[{"data":1,"prerenderedAt":1155},["ShallowReactive",2],{"practice":3},[4,13,21,30,38,47,56,64,72,80,88,96,104,112,121,129,137,146,154,162,170,178,186,194,202,210,218,226,235,243,251,259,267,275,283,291,299,307,315,323,331,339,347,355,363,371,379,387,395,403,411,419,427,435,443,451,459,467,475,483,491,499,507,515,523,531,539,547,555,563,571,579,587,595,603,611,619,627,635,643,651,659,667,675,683,691,699,707,715,723,731,739,747,755,763,771,779,787,795,803,811,819,827,835,843,851,859,867,875,883,891,899,907,915,923,931,939,947,955,963,971,979,987,995,1003,1011,1019,1027,1035,1043,1051,1059,1067,1075,1083,1091,1099,1107,1115,1123,1131,1139,1147],{"title":5,"description":6,"path":7,"category":8,"takeaways":9},"4% Rule","A guideline that withdrawing 4% of savings in the first year of retirement, then adjusting for inflation, has historically lasted about 30 years.","\u002Fterms\u002Ffour-percent-rule","retirement",[10,11,12],"The 4% rule suggests a sustainable first-year withdrawal rate.","It implies a savings target of about 25 times annual spending.","It is based on past U.S. returns and is not guaranteed.",{"title":14,"description":15,"path":16,"category":8,"takeaways":17},"401(k) Plan","An employer-sponsored U.S. retirement plan funded through payroll contributions.","\u002Fterms\u002F401k",[18,19,20],"A 401(k) is a workplace retirement plan.","Employer matches add free money to your savings.","Early withdrawals usually face taxes and penalties.",{"title":22,"description":23,"path":24,"category":25,"takeaways":26},"Aggregate Demand","Total spending on an economy's goods and services at each overall price level.","\u002Fterms\u002Faggregate-demand","economy",[27,28,29],"AD is total planned spending: C + I + G + (X − M).","It slopes down against the price level.","Shifts in AD move output and inflation in the short run.",{"title":31,"description":32,"path":33,"category":25,"takeaways":34},"Aggregate Supply","The total output firms are willing to produce at each overall price level.","\u002Fterms\u002Faggregate-supply",[35,36,37],"Short-run aggregate supply slopes upward.","Long-run aggregate supply is vertical at potential output.","Supply shocks can cause stagflation.",{"title":39,"description":40,"path":41,"category":42,"takeaways":43},"Alpha","The return an investment earns above (or below) its benchmark, after adjusting for risk.","\u002Fterms\u002Falpha","investing",[44,45,46],"Alpha is performance relative to a benchmark.","Fees often turn small positive alpha negative.","Consistent alpha over long periods is rare.",{"title":48,"description":49,"path":50,"category":51,"takeaways":52},"Amortization","Paying off a loan in regular installments that cover both interest and principal.","\u002Fterms\u002Famortization","personal-finance",[53,54,55],"Amortizing loans have fixed payments that cover interest and principal.","Early payments are interest-heavy.","Extra principal payments save interest.",{"title":57,"description":58,"path":59,"category":25,"takeaways":60},"Animal Spirits","Keynes's term for the emotions and confidence that drive investment decisions.","\u002Fterms\u002Fanimal-spirits",[61,62,63],"Confidence and emotion shape investment.","Shifts in sentiment can drive booms and busts.","The idea comes from Keynes's General Theory.",{"title":65,"description":66,"path":67,"category":51,"takeaways":68},"Annual Percentage Rate (APR)","The yearly cost of borrowing, including interest and certain fees, as a percentage.","\u002Fterms\u002Fannual-percentage-rate",[69,70,71],"APR is the annual cost of borrowing, including some fees.","Use it to compare loan offers.","APR ignores intra-year compounding; APY includes it.",{"title":73,"description":74,"path":75,"category":51,"takeaways":76},"Annual Percentage Yield (APY)","The yearly return on savings, including the effect of compounding.","\u002Fterms\u002Fannual-percentage-yield",[77,78,79],"APY includes compounding; the stated rate may not.","Use APY to compare savings accounts and CDs.","Higher compounding frequency raises APY slightly.",{"title":81,"description":82,"path":83,"category":8,"takeaways":84},"Annuity","An insurance contract that turns a lump sum or payments into a stream of income.","\u002Fterms\u002Fannuity",[85,86,87],"An annuity converts savings into guaranteed income.","Lifetime annuities insure against outliving your money.","Fees and surrender charges vary widely.",{"title":89,"description":90,"path":91,"category":42,"takeaways":92},"Asset Allocation","How a portfolio is split across asset classes such as stocks, bonds, and cash.","\u002Fterms\u002Fasset-allocation",[93,94,95],"Asset allocation is the split of a portfolio between stocks, bonds, cash, and other assets.","The mix drives most of a portfolio's risk and long-run return.","Longer time horizons usually allow a larger share of stocks.",{"title":97,"description":98,"path":99,"category":25,"takeaways":100},"Automatic Stabilizers","Parts of the budget that support the economy in downturns without new legislation.","\u002Fterms\u002Fautomatic-stabilizers",[101,102,103],"Taxes fall and benefits rise automatically in recessions.","They work without new legislation.","They widen deficits in downturns and shrink them in booms.",{"title":105,"description":106,"path":107,"category":25,"takeaways":108},"Balance of Payments","The record of all economic transactions between a country and the rest of the world.","\u002Fterms\u002Fbalance-of-payments",[109,110,111],"It records all cross-border transactions.","Current account + financial account (and capital account) sum to zero.","A deficit on one side means a surplus on the other.",{"title":113,"description":114,"path":115,"category":116,"takeaways":117},"Bear Market","A period when a broad market index falls 20% or more from its recent high.","\u002Fterms\u002Fbear-market","trading",[118,119,120],"A bear market is a decline of 20% or more from a recent high.","Bear markets often, but not always, overlap with recessions.","Historically, U.S. stocks have recovered from every bear market, though some recoveries took years.",{"title":122,"description":123,"path":124,"category":42,"takeaways":125},"Beta","A measure of how much a stock moves relative to the overall market.","\u002Fterms\u002Fbeta",[126,127,128],"Beta compares a stock's price swings with the market's.","A beta above 1 signals more volatility than the market.","Beta ignores company-specific risk.",{"title":130,"description":131,"path":132,"category":116,"takeaways":133},"Bid-Ask Spread","The difference between the highest price buyers will pay and the lowest price sellers will accept.","\u002Fterms\u002Fbid-ask-spread",[134,135,136],"The spread is ask minus bid.","It is a hidden cost of every trade.","Liquid markets have narrow spreads.",{"title":138,"description":139,"path":140,"category":141,"takeaways":142},"Bitcoin","The first decentralized cryptocurrency, with a fixed maximum supply of 21 million coins.","\u002Fterms\u002Fbitcoin","crypto",[143,144,145],"Bitcoin launched in 2009 as the first cryptocurrency.","Its supply is capped at 21 million coins.","Its price is highly volatile compared with stocks and bonds.",{"title":147,"description":148,"path":149,"category":141,"takeaways":150},"Bitcoin Halving","The scheduled cut in half of the reward miners receive for new Bitcoin blocks.","\u002Fterms\u002Fbitcoin-halving",[151,152,153],"Halvings cut the new-coin reward by half.","They happen about every four years.","They keep Bitcoin's supply growth slowing toward 21 million.",{"title":155,"description":156,"path":157,"category":141,"takeaways":158},"Blockchain","A shared, append-only ledger that records transactions in linked blocks.","\u002Fterms\u002Fblockchain",[159,160,161],"A blockchain is a ledger that many participants keep and verify.","Linked blocks make past records very hard to alter.","Cryptocurrencies like bitcoin run on blockchains.",{"title":163,"description":164,"path":165,"category":42,"takeaways":166},"Blue-Chip Stock","Shares of a large, well-established, financially sound company.","\u002Fterms\u002Fblue-chip-stock",[167,168,169],"Blue chips are large, established, financially strong companies.","Many pay steady dividends.","Lower risk does not mean no risk.",{"title":171,"description":172,"path":173,"category":42,"takeaways":174},"Bond","A loan an investor makes to a government or company in exchange for interest payments.","\u002Fterms\u002Fbond",[175,176,177],"A bond is a loan to a government or company.","Bonds pay a fixed coupon and return principal at maturity.","Bond prices fall when interest rates rise.",{"title":179,"description":180,"path":181,"category":42,"takeaways":182},"Book Value","A company's total assets minus its total liabilities, as recorded on its balance sheet.","\u002Fterms\u002Fbook-value",[183,184,185],"Book value equals assets minus liabilities.","Per-share book value divides it by shares outstanding.","It is most useful for asset-heavy businesses like banks.",{"title":187,"description":188,"path":189,"category":51,"takeaways":190},"Budget","A plan for how you will spend and save your income.","\u002Fterms\u002Fbudget",[191,192,193],"A budget plans income across spending, saving, and debt.","Tracking a month of real spending is the best starting point.","Automating savings makes a budget easier to keep.",{"title":195,"description":196,"path":197,"category":116,"takeaways":198},"Bull Market","A period of rising prices, often defined as a 20% gain from a recent low.","\u002Fterms\u002Fbull-market",[199,200,201],"A bull market is a sustained rise in prices.","A common threshold is a 20% gain from a recent low.","Bull markets have historically lasted longer than bear markets.",{"title":203,"description":204,"path":205,"category":25,"takeaways":206},"Business Cycle","The recurring rise and fall of economic activity around its long-run trend.","\u002Fterms\u002Fbusiness-cycle",[207,208,209],"The cycle moves through expansion, peak, contraction and trough.","Expansions usually last longer than recessions.","No two cycles are alike.",{"title":211,"description":212,"path":213,"category":116,"takeaways":214},"Buying on Margin","Borrowing money from a broker to buy securities, using your investments as collateral.","\u002Fterms\u002Fmargin",[215,216,217],"Margin is a loan from your broker to buy securities.","It magnifies both gains and losses.","Margin calls can force sales at bad prices.",{"title":219,"description":220,"path":221,"category":116,"takeaways":222},"Call Option","An option giving the right to buy an asset at a set strike price before expiration.","\u002Fterms\u002Fcall-option",[223,224,225],"A call is the right to buy at the strike price.","Call buyers benefit from rising prices.","Maximum loss for a call buyer is the premium.",{"title":227,"description":228,"path":229,"category":230,"takeaways":231},"Capital Gain","The profit from selling an asset for more than its purchase price.","\u002Fterms\u002Fcapital-gain","taxes",[232,233,234],"A capital gain is profit from selling an asset for more than its cost basis.","Gains are taxed only when realized by a sale.","U.S. long-term gains (held over one year) get lower tax rates.",{"title":236,"description":237,"path":238,"category":25,"takeaways":239},"Central Bank Independence","Insulating a central bank from short-term political pressure in setting monetary policy.","\u002Fterms\u002Fcentral-bank-independence",[240,241,242],"Independence protects monetary policy from short-term politics.","It supports credible low inflation.","It comes with clear mandates and accountability.",{"title":244,"description":245,"path":246,"category":25,"takeaways":247},"Comparative Advantage","The ability to produce something at a lower opportunity cost than others.","\u002Fterms\u002Fcomparative-advantage",[248,249,250],"Comparative advantage is about lower opportunity cost, not being best.","It explains why specialization and trade raise total output.","Gains from trade can still create losers in some industries.",{"title":252,"description":253,"path":254,"category":51,"takeaways":255},"Compound Interest","Interest earned on both the original principal and on interest already earned.","\u002Fterms\u002Fcompound-interest",[256,257,258],"Compound interest earns interest on past interest.","Time is the biggest driver of compounding.","More frequent compounding gives a slightly higher result.",{"title":260,"description":261,"path":262,"category":25,"takeaways":263},"Consumer Price Index (CPI)","A measure of the average change in prices paid by consumers for a basket of goods and services.","\u002Fterms\u002Fconsumer-price-index",[264,265,266],"CPI tracks the prices of a typical household basket.","Its yearly change is the headline inflation rate.","Core CPI leaves out food and energy.",{"title":268,"description":269,"path":270,"category":25,"takeaways":271},"Consumption Function","The relationship between household spending and income.","\u002Fterms\u002Fconsumption-function",[272,273,274],"Consumption rises with income, but less than one for one.","Its slope is the marginal propensity to consume.","Modern theories stress expected lifetime income.",{"title":276,"description":277,"path":278,"category":116,"takeaways":279},"Correction","A decline of 10% to 20% from a recent peak.","\u002Fterms\u002Fcorrection",[280,281,282],"A correction is a 10% to 20% drop from a recent high.","A fall past 20% is usually called a bear market.","Corrections are a normal part of market cycles.",{"title":284,"description":285,"path":286,"category":230,"takeaways":287},"Cost Basis","The original value of an asset for tax purposes, usually the purchase price plus fees.","\u002Fterms\u002Fcost-basis",[288,289,290],"Cost basis is the purchase price plus costs.","Reinvested dividends raise your cost basis.","A higher cost basis means a smaller taxable gain.",{"title":292,"description":293,"path":294,"category":42,"takeaways":295},"Coupon","The annual interest a bond pays, stated as a percentage of its face value.","\u002Fterms\u002Fcoupon",[296,297,298],"The coupon is a bond's stated interest rate.","It is paid on face value, not on market price.","Zero-coupon bonds pay no coupon and are sold at a discount.",{"title":300,"description":301,"path":302,"category":42,"takeaways":303},"Credit Rating","An assessment of a borrower's ability to repay its debt.","\u002Fterms\u002Fcredit-rating",[304,305,306],"Credit ratings grade the risk of default.","Investment grade means BBB− (Baa3) or better.","Lower ratings mean higher borrowing costs.",{"title":308,"description":309,"path":310,"category":51,"takeaways":311},"Credit Score","A number that summarizes how likely you are to repay borrowed money, based on your credit history.","\u002Fterms\u002Fcredit-score",[312,313,314],"A credit score predicts how reliably you repay debt.","Paying on time and keeping balances low matter most.","A higher score usually means lower borrowing costs.",{"title":316,"description":317,"path":318,"category":25,"takeaways":319},"Crowding Out","When government borrowing reduces private investment by pushing up interest rates.","\u002Fterms\u002Fcrowding-out",[320,321,322],"Government borrowing can raise interest rates.","Higher rates can reduce private investment.","The effect is strongest near full employment.",{"title":324,"description":325,"path":326,"category":141,"takeaways":327},"Crypto Wallet","Software or a device that stores the keys used to access and move cryptocurrency.","\u002Fterms\u002Fcrypto-wallet",[328,329,330],"A wallet stores the private keys to your crypto.","Losing your keys or recovery phrase can mean losing your funds.","Custodial wallets trade control for convenience.",{"title":332,"description":333,"path":334,"category":25,"takeaways":335},"Current Account","A country's trade balance plus net income and transfers from abroad.","\u002Fterms\u002Fcurrent-account",[336,337,338],"Current account = trade balance + net income + net transfers.","It equals saving minus investment.","Deficits are financed by foreign capital inflows.",{"title":340,"description":341,"path":342,"category":116,"takeaways":343},"Day Trading","Buying and selling securities within the same trading day.","\u002Fterms\u002Fday-trading",[344,345,346],"Day trading opens and closes positions within one day.","Most individual day traders lose money over time.","Costs, taxes, and leverage add to the risk.",{"title":348,"description":349,"path":350,"category":51,"takeaways":351},"Debt-to-Income Ratio (DTI)","Your monthly debt payments divided by your gross monthly income.","\u002Fterms\u002Fdebt-to-income-ratio",[352,353,354],"DTI compares debt payments with gross income.","Lower DTI improves your chances of loan approval.","Paying down debt or raising income lowers it.",{"title":356,"description":357,"path":358,"category":141,"takeaways":359},"Decentralized Finance (DeFi)","Financial services such as lending and trading built on blockchains without traditional intermediaries.","\u002Fterms\u002Fdecentralized-finance",[360,361,362],"DeFi rebuilds financial services with smart contracts.","It runs without banks or brokers.","Risks include hacks, bugs, and no deposit insurance.",{"title":364,"description":365,"path":366,"category":25,"takeaways":367},"Deflation","A sustained fall in the general level of prices.","\u002Fterms\u002Fdeflation",[368,369,370],"Deflation is a sustained decline in the general price level.","It raises the real burden of debt.","Central banks aim for low positive inflation partly to avoid it.",{"title":372,"description":373,"path":374,"category":42,"takeaways":375},"Diversification","Spreading money across many investments to reduce the impact of any one loss.","\u002Fterms\u002Fdiversification",[376,377,378],"Diversification spreads risk across many holdings.","It reduces company-specific risk, not market risk.","Index funds offer broad diversification in one purchase.",{"title":380,"description":381,"path":382,"category":42,"takeaways":383},"Dividend","A share of company profits paid to shareholders, usually in cash.","\u002Fterms\u002Fdividend",[384,385,386],"A dividend is a payment from company profits to shareholders.","Boards can raise, cut, or suspend dividends.","You must own shares before the ex-dividend date.",{"title":388,"description":389,"path":390,"category":42,"takeaways":391},"Dividend Reinvestment Plan (DRIP)","A program that automatically uses dividends to buy more shares.","\u002Fterms\u002Fdividend-reinvestment-plan",[392,393,394],"A DRIP reinvests dividends into more shares automatically.","It harnesses compounding.","Reinvested dividends are still taxable in taxable accounts.",{"title":396,"description":397,"path":398,"category":42,"takeaways":399},"Dividend Yield","The annual dividend per share divided by the share price.","\u002Fterms\u002Fdividend-yield",[400,401,402],"Dividend yield compares yearly dividends with the share price.","A rising yield can mean a falling price, not a bigger payout.","Compare yields within the same sector.",{"title":404,"description":405,"path":406,"category":51,"takeaways":407},"Dollar-Cost Averaging","Investing a fixed amount at regular intervals, regardless of price.","\u002Fterms\u002Fdollar-cost-averaging",[408,409,410],"Dollar-cost averaging means investing a fixed amount on a schedule.","It avoids trying to time the market.","Automatic payroll contributions are a natural example.",{"title":412,"description":413,"path":414,"category":42,"takeaways":415},"Duration","A measure of how sensitive a bond's price is to changes in interest rates.","\u002Fterms\u002Fduration",[416,417,418],"Duration measures a bond's interest-rate risk.","Higher duration means bigger price swings when rates change.","It is quoted in years.",{"title":420,"description":421,"path":422,"category":42,"takeaways":423},"Earnings Per Share (EPS)","A company's net profit divided by its shares outstanding.","\u002Fterms\u002Fearnings-per-share",[424,425,426],"EPS is profit per share of common stock.","Diluted EPS counts options and convertible securities.","EPS feeds the price-to-earnings ratio.",{"title":428,"description":429,"path":430,"category":230,"takeaways":431},"Effective Tax Rate","The share of your total income that you actually pay in tax.","\u002Fterms\u002Feffective-tax-rate",[432,433,434],"The effective rate is total tax divided by income.","It is usually well below the marginal rate.","Deductions and credits lower it.",{"title":436,"description":437,"path":438,"category":51,"takeaways":439},"Emergency Fund","Cash set aside for unexpected, necessary expenses such as job loss or urgent repairs.","\u002Fterms\u002Femergency-fund",[440,441,442],"An emergency fund covers unplanned, essential costs.","Three to six months of essential expenses is a common target.","Keep it safe and liquid, not in stocks.",{"title":444,"description":445,"path":446,"category":141,"takeaways":447},"Ethereum","A blockchain platform for smart contracts, with its own cryptocurrency, ether (ETH).","\u002Fterms\u002Fethereum",[448,449,450],"Ethereum is a programmable blockchain.","Its native currency is ether (ETH).","It moved to proof of stake in 2022.",{"title":452,"description":453,"path":454,"category":25,"takeaways":455},"Exchange Rate","The price of one currency expressed in another.","\u002Fterms\u002Fexchange-rate",[456,457,458],"An exchange rate is the price of one currency in another.","Appreciation makes imports cheaper and exports dearer.","Interest rate differences are a major driver.",{"title":460,"description":461,"path":462,"category":42,"takeaways":463},"Exchange-Traded Fund (ETF)","A fund that holds a basket of assets and trades on an exchange like a stock.","\u002Fterms\u002Fetf",[464,465,466],"An ETF is a fund that trades like a stock.","Most ETFs track an index.","ETFs are typically low-cost and tax-efficient.",{"title":468,"description":469,"path":470,"category":42,"takeaways":471},"Expense Ratio","The yearly fee a fund charges, as a percentage of assets.","\u002Fterms\u002Fexpense-ratio",[472,473,474],"The expense ratio is a fund's annual fee.","It is taken from fund assets, not billed separately.","Lower fees leave more of the return to you.",{"title":476,"description":477,"path":478,"category":25,"takeaways":479},"Federal Funds Rate","The interest rate U.S. banks charge each other for overnight loans, targeted by the Federal Reserve.","\u002Fterms\u002Ffederal-funds-rate",[480,481,482],"The fed funds rate is the Fed's main policy rate.","The Fed sets a target range, not a single number.","It influences most other U.S. interest rates.",{"title":484,"description":485,"path":486,"category":25,"takeaways":487},"Fiscal Multiplier","How much total output changes for each dollar of government spending or tax cuts.","\u002Fterms\u002Ffiscal-multiplier",[488,489,490],"The multiplier compares the change in GDP with the initial change in spending.","Textbook formula: 1\u002F(1 − MPC).","Real-world multipliers vary and are usually below the textbook value.",{"title":492,"description":493,"path":494,"category":25,"takeaways":495},"Fiscal Policy","The use of government spending and taxes to influence the economy.","\u002Fterms\u002Ffiscal-policy",[496,497,498],"Fiscal policy covers government spending, taxes, and borrowing.","Deficits add to government debt.","Automatic stabilizers cushion recessions without new laws.",{"title":500,"description":501,"path":502,"category":42,"takeaways":503},"Free Cash Flow","Cash a company generates from operations after paying for capital investment.","\u002Fterms\u002Ffree-cash-flow",[504,505,506],"Free cash flow is operating cash flow minus capital spending.","It funds dividends, buybacks, and debt repayment.","Consistently negative free cash flow can be a warning sign.",{"title":508,"description":509,"path":510,"category":116,"takeaways":511},"Futures Contract","A standardized agreement to buy or sell an asset at a set price on a future date.","\u002Fterms\u002Ffutures",[512,513,514],"Futures obligate both parties to trade at a set price and date.","They are used for hedging and speculation.","Daily settlement can require extra cash quickly.",{"title":516,"description":517,"path":518,"category":25,"takeaways":519},"GDP Deflator","A price index covering everything produced in an economy.","\u002Fterms\u002Fgdp-deflator",[520,521,522],"Deflator = nominal GDP ÷ real GDP × 100.","It covers all domestic production, not a consumer basket.","It excludes import prices.",{"title":524,"description":525,"path":526,"category":25,"takeaways":527},"Gross Domestic Product (GDP)","The total value of goods and services produced in a country over a period.","\u002Fterms\u002Fgdp",[528,529,530],"GDP measures the value of a country's output.","Real GDP removes the effect of inflation.","GDP growth is a key signal of economic health.",{"title":532,"description":533,"path":534,"category":42,"takeaways":535},"Growth Stock","A stock of a company expected to grow revenue or earnings faster than average.","\u002Fterms\u002Fgrowth-stock",[536,537,538],"Growth stocks are priced for above-average future growth.","They often pay little or no dividend.","They tend to be more volatile than value stocks.",{"title":540,"description":541,"path":542,"category":25,"takeaways":543},"Hyperinflation","Extremely rapid inflation, often defined as prices rising more than 50% a month.","\u002Fterms\u002Fhyperinflation",[544,545,546],"Hyperinflation is typically defined as over 50% a month.","It is usually caused by printing money to fund deficits.","Ending it requires restoring monetary credibility.",{"title":548,"description":549,"path":550,"category":25,"takeaways":551},"IS–LM Model","A model of how interest rates and output are jointly set by the goods market and the money market.","\u002Fterms\u002Fis-lm-model",[552,553,554],"IS represents the goods market; LM the money market.","Their intersection gives short-run output and the interest rate.","It is the core short-run model in Blanchard, Mankiw and Dornbusch.",{"title":556,"description":557,"path":558,"category":42,"takeaways":559},"Index Fund","A fund built to match the performance of a market index.","\u002Fterms\u002Findex-fund",[560,561,562],"An index fund tracks a market index.","Passive management keeps fees low.","It offers broad diversification in one holding.",{"title":564,"description":565,"path":566,"category":8,"takeaways":567},"Individual Retirement Account (IRA)","A tax-advantaged U.S. account for retirement savings.","\u002Fterms\u002Fira",[568,569,570],"An IRA is a tax-advantaged retirement account.","Traditional IRAs defer taxes; Roth IRAs offer tax-free qualified withdrawals.","Contributions are capped each year.",{"title":572,"description":573,"path":574,"category":25,"takeaways":575},"Inflation","The rate at which the general level of prices rises, eroding purchasing power.","\u002Fterms\u002Finflation",[576,577,578],"Inflation is the rise in the general price level.","It reduces what each dollar can buy.","Central banks raise rates to fight high inflation.",{"title":580,"description":581,"path":582,"category":25,"takeaways":583},"Inflation Targeting","A monetary policy framework built around a publicly announced inflation target.","\u002Fterms\u002Finflation-targeting",[584,585,586],"The central bank announces a numerical inflation goal.","2% is the most common target.","It works by anchoring expectations.",{"title":588,"description":589,"path":590,"category":25,"takeaways":591},"Interest Rate","The cost of borrowing money, or the return for lending it, as a percentage per year.","\u002Fterms\u002Finterest-rate",[592,593,594],"An interest rate is the price of borrowing money.","Central banks set short-term policy rates.","Rates affect loans, savings, and asset prices.",{"title":596,"description":597,"path":598,"category":25,"takeaways":599},"Keynesian Economics","The school of thought that total demand drives output and employment in the short run, and that policy can stabilize it.","\u002Fterms\u002Fkeynesian-economics",[600,601,602],"Short-run output is driven by aggregate demand.","Markets may not quickly restore full employment.","Fiscal and monetary policy can stabilize the economy.",{"title":604,"description":605,"path":606,"category":116,"takeaways":607},"Leverage","Using borrowed money or derivatives to increase the size of an investment.","\u002Fterms\u002Fleverage",[608,609,610],"Leverage multiplies both gains and losses.","Borrowing costs reduce leveraged returns.","Too much leverage can wipe out an investment.",{"title":612,"description":613,"path":614,"category":116,"takeaways":615},"Limit Order","An order to buy or sell only at a specified price or better.","\u002Fterms\u002Flimit-order",[616,617,618],"A limit order sets the worst price you will accept.","It guarantees price, not execution.","It protects against slippage.",{"title":620,"description":621,"path":622,"category":116,"takeaways":623},"Liquidity","How quickly an asset can be turned into cash without moving its price.","\u002Fterms\u002Fliquidity",[624,625,626],"Liquidity is how easily an asset converts to cash.","Liquid markets have narrow bid-ask spreads.","Illiquid assets may sell at a discount in a hurry.",{"title":628,"description":629,"path":630,"category":25,"takeaways":631},"Liquidity Preference","Keynes's theory that interest rates are set by the demand for and supply of money.","\u002Fterms\u002Fliquidity-preference",[632,633,634],"The interest rate is the price of giving up liquidity.","Money demand falls as interest rates rise.","It is the basis of the LM curve.",{"title":636,"description":637,"path":638,"category":25,"takeaways":639},"Liquidity Trap","A situation where interest rates are so low that monetary policy loses its usual power to boost spending.","\u002Fterms\u002Fliquidity-trap",[640,641,642],"Monetary easing stops working well near zero interest rates.","Extra money is hoarded rather than spent.","Fiscal policy and unconventional tools matter more in a trap.",{"title":644,"description":645,"path":646,"category":25,"takeaways":647},"Marginal Propensity to Consume (MPC)","The share of an extra dollar of income that a household spends.","\u002Fterms\u002Fmarginal-propensity-to-consume",[648,649,650],"MPC = change in consumption ÷ change in income.","MPC + MPS = 1.","A higher MPC means a larger multiplier.",{"title":652,"description":653,"path":654,"category":230,"takeaways":655},"Marginal Tax Rate","The tax rate paid on your next dollar of income.","\u002Fterms\u002Fmarginal-tax-rate",[656,657,658],"The marginal rate applies to your next dollar of income.","It is higher than your average (effective) rate.","Deductions save tax at the marginal rate.",{"title":660,"description":661,"path":662,"category":42,"takeaways":663},"Market Capitalization","The total market value of a company's outstanding shares.","\u002Fterms\u002Fmarket-capitalization",[664,665,666],"Market cap equals share price times shares outstanding.","It groups companies as large-, mid-, or small-cap.","It values equity only, not debt.",{"title":668,"description":669,"path":670,"category":116,"takeaways":671},"Market Order","An order to buy or sell immediately at the best available price.","\u002Fterms\u002Fmarket-order",[672,673,674],"A market order executes right away at the best available price.","The final price is not guaranteed.","Use caution in volatile or illiquid markets.",{"title":676,"description":677,"path":678,"category":25,"takeaways":679},"Monetarism","The school of thought that the money supply is the main driver of inflation and nominal spending.","\u002Fterms\u002Fmonetarism",[680,681,682],"Monetarism links inflation to money growth.","It favored rules over discretionary fine-tuning.","Its core lessons shaped modern inflation targeting.",{"title":684,"description":685,"path":686,"category":25,"takeaways":687},"Monetary Policy","How a central bank manages interest rates and the money supply to steer the economy.","\u002Fterms\u002Fmonetary-policy",[688,689,690],"Monetary policy is run by the central bank, not the government's budget.","Its main lever is the short-term interest rate.","Effects on the economy arrive with long lags.",{"title":692,"description":693,"path":694,"category":25,"takeaways":695},"Money Multiplier","The textbook link between bank reserves and the total money supply.","\u002Fterms\u002Fmoney-multiplier",[696,697,698],"Textbook multiplier = 1 ÷ reserve ratio.","Bank lending creates deposits.","Real-world money creation depends on loan demand and capital, not a fixed ratio.",{"title":700,"description":701,"path":702,"category":51,"takeaways":703},"Mortgage","A loan used to buy property, with the property itself as collateral.","\u002Fterms\u002Fmortgage",[704,705,706],"A mortgage is a loan secured by the property.","Fixed-rate loans give predictable payments; ARMs can change.","A shorter term means higher payments but much less total interest.",{"title":708,"description":709,"path":710,"category":42,"takeaways":711},"Municipal Bond","A bond issued by a state, city, or other local government in the U.S.","\u002Fterms\u002Fmunicipal-bond",[712,713,714],"Munis are bonds issued by U.S. state and local governments.","Interest is usually free of federal income tax.","They suit investors in higher tax brackets.",{"title":716,"description":717,"path":718,"category":42,"takeaways":719},"Mutual Fund","A pooled investment managed by professionals and priced once a day.","\u002Fterms\u002Fmutual-fund",[720,721,722],"A mutual fund pools money from many investors.","Trades happen once a day at net asset value.","Fees vary widely between funds.",{"title":724,"description":725,"path":726,"category":25,"takeaways":727},"Natural Rate of Unemployment","The unemployment rate that persists when the economy is at full strength, also called the NAIRU.","\u002Fterms\u002Fnatural-rate-of-unemployment",[728,729,730],"The natural rate includes frictional and structural unemployment.","Below it, inflation pressure tends to build.","It is estimated, not observed.",{"title":732,"description":733,"path":734,"category":51,"takeaways":735},"Net Worth","What you own minus what you owe.","\u002Fterms\u002Fnet-worth",[736,737,738],"Net worth equals assets minus liabilities.","It can be negative, especially early in a career.","Tracking the trend matters more than any single number.",{"title":740,"description":741,"path":742,"category":25,"takeaways":743},"Okun's Law","A rule of thumb linking unemployment to the gap between actual and potential output.","\u002Fterms\u002Fokuns-law",[744,745,746],"Higher unemployment goes with output below potential.","A common rule of thumb is about 2% of output per point of unemployment.","The relationship is approximate.",{"title":748,"description":749,"path":750,"category":25,"takeaways":751},"Open Market Operations","Central bank purchases and sales of government securities to manage reserves and interest rates.","\u002Fterms\u002Fopen-market-operations",[752,753,754],"Buying securities adds reserves; selling drains them.","They help keep the policy rate on target.","Large-scale versions are called quantitative easing.",{"title":756,"description":757,"path":758,"category":25,"takeaways":759},"Opportunity Cost","The value of the next-best alternative you give up when you make a choice.","\u002Fterms\u002Fopportunity-cost",[760,761,762],"Opportunity cost is the value of the best alternative forgone.","It applies to time and attention as well as money.","Comparing opportunity costs explains specialization and trade.",{"title":764,"description":765,"path":766,"category":116,"takeaways":767},"Options","Contracts that give the right, but not the obligation, to buy or sell an asset at a set price before a set date.","\u002Fterms\u002Foptions",[768,769,770],"An option is a right, not an obligation.","A standard U.S. stock option covers 100 shares.","Options can hedge or amplify risk.",{"title":772,"description":773,"path":774,"category":25,"takeaways":775},"Output Gap","The difference between actual GDP and potential GDP.","\u002Fterms\u002Foutput-gap",[776,777,778],"Output gap = actual GDP − potential GDP, often as a percent of potential.","Negative gaps mean slack; positive gaps mean overheating.","It guides monetary policy, for example in the Taylor rule.",{"title":780,"description":781,"path":782,"category":25,"takeaways":783},"Paradox of Thrift","When everyone tries to save more at once, total saving may not rise because income falls.","\u002Fterms\u002Fparadox-of-thrift",[784,785,786],"Individual saving is prudent; collective saving can shrink income.","It illustrates a fallacy of composition.","It helps explain demand-driven recessions.",{"title":788,"description":789,"path":790,"category":25,"takeaways":791},"Phillips Curve","The short-run trade-off between unemployment and inflation.","\u002Fterms\u002Fphillips-curve",[792,793,794],"Lower unemployment tends to come with higher inflation in the short run.","The trade-off shifts with inflation expectations.","In the long run there is no lasting trade-off.",{"title":796,"description":797,"path":798,"category":25,"takeaways":799},"Price Elasticity of Demand","How strongly the quantity people buy responds to a change in price.","\u002Fterms\u002Felasticity",[800,801,802],"Elasticity measures sensitivity of demand to price.","Elastic demand: quantity changes more than price, in percentage terms.","Elasticity helps predict who bears a tax and how revenue changes with price.",{"title":804,"description":805,"path":806,"category":42,"takeaways":807},"Price-to-Book Ratio (P\u002FB)","A company's share price divided by its book value per share.","\u002Fterms\u002Fprice-to-book-ratio",[808,809,810],"P\u002FB compares market value with accounting net assets.","A P\u002FB below 1 can signal value or trouble.","It is less useful for asset-light companies.",{"title":812,"description":813,"path":814,"category":42,"takeaways":815},"Price-to-Earnings Ratio (P\u002FE)","A company's share price divided by its earnings per share.","\u002Fterms\u002Fprice-to-earnings-ratio",[816,817,818],"P\u002FE compares share price with earnings per share.","A high P\u002FE can signal growth expectations or overvaluation.","Compare P\u002FE only among similar companies.",{"title":820,"description":821,"path":822,"category":141,"takeaways":823},"Proof of Stake","A way for a blockchain to agree on new blocks, where validators lock up coins as collateral.","\u002Fterms\u002Fproof-of-stake",[824,825,826],"Validators stake coins to secure the network.","Misbehavior can cost validators their stake.","It uses far less energy than proof of work.",{"title":828,"description":829,"path":830,"category":25,"takeaways":831},"Purchasing Power Parity (PPP)","The idea that exchange rates should adjust so the same goods cost the same in different countries.","\u002Fterms\u002Fpurchasing-power-parity",[832,833,834],"PPP compares what money can buy in different countries.","Actual exchange rates can stay far from PPP for years.","PPP-adjusted GDP is better for comparing living standards.",{"title":836,"description":837,"path":838,"category":116,"takeaways":839},"Put Option","An option giving the right to sell an asset at a set strike price before expiration.","\u002Fterms\u002Fput-option",[840,841,842],"A put is the right to sell at the strike price.","Puts can work like insurance for a portfolio.","Maximum loss for a put buyer is the premium.",{"title":844,"description":845,"path":846,"category":25,"takeaways":847},"Quantitative Easing (QE)","Large-scale bond purchases by a central bank to lower long-term interest rates.","\u002Fterms\u002Fquantitative-easing",[848,849,850],"QE is central bank buying of bonds on a large scale.","It aims to lower long-term interest rates when short-term rates are near zero.","Reversing it is called quantitative tightening.",{"title":852,"description":853,"path":854,"category":25,"takeaways":855},"Quantity Theory of Money","The idea that money supply times its velocity equals the price level times real output.","\u002Fterms\u002Fquantity-theory-of-money",[856,857,858],"MV = PY links money, velocity, prices and output.","Over long periods, fast money growth means inflation.","Short-run velocity is unstable.",{"title":860,"description":861,"path":862,"category":25,"takeaways":863},"Rational Expectations","The assumption that people use all available information to forecast the future without systematic errors.","\u002Fterms\u002Frational-expectations",[864,865,866],"People forecast using all available information.","Predictable policies have less effect because people anticipate them.","Credibility and expectations are central to modern macro.",{"title":868,"description":869,"path":870,"category":25,"takeaways":871},"Real GDP","GDP measured at constant prices, so it changes only when the quantity of output changes.","\u002Fterms\u002Freal-gdp",[872,873,874],"Real GDP removes the effect of price changes.","Growth rates use real GDP.","Nominal GDP ÷ real GDP gives the GDP deflator.",{"title":876,"description":877,"path":878,"category":25,"takeaways":879},"Real Interest Rate","An interest rate adjusted for inflation.","\u002Fterms\u002Freal-interest-rate",[880,881,882],"Real rate ≈ nominal rate − inflation.","It measures the true cost of borrowing.","It can be negative.",{"title":884,"description":885,"path":886,"category":42,"takeaways":887},"Rebalancing","Buying and selling holdings to bring a portfolio back to its target mix.","\u002Fterms\u002Frebalancing",[888,889,890],"Rebalancing restores a portfolio's target mix.","It keeps risk in line with your plan.","In taxable accounts, sales can trigger capital gains.",{"title":892,"description":893,"path":894,"category":25,"takeaways":895},"Recession","A significant, widespread decline in economic activity lasting more than a few months.","\u002Fterms\u002Frecession",[896,897,898],"A recession is a broad, lasting fall in economic activity.","Two quarters of falling GDP is an informal rule of thumb.","The NBER dates U.S. recessions after the fact.",{"title":900,"description":901,"path":902,"category":8,"takeaways":903},"Required Minimum Distribution (RMD)","The minimum amount U.S. retirees must withdraw each year from most tax-deferred retirement accounts.","\u002Fterms\u002Frequired-minimum-distribution",[904,905,906],"RMDs force withdrawals from tax-deferred accounts.","They currently begin at 73 for most people.","Roth IRAs have no RMDs for the original owner.",{"title":908,"description":909,"path":910,"category":42,"takeaways":911},"Return on Investment (ROI)","The gain or loss on an investment relative to its cost.","\u002Fterms\u002Froi",[912,913,914],"ROI is profit divided by cost.","It ignores how long the money was invested.","Annualized return makes different time periods comparable.",{"title":916,"description":917,"path":918,"category":25,"takeaways":919},"Ricardian Equivalence","The idea that debt-financed tax cuts may not boost spending because people save to pay future taxes.","\u002Fterms\u002Fricardian-equivalence",[920,921,922],"Debt-financed tax cuts may be saved, not spent.","It assumes forward-looking households with good access to credit.","Real-world evidence supports it only partly.",{"title":924,"description":925,"path":926,"category":51,"takeaways":927},"Risk Tolerance","How much loss an investor is willing and able to accept in pursuit of returns.","\u002Fterms\u002Frisk-tolerance",[928,929,930],"Risk tolerance is how much loss you can accept.","It combines willingness and financial capacity.","It shapes your asset allocation.",{"title":932,"description":933,"path":934,"category":8,"takeaways":935},"Roth IRA","A U.S. retirement account funded with after-tax money, with tax-free qualified withdrawals.","\u002Fterms\u002Froth-ira",[936,937,938],"Roth IRAs use after-tax contributions.","Qualified withdrawals, including growth, are tax-free.","No RMDs apply during the owner's lifetime.",{"title":940,"description":941,"path":942,"category":42,"takeaways":943},"Sharpe Ratio","A measure of return earned per unit of risk taken.","\u002Fterms\u002Fsharpe-ratio",[944,945,946],"The Sharpe ratio is excess return divided by volatility.","Higher means better risk-adjusted returns.","It relies on past data and standard deviation.",{"title":948,"description":949,"path":950,"category":116,"takeaways":951},"Short Selling","Selling borrowed shares in the hope of buying them back later at a lower price.","\u002Fterms\u002Fshort-selling",[952,953,954],"Short selling profits when a price falls.","Losses are theoretically unlimited.","Shorts require a margin account and pay borrowing costs.",{"title":956,"description":957,"path":958,"category":141,"takeaways":959},"Smart Contract","A program on a blockchain that runs automatically when set conditions are met.","\u002Fterms\u002Fsmart-contract",[960,961,962],"Smart contracts are self-executing programs on a blockchain.","They power decentralized finance and many crypto apps.","Code bugs can lead to irreversible losses.",{"title":964,"description":965,"path":966,"category":8,"takeaways":967},"Social Security","The U.S. government program that pays retirement, disability, and survivor benefits funded by payroll taxes.","\u002Fterms\u002Fsocial-security",[968,969,970],"Social Security pays benefits funded by payroll taxes.","Claiming early reduces benefits permanently.","Waiting until 70 gives the largest monthly benefit.",{"title":972,"description":973,"path":974,"category":25,"takeaways":975},"Solow Growth Model","A model showing how saving, population growth and technology determine long-run living standards.","\u002Fterms\u002Fsolow-growth-model",[976,977,978],"Capital accumulation has diminishing returns.","Long-run growth per person comes from technology.","It predicts catch-up growth for poorer economies.",{"title":980,"description":981,"path":982,"category":141,"takeaways":983},"Stablecoin","A cryptocurrency designed to hold a steady value, usually pegged to the U.S. dollar.","\u002Fterms\u002Fstablecoin",[984,985,986],"A stablecoin targets a fixed price, usually $1.","Most are backed by cash-like reserves.","Pegs can break if reserves or design fail.",{"title":988,"description":989,"path":990,"category":25,"takeaways":991},"Stagflation","High inflation combined with slow growth and high unemployment.","\u002Fterms\u002Fstagflation",[992,993,994],"Stagflation is high inflation with weak growth and high unemployment.","Supply shocks, such as oil price spikes, are a common cause.","It forces painful trade-offs on central banks.",{"title":996,"description":997,"path":998,"category":230,"takeaways":999},"Standard Deduction","A fixed amount U.S. taxpayers can subtract from income without itemizing.","\u002Fterms\u002Fstandard-deduction",[1000,1001,1002],"The standard deduction is a fixed amount by filing status.","Most U.S. filers take it instead of itemizing.","It is adjusted for inflation every year.",{"title":1004,"description":1005,"path":1006,"category":25,"takeaways":1007},"Sticky Prices","Prices and wages that adjust slowly to changes in demand.","\u002Fterms\u002Fsticky-prices",[1008,1009,1010],"Prices and wages adjust slowly.","Stickiness lets demand shocks change output and employment.","It explains why money affects the real economy in the short run.",{"title":1012,"description":1013,"path":1014,"category":42,"takeaways":1015},"Stock","A share of ownership in a company.","\u002Fterms\u002Fstock",[1016,1017,1018],"A stock is a share of ownership in a company.","Returns come from price gains and dividends.","Stocks are riskier than bonds in the short run.",{"title":1020,"description":1021,"path":1022,"category":116,"takeaways":1023},"Stop-Loss Order","An order to sell a security once its price falls to a set level, to limit losses.","\u002Fterms\u002Fstop-loss-order",[1024,1025,1026],"A stop-loss sells automatically after a price drop.","It can fill below the stop price in fast markets.","A stop-limit caps the price but may not fill.",{"title":1028,"description":1029,"path":1030,"category":8,"takeaways":1031},"Target-Date Fund","A fund that automatically shifts from stocks to bonds as a chosen retirement year approaches.","\u002Fterms\u002Ftarget-date-fund",[1032,1033,1034],"Target-date funds rebalance toward bonds as retirement nears.","They provide diversification in a single fund.","Check the glide path and fees, which vary.",{"title":1036,"description":1037,"path":1038,"category":230,"takeaways":1039},"Tax Bracket","A range of income taxed at a particular rate in a progressive tax system.","\u002Fterms\u002Ftax-bracket",[1040,1041,1042],"Each bracket's rate applies only to income within it.","A higher bracket does not raise tax on all your income.","Brackets are adjusted for inflation each year.",{"title":1044,"description":1045,"path":1046,"category":230,"takeaways":1047},"Tax Credit","An amount subtracted directly from the tax you owe.","\u002Fterms\u002Ftax-credit",[1048,1049,1050],"A credit cuts your tax bill dollar for dollar.","A $1,000 credit is worth more than a $1,000 deduction.","Refundable credits can create a refund.",{"title":1052,"description":1053,"path":1054,"category":230,"takeaways":1055},"Tax Deduction","An amount subtracted from income before tax is calculated.","\u002Fterms\u002Ftax-deduction",[1056,1057,1058],"Deductions reduce taxable income, not tax directly.","You take the standard deduction or itemize, whichever is larger.","Higher marginal rates make deductions more valuable.",{"title":1060,"description":1061,"path":1062,"category":25,"takeaways":1063},"Taylor Rule","A formula suggesting where a central bank should set interest rates based on inflation and the output gap.","\u002Fterms\u002Ftaylor-rule",[1064,1065,1066],"The rule ties the policy rate to inflation and the output gap.","It raises rates more than one-for-one with inflation.","It is a benchmark, not a law.",{"title":1068,"description":1069,"path":1070,"category":51,"takeaways":1071},"Time Value of Money","The idea that money now is worth more than the same amount later.","\u002Fterms\u002Ftime-value-of-money",[1072,1073,1074],"A dollar today is worth more than a dollar later.","Discounting converts future money to today's value.","It underlies loans, bonds, and valuations.",{"title":1076,"description":1077,"path":1078,"category":25,"takeaways":1079},"Total Factor Productivity (TFP)","Output growth that is not explained by more labor or capital.","\u002Fterms\u002Ftotal-factor-productivity",[1080,1081,1082],"TFP is growth not explained by more inputs.","It reflects technology and efficiency.","It drives long-run gains in living standards.",{"title":1084,"description":1085,"path":1086,"category":25,"takeaways":1087},"Trade Deficit","When a country imports more goods and services than it exports.","\u002Fterms\u002Ftrade-deficit",[1088,1089,1090],"A trade deficit means imports exceed exports.","It is financed by inflows of foreign investment.","It is not, by itself, a sign of economic weakness.",{"title":1092,"description":1093,"path":1094,"category":42,"takeaways":1095},"Treasury Bill (T-Bill)","A short-term U.S. government debt security that matures in one year or less.","\u002Fterms\u002Ftreasury-bill",[1096,1097,1098],"T-bills mature in a year or less.","They are sold at a discount instead of paying interest.","They are a common benchmark for the risk-free rate.",{"title":1100,"description":1101,"path":1102,"category":25,"takeaways":1103},"Unemployment Rate","The share of the labor force that is jobless but available and actively looking for work.","\u002Fterms\u002Funemployment-rate",[1104,1105,1106],"The unemployment rate is the unemployed divided by the labor force.","You must be actively looking to count as unemployed.","Broader measures add discouraged and involuntary part-time workers.",{"title":1108,"description":1109,"path":1110,"category":42,"takeaways":1111},"Value Stock","A stock that trades at a low price relative to measures like earnings or book value.","\u002Fterms\u002Fvalue-stock",[1112,1113,1114],"Value stocks look cheap on earnings or assets.","They often pay dividends.","A low valuation can signal real problems: a value trap.",{"title":1116,"description":1117,"path":1118,"category":25,"takeaways":1119},"Velocity of Money","How many times a unit of money is spent on final goods and services in a period.","\u002Fterms\u002Fvelocity-of-money",[1120,1121,1122],"Velocity = nominal GDP ÷ money supply.","It is the V in MV = PY.","It is far from constant in the short run.",{"title":1124,"description":1125,"path":1126,"category":116,"takeaways":1127},"Volatility","How widely an asset's price swings over time.","\u002Fterms\u002Fvolatility",[1128,1129,1130],"Volatility measures the size of price swings.","It is usually expressed as annualized standard deviation.","High volatility means higher short-term risk.",{"title":1132,"description":1133,"path":1134,"category":230,"takeaways":1135},"Wash Sale Rule","A U.S. rule that disallows a tax loss if you buy the same or a substantially identical security within 30 days.","\u002Fterms\u002Fwash-sale-rule",[1136,1137,1138],"The window is 30 days before and after the sale.","The loss is deferred by adjusting cost basis.","It matters for tax-loss harvesting.",{"title":1140,"description":1141,"path":1142,"category":42,"takeaways":1143},"Yield","The income an investment produces, as a percentage of its price.","\u002Fterms\u002Fyield",[1144,1145,1146],"Yield is income as a percentage of price.","Bond prices and yields move in opposite directions.","Yield to maturity is the fuller measure for bonds.",{"title":1148,"description":1149,"path":1150,"category":42,"takeaways":1151},"Yield Curve","A chart of interest rates on bonds of the same credit quality across different maturities.","\u002Fterms\u002Fyield-curve",[1152,1153,1154],"The yield curve plots yields against maturities.","It usually slopes upward.","An inversion has often, but not always, preceded recessions.",1794508088915]