{"id":29929,"date":"2024-08-28T13:39:12","date_gmt":"2024-08-28T18:39:12","guid":{"rendered":"https:\/\/breakingintowallstreet.com\/?post_type=biws_kb&#038;p=29929"},"modified":"2024-12-16T23:39:32","modified_gmt":"2024-12-17T04:39:32","slug":"risk-free-rate","status":"publish","type":"biws_kb","link":"https:\/\/breakingintowallstreet.com\/kb\/finance\/risk-free-rate\/","title":{"rendered":"The Risk-Free Rate: Full Definition and Excel Examples"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_81 counter-flat ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">The Risk-Free Rate: Full Definition and Excel Examples<\/p>\n<span class=\"ez-toc-title-toggle\"><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/breakingintowallstreet.com\/kb\/finance\/risk-free-rate\/#Why_the_Risk-Free_Rate_Does_Not_Actually_Mean_%E2%80%9CRisk_Free%E2%80%9D\">Why the Risk-Free Rate Does Not Actually Mean \u201cRisk Free\u201d<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/breakingintowallstreet.com\/kb\/finance\/risk-free-rate\/#How_to_Use_the_Risk-Free_Rate_in_Valuation_WACC_and_the_Cost_of_Equity\">How to Use the Risk-Free Rate in Valuation: WACC and the Cost of Equity<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/breakingintowallstreet.com\/kb\/finance\/risk-free-rate\/#How_to_Use_the_Risk-Free_Rate_in_Valuation_The_Cost_of_Debt\">How to Use the Risk-Free Rate in Valuation: The Cost of Debt<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/breakingintowallstreet.com\/kb\/finance\/risk-free-rate\/#Interview_Questions_What_Happens_If_the_Risk-Free_Rate_Changes\">Interview Questions: What Happens If the Risk-Free Rate Changes?<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/breakingintowallstreet.com\/kb\/finance\/risk-free-rate\/#The_Risk-Free_Rate_and_Bond_Prices\">The Risk-Free Rate and Bond Prices<\/a><\/li><\/ul><\/nav><\/div>\n\n<blockquote><p><strong>Risk-Free Rate Definition:<\/strong> The Risk-Free Rate (RFR) represents the annualized return you could earn on assets that are free of <em>default risk<\/em>, such as \u201csafe\u201d government bonds that will almost certainly be repaid; it is a central part of the Discount Rate calculation and all corporate valuation.<\/p><\/blockquote>\n<p>In most analyses, such as the <a href=\"https:\/\/breakingintowallstreet.com\/kb\/finance\/discount-rate\/\" target=\"_blank\" rel=\"noopener\">Discount Rate<\/a> or WACC calculation, the Risk-Free Rate equals the <span><a href=\"https:\/\/breakingintowallstreet.com\/kb\/debt-equity\/yield-to-maturity\/\" target=\"_blank\" rel=\"noopener\">yield to maturity (YTM)<\/a><\/span> on 10-year government bonds denominated in the same currency as this company\u2019s financial statements.<\/p>\n<p>For example, if the company operates globally but reports its financials in British pounds (GBP), you use the 10-year U.K. government bond yield (\u201cGilt bonds\u201d) for the Risk-Free Rate, <span><a href=\"https:\/\/tradingeconomics.com\/united-kingdom\/government-bond-yield\" target=\"_blank\" rel=\"noopener\">which you can easily find online<\/a><\/span>.<\/p>\n<p>If the company reports in U.S. Dollars, you use the 10-year U.S. Treasury yield, <span><a href=\"https:\/\/www.cnbc.com\/quotes\/US10Y\" target=\"_blank\" rel=\"noopener\">which you can also find online<\/a><\/span>.<\/p>\n<p>Government bonds in countries like the U.S. and U.K. are considered \u201csafe\u201d because the chance of government default is nearly 0 (although \u201csoft defaults\u201d can still happen).<\/p>\n<p>This is because these countries control their own currencies and their own money supplies, so if push came to shove, they could simply print more money to repay looming debt maturities (at the cost of increasing inflation).<\/p>\n<p>If you\u2019re analyzing a company in an emerging market without good data for 10-year government bond yields, you could calculate the Risk-Free Rate by taking the U.S. Risk-Free Rate and adding the <strong>country default spread<\/strong>, <span><a href=\"https:\/\/pages.stern.nyu.edu\/~adamodar\/New_Home_Page\/datafile\/ctryprem.html\" target=\"_blank\" rel=\"noopener\">which Aswath Damodaran tracks here<\/a><\/span>.<\/p>\n<p>This Risk-Free Rate is used to calculate the Cost of Equity in the WACC formula in corporate valuation and may even be used to calculate the Cost of Debt in some cases.<\/p>\n<p>Since the RFR <em>directly<\/em> influences the required or expected returns (i.e., the Discount Rate), it is therefore central to all corporate and asset valuation.<\/p>\n<h3><strong>Files &amp; Resources:<\/strong><\/h3>\n<ul>\n<li><a href=\"https:\/\/youtube-breakingintowallstreet-com.s3.us-east-1.amazonaws.com\/Finance\/Risk-Free-Rate\/Risk-Free-Rate-Slides.pdf\" target=\"_blank\" rel=\"noopener\">Risk-Free Rate \u2013 Slides (PDF)<\/a><\/li>\n<li><a href=\"https:\/\/youtube-breakingintowallstreet-com.s3.us-east-1.amazonaws.com\/Finance\/Risk-Free-Rate\/Risk-Free-Rate-Reference.xlsx\" target=\"_blank\" rel=\"noopener\">Risk-Free Rate \u2013 Simple Demonstration File (XL)<\/a><\/li>\n<\/ul>\n<h3><strong>Video Table of Contents:<\/strong><\/h3>\n<ul>\n<li><strong>0:00:<\/strong> Introduction<\/li>\n<li><strong>3:58:<\/strong> What is the Risk-Free Rate?<\/li>\n<li><strong>5:53:<\/strong> Interest-Rate Risk<\/li>\n<li><strong>13:39:<\/strong> Currency Risk<\/li>\n<li><strong>16:51:<\/strong> Inflation Risk<\/li>\n<li><strong>19:44:<\/strong> Recap and Summary<\/li>\n<\/ul>\n<h2><span class=\"ez-toc-section\" id=\"Why_the_Risk-Free_Rate_Does_Not_Actually_Mean_%E2%80%9CRisk_Free%E2%80%9D\"><\/span><strong>Why the Risk-Free Rate Does Not Actually Mean \u201cRisk Free\u201d<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Before moving on, we must emphasize one point: <strong>Government bonds are not <em>free of risk<\/em> \u2013 they are simply assumed to be <em>free of<\/em> <em>default risk<\/em>.<\/strong><\/p>\n<p>They have many other risks attached, such as the inflation risk, currency risk, and interest-rate risk.<\/p>\n<p><strong>It is 100% possible to invest in U.S. government bonds and <em>lose money<\/em> even though they appear to be \u201crisk-free.\u201d<\/strong><\/p>\n<p>For example, the Vanguard Long-Term U.S. Treasury Fund declined by ~23% between early 2022 and early 2023, as the Federal Reserve aggressively raised interest rates to fight inflation:<\/p>\n<p><img decoding=\"async\" class=\"aligncenter wp-image-29930 size-full\" title=\"Vanguard Long-Term U.S. Treasuries Performance\" src=\"https:\/\/biwsuploads-assest.s3.amazonaws.com\/biws\/wp-content\/uploads\/2024\/08\/28133546\/01-Vanguard-Long-Term-US-Treasuries.jpg\" alt=\"Vanguard Long-Term U.S. Treasuries Performance\" width=\"650\" height=\"404\" srcset=\"https:\/\/biwsuploads-assest.s3.amazonaws.com\/biws\/wp-content\/uploads\/2024\/08\/28133546\/01-Vanguard-Long-Term-US-Treasuries.jpg 650w, https:\/\/biwsuploads-assest.s3.amazonaws.com\/biws\/wp-content\/uploads\/2024\/08\/28133546\/01-Vanguard-Long-Term-US-Treasuries-300x186.jpg 300w\" sizes=\"(max-width: 650px) 100vw, 650px\" \/><\/p>\n<p>How could this happen?<\/p>\n<p>As prevailing interest rates rise, the prices of <strong>existing bonds<\/strong> fall because most of these existing bonds were issued when interest rates were much lower.<\/p>\n<p>If a bond has a coupon rate of 2% when interest rates are at 0%, it looks quite appealing \u2013 but if the central bank raises interest rates to 4%, a 2% rate is considerably less appealing.<\/p>\n<p>Why buy this bond and earn 2% interest when you could buy <em>new<\/em> government bonds and earn 4% interest or more?<\/p>\n<p>This is exactly what happened between early 2022 and early 2023, which is why long-term U.S. Treasuries declined in value.<\/p>\n<p><strong>NOTE:<\/strong> In this scenario, you would have lost money only if you had <em>sold<\/em> your U.S. Treasuries early (i.e., in 2023 rather than waiting until maturity).<\/p>\n<p>If you had purchased them and held them to maturity in 10 years, you would have earned interest and recovered your full principal \u2013 but that full principal would have been worth less in real terms after 10 years due to inflation.<\/p>\n<div class='code-block code-block-2' style='margin: 8px 0; clear: both;'>\n<div class=\"kb-adinsert-modal\">\n    <div class=\"kb-adinsert-top\">\n      <div class=\"media\">\n          <img decoding=\"async\" class=\"alignnone size-full wp-image-28448\" src=\"https:\/\/biwsuploads-assest.s3.amazonaws.com\/biws\/wp-content\/uploads\/2024\/04\/24164120\/adv-fm-tile.png\" alt=\"PowerPoint Pro\" width=\"128\" height=\"128\" \/>\n      <\/div>\n      <div class=\"content\">\n          <h3>Master Financial Modeling for Investment Banking With <strong>BIWS Core Financial Modeling<\/strong><\/h3>\n      <\/div>\n    <\/div>\n    \n    <div class=\"full_text\">\n    \t<ul>\n        \t<li>\n            \t<h4>Become a financial modeling pro<\/h4>\n              <p>158 videos, detailed written guides, Excel files, quizzes, and more<\/p>\n\t\t\t    <\/li>\n          <li>\n          \t<h4>Complete 10+ detailed global case studies<\/h4>\n            <p>These include both the theory and the practical applications<\/p>\n\t\t\t    <\/li>\n          <li>\n          \t<h4>Prepare for your internship or full-time job<\/h4>\n            <p>Gain the skills you need to \u201chit the ground running\u201d on Day 1\n\n<\/p>\n\t\t\t  <\/li>\n      <\/ul>\n        \n      <a class=\"cta-link orange-button-medium\" href=\"https:\/\/breakingintowallstreet.com\/core-financial-modeling\/\" target=\"_blank\">Full Details<\/a>\n      \n      <a class=\"cta-link orange-button-medium bg-blue\" href=\"https:\/\/biws-support.s3.us-east-1.amazonaws.com\/Course-Outlines\/Core-Financial-Modeling-Course-Outline.pdf\" target=\"_blank\" rel=\"noopener\">Short Outline<\/a>\n    <\/div>\n<\/div><\/div>\n\n<h2><span class=\"ez-toc-section\" id=\"How_to_Use_the_Risk-Free_Rate_in_Valuation_WACC_and_the_Cost_of_Equity\"><\/span><strong>How to Use the Risk-Free Rate in Valuation: WACC and the Cost of Equity<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>In the Capital Asset Pricing Model (CAPM), the Cost of Equity \u2013 the expected or targeted annualized return that you could earn by investing in a company\u2019s stock \u2013 is based directly on the Risk-Free Rate.<\/p>\n<p>The formula is:<\/p>\n<p><strong>Cost of Equity = Risk-Free Rate + Equity Risk Premium * Levered Beta. <\/strong><\/p>\n<p>The intuition is that the RFR is the baseline rate of return that you could earn by investing in \u201csafe\u201d government bonds and holding them until maturity.<\/p>\n<p>However, the stock market as a whole and individual stocks are much riskier than government bonds because specific companies could fail, go bankrupt, shut down, or otherwise see their stock prices plummet by 90%+.<\/p>\n<p>Since the stock market is riskier than government bonds, it must offer <strong>higher potential returns<\/strong> to compensate for this risk.<\/p>\n<p>These higher potential returns are represented by the <strong>Equity Risk Premium (ERP)<\/strong>, which is calculated as the expected annualized return of the stock market <em>minus<\/em> the Risk-Free Rate.<\/p>\n<p>So, for example, if the stock market is expected to return 10% per year over the long term, on average, and the RFR is currently 4%, the ERP is 6%.<\/p>\n<p>However, the ERP is for <em>the stock market as a whole<\/em>.<\/p>\n<p>We need to adjust it for the specific company we are analyzing, which is where the \u201cLevered Beta\u201d term factors in.<\/p>\n<p>You can find this \u201cLevered Beta\u201d on sources like Bloomberg, Capital IQ, FinViz, or Yahoo Finance, and it represents the company\u2019s overall volatility relative to the entire stock market.<\/p>\n<p>For example, if Levered Beta is 1.5 and the stock market goes up by 10%, the company\u2019s stock price should go up by 15%; if the market goes down by 10%, the company\u2019s stock price should go down by 15%.<\/p>\n<p>You can see an example of these calculations below in the valuation of Steel Dynamics in our <a href=\"https:\/\/breakingintowallstreet.com\/core-financial-modeling\/\" target=\"_blank\" rel=\"noopener\">Core Financial Modeling Course<\/a>:<\/p>\n<ul>\n<li><strong>Cost of Equity (Current Capital Structure)<\/strong> = 1.20% + 5.50% * 1.52 = 9.55%<\/li>\n<li><strong>Cost of Equity (Optimal Capital Structure)<\/strong> = 1.20% + 5.50% * 1.68 = 10.45%<\/li>\n<\/ul>\n<p><img decoding=\"async\" class=\"aligncenter wp-image-29931 size-full\" title=\"Steel Dynamics - Risk-Free Rate, the Cost of Equity, and WACC\" src=\"https:\/\/biwsuploads-assest.s3.amazonaws.com\/biws\/wp-content\/uploads\/2024\/08\/28133636\/02-Steel-Dynamics-Risk-Free-Rate-Cost-of-Equity-scaled.jpg\" alt=\"Steel Dynamics - Risk-Free Rate, the Cost of Equity, and WACC\" width=\"2560\" height=\"713\" srcset=\"https:\/\/biwsuploads-assest.s3.amazonaws.com\/biws\/wp-content\/uploads\/2024\/08\/28133636\/02-Steel-Dynamics-Risk-Free-Rate-Cost-of-Equity-scaled.jpg 2560w, https:\/\/biwsuploads-assest.s3.amazonaws.com\/biws\/wp-content\/uploads\/2024\/08\/28133636\/02-Steel-Dynamics-Risk-Free-Rate-Cost-of-Equity-300x84.jpg 300w, https:\/\/biwsuploads-assest.s3.amazonaws.com\/biws\/wp-content\/uploads\/2024\/08\/28133636\/02-Steel-Dynamics-Risk-Free-Rate-Cost-of-Equity-1024x285.jpg 1024w, https:\/\/biwsuploads-assest.s3.amazonaws.com\/biws\/wp-content\/uploads\/2024\/08\/28133636\/02-Steel-Dynamics-Risk-Free-Rate-Cost-of-Equity-768x214.jpg 768w, https:\/\/biwsuploads-assest.s3.amazonaws.com\/biws\/wp-content\/uploads\/2024\/08\/28133636\/02-Steel-Dynamics-Risk-Free-Rate-Cost-of-Equity-1536x428.jpg 1536w, https:\/\/biwsuploads-assest.s3.amazonaws.com\/biws\/wp-content\/uploads\/2024\/08\/28133636\/02-Steel-Dynamics-Risk-Free-Rate-Cost-of-Equity-2048x570.jpg 2048w\" sizes=\"(max-width: 2560px) 100vw, 2560px\" \/><\/p>\n<p>The next step here is to calculate the Cost of Debt and Cost of Preferred Stock (if applicable) and use them and the capital structure percentages to estimate the overall <a href=\"https:\/\/breakingintowallstreet.com\/kb\/finance\/discount-rate\/\" target=\"_blank\" rel=\"noopener\">Discount Rate<\/a>, or <a href=\"https:\/\/mergersandinquisitions.com\/wacc-formula\/\" target=\"_blank\" rel=\"noopener\">WACC<\/a>, for the company.<\/p>\n<p>Then, we use this Discount Rate in a <a href=\"https:\/\/mergersandinquisitions.com\/dcf-model\/\" target=\"_blank\" rel=\"noopener\">DCF model<\/a> to estimate the <span><a href=\"https:\/\/breakingintowallstreet.com\/kb\/finance\/present-value\/\" target=\"_blank\" rel=\"noopener\">Present Value<\/a><\/span> of the company\u2019s future cash flows and determine whether it is valued appropriately based on its current stock price.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"How_to_Use_the_Risk-Free_Rate_in_Valuation_The_Cost_of_Debt\"><\/span><strong>How to Use the Risk-Free Rate in Valuation: The Cost of Debt<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>When calculating the Cost of Debt for use in this WACC formula, we could simply use the yield to maturity (YTM) of the company\u2019s bonds or even their simple interest rate.<\/p>\n<p>But there is another alternative: We could take the Risk-Free Rate and then add the company\u2019s <em>credit default spread<\/em> based on its current credit rating, which is normally linked to credit metrics such as Debt \/ EBITDA and EBITDA \/ Interest.<\/p>\n<p>Again, <span><a href=\"https:\/\/pages.stern.nyu.edu\/~adamodar\/New_Home_Page\/datafile\/ratings.html\" target=\"_blank\" rel=\"noopener\">Aswath Damodaran from NYU tracks this data each year<\/a><\/span>.<\/p>\n<p>For example, if the current Risk-Free Rate is 4%, and the company\u2019s Interest Coverage Ratio (EBITDA \/ Interest or a close variation) is between 2.00x and 2.50x, its credit default spread is approximately 2%.<\/p>\n<p>Therefore, its Cost of Debt based on this method is 4% + 2% = 6%, and we could use this in the WACC formula.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Interview_Questions_What_Happens_If_the_Risk-Free_Rate_Changes\"><\/span><strong>Interview Questions: What Happens If the Risk-Free Rate Changes?<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>In <a href=\"https:\/\/mergersandinquisitions.com\/investment-banking-interview-questions-and-answers\/\" target=\"_blank\" rel=\"noopener\">investment banking interviews<\/a>, questions about <strong>components<\/strong> of WACC, the Cost of Equity, and the Cost of Debt are common.<\/p>\n<p>A higher Risk-Free Rate <strong>increases<\/strong> both the Cost of Debt and the Cost of Equity and, therefore, increases WACC.<\/p>\n<p>This is because when the Risk-Free Rate is higher, investors can earn higher annualized returns by investing in government bonds \u2013 so they need higher potential returns to invest in <strong>risk assets<\/strong>, such as corporate bonds or stocks.<\/p>\n<p>As a result, <strong>companies\u2019 valuations fall when the Risk-Free Rate rises<\/strong> \u2013 because government bonds are now relatively more appealing to investors.<\/p>\n<p>When the Risk-Free Rate is lower, the opposite happens: The Cost of Equity and Cost of Debt both fall, WACC falls, and companies\u2019 implied values from a DCF analysis increase.<\/p>\n<p>Since government bonds now yield less, investors are more incentivized to take risks by investing in companies rather than sticking to the \u201csafe\u201d assets.<\/p>\n<p>Some people argue that these rules are not necessarily true because when the Risk-Free Rate changes, the <strong>Equity Risk Premium<\/strong> might also change.<\/p>\n<p>There is some truth to that, so these changes are less predictable in real life.<\/p>\n<p>For <em>interview purposes<\/em>, however, it\u2019s helpful to keep in mind this summary of factors that affect WACC:<\/p>\n<p><img decoding=\"async\" class=\"aligncenter wp-image-29932 size-full\" title=\"How the Risk-Free Rate and WACC Affect the DCF\" src=\"https:\/\/biwsuploads-assest.s3.amazonaws.com\/biws\/wp-content\/uploads\/2024\/08\/28133729\/03-DCF-WACC-Risk-Free-Rate-Changes.jpg\" alt=\"How the Risk-Free Rate and WACC Affect the DCF\" width=\"1354\" height=\"865\" srcset=\"https:\/\/biwsuploads-assest.s3.amazonaws.com\/biws\/wp-content\/uploads\/2024\/08\/28133729\/03-DCF-WACC-Risk-Free-Rate-Changes.jpg 1354w, https:\/\/biwsuploads-assest.s3.amazonaws.com\/biws\/wp-content\/uploads\/2024\/08\/28133729\/03-DCF-WACC-Risk-Free-Rate-Changes-300x192.jpg 300w, https:\/\/biwsuploads-assest.s3.amazonaws.com\/biws\/wp-content\/uploads\/2024\/08\/28133729\/03-DCF-WACC-Risk-Free-Rate-Changes-1024x654.jpg 1024w, https:\/\/biwsuploads-assest.s3.amazonaws.com\/biws\/wp-content\/uploads\/2024\/08\/28133729\/03-DCF-WACC-Risk-Free-Rate-Changes-768x491.jpg 768w\" sizes=\"(max-width: 1354px) 100vw, 1354px\" \/><\/p>\n<h2><span class=\"ez-toc-section\" id=\"The_Risk-Free_Rate_and_Bond_Prices\"><\/span><strong>The Risk-Free Rate and Bond Prices<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Bond pricing is very similar to company valuation: It\u2019s based on the Present Value of future cash flows.<\/p>\n<p>The differences are that a bond\u2019s cash flows are much more predictable, and the bond\u2019s maturity date is always known, so there are no debates about the forecasts or the cash-flow numbers to use.<\/p>\n<p>When the Risk-Free Rate increases, the <strong>Discount Rate<\/strong> used to value the bond increases, so the bond\u2019s price falls.<\/p>\n<p>It\u2019s the same as the idea discussed above: If a government bond yields 4% when similar bonds yield 3%, it\u2019s quite appealing.<\/p>\n<p>But if the central bank now raises rates so that new, similar bonds offer 5%, the 4% bond is less appealing.<\/p>\n<p>So, its price falls such that the <em>yield to maturity<\/em> on this bond now equals the 5% that newly issued bonds in this environment offer.<\/p>\n<p>If the Risk-Free Rate decreases, the opposite happens, and the bond\u2019s price increases because it is now comparatively more appealing.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Risk-Free Rate (RFR) represents the annualized return you could earn on assets that are free of default risk, such as \u201csafe\u201d government bonds that will almost certainly be repaid; it is a central part of the Discount Rate calculation and all corporate valuation.<\/p>\n","protected":false},"featured_media":0,"template":"","class_list":["post-29929","biws_kb","type-biws_kb","status-publish","hentry","kb_category-finance"],"acf":[],"_links":{"self":[{"href":"https:\/\/breakingintowallstreet.com\/wp-json\/wp\/v2\/biws_kb\/29929","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/breakingintowallstreet.com\/wp-json\/wp\/v2\/biws_kb"}],"about":[{"href":"https:\/\/breakingintowallstreet.com\/wp-json\/wp\/v2\/types\/biws_kb"}],"wp:attachment":[{"href":"https:\/\/breakingintowallstreet.com\/wp-json\/wp\/v2\/media?parent=29929"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}