{"id":3967,"date":"2026-03-02T11:15:05","date_gmt":"2026-03-02T11:15:05","guid":{"rendered":"https:\/\/avefi.com\/?p=3967"},"modified":"2026-03-02T11:35:04","modified_gmt":"2026-03-02T11:35:04","slug":"couple-rendement-risque-mars-2026","status":"publish","type":"post","link":"https:\/\/avefi.com\/?p=3967","title":{"rendered":"Couple Rendement\/Risque : Mars 2026"},"content":{"rendered":"\t\t
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\n\t\t\t\t\t\r\n\r\n\r\n\r\n\r\nPerspectives Macro \u2014 Mars 2026 | AVEFI<\/title>\r\n<link href=\"https:\/\/fonts.googleapis.com\/css2?family=Playfair+Display:ital,wght@0,400;0,700;1,400&family=DM+Sans:wght@300;400;500&display=swap\" rel=\"stylesheet\">\r\n<style>\r\n :root {\r\n --ink: #0f0f0e;\r\n --cream: #f5f0e8;\r\n --gold: #b8892a;\r\n --gold-light: #d4a843;\r\n --rust: #c04b2e;\r\n --slate: #2c3e50;\r\n --muted: #7a7a72;\r\n --border: #d8d0c2;\r\n --green: #2d6a4f;\r\n --red: #c04b2e;\r\n }\r\n\r\n * { margin: 0; padding: 0; box-sizing: border-box; }\r\n\r\n body {\r\n background: var(--cream);\r\n color: var(--ink);\r\n font-family: 'DM Sans', sans-serif;\r\n font-weight: 300;\r\n line-height: 1.7;\r\n }\r\n\r\n \/* HEADER *\/\r\n header {\r\n background: var(--ink);\r\n padding: 0 2rem;\r\n display: flex;\r\n justify-content: space-between;\r\n align-items: center;\r\n height: 56px;\r\n position: sticky;\r\n top: 0;\r\n z-index: 100;\r\n }\r\n\r\n .logo {\r\n font-family: 'Playfair Display', serif;\r\n color: var(--gold);\r\n font-size: 1.5rem;\r\n letter-spacing: 0.15em;\r\n font-weight: 700;\r\n }\r\n\r\n .logo span {\r\n color: white;\r\n font-size: 0.65rem;\r\n display: block;\r\n letter-spacing: 0.3em;\r\n font-family: 'DM Sans', sans-serif;\r\n font-weight: 300;\r\n margin-top: -4px;\r\n }\r\n\r\n nav {\r\n display: flex;\r\n gap: 2rem;\r\n list-style: none;\r\n align-items: center;\r\n }\r\n\r\n nav a {\r\n color: rgba(255,255,255,0.7);\r\n text-decoration: none;\r\n font-size: 0.78rem;\r\n letter-spacing: 0.12em;\r\n text-transform: uppercase;\r\n transition: color 0.2s;\r\n }\r\n\r\n nav a:hover { color: var(--gold); }\r\n\r\n \/* HERO *\/\r\n .hero {\r\n background: var(--ink);\r\n padding: 5rem 2rem 4rem;\r\n text-align: center;\r\n position: relative;\r\n overflow: hidden;\r\n }\r\n\r\n .hero::before {\r\n content: '';\r\n position: absolute;\r\n inset: 0;\r\n background: repeating-linear-gradient(\r\n 0deg,\r\n transparent,\r\n transparent 39px,\r\n rgba(184,137,42,0.06) 40px\r\n );\r\n }\r\n\r\n .hero-tag {\r\n display: inline-block;\r\n background: var(--gold);\r\n color: var(--ink);\r\n font-size: 0.65rem;\r\n font-weight: 500;\r\n letter-spacing: 0.25em;\r\n text-transform: uppercase;\r\n padding: 0.35rem 1rem;\r\n margin-bottom: 2rem;\r\n position: relative;\r\n }\r\n\r\n .hero h1 {\r\n font-family: 'Playfair Display', serif;\r\n font-size: clamp(2.2rem, 5vw, 3.8rem);\r\n color: white;\r\n line-height: 1.15;\r\n max-width: 800px;\r\n margin: 0 auto 1.5rem;\r\n position: relative;\r\n }\r\n\r\n .hero h1 em {\r\n color: var(--gold-light);\r\n font-style: italic;\r\n }\r\n\r\n .hero-meta {\r\n color: rgba(255,255,255,0.45);\r\n font-size: 0.8rem;\r\n letter-spacing: 0.1em;\r\n position: relative;\r\n }\r\n\r\n .hero-meta strong { color: var(--gold); }\r\n\r\n \/* LAYOUT *\/\r\n .container {\r\n max-width: 860px;\r\n margin: 0 auto;\r\n padding: 0 2rem;\r\n }\r\n\r\n \/* LEAD *\/\r\n .lead {\r\n padding: 3rem 0 2rem;\r\n border-bottom: 1px solid var(--border);\r\n }\r\n\r\n .lead p {\r\n font-family: 'Playfair Display', serif;\r\n font-size: 1.2rem;\r\n color: var(--slate);\r\n line-height: 1.75;\r\n }\r\n\r\n \/* SECTION *\/\r\n .section {\r\n padding: 3rem 0;\r\n border-bottom: 1px solid var(--border);\r\n }\r\n\r\n .section:last-child { border-bottom: none; }\r\n\r\n .section-label {\r\n display: flex;\r\n align-items: center;\r\n gap: 0.75rem;\r\n margin-bottom: 1.5rem;\r\n }\r\n\r\n .section-num {\r\n width: 28px;\r\n height: 28px;\r\n background: var(--gold);\r\n color: var(--ink);\r\n display: flex;\r\n align-items: center;\r\n justify-content: center;\r\n font-size: 0.7rem;\r\n font-weight: 500;\r\n letter-spacing: 0.05em;\r\n }\r\n\r\n .section-title {\r\n font-family: 'Playfair Display', serif;\r\n font-size: 1.5rem;\r\n color: var(--ink);\r\n }\r\n\r\n .section p {\r\n color: #3a3a36;\r\n font-size: 0.95rem;\r\n margin-bottom: 1rem;\r\n }\r\n\r\n .section p:last-child { margin-bottom: 0; }\r\n\r\n \/* STAT GRID *\/\r\n .stat-grid {\r\n display: grid;\r\n grid-template-columns: repeat(3, 1fr);\r\n gap: 1px;\r\n background: var(--border);\r\n margin: 2rem 0;\r\n border: 1px solid var(--border);\r\n }\r\n\r\n .stat-box {\r\n background: white;\r\n padding: 1.5rem;\r\n text-align: center;\r\n }\r\n\r\n .stat-label {\r\n font-size: 0.65rem;\r\n text-transform: uppercase;\r\n letter-spacing: 0.18em;\r\n color: var(--muted);\r\n margin-bottom: 0.5rem;\r\n }\r\n\r\n .stat-value {\r\n font-family: 'Playfair Display', serif;\r\n font-size: 1.8rem;\r\n color: var(--ink);\r\n line-height: 1;\r\n margin-bottom: 0.3rem;\r\n }\r\n\r\n .stat-sub {\r\n font-size: 0.72rem;\r\n color: var(--muted);\r\n }\r\n\r\n .up { color: var(--green); }\r\n .down { color: var(--red); }\r\n .neutral { color: var(--gold); }\r\n\r\n \/* RISK LIST *\/\r\n .risk-list {\r\n display: flex;\r\n flex-direction: column;\r\n gap: 1rem;\r\n margin: 1.5rem 0;\r\n }\r\n\r\n .risk-item {\r\n display: flex;\r\n gap: 1rem;\r\n align-items: flex-start;\r\n padding: 1rem 1.25rem;\r\n background: white;\r\n border-left: 3px solid transparent;\r\n }\r\n\r\n .risk-item.high { border-color: var(--rust); }\r\n .risk-item.medium { border-color: var(--gold); }\r\n .risk-item.low { border-color: var(--green); }\r\n\r\n .risk-badge {\r\n font-size: 0.58rem;\r\n font-weight: 500;\r\n letter-spacing: 0.15em;\r\n text-transform: uppercase;\r\n padding: 0.25rem 0.6rem;\r\n white-space: nowrap;\r\n margin-top: 2px;\r\n }\r\n\r\n .risk-item.high .risk-badge { background: rgba(192,75,46,0.1); color: var(--rust); }\r\n .risk-item.medium .risk-badge { background: rgba(184,137,42,0.12); color: var(--gold); }\r\n .risk-item.low .risk-badge { background: rgba(45,106,79,0.1); color: var(--green); }\r\n\r\n .risk-text strong {\r\n display: block;\r\n font-size: 0.85rem;\r\n font-weight: 500;\r\n color: var(--ink);\r\n margin-bottom: 0.2rem;\r\n }\r\n\r\n .risk-text span {\r\n font-size: 0.82rem;\r\n color: var(--muted);\r\n }\r\n\r\n \/* ASSET TABLE *\/\r\n .asset-table {\r\n width: 100%;\r\n border-collapse: collapse;\r\n margin: 1.5rem 0;\r\n font-size: 0.85rem;\r\n }\r\n\r\n .asset-table thead {\r\n background: var(--ink);\r\n color: white;\r\n }\r\n\r\n .asset-table th {\r\n padding: 0.75rem 1rem;\r\n text-align: left;\r\n font-weight: 400;\r\n font-size: 0.7rem;\r\n letter-spacing: 0.12em;\r\n text-transform: uppercase;\r\n }\r\n\r\n .asset-table th:not(:first-child) { text-align: center; }\r\n\r\n .asset-table tbody tr {\r\n border-bottom: 1px solid var(--border);\r\n transition: background 0.15s;\r\n }\r\n\r\n .asset-table tbody tr:hover { background: rgba(0,0,0,0.02); }\r\n\r\n .asset-table td {\r\n padding: 0.9rem 1rem;\r\n color: var(--ink);\r\n }\r\n\r\n .asset-table td:not(:first-child) { text-align: center; }\r\n\r\n .asset-name {\r\n font-weight: 500;\r\n font-size: 0.88rem;\r\n }\r\n\r\n .asset-sub {\r\n font-size: 0.72rem;\r\n color: var(--muted);\r\n display: block;\r\n }\r\n\r\n .tag {\r\n display: inline-block;\r\n padding: 0.2rem 0.6rem;\r\n font-size: 0.66rem;\r\n letter-spacing: 0.08em;\r\n text-transform: uppercase;\r\n font-weight: 500;\r\n }\r\n\r\n .tag-buy { background: rgba(45,106,79,0.12); color: var(--green); }\r\n .tag-neutral { background: rgba(184,137,42,0.1); color: var(--gold); }\r\n .tag-sell { background: rgba(192,75,46,0.1); color: var(--rust); }\r\n\r\n .bar-wrap {\r\n display: flex;\r\n align-items: center;\r\n gap: 0.5rem;\r\n justify-content: center;\r\n }\r\n\r\n .bar {\r\n height: 6px;\r\n border-radius: 1px;\r\n background: var(--border);\r\n width: 60px;\r\n overflow: hidden;\r\n }\r\n\r\n .bar-fill {\r\n height: 100%;\r\n border-radius: 1px;\r\n }\r\n\r\n \/* ALLOCATION *\/\r\n .alloc-section {\r\n background: var(--ink);\r\n color: white;\r\n margin: 2rem -2rem;\r\n padding: 2.5rem 2rem;\r\n }\r\n\r\n .alloc-title {\r\n font-family: 'Playfair Display', serif;\r\n font-size: 1.2rem;\r\n color: var(--gold-light);\r\n margin-bottom: 0.4rem;\r\n }\r\n\r\n .alloc-sub {\r\n font-size: 0.78rem;\r\n color: rgba(255,255,255,0.45);\r\n margin-bottom: 2rem;\r\n letter-spacing: 0.05em;\r\n }\r\n\r\n .alloc-grid {\r\n display: grid;\r\n grid-template-columns: repeat(2, 1fr);\r\n gap: 1rem;\r\n }\r\n\r\n .alloc-item {\r\n display: flex;\r\n flex-direction: column;\r\n gap: 0.4rem;\r\n }\r\n\r\n .alloc-header {\r\n display: flex;\r\n justify-content: space-between;\r\n align-items: baseline;\r\n }\r\n\r\n .alloc-name {\r\n font-size: 0.8rem;\r\n color: rgba(255,255,255,0.8);\r\n letter-spacing: 0.05em;\r\n }\r\n\r\n .alloc-pct {\r\n font-family: 'Playfair Display', serif;\r\n font-size: 1.1rem;\r\n color: var(--gold-light);\r\n }\r\n\r\n .alloc-bar {\r\n height: 4px;\r\n background: rgba(255,255,255,0.1);\r\n border-radius: 2px;\r\n overflow: hidden;\r\n }\r\n\r\n .alloc-bar-fill {\r\n height: 100%;\r\n border-radius: 2px;\r\n background: var(--gold);\r\n }\r\n\r\n .alloc-note {\r\n font-size: 0.7rem;\r\n color: rgba(255,255,255,0.35);\r\n }\r\n\r\n .disclaimer {\r\n padding: 2rem 0;\r\n font-size: 0.72rem;\r\n color: var(--muted);\r\n line-height: 1.6;\r\n border-top: 1px solid var(--border);\r\n }\r\n\r\n footer {\r\n background: var(--ink);\r\n padding: 1.5rem 2rem;\r\n text-align: center;\r\n color: rgba(255,255,255,0.3);\r\n font-size: 0.72rem;\r\n letter-spacing: 0.08em;\r\n }\r\n\r\n footer strong { color: var(--gold); }\r\n\r\n @media (max-width: 600px) {\r\n .stat-grid { grid-template-columns: 1fr 1fr; }\r\n .alloc-grid { grid-template-columns: 1fr; }\r\n nav { display: none; }\r\n }\r\n<\/style>\r\n<\/head>\r\n<body>\r\n\r\n<!-- HEADER -->\r\n<header>\r\n <div class=\"logo\">\r\n AVEFI\r\n <span>Gestion de patrimoine<\/span>\r\n <\/div>\r\n <nav>\r\n <\/nav>\r\n<\/header>\r\n\r\n<!-- HERO -->\r\n<div class=\"hero\">\r\n <div class=\"hero-tag\">Note de march\u00e9 \u2014 Mars 2026<\/div>\r\n <h1>Naviguer dans un cycle<br><em>de transition douce<\/em><\/h1>\r\n <p class=\"hero-meta\">\r\n Par N Nehlil\u00b7 <strong>02 mars 2026<\/strong> \u00b7 Lecture 5 min\r\n <\/p>\r\n<\/div>\r\n\r\n<!-- CONTENT -->\r\n<div class=\"container\">\r\n\r\n <!-- LEAD -->\r\n <div class=\"lead\">\r\n <p>\r\n L'\u00e9conomie mondiale entre dans une phase de normalisation progressive : l'inflation recule des deux c\u00f4t\u00e9s de l'Atlantique, les banques centrales ach\u00e8vent leurs cycles de hausse, et la croissance, si elle reste mod\u00e9r\u00e9e, d\u00e9joue les sc\u00e9narios catastrophistes de 2024. Cette configuration offre des opportunit\u00e9s r\u00e9elles \u2014 \u00e0 condition de s\u00e9lectionner les actifs avec discernement.\r\n <\/p>\r\n <\/div>\r\n\r\n <!-- SECTION 1 \u2014 MACRO -->\r\n <div class=\"section\">\r\n <div class=\"section-label\">\r\n <div class=\"section-num\">01<\/div>\r\n <h2 class=\"section-title\">Tendances macro\u00e9conomiques<\/h2>\r\n <\/div>\r\n\r\n <div class=\"stat-grid\">\r\n <div class=\"stat-box\">\r\n <div class=\"stat-label\">BCE \u2014 Taux directeur<\/div>\r\n <div class=\"stat-value neutral\">2,15 %<\/div>\r\n <div class=\"stat-sub\">Cycle de baisse probablement termin\u00e9<\/div>\r\n <\/div>\r\n <div class=\"stat-box\">\r\n <div class=\"stat-label\">Fed \u2014 Taux directeur<\/div>\r\n <div class=\"stat-value neutral\">3,50\u20133,75 %<\/div>\r\n <div class=\"stat-sub\">2 baisses suppl\u00e9mentaires attendues<\/div>\r\n <\/div>\r\n <div class=\"stat-box\">\r\n <div class=\"stat-label\">Inflation Zone Euro<\/div>\r\n <div class=\"stat-value up\">\u2248 2,0 %<\/div>\r\n <div class=\"stat-sub\">Conforme \u00e0 l'objectif BCE<\/div>\r\n <\/div>\r\n <div class=\"stat-box\">\r\n <div class=\"stat-label\">Croissance Zone Euro 2026<\/div>\r\n <div class=\"stat-value\">+1,2 %<\/div>\r\n <div class=\"stat-sub\">BCE \u2014 Projections d\u00e9c. 2025<\/div>\r\n <\/div>\r\n <div class=\"stat-box\">\r\n <div class=\"stat-label\">Croissance \u00c9tats-Unis 2026<\/div>\r\n <div class=\"stat-value\">+1,8 %<\/div>\r\n <div class=\"stat-sub\">Fed Philadelphia Survey<\/div>\r\n <\/div>\r\n <div class=\"stat-box\">\r\n <div class=\"stat-label\">Inflation France 2026<\/div>\r\n <div class=\"stat-value up\">+1,4 %<\/div>\r\n <div class=\"stat-sub\">Banque de France (IPCH)<\/div>\r\n <\/div>\r\n <\/div>\r\n\r\n <p>\r\n La zone euro consolide une reprise progressive. <strong>La BCE affiche un taux de 2,15 %<\/strong> et la majorit\u00e9 des \u00e9conomistes s'accordent \u00e0 dire que le cycle de d\u00e9tente mon\u00e9taire est d\u00e9sormais achev\u00e9. La croissance europ\u00e9enne, port\u00e9e par la consommation des m\u00e9nages et le plan de relance budg\u00e9taire allemand, devrait atteindre <strong>+1,2 % en 2026<\/strong>. L'Allemagne (+0,3 %) et l'Italie (+0,6 %) restent cependant en retrait.\r\n <\/p>\r\n <p>\r\n Aux \u00c9tats-Unis, l'\u00e9conomie pr\u00e9sente un profil en \u00ab K \u00bb : certains secteurs prosp\u00e8rent tandis que d'autres s'essoufflent. L'inflation y reste l\u00e9g\u00e8rement au-dessus de l'objectif (2,7 % fin 2025), soutenue par la vigueur des services et les droits de douane Trump. La Fed, dont la pr\u00e9sidence sera renouvel\u00e9e en mai 2026, devrait proc\u00e9der \u00e0 deux ou trois nouvelles baisses d'ici fin d'ann\u00e9e, selon JP Morgan Asset Management.\r\n <\/p>\r\n <p>\r\n En France, la Banque de France pr\u00e9voit une croissance de <strong>+1,2 % en 2026<\/strong> et une inflation mod\u00e9r\u00e9e \u00e0 1,4 %, dans un contexte de redressement lent de l'emploi et de finances publiques sous tension.\r\n <\/p>\r\n <\/div>\r\n\r\n <!-- SECTION 2 \u2014 RISQUES -->\r\n <div class=\"section\">\r\n <div class=\"section-label\">\r\n <div class=\"section-num\">02<\/div>\r\n <h2 class=\"section-title\">Cartographie des risques<\/h2>\r\n <\/div>\r\n\r\n <div class=\"risk-list\">\r\n <div class=\"risk-item high\">\r\n <span class=\"risk-badge\">\u00c9lev\u00e9<\/span>\r\n <div class=\"risk-text\">\r\n <strong>Dominance budg\u00e9taire & pressions sur les taux longs<\/strong>\r\n <span>Les d\u00e9ficits publics massifs aux \u00c9tats-Unis et en France contraignent les banques centrales. Une remont\u00e9e des taux longs amplifierait la volatilit\u00e9 sur les actifs risqu\u00e9s et p\u00e8serait sur le private equity et l'immobilier.<\/span>\r\n <\/div>\r\n <\/div>\r\n <div class=\"risk-item high\">\r\n <span class=\"risk-badge\">\u00c9lev\u00e9<\/span>\r\n <div class=\"risk-text\">\r\n <strong>Guerre commerciale & droits de douane Trump<\/strong>\r\n <span>L'ampleur des mesures tarifaires d\u00e9passe largement celle de 2017-2018. Une r\u00e9orientation des exportations chinoises vers l'Europe pourrait cr\u00e9er des pressions d\u00e9flationnistes sectorielles tout en fragilisant certains exportateurs europ\u00e9ens.<\/span>\r\n <\/div>\r\n <\/div>\r\n <div class=\"risk-item medium\">\r\n <span class=\"risk-badge\">Mod\u00e9r\u00e9<\/span>\r\n <div class=\"risk-text\">\r\n <strong>Transition de la pr\u00e9sidence Fed (mai 2026)<\/strong>\r\n <span>Le remplacement de Jerome Powell par un pr\u00e9sident plus accommodant introduit une incertitude sur la cr\u00e9dibilit\u00e9 anti-inflationniste de la Fed et sur le calendrier des baisses de taux.<\/span>\r\n <\/div>\r\n <\/div>\r\n <div class=\"risk-item medium\">\r\n <span class=\"risk-badge\">Mod\u00e9r\u00e9<\/span>\r\n <div class=\"risk-text\">\r\n <strong>Japon : chute simultan\u00e9e JGB & yen<\/strong>\r\n <span>Un exemple de d\u00e9rive potentielle lorsque la politique mon\u00e9taire est contrainte par l'endettement public. Risque de contagion sur les march\u00e9s obligataires globaux si la situation se d\u00e9gradait.<\/span>\r\n <\/div>\r\n <\/div>\r\n <div class=\"risk-item low\">\r\n <span class=\"risk-badge\">Limit\u00e9<\/span>\r\n <div class=\"risk-text\">\r\n <strong>March\u00e9 du travail am\u00e9ricain<\/strong>\r\n <span>Le march\u00e9 de l'emploi reste sans effondrement mais n'offre plus de sorties faciles. Un ralentissement marqu\u00e9 constituerait n\u00e9anmoins un signal d'assouplissement acc\u00e9l\u00e9r\u00e9 de la Fed, donc un support pour les obligations.<\/span>\r\n <\/div>\r\n <\/div>\r\n <div class=\"risk-item low\">\r\n <span class=\"risk-badge\">Limit\u00e9<\/span>\r\n <div class=\"risk-text\">\r\n <strong>IA : valorisations et marges des g\u00e9ants tech<\/strong>\r\n <span>Contrairement \u00e0 la bulle internet, la hausse des valeurs technologiques repose sur des b\u00e9n\u00e9fices solides. Risque sur les marges \u00e0 surveiller ; la diversification vers les utilisateurs de l'IA reste prudente.<\/span>\r\n <\/div>\r\n <\/div>\r\n <\/div>\r\n <\/div>\r\n\r\n <!-- SECTION 3 \u2014 ACTIFS -->\r\n <div class=\"section\">\r\n <div class=\"section-label\">\r\n <div class=\"section-num\">03<\/div>\r\n <h2 class=\"section-title\">Couple rendement \/ risque par classe d'actifs<\/h2>\r\n <\/div>\r\n\r\n <p>\r\n Le tableau ci-dessous s'appuie sur les <strong>Long-Term Capital Market Assumptions 2026 de JP Morgan Asset Management<\/strong> (LTCMAs, publi\u00e9es en octobre 2025), qui fournissent des projections de rendement annualis\u00e9 sur 10 \u00e0 15 ans pour plus de 200 actifs. Ces chiffres constituent la r\u00e9f\u00e9rence institutionnelle la plus compl\u00e8te disponible pour calibrer les allocations strat\u00e9giques.\r\n <\/p>\r\n\r\n <!-- SOURCE BADGE -->\r\n <div style=\"display:flex;align-items:center;gap:0.75rem;margin:1.25rem 0;padding:0.75rem 1rem;background:white;border-left:3px solid var(--gold);font-size:0.78rem;\">\r\n <svg width=\"18\" height=\"18\" viewBox=\"0 0 24 24\" fill=\"none\" stroke=\"var(--gold)\" stroke-width=\"2\"><circle cx=\"12\" cy=\"12\" r=\"10\"\/><line x1=\"12\" y1=\"8\" x2=\"12\" y2=\"12\"\/><line x1=\"12\" y1=\"16\" x2=\"12.01\" y2=\"16\"\/><\/svg>\r\n <span>Source : <strong>J.P. Morgan Asset Management \u2014 LTCMAs 2026<\/strong> \u00b7 Donn\u00e9es au 30 septembre 2025 \u00b7 Rendements nominaux annualis\u00e9s (USD sauf mention EUR) \u00b7 Horizon 10\u201315 ans \u00b7 Passif, net de frais<\/span>\r\n <\/div>\r\n\r\n <table class=\"asset-table\">\r\n <thead>\r\n <tr>\r\n <th>Classe d'actif<\/th>\r\n <th>Rend. LTCMA JPM<\/th>\r\n <th>Volatilit\u00e9<\/th>\r\n <th>Ratio R\/R<\/th>\r\n <th>Vue AVEFI<\/th>\r\n <\/tr>\r\n <\/thead>\r\n <tbody>\r\n <!-- ACTIONS -->\r\n <tr style=\"background:rgba(0,0,0,0.015)\">\r\n <td colspan=\"5\" style=\"padding:0.5rem 1rem;font-size:0.65rem;letter-spacing:0.18em;text-transform:uppercase;color:var(--muted);font-weight:500;\">Actions<\/td>\r\n <\/tr>\r\n <tr>\r\n <td>\r\n <span class=\"asset-name\">Actions US grandes cap.<\/span>\r\n <span class=\"asset-sub\">S&P 500 \u2014 Tech adoption \u2192 d\u00e9ploiement<\/span>\r\n <\/td>\r\n <td><strong>6,7 %<\/strong><\/td>\r\n <td>\r\n <div class=\"bar-wrap\">\r\n <div class=\"bar\"><div class=\"bar-fill\" style=\"width:78%;background:var(--gold)\"><\/div><\/div>\r\n ~15 %\r\n <\/div>\r\n <\/td>\r\n <td><span class=\"tag tag-neutral\">Mod\u00e9r\u00e9<\/span><\/td>\r\n <td><span class=\"tag tag-neutral\">Neutre<\/span><\/td>\r\n <\/tr>\r\n <tr>\r\n <td>\r\n <span class=\"asset-name\">Actions internationales (EAFE)<\/span>\r\n <span class=\"asset-sub\">Europe + Japon \u2014 valorisations attractives<\/span>\r\n <\/td>\r\n <td><strong>7,4 %<\/strong><\/td>\r\n <td>\r\n <div class=\"bar-wrap\">\r\n <div class=\"bar\"><div class=\"bar-fill\" style=\"width:70%;background:var(--gold)\"><\/div><\/div>\r\n ~14 %\r\n <\/div>\r\n <\/td>\r\n <td><span class=\"tag tag-buy\">Bon<\/span><\/td>\r\n <td><span class=\"tag tag-buy\">Surpond\u00e9rer<\/span><\/td>\r\n <\/tr>\r\n <tr>\r\n <td>\r\n <span class=\"asset-name\">Actions mondiales (ACWI)<\/span>\r\n <span class=\"asset-sub\">Diversification g\u00e9ographique, USD plus faible<\/span>\r\n <\/td>\r\n <td><strong>7,0 %<\/strong><\/td>\r\n <td>\r\n <div class=\"bar-wrap\">\r\n <div class=\"bar\"><div class=\"bar-fill\" style=\"width:72%;background:var(--gold)\"><\/div><\/div>\r\n ~15 %\r\n <\/div>\r\n <\/td>\r\n <td><span class=\"tag tag-buy\">Bon<\/span><\/td>\r\n <td><span class=\"tag tag-buy\">Conserver<\/span><\/td>\r\n <\/tr>\r\n <tr>\r\n <td>\r\n <span class=\"asset-name\">March\u00e9s \u00e9mergents<\/span>\r\n <span class=\"asset-sub\">Forte croissance rev., dividendes \u00e9lev\u00e9s<\/span>\r\n <\/td>\r\n <td><strong>7,8 %<\/strong><\/td>\r\n <td>\r\n <div class=\"bar-wrap\">\r\n <div class=\"bar\"><div class=\"bar-fill\" style=\"width:90%;background:var(--rust)\"><\/div><\/div>\r\n ~20 %\r\n <\/div>\r\n <\/td>\r\n <td><span class=\"tag tag-neutral\">Mod\u00e9r\u00e9<\/span><\/td>\r\n <td><span class=\"tag tag-neutral\">S\u00e9lectif<\/span><\/td>\r\n <\/tr>\r\n <!-- FIXED INCOME -->\r\n <tr style=\"background:rgba(0,0,0,0.015)\">\r\n <td colspan=\"5\" style=\"padding:0.5rem 1rem;font-size:0.65rem;letter-spacing:0.18em;text-transform:uppercase;color:var(--muted);font-weight:500;\">Obligations & Cr\u00e9dit<\/td>\r\n <\/tr>\r\n <tr>\r\n <td>\r\n <span class=\"asset-name\">Treasuries US interm\u00e9diaires<\/span>\r\n <span class=\"asset-sub\">Duration 5\u20137 ans, courbe pentifi\u00e9e<\/span>\r\n <\/td>\r\n <td><strong>4,0 %<\/strong><\/td>\r\n <td>\r\n <div class=\"bar-wrap\">\r\n <div class=\"bar\"><div class=\"bar-fill\" style=\"width:30%;background:var(--green)\"><\/div><\/div>\r\n ~6 %\r\n <\/div>\r\n <\/td>\r\n <td><span class=\"tag tag-buy\">Bon<\/span><\/td>\r\n <td><span class=\"tag tag-neutral\">Neutre<\/span><\/td>\r\n <\/tr>\r\n <tr>\r\n <td>\r\n <span class=\"asset-name\">Treasuries US longs<\/span>\r\n <span class=\"asset-sub\">20 ans+, risque duration & d\u00e9ficit<\/span>\r\n <\/td>\r\n <td><strong>4,9 %<\/strong><\/td>\r\n <td>\r\n <div class=\"bar-wrap\">\r\n <div class=\"bar\"><div class=\"bar-fill\" style=\"width:55%;background:var(--gold)\"><\/div><\/div>\r\n ~11 %\r\n <\/div>\r\n <\/td>\r\n <td><span class=\"tag tag-neutral\">Mod\u00e9r\u00e9<\/span><\/td>\r\n <td><span class=\"tag tag-neutral\">Sous-pond\u00e9rer<\/span><\/td>\r\n <\/tr>\r\n <tr>\r\n <td>\r\n <span class=\"asset-name\">Cr\u00e9dit IG am\u00e9ricain<\/span>\r\n <span class=\"asset-sub\">Spreads serr\u00e9s, maturit\u00e9s raccourcies<\/span>\r\n <\/td>\r\n <td><strong>5,2 %<\/strong><\/td>\r\n <td>\r\n <div class=\"bar-wrap\">\r\n <div class=\"bar\"><div class=\"bar-fill\" style=\"width:38%;background:var(--green)\"><\/div><\/div>\r\n ~7 %\r\n <\/div>\r\n <\/td>\r\n <td><span class=\"tag tag-buy\">Excellent<\/span><\/td>\r\n <td><span class=\"tag tag-buy\">Surpond\u00e9rer<\/span><\/td>\r\n <\/tr>\r\n <tr>\r\n <td>\r\n <span class=\"asset-name\">High Yield am\u00e9ricain<\/span>\r\n <span class=\"asset-sub\">Spread fair value 475bps, qualit\u00e9 cr\u00e9dit \u2191<\/span>\r\n <\/td>\r\n <td><strong>6,1 %<\/strong><\/td>\r\n <td>\r\n <div class=\"bar-wrap\">\r\n <div class=\"bar\"><div class=\"bar-fill\" style=\"width:65%;background:var(--gold)\"><\/div><\/div>\r\n ~13 %\r\n <\/div>\r\n <\/td>\r\n <td><span class=\"tag tag-neutral\">Mod\u00e9r\u00e9<\/span><\/td>\r\n <td><span class=\"tag tag-neutral\">Neutre<\/span><\/td>\r\n <\/tr>\r\n <!-- REAL ASSETS & ALTS -->\r\n <tr style=\"background:rgba(0,0,0,0.015)\">\r\n <td colspan=\"5\" style=\"padding:0.5rem 1rem;font-size:0.65rem;letter-spacing:0.18em;text-transform:uppercase;color:var(--muted);font-weight:500;\">Actifs r\u00e9els & Alternatifs<\/td>\r\n <\/tr>\r\n <tr>\r\n <td>\r\n <span class=\"asset-name\">Immobilier core US (REIT)<\/span>\r\n <span class=\"asset-sub\">Points d'entr\u00e9e attractifs, yields \u00e9lev\u00e9s<\/span>\r\n <\/td>\r\n <td><strong>8,2 %<\/strong><\/td>\r\n <td>\r\n <div class=\"bar-wrap\">\r\n <div class=\"bar\"><div class=\"bar-fill\" style=\"width:62%;background:var(--gold)\"><\/div><\/div>\r\n ~12 %\r\n <\/div>\r\n <\/td>\r\n <td><span class=\"tag tag-buy\">Bon<\/span><\/td>\r\n <td><span class=\"tag tag-buy\">Surpond\u00e9rer<\/span><\/td>\r\n <\/tr>\r\n <tr>\r\n <td>\r\n <span class=\"asset-name\">Immobilier core Europe<\/span>\r\n <span class=\"asset-sub\">Correction pass\u00e9e, reprise progressive<\/span>\r\n <\/td>\r\n <td><strong>6,9 %<\/strong><\/td>\r\n <td>\r\n <div class=\"bar-wrap\">\r\n <div class=\"bar\"><div class=\"bar-fill\" style=\"width:58%;background:var(--gold)\"><\/div><\/div>\r\n ~11 %\r\n <\/div>\r\n <\/td>\r\n <td><span class=\"tag tag-buy\">Bon<\/span><\/td>\r\n <td><span class=\"tag tag-buy\">Conserver<\/span><\/td>\r\n <\/tr>\r\n <tr>\r\n <td>\r\n <span class=\"asset-name\">Infrastructure mondiale core<\/span>\r\n <span class=\"asset-sub\">D\u00e9fense face aux politiques commerciales<\/span>\r\n <\/td>\r\n <td><strong>6,5 %<\/strong><\/td>\r\n <td>\r\n <div class=\"bar-wrap\">\r\n <div class=\"bar\"><div class=\"bar-fill\" style=\"width:40%;background:var(--green)\"><\/div><\/div>\r\n ~8 %\r\n <\/div>\r\n <\/td>\r\n <td><span class=\"tag tag-buy\">Excellent<\/span><\/td>\r\n <td><span class=\"tag tag-buy\">Surpond\u00e9rer<\/span><\/td>\r\n <\/tr>\r\n <tr>\r\n <td>\r\n <span class=\"asset-name\">Or<\/span>\r\n <span class=\"asset-sub\">Couverture g\u00e9opolitique & inflation (\u2191 vs 2025)<\/span>\r\n <\/td>\r\n <td><strong>5,5 %<\/strong><\/td>\r\n <td>\r\n <div class=\"bar-wrap\">\r\n <div class=\"bar\"><div class=\"bar-fill\" style=\"width:48%;background:var(--gold)\"><\/div><\/div>\r\n ~15 %\r\n <\/div>\r\n <\/td>\r\n <td><span class=\"tag tag-neutral\">Mod\u00e9r\u00e9<\/span><\/td>\r\n <td><span class=\"tag tag-buy\">Conserver<\/span><\/td>\r\n <\/tr>\r\n <tr>\r\n <td>\r\n <span class=\"asset-name\">Private Equity<\/span>\r\n <span class=\"asset-sub\">Meilleur rendement absolu \u2014 liquidit\u00e9 r\u00e9duite<\/span>\r\n <\/td>\r\n <td><strong>10,2 %<\/strong><\/td>\r\n <td>\r\n <div class=\"bar-wrap\">\r\n <div class=\"bar\"><div class=\"bar-fill\" style=\"width:100%;background:var(--rust)\"><\/div><\/div>\r\n ~25 %\r\n <\/div>\r\n <\/td>\r\n <td><span class=\"tag tag-neutral\">\u00c0 prime<\/span><\/td>\r\n <td><span class=\"tag tag-buy\">S\u00e9lectif<\/span><\/td>\r\n <\/tr>\r\n <tr>\r\n <td>\r\n <span class=\"asset-name\">Dette priv\u00e9e (Direct Lending)<\/span>\r\n <span class=\"asset-sub\">Portage \u00e9lev\u00e9, illiquidit\u00e9 \u00e0 compenser<\/span>\r\n <\/td>\r\n <td><strong>7,6 %<\/strong><\/td>\r\n <td>\r\n <div class=\"bar-wrap\">\r\n <div class=\"bar\"><div class=\"bar-fill\" style=\"width:42%;background:var(--green)\"><\/div><\/div>\r\n ~8 %\r\n <\/div>\r\n <\/td>\r\n <td><span class=\"tag tag-buy\">Excellent<\/span><\/td>\r\n <td><span class=\"tag tag-buy\">Surpond\u00e9rer<\/span><\/td>\r\n <\/tr>\r\n <tr>\r\n <td>\r\n <span class=\"asset-name\">Mati\u00e8res premi\u00e8res (panier large)<\/span>\r\n <span class=\"asset-sub\">Transition \u00e9nerg\u00e9tique & risques g\u00e9opolitiques<\/span>\r\n <\/td>\r\n <td><strong>4,6 %<\/strong><\/td>\r\n <td>\r\n <div class=\"bar-wrap\">\r\n <div class=\"bar\"><div class=\"bar-fill\" style=\"width:80%;background:var(--rust)\"><\/div><\/div>\r\n ~20 %\r\n <\/div>\r\n <\/td>\r\n <td><span class=\"tag tag-sell\">Faible<\/span><\/td>\r\n <td><span class=\"tag tag-neutral\">\u00c9viter<\/span><\/td>\r\n <\/tr>\r\n <\/tbody>\r\n <\/table>\r\n\r\n <!-- NOTE JPM -->\r\n <div style=\"padding:1.25rem;background:white;border:1px solid var(--border);font-size:0.8rem;color:var(--muted);margin-top:0.5rem;line-height:1.6;\">\r\n <strong style=\"color:var(--ink);\">Lecture :<\/strong> Les rendements JPM sont des projections nominales annualis\u00e9es sur 10\u201315 ans, en USD (sauf immobilier Europe en EUR). Le ratio rendement\/risque AVEFI est appr\u00e9ci\u00e9 qualitativement en tenant compte du rendement attendu, de la volatilit\u00e9 implicite, de la liquidit\u00e9 et du contexte de march\u00e9 \u00e0 mars 2026. Les donn\u00e9es de volatilit\u00e9 sont des estimations indicatives ; JPM publie les fourchettes compl\u00e8tes dans le rapport technique complet (LTCMA Full Report, Exhibit 5).\r\n <\/div>\r\n <\/div>\r\n\r\n <!-- SECTION 4 \u2014 ALLOCATION -->\r\n <div class=\"section\">\r\n <div class=\"section-label\">\r\n <div class=\"section-num\">04<\/div>\r\n <h2 class=\"section-title\">Exemple d'allocation \u2014 Profil \u00e9quilibr\u00e9<\/h2>\r\n <\/div>\r\n\r\n <p>Le portefeuille illustratif ci-dessous cible un profil \u00e9quilibr\u00e9 (horizon 3\u20135 ans), privil\u00e9giant le portage obligataire europ\u00e9en et une exposition actions orient\u00e9e Europe \/ valeur, dans un contexte o\u00f9 la croissance reste positive mais la visibilit\u00e9 limit\u00e9e.<\/p>\r\n\r\n <div class=\"alloc-section\">\r\n <div class=\"alloc-title\">Allocation indicative \u2014 Profil \u00c9quilibr\u00e9<\/div>\r\n <div class=\"alloc-sub\">Horizon 3\u20135 ans \u00b7 Risque mod\u00e9r\u00e9 \u00b7 Mars 2026<\/div>\r\n\r\n <div class=\"alloc-grid\">\r\n <div class=\"alloc-item\">\r\n <div class=\"alloc-header\">\r\n <span class=\"alloc-name\">Obligations \u20ac Investment Grade<\/span>\r\n <span class=\"alloc-pct\">25 %<\/span>\r\n <\/div>\r\n <div class=\"alloc-bar\"><div class=\"alloc-bar-fill\" style=\"width:25%\"><\/div><\/div>\r\n <span class=\"alloc-note\">Portage ~4,5 % \u00b7 Dur\u00e9e 4\u20136 ans<\/span>\r\n <\/div>\r\n\r\n <div class=\"alloc-item\">\r\n <div class=\"alloc-header\">\r\n <span class=\"alloc-name\">Actions Europe (large cap)<\/span>\r\n <span class=\"alloc-pct\">22 %<\/span>\r\n <\/div>\r\n <div class=\"alloc-bar\"><div class=\"alloc-bar-fill\" style=\"width:22%\"><\/div><\/div>\r\n <span class=\"alloc-note\">Valeurs value & dividendes \u00b7 Euro Stoxx<\/span>\r\n <\/div>\r\n\r\n <div class=\"alloc-item\">\r\n <div class=\"alloc-header\">\r\n <span class=\"alloc-name\">Obligations souveraines \u20ac (court terme)<\/span>\r\n <span class=\"alloc-pct\">15 %<\/span>\r\n <\/div>\r\n <div class=\"alloc-bar\"><div class=\"alloc-bar-fill\" style=\"width:15%\"><\/div><\/div>\r\n <span class=\"alloc-note\">OAT \/ Bund 2\u20134 ans \u00b7 S\u00e9curit\u00e9<\/span>\r\n <\/div>\r\n\r\n <div class=\"alloc-item\">\r\n <div class=\"alloc-header\">\r\n <span class=\"alloc-name\">Actions US (diversifi\u00e9es)<\/span>\r\n <span class=\"alloc-pct\">15 %<\/span>\r\n <\/div>\r\n <div class=\"alloc-bar\"><div class=\"alloc-bar-fill\" style=\"width:15%\"><\/div><\/div>\r\n <span class=\"alloc-note\">S&P 500 \u00e9quipond\u00e9r\u00e9 + utilisateurs IA<\/span>\r\n <\/div>\r\n\r\n <div class=\"alloc-item\">\r\n <div class=\"alloc-header\">\r\n <span class=\"alloc-name\">Mon\u00e9taire \/ Fonds \u20ac s\u00e9curis\u00e9<\/span>\r\n <span class=\"alloc-pct\">10 %<\/span>\r\n <\/div>\r\n <div class=\"alloc-bar\"><div class=\"alloc-bar-fill\" style=\"width:10%\"><\/div><\/div>\r\n <span class=\"alloc-note\">Liquidit\u00e9 \u00b7 Taux BCE ~2 %<\/span>\r\n <\/div>\r\n\r\n <div class=\"alloc-item\">\r\n <div class=\"alloc-header\">\r\n <span class=\"alloc-name\">Or<\/span>\r\n <span class=\"alloc-pct\">8 %<\/span>\r\n <\/div>\r\n <div class=\"alloc-bar\"><div class=\"alloc-bar-fill\" style=\"width:8%\"><\/div><\/div>\r\n <span class=\"alloc-note\">Couverture g\u00e9opolitique & inflation<\/span>\r\n <\/div>\r\n\r\n <div class=\"alloc-item\">\r\n <div class=\"alloc-header\">\r\n <span class=\"alloc-name\">Immobilier (SCPI diversifi\u00e9es)<\/span>\r\n <span class=\"alloc-pct\">5 %<\/span>\r\n <\/div>\r\n <div class=\"alloc-bar\"><div class=\"alloc-bar-fill\" style=\"width:5%\"><\/div><\/div>\r\n <span class=\"alloc-note\">S\u00e9lection logistique & sant\u00e9<\/span>\r\n <\/div>\r\n\r\n <div class=\"alloc-item\">\r\n <div class=\"alloc-header\">\r\n <span class=\"alloc-name\">High Yield \/ Dette \u00e9mergente<\/span>\r\n <span class=\"alloc-pct\">0 %<\/span>\r\n <\/div>\r\n <div class=\"alloc-bar\"><div class=\"alloc-bar-fill\" style=\"width:0%\"><\/div><\/div>\r\n <span class=\"alloc-note\">\u00c9cart\u00e9 \u2014 spreads trop serr\u00e9s<\/span>\r\n <\/div>\r\n <\/div>\r\n <\/div>\r\n\r\n <p style=\"margin-top:1.5rem;\">\r\n Cette allocation traduit une conviction principale : <strong>le portage obligataire europ\u00e9en offre le meilleur rapport rendement\/risque du moment<\/strong>, tandis que les actions europ\u00e9ennes b\u00e9n\u00e9ficient d'un rattrapage structurel post-valorisation. La poche mon\u00e9taire conserve une marge de man\u0153uvre pour saisir les opportunit\u00e9s en cours d'ann\u00e9e, notamment si la volatilit\u00e9 venait \u00e0 s'accro\u00eetre lors de la transition \u00e0 la t\u00eate de la Fed en mai 2026.\r\n <\/p>\r\n <\/div>\r\n\r\n <!-- DISCLAIMER -->\r\n <div class=\"disclaimer\">\r\n <strong>Avertissement<\/strong> \u2014 Cette note est produite \u00e0 titre purement informatif et ne constitue pas un conseil en investissement personnalis\u00e9. Les performances pass\u00e9es ne pr\u00e9jugent pas des performances futures. Tout investissement comporte un risque de perte en capital. AVEFI est un cabinet de gestion de patrimoine r\u00e9glement\u00e9. Pour toute d\u00e9cision d'allocation, nous vous invitons \u00e0 contacter votre conseiller AVEFI.\r\n <\/div>\r\n\r\n<\/div>\r\n\r\n<footer>\r\n \u00a9 2026 <strong>AVEFI<\/strong> \u2014 Tous droits r\u00e9serv\u00e9s \u00b7 contact@avefi.com\r\n<\/footer>\r\n\r\n<\/body>\r\n<\/html>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-560d321 elementor-widget elementor-widget-insur-image-box\" data-id=\"560d321\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"insur-image-box.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t<div class=\"insurance-details__opportunities-img\">\r\n\t\t<img decoding=\"async\" src=\"http:\/\/avefi.com\/wp-content\/uploads\/2023\/07\/1.jpg\" alt=\"\">\r\n\t\t<div class=\"insurance-details__opportunities-hope\">\r\n\t\t\t<p>\r\n\t\t\t\tHope for the Best, <br> Prepare for the Worst\t\t\t<\/p>\r\n\t\t<\/div>\r\n\t<\/div>\r\n\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>Perspectives Macro \u2014 Mars 2026 | AVEFI AVEFI Gestion de patrimoine Note de march\u00e9 \u2014 Mars 2026 Naviguer dans un cyclede transition douce Par N Nehlil\u00b7 02 mars 2026 \u00b7 Lecture 5 min L’\u00e9conomie mondiale entre dans une phase de normalisation progressive : l’inflation recule des deux c\u00f4t\u00e9s de l’Atlantique, les banques centrales ach\u00e8vent leurs […]<\/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-3967","post","type-post","status-publish","format-standard","hentry","category-uncategorized"],"_links":{"self":[{"href":"https:\/\/avefi.com\/index.php?rest_route=\/wp\/v2\/posts\/3967","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=3967"}],"version-history":[{"count":12,"href":"https:\/\/avefi.com\/index.php?rest_route=\/wp\/v2\/posts\/3967\/revisions"}],"predecessor-version":[{"id":3980,"href":"https:\/\/avefi.com\/index.php?rest_route=\/wp\/v2\/posts\/3967\/revisions\/3980"}],"wp:attachment":[{"href":"https:\/\/avefi.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3967"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/avefi.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3967"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/avefi.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3967"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}