:root{color-scheme:light;--font-sans:-apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Helvetica, Arial, sans-serif;--text-xs:.8125rem;--text-sm:.9375rem;--text-base:1rem;--text-md:1.125rem;--text-lg:1.375rem;--text-xl:2rem;--text-2xl:clamp(2.35rem, 2rem + 1.2vw, 3.4rem);--text-3xl:clamp(2.6rem, 2.1rem + 2vw, 4rem);--leading-tight:1.08;--leading-body:1.65;--leading-ui:1.3;--space-1:.25rem;--space-2:.5rem;--space-3:.75rem;--space-4:1rem;--space-5:1.5rem;--space-6:2rem;--space-7:3rem;--space-8:4rem;--width-page:72rem;--width-copy:42rem;--width-measure:68ch;--width-report:58rem;--color-bg:#fbfbf8;--color-surface:#fff;--color-ink:#18202a;--color-heading:#071d35;--color-muted:#657181;--color-line:#dfe3e8;--color-brand:#082746;--color-brand-soft:#eef3f7;--color-accent:#345f84;--border-subtle:1px solid var(--color-line);--radius-sm:.25rem;--breakpoint-sm:30rem;--breakpoint-md:48rem;--breakpoint-lg:72rem}*{box-sizing:border-box}[hidden]{display:none!important}html{background:var(--color-bg);scroll-behavior:smooth;min-width:0}body{min-width:0;color:var(--color-ink);background:var(--color-bg);font-family:var(--font-sans);font-size:var(--text-base);line-height:var(--leading-body);overflow-wrap:break-word;text-rendering:optimizelegibility;margin:0}a{color:inherit;text-decoration-color:color-mix(in srgb, currentColor 36%, transparent);text-underline-offset:.22em}a:hover{text-decoration-color:currentColor}a:focus-visible{outline:3px solid color-mix(in srgb, var(--color-accent) 60%, white);outline-offset:4px}p,h1,h2,h3{margin:0}main{min-height:62vh}.skip-link{top:var(--space-3);left:var(--space-3);z-index:10;border:var(--border-subtle);border-radius:var(--radius-sm);padding:var(--space-2) var(--space-3);background:var(--color-surface);color:var(--color-heading);font-weight:700;position:absolute;transform:translateY(-150%)}.skip-link:focus{transform:translateY(0)}.site-header{border-bottom:var(--border-subtle);background:color-mix(in srgb, var(--color-bg) 94%, white)}.site-header__inner,.site-footer__inner,.page-section{width:min(100% - 2rem, var(--width-page));margin-inline:auto}.site-header__inner{justify-content:flex-end;align-items:center;gap:var(--space-4);padding-block:var(--space-4);display:flex}.site-header__brand{color:var(--color-heading);font-size:var(--text-lg);font-weight:800;line-height:var(--leading-ui);text-decoration:none}.site-header__nav{justify-content:flex-end;align-items:center;gap:var(--space-2) var(--space-5);color:var(--color-muted);font-size:var(--text-sm);line-height:var(--leading-ui);flex-wrap:wrap;display:flex}.site-header__nav a{min-height:2.75rem;color:var(--color-muted);align-items:center;text-decoration:none;display:inline-flex}.site-header__nav a:hover{color:var(--color-heading)}.home-hero{padding-block:var(--space-8)}.home-hero__content{max-width:var(--width-page)}.home-hero h1,.about-intro h1{max-width:none}.eyebrow{margin-bottom:var(--space-4);color:var(--color-accent);font-size:var(--text-sm);font-weight:700;line-height:var(--leading-ui)}h1{max-width:16ch;color:var(--color-heading);font-size:var(--text-3xl);font-weight:800;line-height:var(--leading-tight)}.page-intro h1{max-width:16ch}.report-intro h1{max-width:none}.home-summary{max-width:var(--width-measure);color:var(--color-ink);font-size:var(--text-md)}.lede{max-width:var(--width-measure);color:var(--color-ink);font-size:var(--text-md);line-height:1.55}.button-link{border:1px solid var(--color-brand);border-radius:var(--radius-sm);min-height:2.75rem;padding:var(--space-2) var(--space-4);background:var(--color-brand);color:#fff;font-weight:700;line-height:var(--leading-ui);justify-content:center;align-items:center;text-decoration:none;display:inline-flex}.button-link:hover{background:var(--color-heading)}.surface-section{border-block:var(--border-subtle);background:var(--color-surface)}.page-intro,.split-section,.editorial-grid,.library-shell{padding-block:var(--space-7)}.split-section,.editorial-grid,.stack{gap:var(--space-5);display:grid}.section-heading{gap:var(--space-3);max-width:var(--width-copy);display:grid}.section-heading h2{color:var(--color-heading);font-size:var(--text-xl);font-weight:800;line-height:var(--leading-tight)}.section-heading p,.body-copy,.empty-state,.topic-item p{max-width:var(--width-measure);color:var(--color-muted)}.topic-grid{gap:var(--space-4);margin-top:var(--space-5);grid-template-columns:repeat(auto-fit,minmax(min(100%,14rem),1fr));display:grid}.topic-item,.empty-state,.report-card{border:var(--border-subtle);border-radius:var(--radius-sm);background:color-mix(in srgb, var(--color-surface) 88%, var(--color-brand-soft))}.topic-item,.report-card{gap:var(--space-2);padding:var(--space-5);display:grid}.topic-item h3,.report-card h3{color:var(--color-heading);font-size:var(--text-md);line-height:var(--leading-ui)}.report-card__header{gap:var(--space-1);display:grid}.report-card__header p,.report-card__date{color:var(--color-muted);font-size:var(--text-sm)}.report-card__actions{gap:var(--space-4);margin-top:var(--space-2);flex-wrap:wrap;display:flex}.text-link{color:var(--color-brand);font-weight:700}.report-list{gap:var(--space-4);display:grid}.report-meta{gap:var(--space-3);margin:var(--space-5) 0 0;flex-wrap:wrap;display:flex}.report-meta div{border:var(--border-subtle);border-radius:var(--radius-sm);min-width:min(100%,10rem);padding:var(--space-3);background:var(--color-surface)}.report-meta dt{color:var(--color-muted);font-size:var(--text-xs);font-weight:700}.report-meta dd{margin:var(--space-1) 0 0;color:var(--color-heading);font-weight:700}.empty-state{padding:var(--space-5)}.library-shell{gap:var(--space-6);display:grid}.library-tools{gap:var(--space-4);max-width:var(--width-copy);display:grid}.search-field{gap:var(--space-2);color:var(--color-heading);font-weight:700;display:grid}.search-field input{border:var(--border-subtle);border-radius:var(--radius-sm);width:100%;min-height:2.75rem;padding:var(--space-2) var(--space-3);background:var(--color-surface);color:var(--color-muted);font:inherit}.filter-group{gap:var(--space-2);display:grid}.filter-label{color:var(--color-heading);font-weight:700}.filter-options{gap:var(--space-2);flex-wrap:wrap;display:flex}.filter-options button{border:var(--border-subtle);border-radius:var(--radius-sm);min-height:2.75rem;padding:var(--space-2) var(--space-4);background:var(--color-surface);color:var(--color-ink);font:inherit;font-weight:700}.filter-options button[aria-pressed=true]{border-color:var(--color-brand);background:var(--color-brand-soft);color:var(--color-brand)}.site-footer{border-top:var(--border-subtle)}.site-footer__inner{gap:var(--space-2);padding-block:var(--space-6);color:var(--color-muted);font-size:var(--text-sm);display:grid}.site-footer__brand{color:var(--color-heading);font-weight:800}.page-end{padding-block:0 var(--space-7)}.report-article{width:min(100% - 2rem, var(--width-report));padding-block:var(--space-7);margin-inline:auto}.report-article__toc{border:var(--border-subtle);border-radius:var(--radius-sm);padding:var(--space-5);background:var(--color-surface)}.report-article__toc h2,.report-section h2{color:var(--color-heading);font-size:var(--text-xl);font-weight:800;line-height:var(--leading-tight)}.report-article__toc ol{margin:var(--space-4) 0 0;padding-left:var(--space-5)}.report-section{gap:var(--space-5);padding-block:var(--space-7);border-bottom:var(--border-subtle);display:grid}.report-pdf-page{gap:var(--space-5);border-top:.45rem solid #72b9df}.report-page-head{gap:var(--space-3);display:grid}.report-page-head .report-kicker{margin:0}.report-page-meta{color:var(--color-muted);font-size:var(--text-md);line-height:var(--leading-ui);margin:0}.report-pdf-page h2{max-width:34ch;color:var(--color-heading);font-size:clamp(2rem,1.45rem + 1.65vw,3.1rem);font-weight:850;line-height:1.12}.report-page-deck{color:#2a3d4d;max-width:none;font-size:var(--text-md);line-height:1.55}.report-page-deck--strong{color:var(--color-heading);font-size:clamp(1.35rem,1.1rem + .75vw,1.85rem);font-weight:800}.report-page-split{gap:var(--space-5);border-top:var(--border-subtle);padding-top:var(--space-4);display:grid}.report-page-panel{align-content:start;gap:var(--space-3);display:grid}.report-page-panel h3{color:var(--color-accent);font-size:var(--text-md);letter-spacing:.12em;font-weight:900;line-height:var(--leading-ui);text-transform:uppercase;margin:0}.report-page-panel p,.report-page-panel li{max-width:none;font-size:var(--text-md);line-height:1.55}.report-page-panel ol,.report-page-panel ul{gap:var(--space-2);margin:0;padding-left:1.25rem;display:grid}.pdf-kpi-grid{gap:var(--space-3);grid-template-columns:minmax(0,1fr);margin:0;display:grid}.pdf-kpi-grid div,.scenario-card{background:var(--color-brand-soft);padding:var(--space-3);border-top:.25rem solid #72b9df}.pdf-kpi-grid dt{color:var(--color-muted);font-size:var(--text-sm);letter-spacing:.08em;font-weight:700;line-height:var(--leading-ui);text-transform:uppercase}.pdf-kpi-grid dd{margin:var(--space-1) 0 0;color:var(--color-heading);font-size:clamp(1.65rem,1.35rem + .8vw,2.25rem);font-weight:900;line-height:1.05}.pdf-kpi-grid p{margin:var(--space-1) 0 0;color:var(--color-muted);font-size:var(--text-sm);line-height:var(--leading-ui)}.report-page-callout{background:var(--color-brand-soft);padding:var(--space-4);color:#2d4659;font-size:var(--text-md);border-left:.32rem solid #72b9df;line-height:1.55}.report-page-callout--amber{background:#fbf6ed;border-left-color:#c9993a}.report-page-callout--red{background:#fbf0f0;border-left-color:#be6868}.report-table--compact th,.report-table--compact td{padding-block:var(--space-2)}.report-table--compact td:last-child,.report-table--compact tbody th+td{text-align:right}.report-table--compact td:nth-child(3){text-align:left}.report-metric-list{gap:0;margin:0;display:grid}.report-metric-list div{justify-content:space-between;gap:var(--space-4);border-bottom:var(--border-subtle);padding:var(--space-2) 0;display:flex}.report-metric-list dt,.report-metric-list dd{font-size:var(--text-md);line-height:var(--leading-ui);margin:0}.report-metric-list dd{color:var(--color-heading);text-align:right;font-weight:700}.scenario-grid{gap:var(--space-4);display:grid}.scenario-card{align-content:start;gap:var(--space-3);display:grid}.scenario-card--base{border-top-color:#8497a5}.scenario-card--bear{border-top-color:#be6868}.scenario-card h3{color:var(--color-heading);font-size:var(--text-lg);font-weight:800;line-height:var(--leading-ui)}.scenario-card p{max-width:none;font-size:var(--text-md);margin:0;line-height:1.5}.report-disclosure{color:var(--color-muted);font-size:var(--text-sm)}.report-page-foot{justify-content:space-between;gap:var(--space-4);border-top:var(--border-subtle);padding-top:var(--space-3);color:var(--color-muted);font-size:var(--text-sm);line-height:var(--leading-ui);display:flex}.report-page-one{gap:var(--space-6);padding-top:var(--space-6)}.page-one-masthead{gap:var(--space-4);border-top:.45rem solid #72b9df;border-bottom:var(--border-subtle);padding-block:var(--space-5) var(--space-4);display:grid}.page-one-masthead h2{max-width:none;color:var(--color-heading);font-size:clamp(1.5rem,1.05rem + 1.65vw,2.925rem);font-weight:800;line-height:1}.page-one-meta,.page-one-date{color:var(--color-muted);font-size:var(--text-md);font-weight:700;line-height:var(--leading-ui)}.page-one-rating-strip{gap:var(--space-4);border-bottom:var(--border-subtle);padding-bottom:var(--space-5);align-items:start;display:grid}.rating-callout{gap:var(--space-1);display:grid}.rating-callout span{color:var(--color-heading);text-transform:uppercase;font-size:clamp(1.4rem,1.1rem + 1.1vw,2.5rem);font-weight:900;line-height:.95}.rating-callout small{color:var(--color-muted);font-size:var(--text-sm);letter-spacing:.08em;font-weight:800;line-height:var(--leading-ui);text-transform:uppercase}.snapshot-metrics{gap:0;margin:0;display:grid}.snapshot-metrics div{justify-content:space-between;align-items:baseline;gap:var(--space-3);border-bottom:var(--border-subtle);padding:var(--space-2) 0;display:flex}.snapshot-metrics dt{color:var(--color-muted);font-weight:700}.snapshot-metrics dd{color:var(--color-heading);text-align:right;margin:0;font-weight:800}.snapshot-metrics--headline{gap:var(--space-3) var(--space-5);grid-template-columns:repeat(2,minmax(0,1fr))}.snapshot-metrics--headline div{gap:var(--space-1);border:0;padding:0;display:grid}.snapshot-metrics--headline div:first-child{gap:.15rem}.snapshot-metrics--headline div:first-child dd{max-width:7rem;line-height:1.05}.snapshot-metrics--headline dt,.snapshot-metrics--headline dd{text-align:left}.snapshot-metrics--headline dt{color:var(--color-heading);font-size:var(--text-md)}.snapshot-metrics--headline dd{color:var(--color-ink);font-size:var(--text-md)}.page-one-body{gap:var(--space-6);display:grid}.page-one-thesis{gap:var(--space-4);display:grid}.page-one-thesis h3{max-width:24ch;color:var(--color-heading);font-size:clamp(1.85rem,1.35rem + 1.5vw,3rem);font-weight:850;line-height:1.12}.page-one-thesis p{max-width:var(--width-measure);color:#2a3d4d;font-size:var(--text-md);line-height:1.55}.page-one-note{max-width:var(--width-measure);padding:var(--space-4);background:var(--color-brand-soft);color:#2d4659;font-size:var(--text-md);border-left:.32rem solid #72b9df;line-height:1.55}.page-one-key-data{border-top:var(--border-subtle);padding-top:var(--space-5)}.page-one-key-data h3,.catalyst-risk-panel h3,.trend-chart figcaption{margin:0 0 var(--space-3);color:var(--color-accent);font-size:var(--text-md);letter-spacing:.12em;font-weight:900;line-height:var(--leading-ui);text-transform:uppercase}.page-one-bottom{gap:var(--space-6);border-top:var(--border-subtle);padding-top:var(--space-5);display:grid}.trend-chart{min-width:0;margin:0}.trend-chart svg{aspect-ratio:680/260;width:100%;height:auto;display:block}.trend-axis{stroke:#c8d4dd;stroke-width:2px}.trend-line{fill:none;stroke:#2f7fae;stroke-width:6px;stroke-linecap:round;stroke-linejoin:round}.trend-point circle{fill:#607789}.trend-point text{fill:#7890a0;font-size:18px;font-weight:800}.compact-report-table th,.compact-report-table td{padding-block:var(--space-2)}.report-section h3{color:var(--color-heading);font-size:var(--text-lg);font-weight:800;line-height:var(--leading-ui)}.report-section p,.report-section li{max-width:var(--width-measure)}.report-kicker{color:var(--color-accent);font-size:var(--text-sm);font-weight:800}.report-table{border-collapse:collapse;width:100%;font-size:var(--text-sm)}.report-table caption{padding-block:0 var(--space-3);color:var(--color-heading);font-size:var(--text-md);font-weight:800;line-height:var(--leading-ui);text-align:left}.report-table th,.report-table td{border-bottom:var(--border-subtle);padding:var(--space-3);text-align:left;vertical-align:top}.report-table th{color:var(--color-heading);background:var(--color-brand-soft);font-weight:800}.table-wrap{max-width:100%;overflow-x:auto}@media (width<=47.9375rem){.site-header__inner{flex-direction:column;align-items:flex-start}.site-header__nav{justify-content:flex-start;width:100%}.home-hero{padding-block:var(--space-7)}.report-pdf-page h2{max-width:none}.report-page-foot{flex-direction:column;align-items:flex-start}}@media (width>=48rem){.split-section,.editorial-grid{grid-template-columns:minmax(0,.65fr) minmax(0,1fr);align-items:start}.page-one-masthead{grid-template-columns:minmax(0,1fr) auto;align-items:start}.page-one-rating-strip{grid-template-columns:minmax(24rem,.45fr) minmax(0,1fr)}.snapshot-metrics--headline{grid-template-columns:repeat(4,minmax(0,1fr))}.page-one-body{grid-template-columns:minmax(0,1.85fr) minmax(18rem,1fr);align-items:stretch}.page-one-key-data{border-top:0;border-left:var(--border-subtle);padding-top:0;padding-left:var(--space-5)}.page-one-bottom{grid-template-columns:minmax(0,1fr) minmax(20rem,1.05fr);align-items:start}.report-page-head{grid-template-columns:minmax(0,1fr) auto;align-items:start}.report-page-head h2,.report-page-head .report-page-deck{grid-column:1/-1}.report-page-split{grid-template-columns:minmax(0,1fr) minmax(0,1fr)}.report-page-panel--ruled{border-left:var(--border-subtle);padding-left:var(--space-5)}.pdf-kpi-grid{grid-template-columns:repeat(4,minmax(0,1fr))}.scenario-grid{grid-template-columns:repeat(3,minmax(0,1fr))}}@media (width>=37.5rem) and (width<=56.1875rem){.page-one-rating-strip{grid-template-columns:minmax(0,1fr)}.snapshot-metrics--headline{gap:var(--space-4) var(--space-6);grid-template-columns:repeat(2,minmax(0,1fr))}.snapshot-metrics--headline div:first-child dd{max-width:8rem}.pdf-kpi-grid{grid-template-columns:repeat(2,minmax(0,1fr))}.scenario-grid{grid-template-columns:repeat(3,minmax(0,1fr))}.scenario-card{padding:var(--space-3)}.scenario-card p{font-size:var(--text-sm)}}