/* Prism Data Lab: "the research note" (owner-approved redesign, 2026-10-07).
   Research notes from a markets desk: chart first, a key figure per note. Source Serif 4 for headings and reading,
   Source Sans 3 for the interface, tables and charts. White ground, ink #101820, deep teal #0b5563 with a pale teal
   and one warm #ad601b for chart secondaries, hairline rules. Every colour and face flows through the tokens below. */

:root {
  --ground: #ffffff;
  --ink: #101820;
  --teal: #0b5563;
  --teal-pale: #5e9aa3;
  --warm: #ad601b;
  --warm-text: #8c4a10;
  --muted: #56616b;
  --rule: #e3e6e8;
  --axis: #9aa3ab;
  --band: #eef1f3;
  --wash: #edf4f5;
  --code-bg: #f5f7f8;
  --serif: "Source Serif 4", Georgia, "Times New Roman", serif;
  --sans: "Source Sans 3", "Segoe UI", "Helvetica Neue", sans-serif;
  --code: ui-monospace, "SFMono-Regular", Consolas, "Liberation Mono", monospace;
  --gutter: clamp(16px, 4vw, 40px);
}

* { box-sizing: border-box; }
html { color-scheme: light; -webkit-text-size-adjust: 100%; text-size-adjust: 100%; }
body { margin: 0; background: var(--ground); color: var(--ink); font-family: var(--serif); font-size: 18px; line-height: 1.6; }
img, svg { max-width: 100%; }
a { color: var(--teal); text-decoration-thickness: 1px; text-underline-offset: 0.15em; }
a:hover { color: var(--ink); }
a:focus-visible, button:focus-visible { outline: 2px solid var(--teal); outline-offset: 2px; border-radius: 1px; }
.wrap { max-width: 1200px; margin: 0 auto; padding-left: var(--gutter); padding-right: var(--gutter); }
.small { font-size: 0.85rem; color: var(--muted); }
.skip { position: absolute; left: -9999px; top: 8px; z-index: 10; background: var(--ink); color: #fff; padding: 8px 14px; font-family: var(--sans); font-weight: 600; }
.skip:focus { left: 16px; color: #fff; }

/* ---- masthead ---- */
.masthead { padding-top: 28px; }
.masthead-row { display: flex; flex-wrap: wrap; align-items: flex-end; justify-content: space-between; gap: 16px 48px; }
.wordmark { display: inline-flex; align-items: center; gap: 12px; text-decoration: none; color: var(--ink); }
.wordmark span { font-family: var(--serif); font-size: 29px; font-weight: 600; letter-spacing: -0.015em; line-height: 1; }
.wordmark:hover { color: var(--ink); }
.mark { flex: 0 0 auto; }
.masthead-note { margin: 0; max-width: 500px; font-family: var(--sans); font-size: 15px; line-height: 1.45; color: var(--muted); }
.masthead-note p { margin: 4px 0 0; }
.masthead-title { margin: 0; font-family: var(--serif); font-size: 17px; line-height: 1.35; font-weight: 600; color: var(--ink); letter-spacing: 0; }
.nav {
  margin-top: 24px; padding: 11px 0; border-top: 1px solid var(--ink); border-bottom: 1px solid var(--rule);
  display: flex; flex-wrap: wrap; gap: 6px 28px; font-family: var(--sans); font-size: 15px; font-weight: 600; line-height: 1.4;
}
.nav a { color: var(--ink); text-decoration: none; }
.nav a:hover { color: var(--teal); }
.nav a[aria-current="page"] { color: var(--teal); text-decoration: underline; text-underline-offset: 6px; }

/* ---- type ---- */
h1, h2, h3 { font-family: var(--serif); font-weight: 600; line-height: 1.2; letter-spacing: -0.01em; }
p, li { overflow-wrap: break-word; }

/* ---- home: latest ---- */
.latest { padding: 36px 0 44px; }
.label-h { margin: 0 0 18px; font-family: var(--sans); font-size: 16px; font-weight: 600; color: var(--muted); line-height: 1.3; letter-spacing: 0; }
.latest-row { display: flex; flex-wrap: wrap; gap: 32px 56px; align-items: flex-start; }
.lead { flex: 1 1 460px; min-width: 0; }
.note-meta { margin: 0 0 10px; font-family: var(--sans); font-size: 15px; line-height: 1.4; color: var(--muted); }
.note-meta a { font-weight: 600; text-decoration: none; margin-right: 12px; }
.note-meta a:hover { text-decoration: underline; }
.note-meta .upd { margin-left: 12px; }
.lead-title { margin: 0; font-size: clamp(30px, 3.4vw, 40px); line-height: 1.12; letter-spacing: -0.012em; }
.lead-title a, .row-title a, .entry-title a { color: var(--ink); text-decoration: none; }
.lead-title a:hover, .row-title a:hover, .entry-title a:hover { color: var(--teal); text-decoration: underline; }
.lead-desc { margin: 16px 0 0; font-size: 19px; line-height: 1.6; max-width: 34em; }
.lead-key { margin-top: 28px; padding-top: 16px; border-top: 1px solid var(--rule); font-family: var(--sans); }
.lead-key-title { margin: 0 0 10px; font-size: 15px; line-height: 1.4; color: var(--muted); }
.kf-row + .lead-key-title { margin: 10px 0 0; }
.kf-row { display: flex; flex-wrap: wrap; gap: 12px 48px; }
.kf-big { font-family: var(--serif); font-size: 56px; line-height: 1; font-weight: 600; letter-spacing: -0.02em; font-variant-numeric: lining-nums tabular-nums; }
.kf { font-family: var(--serif); font-size: 40px; line-height: 1; font-weight: 600; letter-spacing: -0.02em; font-variant-numeric: lining-nums tabular-nums; }
.teal { color: var(--teal); }
.warm { color: var(--warm); }
.kf-sub { margin-top: 6px; font-size: 15px; line-height: 1.4; }
.attached { margin: 18px 0 0; font-size: 15px; line-height: 1.5; color: var(--muted); }
.attached a { font-weight: 600; }
.lead-chart { flex: 1 1 440px; min-width: 0; margin: 0; }
.chart-title { margin: 0 0 10px; font-family: var(--sans); font-size: 15px; font-weight: 600; line-height: 1.4; }
.chart-narrow { display: none; }
.lead-chart figcaption { margin-top: 10px; font-family: var(--sans); font-size: 13.5px; line-height: 1.5; color: var(--muted); }

/* charts: inline SVG drawn from the datasets */
.chart { display: block; width: 100%; height: auto; font-family: var(--sans); }
.chart .grid { stroke: var(--rule); stroke-width: 1; }
.chart .zero { stroke: var(--axis); stroke-width: 1; }
.chart .ref { stroke: var(--ink); stroke-dasharray: 2 2; }
.chart .band { fill: var(--band); }
.chart .tk { font-size: 10.5px; fill: var(--muted); font-variant-numeric: tabular-nums; }
.chart .tk.strong { fill: var(--ink); font-weight: 600; }
.chart .tv { font-size: 10.5px; font-weight: 600; fill: var(--ink); font-variant-numeric: tabular-nums; }
.chart .tv.teal { fill: var(--teal); }
.chart .cat { font-size: 11.5px; fill: var(--ink); }
.chart .sl { font-size: 11px; font-weight: 600; }
.chart .sl.teal { fill: var(--teal); }
.chart .sl.warm { fill: var(--warm); }
.chart .ln-teal { fill: none; stroke: var(--teal); stroke-width: 1.6; stroke-linejoin: round; }
.chart .ln-teal.thin { stroke-width: 1.4; }
.chart .ln-warm { fill: none; stroke: var(--warm); stroke-width: 1.6; stroke-linejoin: round; }
.chart .dash { stroke-dasharray: 4 3; stroke-width: 1.4; }
.chart .bar-teal { fill: var(--teal); }
.chart .bar-pale { fill: var(--teal-pale); }
.chart .bar-warm { fill: var(--warm); }

/* ---- home: notes ---- */
.notes-head { display: flex; flex-wrap: wrap; justify-content: space-between; align-items: baseline; gap: 8px 24px; border-top: 2px solid var(--ink); padding-top: 14px; }
.notes-head h2 { margin: 0; font-size: 30px; line-height: 1.2; }
.all-link { font-family: var(--sans); font-size: 15px; font-weight: 600; }
.note-list { list-style: none; margin: 0; padding: 0; }
.note-row { display: flex; flex-wrap: wrap; gap: 16px 40px; padding: 24px 0; border-bottom: 1px solid var(--rule); }
.row-key { flex: 0 0 200px; }
.kf-label { margin: 8px 0 0; font-family: var(--sans); font-size: 14px; line-height: 1.45; color: var(--muted); }
.row-text { flex: 1 1 380px; min-width: 0; }
.row-text .note-meta { font-size: 14px; margin-bottom: 6px; }
.row-title { margin: 0; font-size: 24px; line-height: 1.22; }
.row-desc { margin: 8px 0 0; font-size: 17px; line-height: 1.6; }
.row-chart { flex: 0 1 260px; min-width: 0; margin: 0; }
.row-chart figcaption { margin-top: 6px; font-family: var(--sans); font-size: 12.5px; line-height: 1.4; color: var(--muted); }
.earlier { padding-top: 44px; }
.earlier h2, .desks h2 { margin: 0 0 6px; font-size: 22px; line-height: 1.3; }
.earlier-list { list-style: none; margin: 0; padding: 0; display: grid; grid-template-columns: repeat(auto-fit, minmax(min(320px, 100%), 1fr)); column-gap: 48px; }
.earlier-list li { padding: 14px 0; border-bottom: 1px solid var(--rule); }
.earlier-list a { color: var(--ink); text-decoration: none; font-size: 18px; line-height: 1.4; }
.earlier-list a:hover { color: var(--teal); text-decoration: underline; }
.earlier-meta { margin: 4px 0 0; font-family: var(--sans); font-size: 14px; color: var(--muted); }
.desks { padding-top: 48px; }
.desks h2 { margin-bottom: 12px; }
.table-wrap { overflow-x: auto; }
.desk-table { width: 100%; min-width: 560px; border-collapse: collapse; font-family: var(--sans); font-size: 16px; line-height: 1.45; }
.desk-table caption { caption-side: bottom; text-align: left; padding-top: 10px; font-size: 13.5px; color: var(--muted); }
.desk-table thead tr { border-bottom: 1px solid var(--ink); }
.desk-table th { text-align: left; padding: 8px 16px 8px 0; font-weight: 600; }
.desk-table td { padding: 8px 16px 8px 0; border-bottom: 1px solid var(--rule); }
.desk-table td:first-child { white-space: nowrap; }
.desk-table td:first-child a { font-weight: 600; }
.desk-table .num { text-align: right; padding-right: 24px; font-variant-numeric: tabular-nums; white-space: nowrap; }

/* ---- note (article) ---- */
.note-head { padding: 36px 0 32px; max-width: 920px; }
.note-kicker { margin: 0; font-family: var(--sans); font-size: 15px; line-height: 1.5; color: var(--muted); }
.note-kicker a { font-weight: 600; text-decoration: none; margin-right: 14px; }
.note-kicker a:hover { text-decoration: underline; }
.note-kicker time, .note-kicker span { margin-right: 14px; }
.review-line { margin: 4px 0 0; font-family: var(--sans); font-size: 15px; line-height: 1.5; color: var(--muted); }
.review-line a { font-weight: 600; }
.note-head h1 { margin: 18px 0 0; font-size: clamp(34px, 4vw, 50px); line-height: 1.1; letter-spacing: -0.015em; }
.note-head .lede { margin: 18px 0 0; font-size: clamp(19px, 1.7vw, 22px); line-height: 1.5; max-width: 38em; }
.note-grid { display: flex; flex-wrap: wrap; gap: 40px 64px; align-items: flex-start; border-top: 1px solid var(--rule); padding-top: 32px; }
.note-body { flex: 999 1 600px; min-width: 0; max-width: 740px; }
.note-rail { flex: 1 1 260px; min-width: 0; max-width: 340px; font-family: var(--sans); font-size: 15px; line-height: 1.5; }
.rail-block { border-top: 2px solid var(--ink); padding-top: 12px; margin-top: 32px; }
.rail-block:first-child { margin-top: 0; }
.rail-block h2 { margin: 0; font-family: var(--sans); font-size: 18px; font-weight: 700; line-height: 1.3; letter-spacing: 0; }
.files-box ul { list-style: none; margin: 10px 0 0; padding: 0; }
.files-box li { padding: 10px 0; border-bottom: 1px solid var(--rule); color: var(--muted); }
.files-box a { font-weight: 600; word-break: break-all; }
.files-box .facts { display: block; margin-top: 2px; color: var(--muted); }
.sources ol { margin: 10px 0 0; padding-left: 20px; font-size: 13.5px; line-height: 1.45; }
.sources li { margin-bottom: 8px; overflow-wrap: anywhere; }
.tag-row { margin: 8px 0 0; color: var(--muted); }
.tag-row .tag + .tag::before { content: "\00B7\00A0"; }
.honesty-note { margin-top: 40px; padding: 12px 0; border-top: 1px solid var(--ink); border-bottom: 1px solid var(--rule); font-family: var(--sans); font-size: 15px; line-height: 1.5; }
.related { margin-top: 36px; max-width: 740px; }
.related h2 { margin: 0 0 8px; font-size: 22px; }
.related ul { list-style: none; margin: 0; padding: 0; border-top: 1px solid var(--rule); }
.related li { padding: 10px 0; border-bottom: 1px solid var(--rule); }
.related a { color: var(--ink); text-decoration: none; font-size: 18px; }
.related a:hover { color: var(--teal); text-decoration: underline; }
.related .small { font-family: var(--sans); }

/* ---- prose ---- */
.prose { font-size: 18px; line-height: 1.65; counter-reset: fig; }
.prose > p, .prose > ul, .prose > ol { margin: 0 0 16px; }
.prose h2 { margin: 40px 0 12px; font-size: 27px; line-height: 1.25; }
.prose h3 { margin: 28px 0 10px; font-size: 21px; line-height: 1.3; }
.prose ul, .prose ol { padding-left: 1.3em; }
.prose li { margin: 0 0 6px; }
.prose blockquote { margin: 0 0 16px 1.2em; padding: 0; color: var(--muted); font-style: italic; }
.prose hr { border: 0; border-top: 1px solid var(--rule); margin: 32px 0; }
code { font-family: var(--code); font-size: 0.84em; }
.prose p code, .prose li code, .prose td code { background: var(--code-bg); padding: 0.05em 0.3em; overflow-wrap: anywhere; }
.prose pre, .highlight pre {
  margin: 0; padding: 14px 18px; background: var(--code-bg); border-top: 1px solid var(--rule); border-bottom: 1px solid var(--rule);
  overflow-x: auto; font-family: var(--code); font-size: 14.5px; line-height: 1.55; tab-size: 4;
}
.prose pre code { font-size: inherit; }
.prose .highlight, .prose > pre { margin: 0 0 20px; }
.prose .table-wrap { margin: 8px 0 24px; }
.prose table { width: 100%; border-collapse: collapse; font-family: var(--sans); font-size: 15.5px; line-height: 1.45; }
.prose thead tr { border-bottom: 1px solid var(--ink); }
.prose th { padding: 7px 14px 7px 0; font-weight: 600; text-align: left; vertical-align: bottom; }
.prose td { padding: 7px 14px 7px 0; border-bottom: 1px solid var(--rule); vertical-align: top; }
.prose th:last-child, .prose td:last-child { padding-right: 0; }
.prose .num { text-align: right; font-variant-numeric: lining-nums tabular-nums; }
.post-figure { margin: 28px 0 32px; counter-increment: fig; }
.post-figure img { display: block; width: 100%; height: auto; }
.post-figure figcaption { margin-top: 10px; font-family: var(--sans); font-size: 14px; line-height: 1.5; color: var(--muted); }
.post-figure figcaption::before { content: "Figure " counter(fig) ". "; font-weight: 700; color: var(--ink); }
.copy-btn { font-family: var(--sans) !important; float: none !important; display: table; margin: 0 0 8px auto !important; background: var(--ground) !important; }

/* syntax colours: teal for keywords, one warm for strings, grey for comments */
.highlight .c, .highlight .c1, .highlight .cm, .highlight .ch, .highlight .cs, .highlight .cp, .highlight .cpf { color: var(--muted); font-style: italic; }
.highlight .k, .highlight .kc, .highlight .kd, .highlight .kn, .highlight .kp, .highlight .kr, .highlight .ow { color: var(--teal); font-weight: 600; }
.highlight .kt, .highlight .nb, .highlight .bp { color: var(--teal); }
.highlight .s, .highlight .s1, .highlight .s2, .highlight .sa, .highlight .sb, .highlight .sc, .highlight .sd, .highlight .se, .highlight .sh, .highlight .si, .highlight .sx, .highlight .sr, .highlight .ss, .highlight .dl { color: var(--warm-text); }
.highlight .m, .highlight .mi, .highlight .mf, .highlight .mh, .highlight .mo, .highlight .il { color: #1f4e79; }
.highlight .nf, .highlight .fm, .highlight .nc, .highlight .nn, .highlight .nd { color: var(--ink); font-weight: 600; }
.highlight .gp, .highlight .go { color: var(--muted); }
.highlight .err { color: inherit; background: none; }

/* ---- index pages ---- */
.page-head { padding: 36px 0 8px; max-width: 920px; }
.page-head h1 { margin: 0; font-size: clamp(34px, 4vw, 50px); line-height: 1.1; letter-spacing: -0.015em; }
.page-head .lede { margin: 14px 0 0; font-size: 19px; line-height: 1.55; max-width: 38em; }
.page-head + .table-wrap, .page-head + .entry-list { margin-top: 20px; }
.month { margin-top: 28px; }
.month-h { margin: 0; padding-top: 12px; border-top: 2px solid var(--ink); font-size: 22px; }
.entry-list { list-style: none; margin: 0; padding: 0; max-width: 920px; }
.page-head + .entry-list { border-top: 2px solid var(--ink); }
.entry { padding: 18px 0; border-bottom: 1px solid var(--rule); }
.entry .note-meta { font-size: 14px; margin-bottom: 4px; }
.entry-title { margin: 0; font-size: 23px; line-height: 1.25; }
.entry-desc { margin: 8px 0 0; font-size: 17px; line-height: 1.6; max-width: 44em; }

/* ---- documents ---- */
.main-doc .wrap { padding-top: 36px; }
.main-doc .wrap > * { max-width: 740px; }
.main-doc h1 { margin: 0 0 16px; font-size: clamp(34px, 4vw, 46px); line-height: 1.1; letter-spacing: -0.015em; }
.main-doc h2 { margin: 36px 0 10px; font-size: 25px; line-height: 1.25; }
.main-doc p, .main-doc li { font-size: 18px; line-height: 1.65; }
.main-doc .lede { font-size: 20px; line-height: 1.5; }
.main-doc p.small { font-family: var(--sans); font-size: 14.5px; color: var(--muted); }
.main-doc ul { padding-left: 1.3em; }
.main-doc li { margin: 0 0 6px; }
.card { margin: 24px 0; padding: 14px 0 2px; border-top: 2px solid var(--ink); border-bottom: 1px solid var(--rule); }
.editor-box { margin: 32px 0; padding: 18px 24px 6px; background: var(--wash); }
.editor-box h2 { margin-top: 0; font-family: var(--sans); font-size: 18px; font-weight: 700; letter-spacing: 0; }
.editor-links { font-family: var(--sans); font-size: 15px; }

/* ---- footer ---- */
.site-foot { margin-top: 56px; border-top: 1px solid var(--ink); font-family: var(--sans); font-size: 15px; line-height: 1.55; }
.site-foot .wrap { padding-top: 32px; padding-bottom: 40px; }
.foot-grid { display: grid; grid-template-columns: repeat(auto-fit, minmax(min(220px, 100%), 1fr)); gap: 28px 48px; }
.foot-about p { margin: 8px 0 0; color: var(--muted); }
.foot-about .foot-name { margin: 0; font-family: var(--serif); font-size: 20px; font-weight: 600; color: var(--ink); }
.foot-name a { color: var(--ink); text-decoration: none; }
.foot-h { margin: 0 0 8px; font-weight: 600; }
.foot-nav ul { list-style: none; margin: 0; padding: 0; }
.foot-nav li { margin: 0 0 2px; }
.foot-nav a { color: var(--ink); }
.foot-nav a:hover { color: var(--teal); }
.foot-legal { margin-top: 32px; padding-top: 16px; border-top: 1px solid var(--rule); color: var(--muted); font-size: 14px; }
.foot-legal p { margin: 0 0 6px; }

@media (max-width: 560px) {
  .chart-wide { display: none; }
  .chart-narrow { display: block; }
}

@media (max-width: 640px) {
  body, .prose { font-size: 17px; }
  .row-key { flex-basis: 100%; }
  .row-chart { flex-basis: 100%; max-width: 360px; }
  .kf-big { font-size: 46px; }
  .masthead-note { max-width: none; }
}