');height:10px;width:16px;content:"";position:absolute;top:5px;right:0;display:block;transition:rotate .3s;rotate:0deg}.sn-navbar-links a.sn-has-panel.sn-open:after,.sn-navbar-links button.sn-has-panel.sn-has-panel.sn-open:after{rotate:180deg}.sn-navbar-links a,.sn-navbar-links button.sn-has-panel,.sn-navbar .sn-search-button{padding-bottom:18px;margin-bottom:0;position:relative}.sn-navbar-links a:before,.sn-navbar-links button.sn-has-panel:before,.sn-navbar .sn-search-button:before{content:"";display:block;position:absolute;bottom:0px;left:0;right:0;height:4px;background:#071d49;opacity:0;outline:0 !important;pointer-events:none}.sn-navbar-links a:hover:before,.sn-navbar-links a.sn-active:before,.sn-navbar-links a.sn-open:before,.sn-navbar-links button.sn-has-panel:hover:before,.sn-navbar-links button.sn-has-panel.sn-active:before,.sn-navbar-links button.sn-has-panel.sn-open:before,.sn-navbar .sn-search-button:hover:before,.sn-navbar .sn-search-button.sn-active:before,.sn-navbar .sn-search-button.sn-open:before{opacity:1}.sn-navbar-actions{display:flex;gap:14px;align-items:center;padding-bottom:10px}@media all and (max-width: 1150px){.sn-navbar-actions{gap:6px}}.sn-navbar-actions .sn-vsep{height:25px;width:1px;margin:0 10px}@media all and (max-width: 1150px){.sn-navbar-actions .sn-vsep{margin:0 5px}}.sn-navbar-actions .sn-vsep{background:#c4c4c4}.sn-navbar-actions .sn-search-button{position:relative;top:10px;color:#071d49;padding-left:25px}.sn-navbar-actions .sn-search-button::after{content:"";background-image:url('data:image/svg+xml, ');width:20px;height:20px;display:block;position:absolute;top:0;left:0}.sn-reset .sn-button{border-radius:2px;background:#0a70dc;border:2px solid #0a70dc;color:#fff !important;padding:7px 11px;font-weight:600;white-space:nowrap}.sn-reset .sn-button:hover{background:#0857ab;border-color:#0857ab}.sn-reset .sn-button-outline{background:#fff;color:#0a70dc !important;border:2px solid #0a70dc}.sn-reset .sn-button-outline:hover{color:#0857ab !important;background:#ebf4fe;border-color:#0857ab}.sn-sr{position:absolute;left:-10000px;top:auto;width:1px;height:1px;overflow:hidden}@media all and (max-width: 980px){.sn-desktop{display:none}}@media all and (min-width: 981px){.sn-mobile{display:none}}.sn-mobile-bar.sn-container{padding-top:12px;padding-bottom:12px;display:flex;align-items:center}.sn-mobile-bar.sn-container a,.sn-mobile-bar.sn-container button{font-weight:500;margin-left:16px;font-size:1rem}.sn-mobile-bar.sn-container button.with-icon{font-size:0.875rem}.sn-mobile-logo{margin-left:0 !important;margin-right:auto}.sn-mobile-logo svg{height:28px}.sn-mobile-nav{display:none;border-top:1px solid #c4c4c4;overflow:hidden}.sn-mobile-nav.sn-open{display:block}.sn-mobile-areas{padding:6px 15px 10px;font-size:0.875rem;font-weight:500;gap:20px;margin:0 auto}.sn-mobile-areas a{display:block;margin:7px 0;padding:8px 0}.sn-mobile-areas a.sn-active{text-decoration:underline;text-decoration-thickness:2px;text-underline-offset:5px}.sn-mobile-extra{background:#ebf4fe;padding:20px 15px;margin:0 auto}.sn-mobile-links{max-width:400px;font-size:0.875rem;font-weight:500;display:flex;justify-content:space-between;gap:8px;flex-wrap:wrap}.sn-mobile-links a{display:block}.sn-mobile-links #sn-header-button-log-out{display:none !important}.sn-mobile-actions{padding:0 15px 30px;display:flex;flex-direction:column;gap:18px;align-items:center;margin:0 auto}.sn-mobile-actions a:not(.sn-mobile-visible),.sn-mobile-actions button:not(.sn-mobile-visible){display:none !important}.sn-mobile-actions .sn-mobile-visible{width:100%;text-align:center}.sn-mobile-actions .sn-mobile-logout{font-weight:500;color:#0a70dc;text-decoration:underline;text-underline-offset:4px}.sn-mobile-nav .sn-panel-savings{margin-top:24px}.sn-mobile .sn-panel-disclaimer{margin-bottom:12px}.sn-mobile .sn-mobile-title{padding:24px 0 18px;border-bottom:1px solid #c4c4c4;font-size:1.25rem;font-weight:700}.sn-mobile-list{display:flex;flex-direction:column;overflow:hidden;padding:6px 15px 20px;margin:0 auto}.sn-mobile-list a,.sn-mobile-list button.sn-has-panel,.sn-mobile-list button.has-list{font-size:1rem;width:100%;text-align:left;padding:16px 0;font-weight:500}.sn-mobile-list a.sn-has-panel,.sn-mobile-list a.has-list,.sn-mobile-list button.sn-has-panel.sn-has-panel,.sn-mobile-list button.sn-has-panel.has-list,.sn-mobile-list button.has-list.sn-has-panel,.sn-mobile-list button.has-list.has-list{position:relative}.sn-mobile-list a.sn-has-panel:after,.sn-mobile-list a.has-list:after,.sn-mobile-list button.sn-has-panel.sn-has-panel:after,.sn-mobile-list button.sn-has-panel.has-list:after,.sn-mobile-list button.has-list.sn-has-panel:after,.sn-mobile-list button.has-list.has-list:after{background-image:url('data:image/svg+xml, ');height:12px;width:7px;content:"";position:absolute;top:19px;right:0px;display:block}.sn-mobile-list a.sn-search-button,.sn-mobile-list button.sn-has-panel.sn-search-button,.sn-mobile-list button.has-list.sn-search-button{padding-right:30px}.sn-mobile-list a.sn-search-button:after,.sn-mobile-list button.sn-has-panel.sn-search-button:after,.sn-mobile-list button.has-list.sn-search-button:after{background-image:url('data:image/svg+xml, ');bottom:0px;top:14px;height:20px;width:20px}.sn-mobile-list .sn-link{display:flex;flex-direction:column;gap:4px}.sn-mobile-list .sn-link .sn-link-text{font-weight:500}.sn-mobile-list .sn-link .sn-link-description{color:#4d4d4d;font-size:14px;font-style:normal;font-weight:400}.sn-mobile-list .sn-subtitle{width:fit-content;border:none;padding:0}.sn-mobile-list li{border-bottom:1px solid #c4c4c4}.sn-mobile .sn-panel-buttons{margin-top:16px}.sn-mobile-nav .sn-search-input{min-width:100px}.sn-mobile-nav .sn-search .sn-panel-title{font-size:1.25rem;padding:20px 0}.sn-mobile-nav .sn-search .sn-search-results{margin-bottom:16px}.sn-mobile-nav .sn-search .sn-search-results a{font-weight:400}.sn-mobile-nav .sn-search .sn-entry-title{font-weight:400}.sn-mobile-nav .sn-search .sn-price-listing .sn-entry-title{font-weight:500}.sn-mobile-nav .sn-search .sn-entry-title .sn-search-nav a{margin:6px 0}.sn-mobile-nav .sn-search .sn-search-nav-research,.sn-mobile-nav .sn-search .sn-search-nav-news{display:flex;flex-wrap:wrap;align-items:start}.sn-mobile-nav .sn-search .sn-search-nav-research>a,.sn-mobile-nav .sn-search .sn-search-nav-news>a{margin-top:0;width:calc(100% - 110px)}.sn-mobile-nav .sn-search .sn-search-nav-research>p,.sn-mobile-nav .sn-search .sn-search-nav-news>p{width:110px;padding:8px;font-size:14px}.sn-mobile-nav .sn-search .sn-entry-title+.sn-price{color:#1a1a1a}.sn-mobile-nav .sn-search .sn-search-link{border:0px}.sn-mobile .sn-mobile-back{width:fit-content;border:0px;padding-bottom:0px;color:#0a70dc;font-size:1rem;font-weight:600;position:relative;padding-left:15px;padding-top:16px}.sn-mobile .sn-mobile-back:before{background-image:url('data:image/svg+xml, ');height:12px;width:7px;content:"";position:absolute;bottom:3.5px;left:0;display:block;transform:rotate(180deg)}.sn-mobile-header-search{height:38px;width:48px}.sn-mobile-button{height:38px;width:44px;text-align:center}.sn-mobile-button .sn-mobile-close{display:none;position:relative;top:2px}.sn-mobile-button.sn-open .sn-mobile-close{display:block}.sn-mobile-button.sn-open .sn-mobile-open{display:none}.sn-mobile-inner,.sn-mobile-inner-sub{transition:transform .25s,opacity .35s;transform:translateY(-15px);opacity:.35}.sn-mobile-inner-sub{transform:translateX(15px);padding-bottom:15px}.sn-mobile-nav.sn-animated .sn-mobile-inner,.sn-mobile-nav.sn-animated .sn-mobile-inner-sub{transform:translateY(0);opacity:1}.sn-mobile-nav.sn-animated .sn-mobile-inner-sub{transform:translateX(0)}.sn-mobile .sn-panel-close{display:none}.sn-panel{display:none;overflow:hidden}.sn-panel.sn-open{display:block}.sn-panel .sn-panel-intro{transition:transform .45s,opacity .25s;opacity:1;transform:translateY(0px)}.sn-panel.sn-animated .sn-panel-intro{opacity:1;transform:translateY(0px)}.sn-panel-main{transition:0s;opacity:1;transform:translateX(0px)}.sn-panel-main.sn-animated{opacity:1;transform:translateX(0px);transition:transform .45s,opacity .25s}.sn-panel{border-top:1px solid #c4c4c4;padding-top:25px;font-size:1rem;font-weight:400}.sn-panel .sn-panel-title{font-size:1.25rem;font-weight:600;border-bottom:1px solid #c4c4c4;padding-bottom:5px;margin-bottom:20px}.sn-panel-columns,.sn-panel-main>.sn-panel-list{position:relative;display:flex;gap:40px}.sn-panel-columns:after,.sn-panel-main>.sn-panel-list:after{position:absolute;content:"";top:0;left:31%;margin-left:19px;bottom:-30px;width:1px;background:#c4c4c4}.sn-panel-main>.sn-panel-list:after{left:50%;height:1000px;margin-left:-0.5px}.sn-panel-intro{width:31%}.sn-panel-nav,.sn-panel-subcontent,.sn-panel-main{flex:1}.sn-panel-intro,.sn-panel-main{padding-bottom:65px}.sn-panel-header{position:relative}.sn-panel-close{font-size:1rem;position:absolute;z-index:2;top:0;right:0;transition:opacity .25s}.sn-panel-close:hover{text-decoration:underline}.sn-panel-close:after{background-image:url('data:image/svg+xml, ');height:12px;width:13px;margin-left:8px;top:.5px;content:"";display:inline-block;position:relative}.sn-panel-nav a,.sn-panel-nav button.has-list{width:100%;text-align:left;font-size:1rem;border-radius:0px;display:block;padding:12px 14px;padding-right:30px;margin-bottom:6px;background:#fff;position:relative;font-weight:500}.sn-panel-nav a.has-list:after,.sn-panel-nav button.has-list.has-list:after{background-image:url('data:image/svg+xml, ');height:12px;width:7px;content:"";position:absolute;top:15px;right:17px;display:block}.sn-panel-nav a.sn-open,.sn-panel-nav a:hover,.sn-panel-nav button.has-list.sn-open,.sn-panel-nav button.has-list:hover{background:#071d49;color:#fff}.sn-panel-nav a.sn-open:after,.sn-panel-nav a:hover:after,.sn-panel-nav button.has-list.sn-open:after,.sn-panel-nav button.has-list:hover:after{background-image:url('data:image/svg+xml, ')}.sn-panel-nav .sn-link{display:flex;flex-direction:column;gap:4px}.sn-panel-nav .sn-link .sn-link-text{font-weight:500}.sn-panel-nav .sn-link .sn-link-description{color:#4d4d4d;font-size:14px;font-style:normal;font-weight:400}.sn-panel-nav .sn-link:hover .sn-link-description{color:#fff}.sn-panel-back{font-size:1rem;font-weight:500;margin-bottom:15px;text-decoration:underline !important;margin-left:14px}.sn-panel-back:hover{text-decoration:none !important}.sn-panel-buttons a{border-radius:0px;border:1px solid #c4c4c4;display:block;padding:12px 16px;margin-bottom:16px;font-weight:500;display:flex;align-items:center;gap:10px}.sn-panel-buttons a:hover{background:#ecf2fd;border-color:#071d49}.sn-panel-buttons a:hover span{text-decoration:underline;text-underline-offset:2px}.sn-panel-buttons a.sn-panel-featured{background:#fff;border:2px solid #0a6bd2;color:#0a70dc}.sn-panel-buttons a.sn-panel-featured:hover{background:#ebf4fe;color:#0a6bd2}.sn-panel-icon{display:flex;flex-direction:column;align-items:center;justify-items:center;width:40px;height:45px}.sn-panel-icon img,.sn-panel-icon svg{max-width:100%;margin:auto}.sn-panel .sn-panel-disclaimer{font-size:0.875rem;padding:0 0 24px}.sn-panel-accordion{margin-top:0px}.sn-panel-accordion-title{width:100%;text-align:left;border-radius:0 !important;position:relative;display:block !important;cursor:pointer;font-size:0.875rem;font-weight:600;padding:0 20px 6px 0 !important;border-bottom:1px solid #071d49 !important}.sn-panel-accordion-title:after{background-image:url('data:image/svg+xml, ');height:10px;width:16px;content:"";position:absolute;bottom:7px;right:0;display:block;transition:rotate .3s;rotate:0deg}.sn-panel-accordion-title:hover{opacity:.75}.sn-panel-accordion-content{padding-top:12px;font-size:0.875rem;line-height:18px;display:none;white-space:pre-line}.sn-panel-accordion.sn-open .sn-panel-accordion-content{display:block}.sn-panel-accordion.sn-open .sn-panel-accordion-title::after{rotate:180deg}.sn-panel-saving h3{font-weight:600}.sn-panel-rates{padding:10px 0 18px;display:grid;grid-template-columns:repeat(2, 1fr);gap:8px}.sn-panel-rates>a{border-radius:0;padding:8px 8px;border:1px solid #c4c4c4;display:block;transition:background .35s,border-color .35s}.sn-panel-rates>a:hover{background:#ecf2fd;border-color:#071d49}.sn-panel-rate{font-size:1.125rem;padding:4px 0;font-weight:700}.sn-panel-rate-title{font-weight:600;font-size:0.875rem !important;line-height:1.1em}.sn-panel-rate-suffix{font-weight:400;font-size:0.875rem;white-space:pre-line;opacity:.9}.sn-panel-main>.sn-panel-list{display:none}.sn-panel-main>.sn-panel-list.sn-open{display:flex}.sn-panel-header{display:none}.sn-panel-header.sn-open{display:block}.sn-panel-subcontent>.sn-panel-board,.sn-panel-subcontent>.sn-panel-list,.sn-panel-buttons{display:none}.sn-panel-subcontent>.sn-panel-board.sn-open,.sn-panel-subcontent>.sn-panel-list.sn-open,.sn-panel-buttons.sn-open{display:block}.sn-search{display:flex;gap:40px;position:relative}.sn-search:not(.sn-mobile-inner-sub):after{position:absolute;content:"";top:0;left:50%;margin-left:-0.5px;bottom:-30px;width:1px;background:#c4c4c4}.sn-search>*{flex:1}.sn-search .sn-subtitle{font-size:1.0625rem;font-weight:600}.sn-search .sn-panel-main{padding-top:28px}.sn-search-panel{padding:16px;margin-bottom:14px;background:#fdfaf0;display:flex;gap:6px;flex-direction:row;flex-wrap:wrap;justify-content:space-between}.sn-search-panel .sn-view-all{font-size:1rem}.sn-search-panel .sn-view-all:hover{text-underline-offset:2px;text-decoration:underline}.sn-search-panel div{width:100%}.sn-search .sn-sep{margin:22px 0;opacity:.3}.sn-search .sn-positive,.sn-search .sn-negative{border-radius:5px;padding:3px 5px;white-space:pre;min-width:85px;text-align:right;padding-left:25px;position:relative}.sn-search .sn-positive::before,.sn-search .sn-negative::before{content:"";position:absolute;display:block;top:6px;left:6px;width:13px;height:14px}.sn-search .sn-positive{background:#e5fbec;color:#137333}.sn-search .sn-positive::before{background-image:url('data:image/svg+xml, ')}.sn-search .sn-negative{background:#ffebeb;color:#cf0f0f}.sn-search .sn-negative::before{background-image:url('data:image/svg+xml, ')}.sn-search .sn-price-listing{color:#1a1a1a;font-weight:500;padding:8px 0;border-bottom:1px solid rgba(0,0,0,.1);display:flex;align-items:center;gap:6px}.sn-search .sn-price-listing:first-child{margin-top:6px;border-top:1px solid rgba(0,0,0,.1)}.sn-search .sn-price-listing:hover span:first-child{text-decoration:underline}@media(max-width: 380px){.sn-search .sn-price-listing{font-size:0.875rem}}.sn-search .sn-price{margin-left:auto;margin-right:4px}.sn-search-note{color:rgba(0,0,0,.7)}.sn-search-form{display:flex;gap:8px}.sn-search-input{flex:1;border-radius:2px;font-size:1rem;padding:9px 12px;border:1px solid rgba(0,0,0,.7)}.sn-search-submit{cursor:pointer;border:0px;background:#0a70dc;color:#fff;font-weight:500;font-size:1rem;border-radius:2px;position:relative;padding:10px 18px 10px 35px !important}.sn-search-submit::before{content:"";background-image:url('data:image/svg+xml, ');width:15px;height:15px;margin-right:8px;position:absolute;top:12px;left:12px}.sn-search-nav .sn-search-share{display:flex;gap:6px}.sn-search-nav .sn-search-share:last-child{margin-left:auto}.sn-search-preset{padding-bottom:0 !important}.sn-search-result-hidden{display:none}.sn-search-result{padding:28px 0;border-bottom:1px solid #c4c4c4}.sn-search-result.-hidden{display:none}.sn-search-result.-show{display:block}.sn-search .sn-search-title{font-size:1.125rem;font-weight:600}.sn-search .sn-search-results-recent a{padding-left:8px}.sn-search .sn-search-results-recent a:before{display:none}.sn-search .sn-search-compare,.sn-search .sn-subtitle{color:#071d49;font-family:Inter;font-size:1rem;font-style:normal;font-weight:600;line-height:normal;text-decoration-line:underline}.sn-search .sn-search-compare-invest{display:none}@media(min-width: 981px){.sn-search .sn-search-compare-invest{display:block}}.sn-search .sn-search-compare-bottom{display:block;padding-bottom:0;padding-top:24px}@media(min-width: 981px){.sn-search .sn-search-compare-bottom{display:none}}.sn-search .sn-search-accounts{display:grid;grid-template-columns:1fr;grid-gap:24px}@media(min-width: 768px){.sn-search .sn-search-accounts{grid-template-columns:1fr 1fr}}@media(min-width: 981px){.sn-search .sn-search-accounts{grid-template-columns:1fr}}@media(min-width: 1024px){.sn-search .sn-search-accounts{grid-template-columns:1fr 1fr}}.sn-search .-hidden{display:none}.sn-search .sn-search-account{border:1px solid #c4c4c4;background:#fff;padding:16px;position:relative}.sn-search .sn-search-account h4{padding-bottom:8px;font-weight:600}.sn-search .sn-search-account:hover{background-color:#f6fafe;border:1px solid #071d49}.sn-search .sn-search-account:active{background-color:#eff7ff;border:1px solid #071d49}.sn-search .sn-search-account .sn-search-account-heading{display:flex;justify-content:space-between;font-weight:600;color:#071d49;font-size:1rem}@media(min-width: 981px){.sn-search .sn-search-account .sn-search-account-heading{font-size:1.125rem}}.sn-search .sn-search-account .sn-search-account-chevron{margin-left:6px}.sn-search .sn-search-account .sn-search-account-content{color:#4d4d4d;font-weight:400}.sn-search .sn-search-account .sn-search-account-flare{position:absolute;bottom:0;right:0}.sn-search .sn-search-headings{display:flex;justify-content:space-between;align-items:center;margin-bottom:16px}.sn-search-nav{padding:12px 0px}.sn-search-nav a{display:block;padding:8px}.sn-search-nav a:hover{text-decoration:underline;text-underline-offset:2px;background:#f7f7f7}.sn-search-nav em{font-weight:600;font-style:normal}.sn-search .sn-search-link{font-weight:600;text-decoration:underline;text-underline-offset:2px}.sn-search .sn-search-link:hover{text-decoration:none}.sn-search #sn-search-news-container .sn-search-link,.sn-search #sn-search-research-container .sn-search-link{display:none}.sn-search .sn-search-nav-research,.sn-search .sn-search-nav-news{display:flex;flex-wrap:wrap;align-items:start}.sn-search .sn-search-nav-research>a,.sn-search .sn-search-nav-news>a{margin-top:0;width:calc(100% - 110px)}.sn-search .sn-search-nav-research>p,.sn-search .sn-search-nav-news>p{width:110px;padding:8px;font-size:14px}.sn-search-radio{border-style:none;display:flex;flex-wrap:wrap;gap:8px;align-items:center;padding:20px 0 0 0}.sn-search-radio-toggle label{display:inline-block;padding:8px 16px;border-radius:20px;background-color:#bddeff;color:#00366b;font-size:14px;text-align:center;cursor:pointer}.sn-search-radio-toggle label:hover{background-color:#00366b;color:#fff}.sn-search-radio-toggle input{position:absolute;opacity:0;width:0;height:0}.sn-search-radio-toggle input:checked+label{background-color:#00366b;color:#fff}.sn-search-radio-toggle input:focus+label,.sn-search-radio-toggle input:focus-visible+label{outline:2px solid #0a6bd2;outline-offset:2px}.sn-header-skip{background:#fee942;display:block !important;overflow:hidden;height:0px;outline:0px !important;font-size:0.875rem;font-weight:500}.sn-header-skip .sn-container{padding-top:7px;padding-bottom:3px}.sn-header-skip span{display:inline-block;padding:9px 0 11px;text-underline-offset:2px;text-decoration:underline}.sn-header-skip:focus-visible{height:auto}.sn-is-slim .sn-topbar-area,.sn-is-slim .sn-topbar-links,.sn-is-slim .sn-navbar-links{display:none;color:#071d49}.sn-is-slim .sn-navbar-actions{position:relative;top:2px;padding-bottom:0px}.sn-is-slim .sn-navbar-actions a:not(.sn-slim-visible),.sn-is-slim .sn-navbar-actions button:not(.sn-slim-visible),.sn-is-slim .sn-navbar-actions .sn-vsep{display:none !important}.sn-is-slim .sn-desktop>.sn-container{display:flex;align-items:center;justify-content:space-between}.sn-header-promo{width:100%;padding:14px 0;background:#071d49}.sn-header-promo .sn-container{display:flex;gap:12px;justify-content:space-between;margin:0 auto}.sn-header-promo p.sn-header-promo-body{color:#fff;font-size:0.875rem}.sn-header-promo a{color:#fff;text-decoration:underline;font-weight:500;text-underline-offset:2px}.sn-header-promo a:hover{text-decoration:none}.sn-header-promo button.sn-header-promo-button{margin-top:0px;color:#fff;font-weight:500;display:flex;align-items:center;font-size:0.875rem;text-underline-offset:2px}.sn-header-promo button.sn-header-promo-button:hover{text-decoration:underline}.sn-header-promo button.sn-header-promo-button::after{content:"";width:12px;height:12px;margin-left:7px;display:block;background-repeat:no-repeat;background:url('data:image/svg+xml, ')}.sn-loader div{border-radius:4px;overflow:hidden;margin-bottom:10px;background:rgba(0,0,0,.2);position:relative}.sn-loader div:after{display:block;position:absolute;top:0;left:0;right:0;bottom:0;content:"";animation-duration:1.25s;animation-fill-mode:forwards;animation-iteration-count:infinite;animation-name:snShimmer;animation-timing-function:linear;background:#a9a9a9;background:linear-gradient(to right, #eee 10%, #fff 18%, #eee 33%);background-size:1600px 100%;height:100%;opacity:.9}.sn-loader div:last-child{margin-bottom:0px}.sn-loader-a{height:20px;margin-bottom:12px}.sn-loader-b{height:80px;margin-bottom:12px}@keyframes snShimmer{0%{background-position:100% 0}100%{background-position:-100% 0}}.sn-hide-variant{display:none !important}.sn-only-personal{display:none !important}.sn-is-personal .sn-hide-personal:not(.sn-only-workplace){display:none !important}.sn-is-personal .sn-only-personal{display:block !important}.sn-mobile-nav .sn-hide-mobile{display:none !important}.sn-only-auth{display:none !important}.sn-is-auth .sn-hide-auth{display:none !important}.sn-is-auth .sn-only-auth{display:block !important}.sn-only-unauth{display:none !important}.sn-is-unauth .sn-hide-unauth{display:none !important}.sn-is-unauth .sn-only-unauth{display:block !important}.sn-only-guest{display:none !important}.sn-is-guest .sn-only-guest{display:block !important}.sn-only-client{display:none !important}.sn-is-client:not(.sn-is-workplace) .sn-only-client{display:block !important}.sn-is-client:not(.sn-is-workplace) .sn-only-guest{display:none !important}.sn-is-client:not(.sn-is-workplace) .sn-mobile-nav .sn-mobile-only-guest{display:none !important}.sn-is-client:not(.sn-is-workplace).sn-is-auth .sn-only-client.sn-hide-auth{display:none !important}.sn-is-client:not(.sn-is-workplace).sn-is-unauth .sn-only-client.sn-hide-unauth{display:none !important}.sn-only-workplace{display:none !important}.sn-is-workplace .sn-hide-workplace{display:none !important}.sn-is-workplace .sn-only-workplace{display:block !important}.sn-is-invisible{height:0;overflow:hidden}.cookieSettingsModal{display:none}.cookieSettingsModal__section{margin:20px 0}.cookieSettingsModal{background:#fff;padding:30px;margin:32px;max-height:90%}@media only screen and (min-width: 460px)and (max-height: 600px){.cookieSettingsModal{margin:0}}.cookieSettingsModal{overflow-y:scroll;border-radius:4px}@media only screen and (max-height: 768px){.cookieSettingsModal{margin:32px;overflow-y:scroll}}.cookieBanner{background:rgba(0,0,0,.6);position:fixed;top:0;right:0;bottom:0;left:0;width:100%;height:100%;z-index:950;overflow:hidden;overflow-y:auto;font-size:16px;line-height:28px}.cookieBanner .show{display:block}.cookieBanner .hide{display:none}.cookieBanner *+p,.cookieBanner p+*{margin-top:1.5625rem}@media only screen and (min-width: 460px){.cookieBanner{font-size:18px}}@media only screen and (min-width: 460px)and (min-height: 600px){.cookieBanner{display:flex;flex-direction:column;justify-content:center;align-items:center}}.cookieBanner__inner{max-height:calc(100% - 64px);position:relative;text-align:left;font-family:Inter,Arial,Helvetica,sans-serif}@media only screen and (min-width: 460px)and (min-height: 600px){.cookieBanner__inner{max-width:600px;width:90%}}.cookieBanner__inner h4{font-weight:600}.cookieBanner__modalContent{position:fixed;top:50%;transform:translateY(-50%);background:#fff;padding:30px;margin:32px;border-radius:4px}@media only screen and (max-width: 375px){.cookieBanner__modalContent{margin-top:8px}}@media only screen and (min-width: 460px)and (min-height: 600px){.cookieBanner__modalContent{position:relative;top:auto;transform:none}}@media only screen and (min-width: 460px){.cookieBanner__modalContent{margin:auto}}@media only screen and (max-width: 280px){.cookieBanner__modalContent{position:relative;transform:none}}@media only screen and (max-height: 460px){.cookieBanner__modalContent{margin:8px 32px;max-height:80%;overflow-y:scroll}}.cookieBanner__text{margin-bottom:30px;font-family:Inter,Arial,Helvetica,sans-serif}.cookieBanner__buttons{display:flex;flex-direction:column-reverse}@media only screen and (min-width: 768px){.cookieBanner__buttons{flex-direction:row;align-items:center}}.cookieBanner__settingsAccept{display:block}.cookieBanner__accept{display:block;margin:0}@media only screen and (min-width: 768px){.cookieBanner__accept{margin:0 0 0 30px}}.cookieBanner__settings{position:relative;display:block;text-align:center;font-weight:500;font-size:1rem;line-height:1.5rem;text-transform:uppercase}.cookieBanner__link{border:0;position:relative;vertical-align:text-bottom}.cookieBanner__settingsIcon{margin-right:30px}.cookieBanner__settingsIcon:before{background:url("data:image/svg+xml;base64,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") no-repeat;position:absolute;content:"";height:24px;width:24px;transform:translate(5px, 5px);top:-5px;left:-5px;background-size:24px 24px}.cookieBanner h2{display:block;font-size:24px;margin-block-start:13px;margin-block-end:13px;margin-inline-start:0px;margin-inline-end:0px;font-weight:bold}.cookieBanner body.-cb-open{height:100vh;overflow-y:hidden}.cookieBanner .cookieDecisionRadioGroup_wrapper{display:flex;flex-direction:row;align-items:flex-start;padding:0px;gap:24px;margin-top:16px;border:none}.cookieBanner .radio{position:relative;cursor:pointer;display:flex}.cookieBanner .radio__text{padding-top:8px}.cookieBanner .radio__label{display:block;margin-left:12px;font-size:16px;font-weight:500;line-height:24px;letter-spacing:-0.32px;cursor:pointer;color:#071d49}.cookieBanner .radio__input{appearance:none;background-color:rgba(0,0,0,0);margin:0;cursor:pointer;max-height:40px}.cookieBanner .radio__input::before{content:"";display:inline-block;color:#c4c4c4;width:40px;height:40px;box-shadow:inset 0 0 0 2px #c4c4c4;border-radius:22px;transition:all 150ms linear}.cookieBanner .radio__input::before{content:"";display:inline-block;color:#8a8a8a;width:40px;height:40px;box-shadow:inset 0 0 0 2px #8a8a8a;border-radius:22px;background-color:#fff;transition:all 150ms linear}.cookieBanner .radio__input:focus{outline:0}.cookieBanner .radio__input:focus::before{box-shadow:inset 0 0 0 4px #071d49;outline:2px solid #00deb2}@media only screen and (min-width: 768px){.cookieBanner .radio__label{font-size:18px;line-height:28px}}.cookieBanner .radio__input__bgiTh::before{content:"";display:inline-block;width:28px;height:28px;box-shadow:inset 0 0 0 2px #c4c4c4;border-radius:22px;transition:all 150ms linear}.cookieBanner .radio__input__bgiTh:checked::before{background:url("data:image/svg+xml;base64,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") no-repeat 0 0;box-shadow:inset 0 0 0 2px #071d49}.cookieBanner .radio__input__bgiTh:hover::before{box-shadow:inset 0 0 0 2px #071d49}.cookieBanner .button-module_button{cursor:pointer;font-family:Inter,sans-serif;font-size:16px;line-height:24px;padding:12px 24px;border:0;font-weight:600;transition:all 150ms linear;width:auto;display:block;margin:0}.cookieBanner .cookieBanner__modalContent .cookieBanner__buttons .button-module_button{width:100%;height:auto}@media only screen and (min-width: 768px){.cookieBanner .cookieBanner__modalContent .cookieBanner__buttons .button-module_button{width:231px;height:62px}}.cookieBanner .cookieBanner__modalContent .cookieBanner__buttons .button-module_button-primary{margin:0 0 24px 0}@media only screen and (min-width: 768px){.cookieBanner .cookieBanner__modalContent .cookieBanner__buttons .button-module_button-primary{margin:0 0 0 30px;padding:0}}.cookieBanner .button-module_button:hover,.cookieBanner .button-module_button:active{background-color:#0857aa;border:1px solid #0a70dc;color:#fff}.cookieBanner .button-module_button-primary{background:#0a70dc;border:1px solid #0a70dc;color:#fff}@media only screen and (min-width: 460px){.cookieBanner .button-module_button-primary{margin-bottom:0px}}.cookieBanner .button-module_button-secondary{background:#fff;border:1px solid #0a70dc;color:#0a70dc}.cookieBanner .button-module_button-secondary:focus{border:1px solid #00deb2}.cookieBanner .button-module_button-secondary:hover{border:.0625rem solid var(#0857aa);background-color:var(#0857aa)}.cookieBanner .button-module_button:focus{background-color:#00deb2;border:1px solid #00deb2;box-shadow:inset 0 -2px 0 0 #071d49;outline:0;color:#071d49}@media only screen and (min-width: 768px){.cookieBanner .button-module_button{padding:16px 32px;font-size:18px;line-height:28px;width:auto}}.cookieBanner .link-module_link-body{color:#0a70dc;text-decoration:underline;text-underline-offset:4px;text-decoration-color:currentcolor}.cookieBanner .link-module_link:focus{outline:0;color:#071d49;text-decoration-thickness:2px}.cookieBanner .link-module_link:hover{color:#0857aa;text-decoration:none}.cookieBanner .link-module_link:focus .link-module_link-span{background-color:#00deb2}.cookieBanner .sr-only:not(:focus):not(:active){clip:rect(0 0 0 0);clip-path:inset(50%);height:1px;overflow:hidden;position:absolute;white-space:nowrap;width:1px}.notificationStripContainer{display:flex;flex-wrap:wrap;justify-content:center;align-items:center;text-align:center;background-color:#071d49;padding:14px;font-size:1.125rem;line-height:24px;color:#fff;gap:10px}.notificationContent{display:flex;flex-wrap:wrap;justify-content:center;align-items:center;gap:10px}.notificationStripText{width:100%}.notificationStripInner{display:flex;justify-content:center;align-items:center}.notificationStripDays{display:flex;gap:4px;margin-right:10px}.notificationStripDigit{font-family:"HLOswald","Oswald",Impact,Franklin Gothic Bold,sans-serif;background-color:#fff;font-weight:800;border-radius:4px;min-width:20px;min-height:28px;color:#162c57;font-size:24px;align-items:center;text-align:center;padding-top:1px}@media(max-width: 389px){.notificationContent{flex-direction:column;align-items:flex-start;text-align:left}.notificationStripInner{justify-content:flex-start}}@media(min-width: 390px){.notificationContent{flex-direction:row;align-items:center;text-align:center}.notificationStripText{width:auto}.notificationStripInner{justify-content:center}}.notificationStripSlash{display:none}@media(min-width: 580px){.notificationStripSlash{display:block;margin:0 10px;color:#fff}}.notificationStripTitle{font-weight:700}.notificationStripLastDayMessage strong{font-weight:700}
Reuters: Biggest two-month rally in decades rescues beaten-up bond markets
Important information - This article isn’t personal advice. If you’re not sure whether an investment is right for you please seek advice. If you choose to invest the value of your investment will rise and fall, so you could get back less than you put in.
A huge two-month rally in bond prices, powered by expectations that central banks will soon be cutting interest rates, has rescued fixed income markets from an almost unheard-of third straight year of declines.
This article is more than 1 year old
It was correct at the time of publishing. Our views and any references to tax, investment, and pension rules may have changed since then.
The U.S. 10-year Treasury yield, the benchmark for borrowing costs globally, has dropped 50 basis points (bps) in December after falling 53 bps in November. Its two-month fall is the biggest since 2008, when the Federal Reserve was slashing rates during
the global financial crisis.
ICE BofA's global broad bond market index, which includes government and corporate debt, has rallied roughly 7% over the last two months -- its strongest eight-week period on record, according to LSEG data which goes back to 1997.
The sharp drop in yields, which move inversely to prices, has eased pressure on companies and households as well as housing markets and governments that in October faced the steepest borrowing costs in more than a decade.
It has also been a balm for highly indebted countries such as Italy, where bond yields are poised for their biggest monthly fall since 2013.
Central bankers abruptly changed their tone on inflation in December, fuelling investors' rate-cut bets. That followed a blockbuster November, when data showed U.S. and European inflation falling much faster than expected.
"We were surprised by the strength of this rally," said Oliver Eichmann, head of European fixed income at asset manager DWS.
The Fed's Christopher Waller and the European Central Bank's Isabel Schnabel, both previously renowned monetary policy hawks, softened their language in December and acknowledged - in Schnabel's words - a "remarkable" fall in inflation.
The Fed triggered fresh market euphoria when it used its December meeting to say that rate hikes were over. Fed Chair Jerome Powell notably declined to push back against market bets on deep cuts next year, although the Fed's "dot plot" envisaged three
25 bp cuts in 2024, compared to the more than 150 bps priced in by markets.
"That was a surprise," said Jamie Niven, bond portfolio manager at asset manager Candriam. "And it does leave you with the question, what are they seeing that maybe the market isn't?"
The riskier parts of the bond market, increasingly attractive as investors bet on rate cuts next year, have rallied the most.
Italy's benchmark 10-year bond yield is on track to fall more than 75 bps in December, its biggest monthly drop since the euro zone debt crisis in 2013.
Meanwhile, the spread of junk bond yields over benchmark risk-free rates in the United States and Europe has fallen to its lowest level since the second quarter of 2022.
The two-month jump in bond prices has saved the market from the ignominy of a third year in the red, something not seen in 40 years or more, after two down years driven by inflation and rate hikes.
Bond indexes were in negative territory in October as U.S. growth and inflation kept surprising economists, bolstering the case for higher rates for longer.
The ICE BofA broad bond market index is now heading for an annual gain of around 5%.
Not all investors are convinced their luck will hold.
"It's gone too far," said DWS's Eichmann. He expects more "push-back" from central bankers in the new year and fewer rate cuts than priced in by markets.
This article was written by Harry Robertson from Reuters and was legally licensed through the DiveMarketplace by Industry Dive. Please direct all licensing questions to legal@industrydive.com.
This website uses cookies
To help personalise your experience with HL and show you relevant content and adverts, we use cookies.
By clicking "Accept All Cookies", you consent to our use of cookies. You can change this at any time. If you want to know more, read our cookie policy .
Cookie Settings
Accept All Cookies
You have accepted all cookies
Cookie settings
To make sure you get the most from our website, we use cookies.
Accept All Cookies
You have accepted all cookies
Essential Cookies
These allow our website to work properly and gives us anonymous
information about how the website is used.
Functional cookies
The website will remember you (for example, for faster login) and help
us understand how you use the site.
Marketing cookies
You'll see tailored adverts. If you turn these off, you will still see
adverts but they may not be relevant to your interests.
Save preferences
Find out more about how we use cookies