{"id":64,"date":"2020-10-25T23:58:39","date_gmt":"2020-10-25T23:58:39","guid":{"rendered":"https:\/\/karolpelc.com\/blog\/?p=64"},"modified":"2020-10-26T01:24:31","modified_gmt":"2020-10-26T01:24:31","slug":"64-2","status":"publish","type":"post","link":"https:\/\/karolpelc.com\/blog\/64-2\/","title":{"rendered":"Who owns the US stock market?"},"content":{"rendered":"<p class=\"western\"><span style=\"font-family: Times New Roman, serif;\"><span style=\"font-size: small;\">US stock-market is largest in the world and continue to be among the deepest, most liquid and most efficient markets. US market depth and breadth enables individual investors diverse choice like no other markets. Also dominant position of multinational corporations listed in US allows for global geographical diversification of the revenues which makes them more resilient but also allows to rip some benefits of the growth in Emerging Economies. While US Remains the world&#8217;s largest economy since 1871, currently at 23.6% share (GDP of $21.44t); US stock-market represents much bigger portion of the world&#8217;s equities at 54.5%. Given its dominance, importance and growth, the critical question is \u2013 who owns the US stock-market?<\/span><\/span><\/p>\n<p><iframe loading=\"lazy\" style=\"border: none;\" title=\"% Share of the Global Economy\" src=\"\/\/datawrapper.dwcdn.net\/Wz1On\/3\/\" width=\"775\" height=\"415\" frameborder=\"0\" scrolling=\"no\" aria-label=\"Interactive pie chart\"><\/iframe><\/p>\n<figure id=\"attachment_68\" aria-describedby=\"caption-attachment-68\" style=\"width: 687px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-68\" src=\"https:\/\/karolpelc.com\/blog\/wp-content\/uploads\/2020\/10\/Countries-with-largest-Stock-Market-Globally-2020.jpg\" alt=\"Countries with largest Stock Market Globally 2020\" width=\"687\" height=\"542\" srcset=\"https:\/\/karolpelc.com\/blog\/wp-content\/uploads\/2020\/10\/Countries-with-largest-Stock-Market-Globally-2020.jpg 687w, https:\/\/karolpelc.com\/blog\/wp-content\/uploads\/2020\/10\/Countries-with-largest-Stock-Market-Globally-2020-300x237.jpg 300w\" sizes=\"auto, (max-width: 687px) 100vw, 687px\" \/><figcaption id=\"caption-attachment-68\" class=\"wp-caption-text\">Countries with largest Stock Market Globally 2020. Source: Statista 2020.<\/figcaption><\/figure>\n<p>&nbsp;<\/p>\n<p class=\"western\"><span style=\"font-family: Times New Roman, serif;\"><span style=\"font-size: small;\"><b>So who owns the stocks?<\/b><\/span><\/span><\/p>\n<p class=\"western\"><span style=\"font-family: Times New Roman, serif;\"><span style=\"font-size: small;\">It is mostly households, which accounts for 37.6% of the total equity market, followed by Mutual Funds at 22.5% which assets are also owned by households (direct and indirect ownership).<\/span><\/span><\/p>\n<p>&nbsp;<\/p>\n<figure id=\"attachment_71\" aria-describedby=\"caption-attachment-71\" style=\"width: 861px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-71\" src=\"https:\/\/karolpelc.com\/blog\/wp-content\/uploads\/2020\/10\/Holders-of-US-Equities-2018.jpg\" alt=\"Holders of US Equities, 2018\" width=\"861\" height=\"374\" srcset=\"https:\/\/karolpelc.com\/blog\/wp-content\/uploads\/2020\/10\/Holders-of-US-Equities-2018.jpg 882w, https:\/\/karolpelc.com\/blog\/wp-content\/uploads\/2020\/10\/Holders-of-US-Equities-2018-300x130.jpg 300w, https:\/\/karolpelc.com\/blog\/wp-content\/uploads\/2020\/10\/Holders-of-US-Equities-2018-768x333.jpg 768w\" sizes=\"auto, (max-width: 861px) 100vw, 861px\" \/><figcaption id=\"caption-attachment-71\" class=\"wp-caption-text\">Holders of US Equities, 2018.\u00a0Source: <span style=\"color: #000000;\"><span style=\"font-family: Times New Roman, serif;\"><span style=\"font-size: small;\">SIFMA Insights, Oct 2019.<\/span><\/span><\/span><\/figcaption><\/figure>\n<p>&nbsp;<\/p>\n<figure id=\"attachment_73\" aria-describedby=\"caption-attachment-73\" style=\"width: 861px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-73\" src=\"https:\/\/karolpelc.com\/blog\/wp-content\/uploads\/2020\/10\/US-household-Liauid-Assets-and-US-Equity-Holdings.jpg\" alt=\"US household Liquid Assets and US Equity Holdings\" width=\"861\" height=\"332\" srcset=\"https:\/\/karolpelc.com\/blog\/wp-content\/uploads\/2020\/10\/US-household-Liauid-Assets-and-US-Equity-Holdings.jpg 1679w, https:\/\/karolpelc.com\/blog\/wp-content\/uploads\/2020\/10\/US-household-Liauid-Assets-and-US-Equity-Holdings-300x116.jpg 300w, https:\/\/karolpelc.com\/blog\/wp-content\/uploads\/2020\/10\/US-household-Liauid-Assets-and-US-Equity-Holdings-1024x395.jpg 1024w, https:\/\/karolpelc.com\/blog\/wp-content\/uploads\/2020\/10\/US-household-Liauid-Assets-and-US-Equity-Holdings-768x296.jpg 768w, https:\/\/karolpelc.com\/blog\/wp-content\/uploads\/2020\/10\/US-household-Liauid-Assets-and-US-Equity-Holdings-1536x593.jpg 1536w\" sizes=\"auto, (max-width: 861px) 100vw, 861px\" \/><figcaption id=\"caption-attachment-73\" class=\"wp-caption-text\">US household Liquid Assets and US Equity Holdings, 2018. Source: <span style=\"color: #000000;\"><span style=\"font-family: Times New Roman, serif;\"><span style=\"font-size: small;\">SIFMA Insights, Oct 2019.<\/span><\/span><\/span><\/figcaption><\/figure>\n<p class=\"western\"><span style=\"font-family: Times New Roman, serif;\"><span style=\"font-size: small;\">These are the figures, but if we break down US households we can tell a bit more about share of ownership. Based on Gallup&#8217;s polls conducted in March and April this year, only 55% of Americans owns stocks (Gallup 2020). In comparison Federal Reserve <span style=\"color: #000000;\">Bulletin shows stock ownership at 52% (FED Bulletin, Sep 2020).<\/span> Both sources shows decrease in stock ownership, down from 62% in most of the 2000&#8217;s. Decline is related to financial crash and 2007-09 recession from which stock ownership has not fully rebounded. Gallup survey also found strong correlation between stock ownership and income, education, age and race.<\/span><\/span><\/p>\n<figure id=\"attachment_74\" aria-describedby=\"caption-attachment-74\" style=\"width: 720px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-74\" src=\"https:\/\/karolpelc.com\/blog\/wp-content\/uploads\/2020\/10\/Percent-of-Americans-that-own-Stocks.jpg\" alt=\"Percent of Americans that own Stocks\" width=\"720\" height=\"388\" srcset=\"https:\/\/karolpelc.com\/blog\/wp-content\/uploads\/2020\/10\/Percent-of-Americans-that-own-Stocks.jpg 696w, https:\/\/karolpelc.com\/blog\/wp-content\/uploads\/2020\/10\/Percent-of-Americans-that-own-Stocks-300x162.jpg 300w\" sizes=\"auto, (max-width: 720px) 100vw, 720px\" \/><figcaption id=\"caption-attachment-74\" class=\"wp-caption-text\">Percent of Americans that own Stocks 1998-2020. Source: <span style=\"color: #000000;\"><span style=\"font-family: Times New Roman, serif;\"><span style=\"font-size: small;\">Gallup Survey 2020.<\/span><\/span><\/span><\/figcaption><\/figure>\n<p>&nbsp;<\/p>\n<figure id=\"attachment_75\" aria-describedby=\"caption-attachment-75\" style=\"width: 720px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-75\" src=\"https:\/\/karolpelc.com\/blog\/wp-content\/uploads\/2020\/10\/Stock-ownership-among-major-US-subgroups.jpg\" alt=\"Stock ownership among major US subgroups\" width=\"720\" height=\"549\" srcset=\"https:\/\/karolpelc.com\/blog\/wp-content\/uploads\/2020\/10\/Stock-ownership-among-major-US-subgroups.jpg 821w, https:\/\/karolpelc.com\/blog\/wp-content\/uploads\/2020\/10\/Stock-ownership-among-major-US-subgroups-300x229.jpg 300w, https:\/\/karolpelc.com\/blog\/wp-content\/uploads\/2020\/10\/Stock-ownership-among-major-US-subgroups-768x586.jpg 768w\" sizes=\"auto, (max-width: 720px) 100vw, 720px\" \/><figcaption id=\"caption-attachment-75\" class=\"wp-caption-text\">Stock ownership among major US subgroups, 2020. Source: <span style=\"color: #000000;\"><span style=\"font-family: Times New Roman, serif;\"><span style=\"font-size: small;\">Gallup Survey 2020.<\/span><\/span><\/span><\/figcaption><\/figure>\n<p class=\"western\"><span style=\"font-family: Times New Roman, serif;\"><span style=\"font-size: small;\">It is important to highlight that more than half of the households net worth in US in linked to their retirement accounts, this also represents 52% of the world&#8217;s retirement assets (SIMA, 10\/2019) with median value of retirement account of $65,000 and mean of $255,200. Overall median value of all financial assets held by American families is $25,700, in comparison the mean value is \u00a3363,700 (FED Bulletin, Sep 2020). Massive difference between mean and median reflects skew in distribution of financial assets. This is also linked to stock ownership which is positively correlated with percentile of income (the more you earn, the more likely you hold the stocks either directly and indirectly). What is worth noticing is that although recovery in stocks ownership after the financial crisis is slow, its driven by households earning below average income. In contrast recovery in years 2013-2016 where lead by top 10% of income. (FED Bulletin, Sep 2017).<\/span><\/span><\/p>\n<p>&nbsp;<\/p>\n<figure id=\"attachment_76\" aria-describedby=\"caption-attachment-76\" style=\"width: 641px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-76\" src=\"https:\/\/karolpelc.com\/blog\/wp-content\/uploads\/2020\/10\/US-households-holdings-and-values-of-assets-2016-and-2019.jpg\" alt=\"US households holdings and values of assets 2016 and 2019\" width=\"641\" height=\"489\" srcset=\"https:\/\/karolpelc.com\/blog\/wp-content\/uploads\/2020\/10\/US-households-holdings-and-values-of-assets-2016-and-2019.jpg 635w, https:\/\/karolpelc.com\/blog\/wp-content\/uploads\/2020\/10\/US-households-holdings-and-values-of-assets-2016-and-2019-300x229.jpg 300w\" sizes=\"auto, (max-width: 641px) 100vw, 641px\" \/><figcaption id=\"caption-attachment-76\" class=\"wp-caption-text\">US households holdings and values of assets 2016 and 2019. <span style=\"font-family: Times New Roman, serif;\"><span style=\"font-size: small;\">Source: FED Bulletin, Sep 2020<\/span><\/span><\/figcaption><\/figure>\n<figure id=\"attachment_77\" aria-describedby=\"caption-attachment-77\" style=\"width: 640px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-77\" src=\"https:\/\/karolpelc.com\/blog\/wp-content\/uploads\/2020\/10\/US-households-with-direct-and-indirect-holdings-of-stock-2013-2019.jpg\" alt=\"US households with direct and indirect holdings of stock 2013-2019\" width=\"640\" height=\"407\" srcset=\"https:\/\/karolpelc.com\/blog\/wp-content\/uploads\/2020\/10\/US-households-with-direct-and-indirect-holdings-of-stock-2013-2019.jpg 609w, https:\/\/karolpelc.com\/blog\/wp-content\/uploads\/2020\/10\/US-households-with-direct-and-indirect-holdings-of-stock-2013-2019-300x191.jpg 300w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" \/><figcaption id=\"caption-attachment-77\" class=\"wp-caption-text\">US households with direct and indirect holdings of stock 2013-2019. <span style=\"font-family: Times New Roman, serif;\"><span style=\"font-size: small;\">Source: FED Bulletin, Sep 2020<\/span><\/span><\/figcaption><\/figure>\n<figure id=\"attachment_78\" aria-describedby=\"caption-attachment-78\" style=\"width: 641px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-78\" src=\"https:\/\/karolpelc.com\/blog\/wp-content\/uploads\/2020\/10\/Median-and-mean-levels-for-direct-and-indirect-stock-holdings-by-US-households-2013\u201319-surveys..jpg\" alt=\"Median and mean levels for direct and indirect stock holdings by US households, 2013\u201319 surveys.\" width=\"641\" height=\"348\" srcset=\"https:\/\/karolpelc.com\/blog\/wp-content\/uploads\/2020\/10\/Median-and-mean-levels-for-direct-and-indirect-stock-holdings-by-US-households-2013\u201319-surveys..jpg 617w, https:\/\/karolpelc.com\/blog\/wp-content\/uploads\/2020\/10\/Median-and-mean-levels-for-direct-and-indirect-stock-holdings-by-US-households-2013\u201319-surveys.-300x163.jpg 300w\" sizes=\"auto, (max-width: 641px) 100vw, 641px\" \/><figcaption id=\"caption-attachment-78\" class=\"wp-caption-text\">Median and mean levels for direct and indirect stock holdings by US households, 2013\u201319 surveys. <span style=\"font-family: Times New Roman, serif;\"><span style=\"font-size: small;\">Source: FED Bulletin, Sep 2020<\/span><\/span><\/figcaption><\/figure>\n<p class=\"western\"><span style=\"font-family: Times New Roman, serif; font-size: small;\">Based on above figures we can immediately see uneven distribution of the financial assets. Wealthier households does not only own higher portion of their wealth in stocks, they also own more, much more of it. <\/span><span style=\"font-family: Times New Roman, serif; font-size: small;\">The difference is striking when comparing total stock holdings (direct and indirect) of the bottom half with top 10%. Top 10% household own on average $1.7m of stocks, where bottom 50% owns only $11,000.<\/span><\/p>\n<figure id=\"attachment_80\" aria-describedby=\"caption-attachment-80\" style=\"width: 861px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" class=\" wp-image-80\" src=\"https:\/\/karolpelc.com\/blog\/wp-content\/uploads\/2020\/10\/Average-Stock-held-in-Retirement-and-Taxable-Accounts-1989-2019.jpg\" alt=\"Average Stock held in Retirement and Taxable Accounts, 1989-2019\" width=\"861\" height=\"512\" srcset=\"https:\/\/karolpelc.com\/blog\/wp-content\/uploads\/2020\/10\/Average-Stock-held-in-Retirement-and-Taxable-Accounts-1989-2019.jpg 1231w, https:\/\/karolpelc.com\/blog\/wp-content\/uploads\/2020\/10\/Average-Stock-held-in-Retirement-and-Taxable-Accounts-1989-2019-300x178.jpg 300w, https:\/\/karolpelc.com\/blog\/wp-content\/uploads\/2020\/10\/Average-Stock-held-in-Retirement-and-Taxable-Accounts-1989-2019-1024x609.jpg 1024w, https:\/\/karolpelc.com\/blog\/wp-content\/uploads\/2020\/10\/Average-Stock-held-in-Retirement-and-Taxable-Accounts-1989-2019-768x457.jpg 768w\" sizes=\"auto, (max-width: 861px) 100vw, 861px\" \/><figcaption id=\"caption-attachment-80\" class=\"wp-caption-text\">Average Stock held in Retirement and Taxable Accounts, 1989-2019. Source: Urban-Brookings Tax Policy Center, Oct 2020.<\/figcaption><\/figure>\n<p>We can also compare how the share of stock ownership was changing for those percentiles. We can see that in last 30 years richest 1% of Americans grew it&#8217;s share of equity ownership from around 45% in 1990 to over 50% currently. According to Goldman Sachs\u00a0 &#8220;<span style=\"font-family: Times New Roman, serif;\"><span style=\"font-size: small;\"><em><span style=\"color: #58595b;\"><span style=\"font-family: Source Sans Pro, sans-serif;\"><span style=\"font-size: large;\"><i>Since 1990, the wealthiest have bought a net $1.2tn in company stakes, while the rest of the population has sold more than $1tn&#8221;. Financial Times explains this widening gap in shares ownership as an result of stagnant real wages in last few decades (<span style=\"color: #000000;\">FT, Feb 2020)<\/span>.\u00a0<\/i><\/span><\/span><\/span><\/em><\/span><\/span><\/p>\n<figure id=\"attachment_79\" aria-describedby=\"caption-attachment-79\" style=\"width: 712px\" class=\"wp-caption alignnone\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-79\" src=\"https:\/\/karolpelc.com\/blog\/wp-content\/uploads\/2020\/10\/Breakdown-of-US-household-equity-ownership.jpg\" alt=\"Breakdown of US household equity ownership\" width=\"712\" height=\"421\" srcset=\"https:\/\/karolpelc.com\/blog\/wp-content\/uploads\/2020\/10\/Breakdown-of-US-household-equity-ownership.jpg 712w, https:\/\/karolpelc.com\/blog\/wp-content\/uploads\/2020\/10\/Breakdown-of-US-household-equity-ownership-300x177.jpg 300w\" sizes=\"auto, (max-width: 712px) 100vw, 712px\" \/><figcaption id=\"caption-attachment-79\" class=\"wp-caption-text\">Breakdown of US household equity ownership 1990-2020. Source: <span style=\"color: #000000;\"><span style=\"font-family: Times New Roman, serif;\"><span style=\"font-size: small;\">FT, Feb 2020.<\/span><\/span><\/span><\/figcaption><\/figure>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>References:<\/p>\n<ul>\n<li>\n<p class=\"western\"><span style=\"color: #000000;\"><span style=\"font-family: Times New Roman, serif;\"><span style=\"font-size: small;\">FED Bulletin, Sep 2020. \u201cChanges in U.S. Family Finances from 2016 to 2019: Evidence from the Survey of Consumer Finances \u201c September 2020 Vol. 106, No. 5. <a href=\"https:\/\/www.federalreserve.gov\/publications\/files\/scf20.pdf\"> Link <\/a><\/span><\/span><\/span><\/p>\n<\/li>\n<li>\n<p class=\"western\"><span style=\"color: #000000;\"><span style=\"font-family: Times New Roman, serif;\"><span style=\"font-size: small;\">FED Bulletin, Sep 2017. \u201cChanges in U.S. Family Finances from 2013 to 2016: Evidence from the Survey of Consumer Finances\u201d September 2017 Vol. 103, No. 3. <a href=\"https:\/\/www.federalreserve.gov\/publications\/files\/scf17.pdf\"> Link <\/a><\/span><\/span><\/span><\/p>\n<\/li>\n<li>\n<p class=\"western\"><span style=\"color: #000000;\"><span style=\"font-family: Times New Roman, serif;\"><span style=\"font-size: small;\">SIFMA Insights, Oct 2019. \u201cWho Owns Stocks in America? A: Individual Investors A Chart Book on Stock Ownership\u201d October 2019. <a href=\"https:\/\/www.sifma.org\/wp-content\/uploads\/2019\/10\/SIFMA-Insights-Who-Owns-Stocks-in-America.pdf\"> Link <\/a><\/span><\/span><\/span><\/p>\n<\/li>\n<li>\n<p class=\"western\"><span style=\"color: #000000;\"><span style=\"font-family: Times New Roman, serif;\"><span style=\"font-size: small;\">Gallup Survey 2020. \u201cWhat Percentage of Americans Owns Stock?\u201d, Lydia Saad, 4 June 2020,<\/span><\/span><\/span><\/p>\n<\/li>\n<li>\n<p class=\"western\"><span style=\"color: #000000;\"><span style=\"font-family: Times New Roman, serif;\"><span style=\"font-size: small;\">Gallup Survey 2020. Stock market survey. <a href=\"https:\/\/news.gallup.com\/poll\/1711\/stock-market.aspx\">Link <\/a><\/span><\/span><\/span><\/p>\n<\/li>\n<li>\n<p class=\"western\"><span style=\"color: #000000;\"><span style=\"font-family: Times New Roman, serif;\"><span style=\"font-size: small;\">FT, Feb 2020. \u201cHow America\u2019s 1% came to dominate equity ownership\u201d, <\/span><\/span><\/span><span style=\"color: #000000;\"><span style=\"font-family: Times New Roman, serif;\"><span style=\"font-size: small;\">Robin Wiggles,\u00a01<\/span><\/span><\/span><span style=\"color: #000000;\"><span style=\"font-family: Times New Roman, serif;\"><span style=\"font-size: small;\">1 February 2020. <a href=\"https:\/\/www.ft.com\/content\/2501e154-4789-11ea-aeb3-955839e06441\">Link<\/a><\/span><\/span><\/span><\/p>\n<\/li>\n<li>\n<p class=\"western\">Statista 2020. <span style=\"font-family: Times New Roman, serif;\"><span style=\"font-size: small;\">M. Szmigiera, Feb 28, 2020. <a href=\"https:\/\/www.statista.com\/statistics\/710680\/global-stock-markets-by-country\">Link<\/a><\/span><\/span><\/p>\n<\/li>\n<li>Urban-Brookings Tax Policy Center, Steve Rosenthal and Theo Burke. \u201cWho\u2019s Left to Tax? US Taxation of Corporations and Their Shareholders.\u201d Oct 2020. <a href=\"https:\/\/www.law.nyu.edu\/sites\/default\/files\/Who%E2%80%99s%20Left%20to%20Tax%3F%20US%20Taxation%20of%20Corporations%20and%20Their%20Shareholders-%20Rosenthal%20and%20Burke.pdf\">Link<\/a><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>US stock-market is largest in the world and continue to be among the deepest, most liquid and most efficient markets. US market depth and breadth enables individual investors diverse choice like no other markets. Also dominant position of multinational corporations listed in US allows for global geographical diversification of the revenues which makes them more [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-64","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"blocksy_meta":[],"_links":{"self":[{"href":"https:\/\/karolpelc.com\/blog\/wp-json\/wp\/v2\/posts\/64","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/karolpelc.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/karolpelc.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/karolpelc.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/karolpelc.com\/blog\/wp-json\/wp\/v2\/comments?post=64"}],"version-history":[{"count":5,"href":"https:\/\/karolpelc.com\/blog\/wp-json\/wp\/v2\/posts\/64\/revisions"}],"predecessor-version":[{"id":67,"href":"https:\/\/karolpelc.com\/blog\/wp-json\/wp\/v2\/posts\/64\/revisions\/67"}],"wp:attachment":[{"href":"https:\/\/karolpelc.com\/blog\/wp-json\/wp\/v2\/media?parent=64"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/karolpelc.com\/blog\/wp-json\/wp\/v2\/categories?post=64"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/karolpelc.com\/blog\/wp-json\/wp\/v2\/tags?post=64"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}