@import"https://rsms.me/inter/inter.css";@import"https://cdn.jsdelivr.net/gh/JetBrains/JetBrainsMono@v2.304/web/woff2/webfonts.css";@import"https://fonts.googleapis.com/css2?family=Source+Serif+4:opsz,wght@8..60,400;8..60,500;8..60,600;8..60,700&display=swap";:root{--observablehq-max-width: 1280px;--sans-serif: "Inter", "S\f6hne", -apple-system, BlinkMacSystemFont, "Helvetica Neue", Arial, sans-serif;--serif: "Source Serif 4", "Source Serif Pro", "Tiempos Headline", Georgia, serif;--mono: "JetBrains Mono", "IBM Plex Mono", ui-monospace, "SFMono-Regular", monospace;--ms-text: #1F2937;--ms-muted: #6B7280;--ms-grid: #E5E7EB;--ms-card-bg: #FFFFFF;--ms-card-border: #E5E7EB;--ms-navy: #0A2540;--ms-accent: #0A2540;--ms-pillar-cycle: #1F6F4A;--ms-pillar-energy: #B8860B;--ms-pillar-reserves: #A6192E;--ms-pillar-security: #2B5C8A;--ms-pillar-dollar: #115E59;--ms-pillar-money: #6B21A8;--ms-page-bg: #F7F8FA;--theme-foreground-focus: 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a{font-family:var(--sans-serif);font-size:13px;font-weight:500;color:var(--ms-text);text-decoration:none;padding:.4rem 1rem;border-bottom:0;white-space:nowrap;transition:background .1s ease,color .1s ease}.ms-nav-dropdown-panel a:hover{background:var(--ms-bg, #F8F9FA);color:var(--ms-accent);border-bottom:0}.ms-nav-dropdown-panel a.active{color:var(--ms-accent);font-weight:600;border-bottom:0}.ms-nav-dropdown-panel-wide{flex-direction:row;gap:.5rem;padding:.75rem .5rem;min-width:600px}.ms-nav-dropdown-section{display:flex;flex-direction:column;min-width:140px;padding:0 .5rem}.ms-nav-dropdown-heading{font-family:var(--sans-serif);font-size:10px;font-weight:600;letter-spacing:.08em;text-transform:uppercase;color:var(--ms-muted);padding:.4rem 1rem .3rem}.ms-topnav-hamburger{display:none;background:transparent;border:0;cursor:pointer;padding:0;margin-right:.5rem;width:28px;height:24px;flex-direction:column;justify-content:space-between}.ms-topnav-hamburger span{display:block;height:2px;background:var(--ms-text);border-radius:1px;transition:transform .2s ease,opacity .15s ease}.ms-topnav-hamburger[aria-expanded=true] span:nth-child(1){transform:translateY(11px) rotate(45deg)}.ms-topnav-hamburger[aria-expanded=true] span:nth-child(2){opacity:0}.ms-topnav-hamburger[aria-expanded=true] span:nth-child(3){transform:translateY(-11px) rotate(-45deg)}@media(max-width:768px){.ms-topnav-hamburger{display:inline-flex}.ms-topnav{flex-wrap:wrap;overflow:visible}.ms-topnav>.ms-nav-public,.ms-topnav>.ms-nav-paid,.ms-topnav>.ms-nav-operator{display:none;flex-basis:100%;flex-direction:column;align-items:flex-start;gap:.75rem;padding:.75rem 0;border-top:1px solid var(--ms-card-border)}.ms-topnav.ms-topnav-mobile-open .ms-nav-public,.ms-topnav.ms-topnav-mobile-open .ms-nav-paid,.ms-topnav.ms-topnav-mobile-open .ms-nav-operator{display:flex!important}body[data-scope=public] .ms-topnav.ms-topnav-mobile-open .ms-nav-paid,body[data-scope=paid] 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var(--ms-card-border);border-radius:6px;padding:.75rem .9rem;display:flex;flex-direction:column;gap:.25rem;min-height:82px}.ms-kpi-label{font-size:10.5px;letter-spacing:.08em;text-transform:uppercase;color:var(--ms-muted);font-weight:600}.ms-kpi-value{font-family:var(--mono);font-size:24px;font-weight:500;line-height:30px;letter-spacing:-.01em}.ms-kpi-sub{font-size:11.5px;color:var(--ms-muted);line-height:16px}.ms-callout-row{display:flex;gap:.75rem;align-items:center;flex-wrap:wrap;margin:.5rem 0 1rem;padding:.65rem .85rem;background:#fafafa;border-left:3px solid var(--ms-navy);font-size:13px;color:var(--ms-text)}.ms-caveat{display:inline-block;padding:2px 8px;border-radius:4px;background:#fef3c7;color:#92400e;border:1px solid #FDE68A;font-size:11.5px;font-weight:600;letter-spacing:.02em}.ms-source-note{color:var(--ms-muted);font-size:11.5px;margin-top:1rem;padding-top:.5rem;border-top:1px solid 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var(--ms-navy);border-radius:6px;padding:1.25rem 1.5rem;display:block;color:inherit;text-decoration:none}.ms-note-card:hover{text-decoration:none;color:inherit;box-shadow:0 2px 6px #1118270f}.ms-note-card .ms-note-eyebrow{font-size:10.5px;letter-spacing:.12em;text-transform:uppercase;color:var(--ms-muted);font-weight:600}.ms-note-card h2{font-family:var(--serif);font-size:22px;line-height:28px;margin:.25rem 0 .5rem;border:none;padding:0}.ms-note-card .ms-note-dek{color:var(--ms-text);font-size:14px;line-height:21px;margin:0}.ms-note-card .ms-note-meta{font-size:11.5px;color:var(--ms-muted);margin-top:.75rem;font-family:var(--mono)}.ms-sleeve-card{display:block;padding:1rem 1.1rem;color:inherit;text-decoration:none;border-left:3px solid var(--ms-navy)}.ms-sleeve-card:hover{text-decoration:none;color:inherit;box-shadow:0 2px 6px #1118270f}.ms-sleeve-card h3{font-family:var(--serif);font-size:17px;line-height:22px;border:none;padding:0}.ms-sleeve-card 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var(--ms-card-border);color:var(--ms-text);text-decoration:none;font-family:var(--mono)}.ms-sleeve-nav-pill:hover{border-color:var(--ms-navy);text-decoration:none}.ms-sleeve-nav-pill.active{background:var(--ms-navy);color:#fff;border-color:var(--ms-navy)}.ms-letter-dateline{font-family:var(--sans-serif);font-size:10.5px;letter-spacing:.14em;text-transform:uppercase;color:var(--ms-muted);font-weight:600;margin:0 0 .2rem}.ms-letter h1{max-width:28ch;margin-top:.3rem;margin-bottom:1rem;font-size:34px;line-height:42px;border-top:none;padding-top:0}.ms-letter-lede{font-family:var(--serif);font-size:18px;line-height:28px;color:var(--ms-text);max-width:68ch;margin:0 0 1.75rem}.ms-letter-lede:first-letter{font-family:var(--serif);font-size:3.4em;font-weight:600;float:left;line-height:.9;padding:6px 10px 0 0;color:var(--ms-navy)}.ms-letter-body p,.ms-letter-body li{max-width:68ch}.ms-letter-signoff{margin:2.5rem 0 0;padding-top:1.1rem;border-top:1px solid var(--ms-grid);font-family:var(--serif);font-size:14px;line-height:22px;color:var(--ms-text)}.ms-letter-signoff strong{letter-spacing:.08em}.ms-pillar-read{display:grid;grid-template-columns:1fr;gap:.75rem;border-top:1px solid var(--ms-grid);padding-top:1.1rem;margin-top:1.5rem}.ms-pillar-read h3{font-family:var(--serif);font-size:17px;line-height:24px;font-weight:600;letter-spacing:-.005em;color:var(--ms-text);text-transform:none;margin:0 0 .25rem}.ms-pillar-read-cycle h3:before{content:"Cycle \b7  ";color:var(--ms-pillar-cycle);font-weight:600}.ms-pillar-read-energy h3:before{content:"Energy \b7  ";color:var(--ms-pillar-energy);font-weight:600}.ms-pillar-read-reserves h3:before{content:"Reserves \b7  ";color:var(--ms-pillar-reserves);font-weight:600}.ms-pillar-read-security h3:before{content:"Security \b7  ";color:var(--ms-pillar-security);font-weight:600}.ms-sleeve-table{width:100%;border-collapse:collapse;font-size:13px;margin:.5rem 0 1.5rem;background:#fff;border:1px solid var(--ms-card-border);border-radius:6px;overflow:hidden}.ms-sleeve-table th,.ms-sleeve-table td{padding:.55rem .9rem;text-align:left;border-bottom:1px solid var(--ms-grid)}.ms-sleeve-table th{font-size:10.5px;letter-spacing:.08em;text-transform:uppercase;color:var(--ms-muted);font-weight:600;background:#f7f8fa}.ms-sleeve-table td.num{font-family:var(--mono);text-align:right}.ms-sleeve-table tr:last-child td{border-bottom:none}.ms-sleeve-table .ms-sleeve-empty td{text-align:center;color:var(--ms-muted);padding:1.5rem 1rem;font-style:italic}.ms-sleeve-header{font-family:var(--serif);font-size:18px;font-weight:600;margin:1.75rem 0 .5rem;display:flex;align-items:baseline;justify-content:space-between}.ms-sleeve-header-tag{font-family:var(--sans-serif);font-size:10.5px;letter-spacing:.1em;text-transform:uppercase;color:var(--ms-muted);font-weight:600}.ms-alert-row{display:grid;grid-template-columns:9rem 1fr auto;gap:1rem;padding:.85rem 0;border-bottom:1px solid var(--ms-grid);align-items:baseline}.ms-alert-row:last-child{border-bottom:none}.ms-alert-date{font-family:var(--mono);font-size:12px;color:var(--ms-muted)}.ms-alert-body{font-size:13.5px;line-height:20px;color:var(--ms-text)}.ms-alert-pillar{font-size:10.5px;letter-spacing:.1em;text-transform:uppercase;font-weight:600;color:var(--ms-muted)}.ms-alert-row-empty{background:#f7f8fa;border:1px dashed var(--ms-grid);border-radius:6px;padding:1.25rem}.ms-alert-row-empty .ms-alert-body h3{font-family:var(--serif);font-size:16px;font-weight:600;margin:0 0 .35rem;color:var(--ms-text);text-transform:none;letter-spacing:0;border:none;padding:0}.ms-alert-row-empty .ms-alert-body p{margin:0;font-size:13px;color:var(--ms-muted);line-height:19px}.ms-note-list{display:flex;flex-direction:column;gap:.85rem}.ms-note-card-upcoming{opacity:.72;border-left-color:var(--ms-grid);pointer-events:none}.ms-note-card-upcoming h2{color:var(--ms-muted)}.ms-alert-state-grid{display:grid;grid-template-columns:repeat(auto-fit,minmax(220px,1fr));gap:.65rem;margin-bottom:1.5rem}.ms-alert-state-tile{display:block;padding:.85rem 1rem;background:#fff;border:1px solid var(--ms-card-border);border-left:3px solid var(--ms-navy);border-radius:5px;text-decoration:none;color:inherit;transition:transform 80ms ease,box-shadow 80ms ease}.ms-alert-state-tile:hover{transform:translateY(-1px);box-shadow:0 2px 8px #0000000f;text-decoration:none}.ms-alert-state-tile .ms-alert-state-pillar{font-size:10.5px;letter-spacing:.1em;text-transform:uppercase;font-weight:600;color:var(--ms-muted);margin-bottom:.35rem}.ms-alert-state-tile .ms-alert-state-label{font-size:16px;font-weight:700;color:var(--ms-text);margin-bottom:.35rem;line-height:1.2}.ms-alert-state-tile .ms-alert-state-meta{font-size:11.5px;color:var(--ms-muted);font-family:var(--mono)}.ms-alert-state-tile .ms-alert-state-meta strong{color:var(--ms-text);font-weight:600}.ms-alert-feed{border-top:1px solid var(--ms-grid)}.ms-substack-card{padding:1.5rem 1.75rem;background:linear-gradient(180deg,#fafbfc,#f4f6f8);border:1px solid var(--ms-card-border);border-left:4px solid var(--ms-accent, var(--ms-navy));border-radius:6px}.ms-substack-card .ms-substack-eyebrow{font-size:10.5px;letter-spacing:.1em;text-transform:uppercase;font-weight:600;color:var(--ms-muted);margin-bottom:.5rem}.ms-substack-card h2{font-family:var(--serif);font-size:24px;font-weight:600;margin:0 0 .6rem;color:var(--ms-text);border:none;padding:0}.ms-substack-card .ms-substack-dek{font-size:14.5px;line-height:22px;color:var(--ms-text);margin:0 0 1rem;max-width:60ch}.ms-substack-actions{display:flex;flex-wrap:wrap;gap:.65rem}.ms-substack-cta{display:inline-block;padding:.6rem 1.05rem;background:var(--ms-navy);color:#fff;border:0;border-radius:4px;font-size:13.5px;font-weight:600;text-decoration:none;white-space:nowrap}.ms-substack-cta:hover{background:#0d2f5b;color:#fff;text-decoration:none}.ms-substack-cta-secondary{background:#fff;color:var(--ms-navy);border:1px solid var(--ms-navy)}.ms-substack-cta-secondary:hover{background:var(--ms-navy);color:#fff}.ms-mode-banner{display:grid;grid-template-columns:auto 1fr auto;gap:1.25rem;align-items:center;padding:1rem 1.25rem;background:#fff;border:1px solid var(--ms-card-border);border-left:4px solid var(--ms-accent);border-radius:6px;margin:.75rem 0 1.5rem}.ms-mode-banner[data-mode=REPRICING]{border-left-color:var(--ms-pillar-reserves)}.ms-mode-banner[data-mode=BETA]{border-left-color:var(--ms-pillar-cycle)}.ms-mode-label{font-family:var(--serif);font-size:22px;font-weight:600;letter-spacing:.01em;line-height:1.1}.ms-mode-kicker{font-family:var(--sans-serif);font-size:10.5px;letter-spacing:.1em;text-transform:uppercase;color:var(--ms-muted);font-weight:600;display:block;margin-bottom:.2rem}.ms-mode-detail{font-size:13px;color:var(--ms-muted);line-height:19px}.ms-mode-detail strong{color:var(--ms-text);font-weight:600}.ms-mode-since{font-family:var(--mono);font-size:11.5px;color:var(--ms-muted);text-align:right;line-height:18px}.ms-metric-row{display:grid;grid-template-columns:repeat(4,1fr);gap:.65rem;margin:.5rem 0 1.75rem}.ms-metric-pill{padding:.75rem 1rem;background:#fff;border:1px solid var(--ms-card-border);border-radius:6px}.ms-metric-pill-label{font-size:10.5px;letter-spacing:.08em;text-transform:uppercase;color:var(--ms-muted);font-weight:600;margin-bottom:.25rem}.ms-metric-pill-value{font-family:var(--mono);font-size:20px;font-weight:500;color:var(--ms-text);line-height:1.1}.ms-metric-pill-sub{font-size:11.5px;color:var(--ms-muted);margin-top:.2rem}.ms-status-chip{display:inline-block;padding:2px 8px;border-radius:999px;font-size:10px;letter-spacing:.08em;text-transform:uppercase;font-weight:600;font-family:var(--sans-serif)}.ms-status-chip.active{background:#dcfce7;color:#166534;border:1px solid #86EFAC}.ms-status-chip.armed{background:#fef3c7;color:#92400e;border:1px solid #FCD34D}.ms-status-chip.inactive{background:#f3f4f6;color:var(--ms-muted);border:1px solid var(--ms-grid)}.ms-pillar-tag{font-size:11px;letter-spacing:.04em;color:var(--ms-muted)}.ms-trigger-line{font-size:11.5px;line-height:16px;color:var(--ms-muted);margin-top:2px;font-family:ui-monospace,SFMono-Regular,SF Mono,Menlo,Consolas,monospace}.ms-trigger-line .ms-trigger-label{display:inline-block;min-width:3.2em;font-family:var(--sans-serif);font-weight:600;letter-spacing:.06em;text-transform:uppercase;font-size:10px;color:var(--ms-text);margin-right:.35em}.ms-thesis-cell{font-size:12.5px;line-height:18px;color:var(--ms-muted)}@media(max-width:720px){.ms-metric-row{grid-template-columns:repeat(2,1fr)}.ms-mode-banner{grid-template-columns:1fr;gap:.5rem}.ms-mode-since{text-align:left}}