{"id":249843,"date":"2025-07-09T04:43:14","date_gmt":"2025-07-09T04:43:14","guid":{"rendered":"https:\/\/www.europesays.com\/uk\/249843\/"},"modified":"2025-07-09T04:43:14","modified_gmt":"2025-07-09T04:43:14","slug":"three-surprises-that-might-spook-the-markets","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/uk\/249843\/","title":{"rendered":"Three surprises that might spook the markets"},"content":{"rendered":"

This is an audio transcript of the Unhedged<\/a> podcast episode: \u2018Three surprises that might spook the markets<\/a>\u2019<\/p>\n

Katie Martin
<\/strong>You know what? The Rolling Stones had a point when they sang that you can\u2019t always get what you want. The supposedly all-powerful Donald J Trump is figuring this out too. What he can get is his \u201cbig, beautiful budget\u201d, which managed to get through Congress a week or so ago, warts and all. His radical rewiring of global trade is taking a little bit longer though. Right about now is supposed to be the end of the delay on the super-aggressive trade taxes he outlined back in April. And yet now we have \u2014 surprise, surprise \u2014 another delay, albeit with some very punchy tariffs outlined for Japan and South Korea. <\/p>\n

[MUSIC PLAYING]<\/p>\n

Now listeners, if you feel like you\u2019re losing your marbles and you\u2019re trapped in Groundhog Day going round and round in circles, then I hear you \u2014 I\u2019m exactly the same. So today on the show, we\u2019re asking what ties these two major policy platforms together and crucially, for nerds like us, what markets make of it all. <\/p>\n

This is Unhedged, the markets and finance podcast from the Financial Times and Pushkin. I\u2019m Katie Martin, a markets columnist here at FT towers in London, the world\u2019s greatest city, and I\u2019m joined down the line from the inferior New York City by Admiral Robert Armstrong from the Unhedged newsletter and his able deckhand, Aiden Reiter, or what is left of him after losing all the moisture in his body on a roasting hot train this morning. (Aiden laughs)<\/p>\n

Robert Armstrong
<\/strong>It\u2019s true. The good ship Unhedged is in New York waters, and it is on fire because the temperature here is enough just to have wood spontaneously combust. <\/p>\n

Katie Martin
<\/strong>Infinity\u2009.\u2009.\u2009.\u2009<\/p>\n

Aiden Reiter
<\/strong>And Rob and I are on opposite sides of the same train line and that same train line was not working today.<\/p>\n

Robert Armstrong
<\/strong>Was not working today so it was a rough commute. It was a classic July New York commute. <\/p>\n

Katie Martin
<\/strong>Yikes. (Laughter)\u00a0<\/p>\n

Robert Armstrong
<\/strong>The odours, Katie, the odours.<\/p>\n

Katie Martin
<\/strong>Aiden, if you\u2019re trapped in a small room with Rob right now, then I symphatise. (Laughter)\u00a0<\/p>\n

So listen, you two, for those of us who are blissfully unaware of what Uncle Sam is up to, get us up to speed here. First of all, Aiden, tell me about this budget.<\/p>\n

Aiden Reiter
<\/strong>Yeah. The US Congress recently passed Trump\u2019s \u201cbig, beautiful bill\u201d, which was kind of his all-in-one big budget package. It was signed into law by the president on July 4, American Independence Day, and it is a big whopper of a bill. Essentially, the main component is it keeps Trump\u2019s tax cuts from his first term on the books and enshrines them into law, and then it adds other random tax cuts he promised on the campaign trail \u2014 no tax on tips and those types of promises. <\/p>\n

It also slashes other programmes that the government had given out. So it makes changes to how the government pays for healthcare for poor people. It changes the government\u2019s previous electric vehicle subsidies and various electric manufacturing subsidies. And then on top of that, it also raises the US debt limit. So it\u2019s just like all the things you could imagine a bill would do are squeezed into this package.<\/p>\n

Katie Martin
<\/strong>I think sometimes people on this side of the pond don\u2019t realise, but it\u2019s literally called the big\u2009.\u2009.\u2009.\u2009the One Big Beautiful Budget Act, or like, what\u2019s the exact name of it? Like this isn\u2019t just an exaggeration or just hyperbole, this is literally the name on the piece of paper.<\/p>\n

Aiden Reiter
<\/strong>It is the BBB, the Big Beautiful Bill, which is also what the Biden administration had their own BBB, which was Build Back Better. So they\u2019re copying a little bit. <\/p>\n

Robert Armstrong
<\/strong>I do like a bit of alliteration. I will say that in defence of the bill. <\/p>\n

Aiden Reiter
<\/strong>Yeah, and you know, it\u2019s also a really great allusion to what America\u2019s credit rating will be in the future. (Robert laughs)<\/p>\n

Katie Martin
<\/strong>Oh hey!<\/p>\n

Robert Armstrong
<\/strong>So the most important thing is that it increases the deficit just a few months after we had what might be described as a kind of fiscal scare. And now we\u2019re making the link to the tariff policy. After Trump announced the \u201cliberation day\u201d tariffs on that weird piece of poster board in the Rose Garden, markets suddenly had a little panic about the fiscal future of the United States and bond yields rose and the dollar fell. That has since subsided, that scare, and the Republican party, by a hair, has passed a bill that pretty significantly increases the deficit and the debt in the future. So we\u2019re going for it, man. We did not as a country get scared straight.<\/p>\n

Aiden Reiter
<\/strong>Yeah. To put this in context, this bill is expected to add $3tn to $4tn in debt over the next 10 years on top of already the US\u2019s pretty shaky debt trajectory. <\/p>\n

Robert Armstrong
<\/strong>What is our total debt right now? Do we know that?<\/p>\n

Aiden Reiter
<\/strong>Our total debt is $36.1tn. <\/p>\n

Robert Armstrong
<\/strong>Yeah, so another four on top of that is non-trivial. It\u2019s pushing it by 10 per cent. Something like that.<\/p>\n

Aiden Reiter
<\/strong>Yeah, over the course of 10 years. And we should note that a lot of that spending is grouped in the next four years because the tax cuts like no tax on tips, no tax on overtime are just bunched into the Trump administration. And they also phased out more of the cuts to be later on. So you\u2019re really spending a lot in the next couple years and then it pitters out over 2028 to 2034.<\/p>\n

Robert Armstrong
<\/strong>I think you mean peters out. Peters out. I don\u2019t know what \u201cpittering\u201d is.<\/p>\n

Aiden Reiter
<\/strong>Pitter-patter, right?<\/p>\n

Katie Martin
<\/strong>Like pita bread, but with budgets. (Robert laughs)<\/p>\n

Aiden Reiter
<\/strong>What\u2019s wrong with pitter?<\/p>\n

Katie Martin
<\/strong>Here\u2019s the thing, guys: like, so the truest thing that people say in markets is that deficits don\u2019t matter until they do. And it\u2019s so true. Like, you know, deficit levels in major economies around the world, the amount of borrowing that big governments around the world are doing, it\u2019s just been ratcheting higher and higher and higher for years. And every now and then like investors have a bit of a freak-out about it. Like right now, it strikes me that there is at most a very moderate freak-out going on around US deficits.<\/p>\n

Robert Armstrong
<\/strong>As I said, there was this freak-out in April, and it was notable, and everybody thought it was all over. Like US exceptionalism is finished and foreigners don\u2019t trust the dollar. In the last month or so, there is absolutely 0.00 evidence that that \u201cAmerica is dead\u201d trade continues. The world, you know, the correlations are back in place. I know you love it when America has trouble, Katie. I know this about you, you\u2019re an America hater, but the rest of the world is not with you right now, Katie, it\u2019s just not.<\/p>\n

Katie Martin
<\/strong>Well, you know, reasonable people can disagree about this. There\u2019s definitely a backing away from the dollar going on here. But I will grant you that US government bonds are not on fire. I mean, there has been a bit of a pick-up in yields since the \u201cbig, beautiful bill\u201d was passed. That means that prices are going down, but it\u2019s not dramatic.<\/p>\n

Robert Armstrong
<\/strong>No, and if you look at a one-year chart, it\u2019s not even there. Like the 10-year bond and the two-year bond are right in the middle. The 10-year bond is right in the middle of the trading pattern it\u2019s been in for six or eight months. The two-year\u2009.\u2009.\u2009.\u2009the trading pattern it\u2019s been for three months, they did tick up a bit, but from the perspective of a mile up, you can\u2019t even see this thing.<\/p>\n

Aiden Reiter
<\/strong>Yeah, I mean, there was a 13-basis-point increase over the last, what, four days since this bill was passed. That\u2019s not nothing. I mean, the market has registered it. It\u2019s just not panicking.<\/p>\n

Robert Armstrong
<\/strong>But yields are still lower than they were in the middle of June, and they\u2019re still a lot lower than they were in January.<\/p>\n

Katie Martin
<\/strong>So 13 basis points \u2014 to humans, that\u2019s 0.13 percentage points, and I know that doesn\u2019t sound very much. It\u2019s quite a lot in bond land, but it\u2019s not disastrous.<\/p>\n

Robert Armstrong
<\/strong>For a week. But it\u2019s not a lot, you know. Anyway, I\u2019m not trying to justify, I\u2019m not saying the market is telling us none of this is a problem. What I\u2019m saying is \u2014 and maybe we need to try to explain this \u2014 the market doesn\u2019t much care. And risk appetites for kooky stuff like equities, say, they\u2019re quite good! We\u2019ve had a couple of sort of sluggish days on the market, but they\u2019re quite good.<\/p>\n

Katie Martin
<\/strong>Yeah. Stock markets are doing OK, yeah. <\/p>\n

Robert Armstrong
<\/strong>Cathie Wood\u2019s Ark Fund, doing quite well, thank you. <\/p>\n

Aiden Reiter
<\/strong>For listeners who are lucky to not know what the Ark Fund is, it is a very speculative, tech-heavy, very volatile fund. <\/p>\n

Robert Armstrong
<\/strong>People love it.<\/p>\n

Katie Martin
<\/strong>It\u2019s full of like wackadoodle tech \u2014 you know, mad punts \u2014 and it\u2019s doing fine.<\/p>\n

Robert Armstrong
<\/strong>I mean, the explanation for the market\u2019s indifference may be as simple and dumb as this: markets that go up tend to keep going up. And the momentum just turned out to be more important than the news out of the budget and the news out of the tariffs. I guess we haven\u2019t really talked about the tariffs yet. <\/p>\n

Aiden Reiter
<\/strong>I think on the budget point, and I think it just fits into this broader theme, is investors and, you know, other people don\u2019t really know what to make at this moment. We\u2019re not really sure where tariffs will be. We\u2019re not really sure what we\u2019ll go through. You could argue that yes, this is significantly increasing the US debt trajectory, but there\u2019s A, so much baked into this bill, and B, so much uneasiness and uncertainty about the other parts of the US economy that it\u2019s very hard to make a judgment on how much this debt will actually play into the broader economic outlook going forward.<\/p>\n

Robert Armstrong
<\/strong>Similarly on tariffs, I would argue. We\u2019re sitting there and look, tariff inflation has not, except in a few niche-y cases, tariff inflation doesn\u2019t seem to be rearing its head, and we don\u2019t know where it will, and indeed we don\u2019t know how much of it will rear its head. So when Trump comes out as he did yesterday and said we\u2019re gonna put, was it 20 per cent or 25 per cent on South Korea?<\/p>\n

Katie Martin
<\/strong>It was about 25, yeah.<\/p>\n

Robert Armstrong
<\/strong>Twenty-five. The market\u2019s like, well, maybe that won\u2019t happen. And maybe if it does happen, it won\u2019t matter that much. And there is something to the maybe-it-won\u2019t-matter-that-much point.<\/p>\n

Aiden Reiter
<\/strong>I mean there is, for Japan and Korea specifically, there is the argument that it doesn\u2019t matter that much already. I mean the sector-specific tariffs \u2014 autos, pharmaceuticals, etc \u2014 are in place and unchanged by those new Trump tariffs on the two countries, and most of the US\u2019s imports from Japan and Korea are cars.<\/p>\n

Robert Armstrong
<\/strong>Yeah, so, already covered. <\/p>\n

Aiden Reiter
<\/strong>Already covered. <\/p>\n

Robert Armstrong
<\/strong>Or electronics, already accepted.<\/p>\n

Aiden Reiter
<\/strong>Yeah. The effective tariff rate is I believe goes from like 15.5 to 16 per cent. Like, it\u2019s really nothing. <\/p>\n

Robert Armstrong
<\/strong>That\u2019s from Paul Ashworth.<\/p>\n

Aiden Reiter
<\/strong>Yeah, that calculation comes from Paul.<\/p>\n

Robert Armstrong
<\/strong>At Capital Economics, who did some quick math on that. That\u2019s what he found.<\/p>\n

Katie Martin
<\/strong>Gotta love a bit of math. (Robert laughs) So there was a moment yesterday where, I\u2019ll be honest, I was watching the tennis on the telly, where all of a sudden this news broke about these new tariff levels that Trump is threatening or doing, I don\u2019t even know, against Japan and South Korea. But the main point is that, like, he was supposed to kind of end the pause on the really aggressive tariffs like tomorrow, July 9. And now, surprise, surprise. It\u2019s been pushed out to some time in August. I mean, how\u2009.\u2009.\u2009.\u2009<\/p>\n

Robert Armstrong
<\/strong>And let it be noted, Katie, it\u2019s worse than that because Scott Bessent, the Treasury secretary and theoretically the adult in the room in Trump economic circles, he keeps mentioning Labor Day, which is the 1st of September. So it may not even be August, maybe September. There\u2019ll be a nip in the air. We\u2019ll be drinking pumpkin lattes by the time any of these Trump tariffs get resolved, at best.<\/p>\n

Katie Martin
<\/strong>Down with pumpkin spice drinks. (Robert laughs) I know it\u2019s early in the year to be getting exercised about this, but they are bad and wrong. Anyway, we digress.<\/p>\n

Robert Armstrong
<\/strong>So, anyway, it seems like these deadlines just get kicked on forever, and listeners will know that I think they will be just\u2009.\u2009.\u2009.\u2009the kicking will never stop, that I think the deadline extensions, the Tacoing, the can-kicking, this is gonna be an infinite game. And there was this Politico article yesterday that basically made the point that for Trump this is fun. Why would he have a hard deadline? You know, people, it keeps the camera on him and he\u2019s just noodling around with these numbers. I\u2019m gonna get this country or that country. And he gets to write, frankly semi-literate, letters to the president of Korea and Japan and with weird capitalisation throughout.<\/p>\n

Aiden Reiter
<\/strong>Strange capitalisation. <\/p>\n

Robert Armstrong
<\/strong>It\u2019s all good fun for him. And why would he come to a decision when he could be fiddling around and having a good time instead? I think there\u2019s something to that thesis, frankly.<\/p>\n

Aiden Reiter
<\/strong>Also, I think it is just part of his character. One of his former aides said that haranguing the president to talk about policy was like gathering a bunch of squirrels. Like he\u2019s just a guy whose mind wanders in a lot of different ways \u2014 you can see it in the way he speaks. So why would he stick to a deadline? That\u2019s not how he plays.<\/p>\n

Katie Martin
<\/strong>Yeah, someone put it to me the other day, it\u2019s a bit like, you know, like a kind of game show where there\u2019s a kind of wheel and you spin it and you see where your tariff level ends up based completely at random, based on a spinning wheel. It sort of feels a little bit like that. <\/p>\n

But let me ask you, you mentioned that all this inflation that was supposed to come from tariffs is kind of MIA, right? It\u2019s kind of like missing in action. We don\u2019t know where all this inflation is, but it could hit like kind of any minute. <\/p>\n

In addition, you\u2019ve got, so Trump outlined some reasonably aggressive tariffs, like we were just saying, against Japan and South Korea, and the market\u2019s gone, yeah, yeah, whatever, whatever. I feel like that kind of level of yeah, yeah, whatever and the fact that the damage isn\u2019t yet coming through in the data is actually potentially a little bit dangerous because that really emboldens Trump to say, see, told you, doesn\u2019t matter, doesn\u2019t bring inflation, doesn\u2019t trash the markets. I\u2019m gonna double down.<\/p>\n

Robert Armstrong
<\/strong>Hmm. I mean, of course we\u2019ve talked a lot on this show about Taco, right? Trump always chickens out. But there\u2019s nothing for him to chicken out about. In other words, so long as the market doesn\u2019t really believe or credit the thing he says, it won\u2019t challenge him, right? The point about the early days, going back to April again, is he made a policy pronouncement, the market freaked, he folded. <\/p>\n

Now the market\u2019s not even freaking anymore. So there\u2019s no folding. So it pushes the game further, right? So it\u2019s kind of almost a game-theoretic argument. I agree with you. It does put us in a dangerous situation because it\u2019s almost like the two sides, meaning the administration and the market, are almost searching for where the boundary is, where trouble actually starts. They\u2019re gonna, you know, they\u2019re kind of feeling around for where there\u2019s actual, you know, where the electric fence is. It\u2019s out there somewhere and if we keep groping around, we\u2019ll put our hand on it eventually.<\/p>\n

Katie Martin
<\/strong>This is by definition a ridiculous exercise because you don\u2019t know where shocks are going to come from until they do. But Rob, if someone did ask you a stupid question on a podcast about where you think the summer shock is gonna come from, then what would you say?<\/p>\n

Robert Armstrong
<\/strong>Katie, as you know to your sorrow, I\u2019ve been saying every three months for five years that this coming earnings season is particularly important. But just because it hasn\u2019t been all that important the last 20 times doesn\u2019t mean I won\u2019t say it again. We know that profit growth in the S&P 500 is slowing. If it turns out to be slowing faster than we expected, I think that could put markets right on edge. That\u2019s candidate number one for me. <\/p>\n

Candidate number two is I think there is a chance that the trade negotiations between Europe and the US, which I think are the big ones, like that\u2019s the big daddy of all these deals or so-called deals, if that turns ugly, suddenly all these larger questions, which we\u2019ve managed to kind of press into our subconscious will be at the forefront of our minds.<\/p>\n

Katie Martin
<\/strong>Yeah, that\u2019s reasonable. Aiden, Rob selfishly grabbed two there, but what would you go for?<\/p>\n

Aiden Reiter
<\/strong>(Laughter)\u00a0A weak Treasury auction. It doesn\u2019t even have to be that weak. It\u2019s just one where it looks like foreign investors have stepped away meaningfully. We sort of had that early on post-\u201cliberation day\u201d, and we had one other weak Treasury auction since then. If we have another, especially now that this budget bill is through, I think that would be very concerning. And we\u2019ve seen, again, some signs around the world that people might not want to buy what the US is selling. So there\u2019s, you know, the movements in Taiwan\u2019s currency, which suggest the Taiwanese central bank and Taiwanese life insurers have turned away from Treasuries. There\u2019s little things around the edges like that that could add up to something concerning. <\/p>\n

Robert Armstrong
<\/strong>(Whispering) Aiden, that\u2019s not gonna happen. (Katie and Aiden laugh) Just a secret: Treasuries are gonna be fine.<\/p>\n

Katie Martin
<\/strong>I\u2019m team Aiden here and I think your most likely candidate for causing some sort of upset like that is Japan. And let\u2019s not forget that last year\u2019s summer shock came from Japan pretty much at random. It does have form for sparking like weird market flip-outs over the summer that correct themselves, but are pretty unpleasant while they last. Japan is the world\u2019s largest holder of US government bonds and Donald Trump is going out of its way to annoy Japan. It doesn\u2019t take a genius to see how this can go horribly wrong quite quickly. If they were to suggest that OK, maybe we don\u2019t want your stinking bonds if you\u2019re gonna slap this horrible tariff on us, then Rob\u2019s darling US Treasury market gets a little bit sticky and the summer gets a little bit unpleasant. And let\u2019s hope that I\u2019m sitting on a sun lounger when it all goes wrong. (Robert and Aiden laugh)<\/p>\n

[MUSIC PLAYING]<\/p>\n

Leave you guys to it. In the meantime, listeners, we\u2019re gonna be back in one sec with Long\/Short. <\/p>\n

[MUSIC PLAYING]<\/p>\n

Right, let\u2019s do this. It\u2019s time for Long\/Short, that part of the show where we go long a thing we love or short a thing we hate. Aiden, why don\u2019t you go first?<\/p>\n

Aiden Reiter
<\/strong>I\u2019m short regressive tax policy. You know, regardless of politics, I think it\u2019s bad form to give massive tax cuts to the wealthiest Americans and to take vital services like Medicaid away from the poorest Americans, not just from a political equality standpoint. Just from an economic growth standpoint, I think the evidence around trickle-down economics is very dubious and I think been fairly disproven multiple times. And I think especially when you have most of your political base is people in the lower quintiles of income, it seems just a strange political proposition.<\/p>\n

Katie Martin
<\/strong>Mmm, so woke these young people are.<\/p>\n

Robert Armstrong
<\/strong>Someone who works on this show is kind of a nice person, Katie. I never thought that that development would happen. <\/p>\n

Katie Martin
<\/strong>Yeah, we need someone nice and it\u2019s certainly not you. What have you got Rob?<\/p>\n

Robert Armstrong
<\/strong>(Laughter)\u00a0I am short Boston Consulting Group. My colleague, Stephen Foley, who is a brilliant reporter, broke this story about how Boston Consulting Group was basically working on a project in Gaza that involved basically the relocation of people, without going into the details. This is something that consultants should not have approached with a 10-foot pole.<\/p>\n

Katie Martin
<\/strong>The Gaza Riviera. Yeah, yeah. <\/p>\n

Robert Armstrong
<\/strong>And yet they did. Yeah, it was the Gaza Riviera thing. And whatever you think about this situation, I am consistently surprised by the way that the big consultancies will blithely put their brands at risk, which is really all they have. They\u2019ll blithely put their brands at risk getting involved in projects that just look awful.<\/p>\n

Katie Martin
<\/strong>Where is the moral compass, man? Listeners, if you haven\u2019t read this stuff yet, read it and get yourself a nice strong drink before you do. It\u2019s a lot. <\/p>\n

On a much lighter note, I am short hot-yoga networking, which my colleague Emma Jacobs has been writing about. (Robert laughs) This is wrong on all fronts. First of all, yoga, no. Hot yoga, hell no. Hot-yoga networking, like sort of organised fun with like colleagues or clients or whatever, triple damnation hell no. I\u2019m here for like sporting networking so I went to the JPMorgan Corporate Challenge, like a 5-ish K run around Battersea Park \u2014 that\u2019s fine.<\/p>\n

Robert Armstrong
<\/strong>But hot yoga, you draw the line on hot yoga.<\/p>\n

Katie Martin
<\/strong>Hot yoga is a bridge way too far, it\u2019s a huge no from me. Listeners, bear this in mind: no hot yoga, definitely no LinkedIn-flavoured hot yoga, bad. So please avoid doing that between now and Thursday, when we will be back in your ears. If you\u2019re listening from New York in particular, stay cool in the meantime. <\/p>\n

Unhedged is produced by Jake Harper and edited by Bryant Urstadt. Our executive producer is Jacob Goldstein. We had additional help from Topher Forhecz. Cheryl Brumley is the FT\u2019s global head of audio. Special thanks to Laura Clarke, Alastair Mackie, Gretta Cohn and Natalie Sadler. <\/p>\n

FT premium subscribers can get the Unhedged newsletter for free. A 30-day free trial is available to everyone else. Just go to FT.com\/unhedgedoffer.<\/p>\n

I\u2019m Katie Martin. Thanks for listening. <\/p>\n

[MUSIC PLAYING]<\/p>\n

The FT Weekend Festival returns on September 6 at Kenwood House Gardens in London. Register today for debates, tastings, Q&As and more. Speakers include Stephen Fry, David Baddiel, Nicolai Tangen, Nick Clegg, Tim Harford and many, many more, plus your favourite FT writers and editors. Register now and claim 10 per cent off using the code FTpodcasts.<\/p>\n","protected":false},"excerpt":{"rendered":"This is an audio transcript of the Unhedged podcast episode: \u2018Three surprises that might spook the markets\u2019 Katie…\n","protected":false},"author":2,"featured_media":156643,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3091],"tags":[51,2441,16,15],"class_list":{"0":"post-249843","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-markets","8":"tag-business","9":"tag-markets","10":"tag-uk","11":"tag-united-kingdom"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@uk\/114821451212035549","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/249843","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/comments?post=249843"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/249843\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media\/156643"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media?parent=249843"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/categories?post=249843"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/tags?post=249843"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}