets in North America, Asia, Australia, and the Middle East in addition to being quoted frequently in print and electronic media. Prior to joining Interactive Brokers, Sosnick held senior trading roles at Morgan Stanley, Lehman Brothers, and Salomon Brothers, where he completed the firm\u2019s famed training program.","sameAs":["https:\/\/ibkr.com"],"url":"https:\/\/www.interactivebrokers.com\/campus\/author\/steve-sosnick\/"}]}},"jetpack_featured_media_url":"https:\/\/www.interactivebrokers.com\/campus\/wp-content\/uploads\/sites\/2\/2021\/08\/calendar-01_featured-img.jpg","_links":{"self":[{"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/posts\/97342","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\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/comments?post=97342"}],"version-history":[{"count":0,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/posts\/97342\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/media\/97347"}],"wp:attachment":[{"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/media?parent=97342"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/categories?post=97342"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/tags?post=97342"},{"taxonomy":"contributors-categories","embeddable":true,"href":"https:\/\/ibkrcampus.com\/campus\/wp-json\/wp\/v2\/contributors-categories?post=97342"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
![\"Year-to-Date](\"\/campus\/wp-content\/uploads\/sites\/2\/2021\/08\/SPX-vs-Fed-graph-1100x462.png\")
<\/figure>\n\n\n\n![\"SPX](\"\/campus\/wp-content\/uploads\/sites\/2\/2021\/08\/SPX-vs-Fed-regression-1100x436.png\")
<\/figure>\n\n\n\n![\"SPX](\"\/campus\/wp-content\/uploads\/sites\/2\/2021\/08\/SPX-vs-Fed-stats.png\")
<\/figure>\n\n\n\n