{"id":3940,"date":"2025-12-23T21:48:50","date_gmt":"2025-12-23T21:48:50","guid":{"rendered":"https:\/\/avefi.com\/?p=3940"},"modified":"2025-12-23T21:50:45","modified_gmt":"2025-12-23T21:50:45","slug":"elementor-3940","status":"publish","type":"post","link":"https:\/\/avefi.com\/?p=3940","title":{"rendered":"Elementor #3940"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"3940\" class=\"elementor elementor-3940\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-62b7d0ae elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"62b7d0ae\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-20fce84f\" data-id=\"20fce84f\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-7bfc5d7d elementor-widget elementor-widget-text-editor\" data-id=\"7bfc5d7d\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\n<p>2025 : le grand pivot des banques centrales, et ce que cela implique pour un patrimoine<\/p>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-f734a52 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"f734a52\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-03630e9\" data-id=\"03630e9\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-3b95a08 elementor-widget elementor-widget-text-editor\" data-id=\"3b95a08\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h3 data-start=\"92\" data-end=\"128\">1) Le constat, en termes simples<\/h3>\n<p data-start=\"129\" data-end=\"327\">Apr\u00e8s deux ann\u00e9es de remont\u00e9e rapide des taux (2022\u20132023), <strong data-start=\"188\" data-end=\"229\">2025 a marqu\u00e9 un changement de r\u00e9gime<\/strong> : la plupart des grandes banques centrales ont commenc\u00e9 \u00e0 <strong data-start=\"288\" data-end=\"301\">assouplir<\/strong> leur politique mon\u00e9taire.<\/p>\n<p data-start=\"329\" data-end=\"614\">Selon Reuters, <strong data-start=\"344\" data-end=\"405\">9 banques centrales sur les 10 devises les plus \u00e9chang\u00e9es<\/strong> ont abaiss\u00e9 leurs taux en 2025 (Fed, BCE, BoE, etc.), avec <strong data-start=\"465\" data-end=\"479\">32 baisses<\/strong> totalisant <strong data-start=\"491\" data-end=\"513\">850 points de base<\/strong>. Le Japon a fait figure d\u2019exception avec <strong data-start=\"555\" data-end=\"575\">deux rel\u00e8vements<\/strong>.\u00a0<\/p>\n<hr data-start=\"616\" data-end=\"619\" \/>\n<h3 data-start=\"621\" data-end=\"662\">2) Pourquoi elles ont baiss\u00e9 les taux<\/h3>\n<h4 data-start=\"663\" data-end=\"704\">La d\u00e9sinflation a \u201crouvert la porte\u201d<\/h4>\n<p data-start=\"705\" data-end=\"864\">Le levier principal, c\u2019est la <strong data-start=\"735\" data-end=\"751\">d\u00e9sinflation<\/strong> : quand l\u2019inflation recule vers les objectifs, les banques centrales peuvent r\u00e9duire la pression sur l\u2019\u00e9conomie.<\/p>\n<p data-start=\"866\" data-end=\"1114\">Le FMI, dans ses mises \u00e0 jour 2025, d\u00e9crit une trajectoire d\u2019inflation mondiale en baisse (autour de <strong data-start=\"967\" data-end=\"983\">4,2% en 2025<\/strong> et autour de <strong data-start=\"997\" data-end=\"1017\">3,5\u20133,7% en 2026<\/strong> selon les \u00e9ditions), avec une croissance mondiale mod\u00e9r\u00e9e.\u00a0<\/p>\n<h4 data-start=\"1116\" data-end=\"1202\">La croissance \u00e9tait suffisamment fragile pour privil\u00e9gier le soutien \u00e0 l\u2019activit\u00e9<\/h4>\n<p data-start=\"1203\" data-end=\"1347\">Baisser les taux, ce n\u2019est pas \u201cfaire plaisir aux march\u00e9s\u201d : c\u2019est souvent une r\u00e9ponse \u00e0 une \u00e9conomie qui ralentit trop, au risque d\u2019augmenter :<\/p>\n<ul data-start=\"1348\" data-end=\"1455\">\n<li data-start=\"1348\" data-end=\"1372\">\n<p data-start=\"1350\" data-end=\"1372\">les d\u00e9fauts de cr\u00e9dit,<\/p>\n<\/li>\n<li data-start=\"1373\" data-end=\"1401\">\n<p data-start=\"1375\" data-end=\"1401\">les tensions immobili\u00e8res,<\/p>\n<\/li>\n<li data-start=\"1402\" data-end=\"1455\">\n<p data-start=\"1404\" data-end=\"1455\">la charge d\u2019int\u00e9r\u00eats (\u00c9tats, entreprises, m\u00e9nages).<\/p>\n<\/li>\n<\/ul>\n<p data-start=\"1457\" data-end=\"1683\">La BCE explique d\u2019ailleurs que, malgr\u00e9 la baisse des taux, les <strong data-start=\"1520\" data-end=\"1572\">conditions de financement restent encore tendues<\/strong> car les hausses pass\u00e9es continuent de se transmettre au stock de cr\u00e9dit.\u00a0<\/p>\n<h4 data-start=\"1685\" data-end=\"1779\">Un environnement plus incertain (commerce, g\u00e9opolitique) a renforc\u00e9 l\u2019approche \u201cprudente\u201d<\/h4>\n<p data-start=\"1780\" data-end=\"2125\">La BCE \u00e9voque des <strong data-start=\"1798\" data-end=\"1823\">tensions commerciales<\/strong> et une incertitude \u00e9lev\u00e9e susceptibles de peser sur la confiance et, in fine, sur la croissance.\u00a0<br data-start=\"1958\" data-end=\"1961\" \/>Le FMI insiste aussi sur des risques baissiers li\u00e9s \u00e0 la fragmentation commerciale et \u00e0 l\u2019incertitude de politique \u00e9conomique.\u00a0<\/p>\n<hr data-start=\"2127\" data-end=\"2130\" \/>\n<h3 data-start=\"2132\" data-end=\"2176\">3) Ce que cela change pour un patrimoine<\/h3>\n<h4 data-start=\"2177\" data-end=\"2241\">A. Le retour de valeur sur les obligations\u2026 mais pas toutes<\/h4>\n<ul data-start=\"2242\" data-end=\"2602\">\n<li data-start=\"2242\" data-end=\"2390\">\n<p data-start=\"2244\" data-end=\"2390\">Quand les taux baissent, les obligations existantes peuvent <strong data-start=\"2304\" data-end=\"2330\">reprendre de la valeur<\/strong> (effet \u201cduration\u201d), surtout sur les maturit\u00e9s plus longues.<\/p>\n<\/li>\n<li data-start=\"2391\" data-end=\"2602\">\n<p data-start=\"2393\" data-end=\"2602\">Mais si l\u2019inflation \u201cservices\u201d ou l\u2019\u00e9nergie surprennent \u00e0 la hausse, les march\u00e9s peuvent <strong data-start=\"2482\" data-end=\"2493\">r\u00e9viser<\/strong> brutalement leurs anticipations : la performance obligataire devient plus <strong data-start=\"2568\" data-end=\"2580\">volatile<\/strong> qu\u2019elle n\u2019en a l\u2019air.<\/p>\n<\/li>\n<\/ul>\n<p data-start=\"2604\" data-end=\"2754\">Message patrimonial : on redevient attentif au couple <strong data-start=\"2658\" data-end=\"2714\">rendement \/ sensibilit\u00e9 aux taux \/ qualit\u00e9 de cr\u00e9dit<\/strong>, et pas seulement au rendement affich\u00e9.<\/p>\n<h4 data-start=\"2756\" data-end=\"2851\">B. Le cr\u00e9dit et les produits de rendement redeviennent attractifs\u2026 avec un pi\u00e8ge classique<\/h4>\n<p data-start=\"2852\" data-end=\"3024\">La baisse des taux pousse naturellement vers la <strong data-start=\"2900\" data-end=\"2926\">recherche de rendement<\/strong>. C\u2019est positif si la r\u00e9mun\u00e9ration compense r\u00e9ellement les risques, mais attention \u00e0 deux sujets :<\/p>\n<ol data-start=\"3026\" data-end=\"3390\">\n<li data-start=\"3026\" data-end=\"3156\">\n<p data-start=\"3029\" data-end=\"3156\"><strong data-start=\"3029\" data-end=\"3049\">Risque de cr\u00e9dit<\/strong> (\u00e9metteur, secteur, structure) : plus les spreads se compressent, plus l\u2019erreur de s\u00e9lection co\u00fbte cher.<\/p>\n<\/li>\n<li data-start=\"3157\" data-end=\"3390\">\n<p data-start=\"3160\" data-end=\"3390\"><strong data-start=\"3160\" data-end=\"3190\">Risque de r\u00e9investissement<\/strong> : dans un cycle de baisse de taux, de nombreux instruments \u201c\u00e0 option\u201d (callables \/ autocall \/ etc.) peuvent \u00eatre rembours\u00e9s plus t\u00f4t que pr\u00e9vu, obligeant \u00e0 replacer \u00e0 des conditions moins favorables.<\/p>\n<\/li>\n<\/ol>\n<h4 data-start=\"3392\" data-end=\"3472\">C. Immobilier : soutien graduel, mais pas \u201cretour automatique \u00e0 l\u2019euphorie\u201d<\/h4>\n<p data-start=\"3473\" data-end=\"3578\">Des taux plus bas aident la solvabilit\u00e9 marginale et les refinancements, mais la dynamique d\u00e9pend aussi :<\/p>\n<ul data-start=\"3579\" data-end=\"3719\">\n<li data-start=\"3579\" data-end=\"3615\">\n<p data-start=\"3581\" data-end=\"3615\">des niveaux de prix d\u00e9j\u00e0 atteints,<\/p>\n<\/li>\n<li data-start=\"3616\" data-end=\"3652\">\n<p data-start=\"3618\" data-end=\"3652\">de la prime de risque immobili\u00e8re,<\/p>\n<\/li>\n<li data-start=\"3653\" data-end=\"3719\">\n<p data-start=\"3655\" data-end=\"3719\">de la capacit\u00e9 locative r\u00e9elle (vacance, indexation, fiscalit\u00e9).<\/p>\n<\/li>\n<\/ul>\n<p data-start=\"3721\" data-end=\"3833\">Message patrimonial : le facteur taux est important, mais <strong data-start=\"3779\" data-end=\"3796\">pas suffisant<\/strong> pour justifier un sc\u00e9nario lin\u00e9aire.<\/p>\n<h4 data-start=\"3835\" data-end=\"3876\">D. Le change redevient un vrai sujet<\/h4>\n<p data-start=\"3877\" data-end=\"4243\">Les cycles de taux diff\u00e9renci\u00e9s d\u00e9placent les flux et peuvent cr\u00e9er des phases de tension sur certaines devises. Exemple marquant : le Japon a d\u00fb durcir le ton sur le yen, tout en signalant que ses mouvements r\u00e9cents s\u2019\u00e9loignaient des fondamentaux, ce qui rappelle que le FX peut redevenir un risque patrimonial non n\u00e9gligeable<\/p>\n<p>.<\/p>\n<hr data-start=\"4245\" data-end=\"4248\" \/>\n<h3 data-start=\"4250\" data-end=\"4309\">4) Les risques \u00e0 surveiller en 2026 (le point critique)<\/h3>\n<p data-start=\"4310\" data-end=\"4527\">Reuters rapporte que certains analystes \u00e9voquent un possible <strong data-start=\"4371\" data-end=\"4398\">changement de direction<\/strong> en 2026 selon les zones (retour d\u2019inflation, arbitrage croissance, cr\u00e9dibilit\u00e9 mon\u00e9taire).\u00a0<\/p>\n<p data-start=\"4529\" data-end=\"4576\">Concr\u00e8tement, les \u201cd\u00e9clencheurs\u201d \u00e0 surveiller :<\/p>\n<ul data-start=\"4577\" data-end=\"4790\">\n<li data-start=\"4577\" data-end=\"4635\">\n<p data-start=\"4579\" data-end=\"4635\">inflation sous-jacente (notamment services) et salaires,<\/p>\n<\/li>\n<li data-start=\"4636\" data-end=\"4667\">\n<p data-start=\"4638\" data-end=\"4667\">\u00e9nergie \/ mati\u00e8res premi\u00e8res,<\/p>\n<\/li>\n<li data-start=\"4668\" data-end=\"4719\">\n<p data-start=\"4670\" data-end=\"4719\">fragmentation commerciale (tarifs, restrictions),<\/p>\n<\/li>\n<li data-start=\"4720\" data-end=\"4764\">\n<p data-start=\"4722\" data-end=\"4764\">tensions sur le cr\u00e9dit (d\u00e9fauts, spreads),<\/p>\n<\/li>\n<li data-start=\"4765\" data-end=\"4790\">\n<p data-start=\"4767\" data-end=\"4790\">volatilit\u00e9 des devises.<\/p>\n<\/li>\n<\/ul>\n<hr data-start=\"4792\" data-end=\"4795\" \/>\n<h2 data-start=\"4797\" data-end=\"4826\">\u00c0 retenir\u00a0<\/h2>\n<ul data-start=\"4827\" data-end=\"5341\">\n<li data-start=\"4827\" data-end=\"4989\">\n<p data-start=\"4829\" data-end=\"4989\">2025 a \u00e9t\u00e9 une ann\u00e9e de <strong data-start=\"4853\" data-end=\"4882\">baisse de taux tr\u00e8s large<\/strong> parmi les grandes banques centrales, apr\u00e8s le choc inflationniste.<\/p>\n<\/li>\n<li data-start=\"4990\" data-end=\"5184\">\n<p data-start=\"4992\" data-end=\"5184\">Le soutien aux actifs est r\u00e9el, mais le <strong data-start=\"5032\" data-end=\"5054\">risque de sc\u00e9nario<\/strong> augmente : une baisse de taux peut \u00eatre favorable\u2026 ou signaler une \u00e9conomie plus fragile.\u00a0<\/p>\n<\/li>\n<li data-start=\"5185\" data-end=\"5341\">\n<p data-start=\"5187\" data-end=\"5341\">Dans ce contexte, la discipline patrimoniale se joue sur : <strong data-start=\"5246\" data-end=\"5257\">qualit\u00e9<\/strong>, <strong data-start=\"5259\" data-end=\"5278\">diversification<\/strong>, <strong data-start=\"5280\" data-end=\"5293\">liquidit\u00e9<\/strong>, et ma\u00eetrise du <strong data-start=\"5310\" data-end=\"5340\">risque de r\u00e9investissement<\/strong>.<\/p>\n<\/li>\n<\/ul>\n<h2 data-start=\"13917\" data-end=\"13940\"><img decoding=\"async\" class=\"emoji\" role=\"img\" draggable=\"false\" src=\"https:\/\/s.w.org\/images\/core\/emoji\/15.0.3\/svg\/1f4cd.svg\" alt=\"\ud83d\udccd\" \/>\u00a0Coordonn\u00e9es AVEFI<\/h2>\n<p data-start=\"13942\" data-end=\"14022\"><strong data-start=\"13942\" data-end=\"13986\">AVEFI \u2013 Conseil en Gestion de Patrimoine<\/strong><br data-start=\"13986\" data-end=\"13989\" \/>18 bis rue Am\u00e9lie<br data-start=\"14006\" data-end=\"14009\" \/>75007 Paris<\/p>\n<p data-start=\"14024\" data-end=\"14048\">Pour venir nous voir :<\/p>\n<ul data-start=\"14049\" data-end=\"14125\">\n<li data-start=\"14049\" data-end=\"14091\">\n<p data-start=\"14051\" data-end=\"14091\">M\u00e9tro :\u00a0<strong data-start=\"14059\" data-end=\"14089\">ligne 8 \u2013 La Tour\u2011Maubourg<\/strong><\/p>\n<\/li>\n<li data-start=\"14092\" data-end=\"14125\">\n<p data-start=\"14094\" data-end=\"14125\">RER :\u00a0<strong data-start=\"14100\" data-end=\"14123\">ligne C \u2013 Invalides<\/strong><\/p>\n<\/li>\n<\/ul>\n<p data-start=\"14127\" data-end=\"14214\">T\u00e9l\u00e9phone :\u00a0<strong data-start=\"14139\" data-end=\"14157\">01 77 13 78 35<\/strong><br data-start=\"14157\" data-end=\"14160\" \/>Emails :\u00a0<strong data-start=\"14169\" data-end=\"14190\"><a class=\"decorated-link cursor-pointer\" rel=\"noopener\" data-start=\"14171\" data-end=\"14188\">contact@avefi.com<\/a><\/strong>\u00a0\u2013\u00a0<strong data-start=\"14193\" data-end=\"14214\"><a class=\"decorated-link cursor-pointer\" rel=\"noopener\" data-start=\"14195\" data-end=\"14212\">gestion@avefi.com<\/a><\/strong><\/p>\n<hr data-start=\"14216\" data-end=\"14219\" \/>\n<h2 data-start=\"14221\" data-end=\"14260\"><img decoding=\"async\" class=\"emoji\" role=\"img\" draggable=\"false\" src=\"https:\/\/s.w.org\/images\/core\/emoji\/15.0.3\/svg\/2696.svg\" alt=\"\u2696\ufe0f\" \/>\u00a0Mentions l\u00e9gales &amp; avertissements<\/h2>\n<p data-start=\"14262\" data-end=\"14511\">Cette newsletter\u00a0<strong data-start=\"14279\" data-end=\"14299\">\u00ab News d\u2019Avefi \u00bb<\/strong>\u00a0est une\u00a0<strong data-start=\"14308\" data-end=\"14351\">publication informative et publicitaire<\/strong>\u00a0r\u00e9alis\u00e9e par AVEFI.<br data-start=\"14371\" data-end=\"14374\" \/>Elle a pour objet de fournir des \u00e9l\u00e9ments de compr\u00e9hension g\u00e9n\u00e9rale sur les march\u00e9s financiers, la fiscalit\u00e9 et la gestion de patrimoine.<\/p>\n<ul data-start=\"14513\" data-end=\"14912\">\n<li data-start=\"14513\" data-end=\"14619\">\n<p data-start=\"14515\" data-end=\"14619\">Les informations, chiffres et exemples pr\u00e9sent\u00e9s sont de nature\u00a0<strong data-start=\"14579\" data-end=\"14591\">g\u00e9n\u00e9rale<\/strong>\u00a0et\u00a0<strong data-start=\"14595\" data-end=\"14616\">non personnalis\u00e9e<\/strong>.<\/p>\n<\/li>\n<li data-start=\"14620\" data-end=\"14745\">\n<p data-start=\"14622\" data-end=\"14745\">Ils ne constituent\u00a0<strong data-start=\"14641\" data-end=\"14690\">ni un conseil en investissement individualis\u00e9<\/strong>, ni une recommandation au sens de la r\u00e9glementation.<\/p>\n<\/li>\n<li data-start=\"14746\" data-end=\"14912\">\n<p data-start=\"14748\" data-end=\"14912\">Toute d\u00e9cision d\u2019investissement doit \u00eatre prise apr\u00e8s une analyse de votre situation personnelle et, le cas \u00e9ch\u00e9ant, apr\u00e8s un entretien avec votre conseiller AVEFI.<\/p>\n<\/li>\n<\/ul>\n<p data-start=\"14914\" data-end=\"15335\"><strong data-start=\"14914\" data-end=\"15115\">Attention : Investir comporte des risques, les rendements pass\u00e9s ne garantissent pas les performances futures. Il est recommand\u00e9 de bien comprendre les caract\u00e9ristiques du produit avant d\u2019investir.<\/strong><br data-start=\"15115\" data-end=\"15118\" \/>Les produits mentionn\u00e9s, notamment les instruments de dette et les produits structur\u00e9s, peuvent pr\u00e9senter un\u00a0<strong data-start=\"15227\" data-end=\"15257\">risque de perte en capital<\/strong>, un\u00a0<strong data-start=\"15262\" data-end=\"15282\">risque de cr\u00e9dit<\/strong>\u00a0sur l\u2019\u00e9metteur, ainsi qu\u2019un\u00a0<strong data-start=\"15311\" data-end=\"15334\">risque de liquidit\u00e9<\/strong>.<\/p>\n<p data-start=\"15337\" data-end=\"15460\">Pour toute question ou pour obtenir des informations compl\u00e9mentaires, vous pouvez nous contacter \u00e0 :\u00a0<strong data-start=\"15438\" data-end=\"15459\"><a class=\"decorated-link cursor-pointer\" rel=\"noopener\" data-start=\"15440\" data-end=\"15457\">contact@avefi.com<\/a><\/strong>.<\/p>\n<h3 data-start=\"15462\" data-end=\"15482\"><img decoding=\"async\" class=\"emoji\" role=\"img\" draggable=\"false\" src=\"https:\/\/s.w.org\/images\/core\/emoji\/15.0.3\/svg\/1f513.svg\" alt=\"\ud83d\udd13\" \/>\u00a0D\u00e9sabonnement<\/h3>\n<p data-start=\"15484\" data-end=\"15661\">Si vous ne souhaitez plus recevoir la newsletter\u00a0<strong data-start=\"15533\" data-end=\"15549\">News d\u2019Avefi<\/strong>, il vous suffit d\u2019envoyer un email avec pour objet \u00ab D\u00e9sabonnement newsletter \u00bb \u00e0 :<br data-start=\"15633\" data-end=\"15636\" \/><img decoding=\"async\" class=\"emoji\" role=\"img\" draggable=\"false\" src=\"https:\/\/s.w.org\/images\/core\/emoji\/15.0.3\/svg\/27a1.svg\" alt=\"\u27a1\ufe0f\" \/>\u00a0<strong data-start=\"15639\" data-end=\"15660\"><a class=\"decorated-link cursor-pointer\" rel=\"noopener\" data-start=\"15641\" data-end=\"15658\">contact@avefi.com<\/a><\/strong><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>2025 : le grand pivot des banques centrales, et ce que cela implique pour un patrimoine 1) Le constat, en termes simples Apr\u00e8s deux ann\u00e9es de remont\u00e9e rapide des taux (2022\u20132023), 2025 a marqu\u00e9 un changement de r\u00e9gime : la plupart des grandes banques centrales ont commenc\u00e9 \u00e0 assouplir leur politique mon\u00e9taire. Selon Reuters, 9 [&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-3940","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/avefi.com\/index.php?rest_route=\/wp\/v2\/posts\/3940","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/avefi.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/avefi.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/avefi.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/avefi.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=3940"}],"version-history":[{"count":6,"href":"https:\/\/avefi.com\/index.php?rest_route=\/wp\/v2\/posts\/3940\/revisions"}],"predecessor-version":[{"id":3946,"href":"https:\/\/avefi.com\/index.php?rest_route=\/wp\/v2\/posts\/3940\/revisions\/3946"}],"wp:attachment":[{"href":"https:\/\/avefi.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3940"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/avefi.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3940"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/avefi.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3940"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}