':"";if(r){var a=t.promos.showYahooLogo?"":"yns-no-logo";r=r.replace("{notifOnboardBtnLabel}",t.promos.notifOnboardBtnLabel).replace("{notifOnboardMsg}",t.promos.notifOnboardMsg).replace("{subscriptionTopic}",t.promos.subscriptionTopic).replace("{noLogoClass}",a).replace("{promoLogo}",t.promos.promoLogo)}var s=n.newCount>t.panel.maxCount?n.newCount:"",c=t.panel.notificationCenterPath,l=c?"":R,u=t.panel.headerMsg?"":" "+R,d=c?D:"",p=void 0;n.count?p=n.markup:p='{emptyPanelMsg}'.replace("{emptyPanelMsg}",t.panel.emptyPanelMsg);return e=e.replace("{notifMarkup}",p).replace("{promoMarkup}",r).replace("{hideClass}",l).replace("{notifCenterLink}",c).replace("{paddingClass}",d).replace("{headerMsg}",t.panel.headerMsg).replace("{hideHeaderClass}",u).replace(/{notificationCenterNavMsg}/g,t.panel.notificationCenterNavMsg).replace(/{newCount}/g,s)}},{key:"render",value:function(e,n){var t=this;if(t._panelNode){var o=void 0,i=t._panelNode,r=void 0,a=void 0;switch(e){case"expanded_panel":o='{promoMarkup}{notifMarkup}',a=t._store.getNotifications(),r=t._generatePanelMarkup(o,a),i.innerHTML=r;break;case"error_panel":r=(o='{errorMsg}').replace("{errorMsg}",t._config.panel.errorMsg),i.innerHTML=r}n&&n()}else n&&n(new Error("No panel parent"))}},{key:"createPanelParentNode",value:function(e){e&&(e.innerHTML='',this._panelNode=document.getElementById(P))}},{key:"updateBadgeNode",value:function(e){if(e){var n=this._store.getNotifications().newCount,t=this._config.badge.maxCount;if(n){var o=n>t?t+"+":n;e.innerHTML=o}else e.innerHTML=""}}},{key:"addStyles",value:function(e){if(e&&"undefined"!=typeof window){var n=document.getElementById(this._config.panel.styleTagId);n||((n=document.createElement("style")).type="text/css",n.id=this._config.panel.styleTagId,n.innerText=e,document.head.appendChild(n))}}}]),e}(),U=function(){function e(n,t,o){L(this,e);var i=this;i._store=t,i._view=o,i._config=n;var r=i._config.panel;i._panelParentNode=document.querySelector(r.parentSelector),i._badgeNode=i._config.badge.selector&&document.querySelector(i._config.badge.selector),i._indicatorNode=r.indicatorSelector&&document.querySelector(r.indicatorSelector)}return k(e,[{key:"createPanelParentNode",value:function(){this._view.createPanelParentNode(this._panelParentNode),this._notifPanelNode=document.getElementById(P)}},{key:"refreshPanelNode",value:function(e,n){var t=this;C(t._notifPanelNode,q),t._store.fetchNotifications(e,(function(e,o){var i=window.wafer&&window.wafer.base;i&&i.destroy(t._notifPanelNode),e?t._notifPanelNode.innerHTML||(t._view.render("error_panel"),C(t._notifPanelNode,q)):(t._view.render("expanded_panel"),t._view.updateBadgeNode(t._badgeNode),t._showBadge(),t._showIndicator(),t._view.addStyles(o.css)),M(t._notifPanelNode,q),i&&i.sync(t._notifPanelNode.parentNode),n&&n(e,o)}))}},{key:"resetBadge",value:function(){var e=this;e._store.resetNewCount(),e._view.updateBadgeNode(e._badgeNode),C(e._badgeNode,e._config.badge.hideClass)}},{key:"_showIndicator",value:function(){this._indicatorNode&&(this._store.getNotifications().newCount?C(this._indicatorNode,this._config.panel.indicatorClass):M(this._indicatorNode,this._config.panel.indicatorClass))}},{key:"_showBadge",value:function(){var e=this;e._store.getNotifications().newCount?M(e._badgeNode,e._config.badge.hideClass):C(e._badgeNode,e._config.badge.hideClass)}}]),e}(),Y={promos:{eligibleBodyClass:"display-push-promos",enableNotifOnboard:!0,bypassEligibleClassCheck:!1,notifOnboardBtnLabel:"Notify Me",notifOnboardMsg:"Get alerts for breaking news and top stories",promoLogo:"https://s.yimg.com/cv/apiv2/ae/news/circle_bell.png",showYahooLogo:!0,subscriptionTopic:"gondor_homerun_news"},badge:{hideClass:"",maxCount:5,selector:""},panel:{emptyPanelMsg:"You have no new notifications.",errorMsg:"",headerMsg:"Notifications",imageTag:"img:40x40|2|80",indicatorClass:"yns-indicator",indicatorSelector:null,maxCount:6,notificationCenterNavMsg:"View all {newCount} notifications",notificationCenterPath:"",notificationTypes:"",parentSelector:null,styleTagId:"notificationStyles",theme:"default"},service:{attemptCount:1,attemptDelay:2,url:null,resetUrl:null,isRMP:!1,responseType:"json",timeout:1500}},j={NotificationClient:function(){function e(n){L(this,e);var t=this;t.config=t._parseConfig(n),t._validateRequiredConfigs()&&(t._request=new E(t.config),t._store=new O(t.config,t._request),t._view=new H(t.config,t._store),t._panelController=new U(t.config,t._store,t._view),t._panelController.createPanelParentNode(),t._assignHelperMethods())}return k(e,[{key:"_parseConfig",value:function(e){var n={};for(var t in N(n,Y),n)if(n.hasOwnProperty(t)){var o=n[t],i=e[t];"object"===(void 0===o?"undefined":_(o))?N(o,i):n[t]=e[t]}return n}},{key:"_validateRequiredConfigs",value:function(){var e=this.config;return!(!e.panel.parentSelector||!e.service.url)}},{key:"_assignHelperMethods",value:function(){var e=this;e.helpers={refreshPanelNode:e._panelController.refreshPanelNode.bind(e._panelController),resetBadge:e._panelController.resetBadge.bind(e._panelController),resetIndicator:function(){M(e._panelController._indicatorNode,e.config.panel.indicatorClass)}}}}]),e}()},z="lnct",F=function(){function e(){var e,n;this.personalized=!1,this.ybarElem=document.getElementById("ybar"),this.partnerClasses=null===(n=null===(e=this.ybarElem)||void 0===e?void 0:e.className)||void 0===n?void 0:n.match(/ybar-variant-([a-z]*)/),this.client=new j.NotificationClient(this.getConfig())}return e.prototype.refreshPanel=function(){var e,n,t,o=this,i={lastUpdate:this.getTimeStamp()||this.setTimeStamp(),loadInHpViewer:!0,includePersonalized:this.personalized},r=(null===(e=window.YAHOO)||void 0===e?void 0:e.context)||(null===(n=window.Af)||void 0===n?void 0:n.context)||{};return r.region&&r.lang&&(i.lang=r.lang,i.region=r.region),(null===(t=this.partnerClasses)||void 0===t?void 0:t.length)&&(i.partner=this.partnerClasses[1]),new Promise((function(e,n){o.client.helpers.refreshPanelNode({matrixParams:i},(function(t,o){t&&(c("Notification refresh error:",t),n(t)),e(o)}))}))},e.prototype.resetBadge=function(){this.client.helpers.resetBadge(),this.setTimeStamp()},e.prototype.getConfig=function(){var e,n,t,o,i,r=document.getElementById("notification-container"),a=null===(e=null==r?void 0:r.dataset)||void 0===e?void 0:e.config;if(I&&!a)return I;var s={promos:{eligibleBodyClass:"display-push-promos",enableNotifOnboard:!0},badge:{selector:"#notif-badge",hideClass:"ybar-notification-hidden"},panel:{emptyPanelMsg:"You have no new notifications.",errorMsg:"Please check back later.",headerMsg:"Notifications",maxCount:5,parentSelector:"#ybarNotificationBody",notificationTypes:"breakingNews"},service:{url:"/tdv2_fp/api/resource/NotificationHistory.getHistory",isRMP:!1}},l={};if(a){"att"===(null===(n=this.partnerClasses)||void 0===n?void 0:n[1])&&(s.promos.showYahooLogo=!1);try{var u=JSON.parse(a);l=h({},u),this.personalized=1===u.personalize}catch(e){c("Notifications config parsing error",e)}r&&delete r.dataset.config}return I=this.mergeConfigs(s,l),(null===(t=this.partnerClasses)||void 0===t?void 0:t.length)&&"yahoo"!==(null===(o=this.partnerClasses)||void 0===o?void 0:o[1])&&(null===(i=I.promos)||void 0===i?void 0:i.subscriptionTopic)&&delete I.promos.subscriptionTopic,I},e.prototype.mergeConfigs=function(e,n){var t=h({},e);for(var o in e)t[o]=h(h({},e[o]),n[o]);return t},e.prototype.getTimeStamp=function(){var e;return null===(e=window.localStorage)||void 0===e?void 0:e.getItem(z)},e.prototype.setTimeStamp=function(){var e,n=""+Math.floor((new Date).getTime()/1e3);return null===(e=window.localStorage)||void 0===e||e.setItem(z,n),n},e}(),G=new F,W=function(){return G},J="",V=[],K=function(){},X=function(){window.removeEventListener("beforeunload",X),""!==J&&c("Rapid not found on page",new Error(J))},$=null,Z=function(){return null===$&&($=document.getElementById("ybar")),$},Q=function(){var e=0,n=window.YAHOO;if(B)return B;if(n)if(n.i13n)if(n.i13n.__RAPID_INSTANCES__)if(n.i13n.__RAPID_INSTANCES__.length0)for(var t=0;t0){if(B.addModules(i,!1,o),V.length>0)for(e=0;e40959)&&(i19903)&&(i55215))return!1}return!0},fe={navBeaconFired:!1},me=["ready","navigation"],ve=function(){function e(e){var n=this;this.triggerEvent=a,this.addEventListener=s,this.logError=c,this.logPerformance=l,this.getConfig=u,this.getPerformanceMetrics=d,this.rapidRefresh=ne,this.state=h({},fe),this.modules=e,this.userEmail="",window.YBAR&&(me.forEach((function(e){var t="on".concat(e),o=window.YBAR[t];o&&(n[t]=o)})),window.YBAR.wssid&&(this.wssid=window.YBAR.wssid),window.YBAR.appid&&(this.appid=window.YBAR.appid)),me.forEach((function(e){var t="on".concat(e);s(e,(function(){for(var o,i=[],r=0;r0,o=_.scrollTope.pageOffset,r=_.scrollTop>k+y,a=_.scrollTop a"),o=document.querySelector("#ybar-navigation-item-mail > a > span");null!==n&&null!==t&&(new Dn).fetchCount().then((function(n){o&&n>0&&(o.textContent="("+(n>99?"99+":n)+")",e.onDestroy((function(){o.textContent=""})))})).catch((function(){}))},Dt=!1,Ht=-1,Ut=function(e,n,t){var o,i,r,a=-1,s=0;if(e.ybarNav&&e.navList){var c=window.getComputedStyle(e.ybarNav),l=parseInt(c.width,10)-parseInt(c.paddingLeft,10)-parseInt(c.paddingRight,10),u=61,d=e.navigationPlacement();if(d)u+=d.getBoundingClientRect().width;if(St)u+=St.getBoundingClientRect().width;for(var p=window.getComputedStyle(e.navList),h=parseInt(p.gap,10)||0,f=0;fb&&(f!==e.navItems.length-1||s+y>b||e.moreMenuDropdown&&e.moreMenuDropdown.hasChildNodes()&&Ht10?e.moreMenuDropdown.classList.add(e.longListClass):null!==e.moreMenuDropdown&&e.moreMenuDropdown.classList.remove(e.longListClass))}},Yt=function(e,n){var t,o=function(e,t){var o;e.classList.contains(n.moreMenuNavItemClass)&&(null===(o=n.moreMenuMainFocusItem)||void 0===o||o.setAttribute("aria-expanded",t))},i=function(){n.isTablet&&(document.body.classList.remove("ybar-nav-open"),document.body.removeEventListener("touchend",u))},r=function(t){var i=t.delegateTarget;i&&i.classList.contains(n.dropdownWrapperClass)&&(i.classList.contains(n.dropdownOpenClass)||(e.triggerEvent("nav:dropdown:show",{event:t}),n.isTablet&&(document.body.classList.add("ybar-nav-open"),document.body.addEventListener("touchend",u)),i.classList.add(n.dropdownOpenClass),o(i,"true")))},a=function(e){var t=e.delegateTarget;if(null==t?void 0:t.classList.contains(n.navigationDropdownListClass)){var r=t.parentElement;r&&!r.contains(e.relatedTarget)&&r.classList.contains(n.dropdownWrapperClass)&&(i(),r.classList.remove(n.dropdownOpenClass),o(r,"false"))}else if(null==t?void 0:t.classList.contains(n.dropdownOpenClass)){if(n.isTablet&&e instanceof FocusEvent)return;var a=e.target;St&&(!St||St.contains(a)&&"focusout"!==e.type)||(i(),t.classList.remove(n.dropdownOpenClass),o(t,"false"))}},s=ze(".".concat(n.dropdownWrapperClass),"focusin",r),c=ze(".".concat(n.dropdownWrapperClass,", .").concat(n.navigationDropdownListClass),"focusout",a),l=document.getElementById("ybar-navigation"),u=function(e){var t=null==e?void 0:e.target;n.isTablet&&e&&e.target&&e.target instanceof HTMLElement&&(e.target.classList.contains(n.dropdownOpenClass)||e.target.closest(".".concat(n.dropdownOpenClass)))||document.body.classList.contains("ybar-nav-open")&&!["svg","path"].includes(t.tagName)&&(null==l||l.querySelectorAll(".".concat(n.dropdownOpenClass)).forEach((function(e){e.classList.remove(n.dropdownOpenClass)})),i())};e.addEventListener("nav:closeOverflowMenu",(function(){u()}));var d=ze(".".concat(n.dropdownWrapperClass),"touchstart",(function(e){if(n.isTablet){var t=e.delegateTarget;t&&t.classList.contains(n.dropdownOpenClass)?a(e):(u(e),r(e))}})),p=null===(t=n.ybarNav)||void 0===t?void 0:t.querySelectorAll(".".concat(Bt));null==p||p.forEach((function(n){var t=n.parentNode;t&&null!==document.querySelector(".ybar-ytheme-crunch")&&e.addElementListener(t,"mouseenter",(function(n){e.triggerEvent("nav:dropdown:show",{event:n})}))})),e.onDestroy((function(){var e;d.destroy(),s.destroy(),c.destroy(),y([],v(null===(e=n.ybarNav)||void 0===e?void 0:e.querySelectorAll(".".concat(n.dropdownOpenClass))),!1).forEach((function(e){e.classList.remove(n.dropdownOpenClass);var t=document.activeElement;(function(e,n){var t=!1;if(!e||!n)return t;if("function"==typeof e.contains)t=e.contains(n);else for(var o=n;o;){if(o===e){t=!0;break}o=o.parentElement}return t})(n.ybarNav,t)&&setTimeout((function(){null==t||t.blur()}),1)}))}))},jt=function(e,n,t,o){for(var i=n||window.location.pathname,r=t||window.location.hostname,a=(o||{}).setParentFocus,s=void 0!==a&&a,c=y([],v(e.topLevelNavLinks),!1),l=null,u=null,d=0;d li"),dropdownClass:n.dropdownWrapperClass,enableMoreMenu:i,moreMenuNavElm:n.moreMenuMainFocusItem,isUserAccountNavigation:!1});!function(e,n){var t,o;y([],v(null===(t=n.ybarNav)||void 0===t?void 0:t.querySelectorAll(".".concat(n.dropdownOpenClass))),!1).forEach((function(e){return e.classList.remove(n.dropdownOpenClass)}));var i=e.getConfig();St=(null===(o=i.bucketConfig)||void 0===o?void 0:o.enable_mid_nav_placement)?document.getElementById("ybar-mid-nav-placement"):void 0,"news"===i.property?Et=-12:(Et="finance"!==i.property&&"sports"!==i.property&&n.shiftMoreMenuEnabled?-24:-16,"zh-Hant-HK"!==i.locale&&"zh-Hant-TW"!==i.locale||(Et=-20));var r=n.isTablet?"touchstart":"mouseover",a=ze(".".concat(n.dropdownWrapperClass,", .").concat(n.navigationDropdownListClass),r,(function(t){if(window||document){var o=window.innerWidth||document.documentElement.clientWidth,r=t.delegateTarget;if(r&&-1!=r.className.indexOf(n.dropdownWrapperClass)&&(r=r.querySelector(".".concat(n.navigationDropdownListClass))),r){r.style.removeProperty("left");var a=r.getBoundingClientRect(),s=Math.trunc(a.right),c=parseInt(window.getComputedStyle(r).marginLeft,10)+o-s;if(s>o)return"sports"!==i.property?void(r.style.marginLeft=c+"px"):void(r.style.right="0px");if(parseInt(r.style.marginLeft)0?r.style.removeProperty("margin-left"):r.style.marginLeft=c+"px":(r.style.removeProperty("margin-left"),r.style.marginLeft=Et+"px"),n.isTablet){var l=r.previousElementSibling;if(St&&St.contains(r));else if(l){var u=l.getBoundingClientRect(),d=Math.trunc(u.left);r.style.left=d+"px"}}}}else{var p=new Error("Dropdown could not be initialized");e.logError("Error:",p)}}));e.onDestroy((function(){a.destroy()}))}(e,n),Rt(e),e.addElementListener(document,"DOMContentLoaded",(function(){Rt(e)})),Yt(e,n);var a=e.getConfig().bucketConfig,s=void 0===a?{}:a,c=s.enableDynamicNavfocus,l=void 0!==c&&c,u=s.enableFuzzyMatching;if(l&&(Dt=void 0!==u&&u,jt(n)),e.addEventListener("nav:setFocus",(function(e){var t=e.detail,o=void 0===t?{}:t,i=o.hostname,r=void 0===i?window.location.hostname:i,a=o.pathname,s=void 0===a?window.location.pathname:a,c=o.options;jt(n,s,r,void 0===c?{}:c)})),i){var d=document.createElement("style");d.title="ybar_nav_interim",document.head.appendChild(d);var p=ze("#ybar-nav-more-menu ul a","click",(function(n){e.triggerEvent("navigation",{event:n})}));e.addEventListener("nav:resize",(function(){Ut(n,d,r)})),Ut(n,d,r);var h=e.getConfig();if("complete"===document.readyState)zt(e,n,d,r);else{var f="load";("news"===h.property&&("zh-Hant-TW"===h.locale||"zh-Hant-HK"===h.locale)||"finance"===h.property&&"zh-Hant-TW"===h.locale)&&(f="DOMContentLoaded"),e.addElementListener(window,f,(function(){zt(e,n,d,r)}))}e.addElementListener(window,"resize",(function(){Ut(n,d,r)})),e.onDestroy((function(){var e=d.parentNode;null==e||e.removeChild(d),p.destroy()}))}Wt(e,n)},Gt=function(e,n){var t=["zh-Hant-TW","zh-Hant-HK"].includes(e.getConfig().locale);return n.isFuji2&&t},Wt=function(e,n){if(n.isNavHidden){var t=!1;e.addElementListener(document,"DOMContentLoaded",(function(t){n.isNavHidden()&&e.triggerEvent("l2:hide",{event:t})})),e.addElementListener(window,"resize",(function(o){!t&&n.isNavHidden()&&e.triggerEvent("l2:hide",{event:o}),t=n.isNavHidden()}))}},Jt="#ybar-nav-more-menu";ge("ybar-mod-navigation",(function(e){var n,t=e.getConfig(),o={dropdownWrapperClass:At,isFuji2:null!==document.querySelector(".ybar-ytheme-fuji2")||null!==document.querySelector(".ybar-ytheme-crunch"),isTablet:null!==document.querySelector(".tablet")||"tablet"===t.device||matchMedia("(hover: none)").matches,longListClass:Nt,moreMenuDropdown:document.querySelector("".concat(Jt," ul")),moreMenuNavItem:document.querySelector(Jt),moreMenuNavLinksSelector:"".concat(Jt," ul a"),moreMenuMainFocusItem:document.querySelector("".concat(Jt," > button")),moreMenuNavItemClass:Pt,navigationDropdownItemClass:It,navigationDropdownListClass:Bt,navItems:document.querySelectorAll("ul.".concat(qt," li.").concat(Ot)),topLevelNavLinks:document.querySelectorAll("li.".concat(Ot," > a")),navLinks:document.querySelectorAll(".ybar-mod-navigation a"),navList:document.querySelector(".ybar-mod-navigation ul"),shiftMoreMenuEnabled:document.querySelector(".ybar-shift-more-menu"),ybarNav:document.getElementById("ybar-navigation"),ybarNavigationItemClass:Ot,dropdownOpenClass:Ct,hasNavPlacement:document.getElementById("ybar-nav-placement"),marginOffset:function(e){var n=window.getComputedStyle(e),o=parseInt(n.marginLeft,10)+parseInt(n.marginRight,10);return"sports"===t.property?parseInt(n.marginRight):"finance"===t.property&&"crunch"===t.ytheme?(o-=1.8)>5?o:5:"crunch"===t.ytheme?o:0},navigationPlacement:function(){return n||(n=document.getElementById("ybar-nav-placement")),n},isNavHidden:function(){var e=!1;return"finance"===t.property&&"crunch"===t.ytheme&&document.documentElement.clientWidth=5||t.initialized?clearInterval(r):(void 0!==t.isNotificationsSupported()&&t.init(),i++)}),100)}return e.prototype.show=function(e){var n;this.initialized&&(this.historyEnabled&&!e||(document.body.classList.add(eo),null===(n=this.a11yMenu)||void 0===n||n.setAttribute("aria-expanded","true"),this.lastSeen=(new Date).getTime()))},e.prototype.hide=function(){var e;this.initialized&&(this.historyEnabled&&document.body.classList.remove(no),document.body.classList.remove(eo),null===(e=this.a11yMenu)||void 0===e||e.setAttribute("aria-expanded","false"))},Object.defineProperty(e.prototype,"lastSeen",{get:function(){return this.state.lastSeen},set:function(e){this.state.lastSeen=e,this.setLocalStorage()},enumerable:!1,configurable:!0}),Object.defineProperty(e.prototype,"manuallyClosed",{get:function(){return this.state.manuallyClosed},set:function(e){this.state.manuallyClosed=!!e,this.setLocalStorage()},enumerable:!1,configurable:!0}),e.prototype.init=function(){this.isNotificationsSupported()&&this.isNotificationPermissionDefault()&&(this.historyEnabled||document.body.classList.add(no),this.addEventListeners(),this.initialized=!0,this.hasSeenTooltipIn(this.manuallyClosed?6048e5:Qt)||(document.body.classList.add(no),this.show(!0)))},e.prototype.addEventListeners=function(){var e=this;this.ybar.addElementListener(this.container.getElementsByClassName(to)[0],"click",(function(){e.hide(),e.manuallyClosed=!0}))},e.prototype.isNotificationsSupported=function(){var e;return null===(e=null===window||void 0===window?void 0:window.subscriptionHelperInstance)||void 0===e?void 0:e.checkIsSupportedBrowser()},e.prototype.isNotificationPermissionDefault=function(){var e;return"default"===(null===(e=window.Notification)||void 0===e?void 0:e.permission)},e.prototype.hasSeenTooltipIn=function(e){if(!this.lastSeen)return!1;var n=new Date(this.lastSeen),t=new Date;return n.getTime()+e>t.getTime()},e.prototype.setLocalStorage=function(){var e;null===(e=window.localStorage)||void 0===e||e.setItem(Zt,JSON.stringify(this.state))},e.prototype.getLocalStorage=function(){var e,n,t=null===(e=window.localStorage)||void 0===e?void 0:e.getItem(Zt);if(null===t)return null;try{return JSON.parse(t)}catch(e){return null===(n=window.localStorage)||void 0===n||n.removeItem(Zt),null}},e}(),ro=-1,ao={0:0,1:1,9:9,99:99,150:150},so=function(e,n){var t,o=n.isUH3,i=n.notifMenu,r=n.notifMenuOpener,a=n.notifDropdown,s=n.notifBadge,c=n.notifContainer,l=n.notifLabel;n.tooltipContainer&&(t=new io(e,n.tooltipContainer));var u=W(),d=function(){i&&(i.checked=!1),null==a||a.classList.remove("ybarMenuOpen")},p=function(){var n;e.triggerEvent("close-all-menus"),!!document.querySelector(".display-push-promos 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because of lower volatility and favorable currency swaps.It's been a particularly busy start to the year for BlackRock's bond chief, Rick Rieder — not that someone overseeing $3 trillion in assets has all that much spare time to begin with.The economic policy uncertainty that President Donald Trump has introduced has sent the bond market flailing in a way Rieder hasn't seen before. But the volatility isn't necessarily a bad thing."There is change afoot. One of the great things about investing in this environment is it's not static," Rieder told Business Insider."The reaction function to any piece of news can be really extreme," he added. "So markets go through these periods of illiquidity, and it just presents these great opportunities that, by the way, may only be there for 10 minutes, or an hour, or a day. But I've never seen markets move to such extremes."Rieder shared a few of those opportunities he's leaning into at the moment in his iShares Flexible Income Active ETF (BINC), which yields 6.6% and has grown to $9 billion in assets since launching in May 2023.One of them is the front end of the yield curve, or short-duration Treasurys.Yields on the two-year note had dropped from 4.3% last year to 3.6% in April as investors started to price in as many as five rate cuts from the Federal Reserve. But as rate-cut expectations have fallen, yields have risen back up to nearly 4%, making them more attractive.Front-end bonds also offer a hedge for economic volatility in the short term, allowing investors to clip a robust coupon without being locked in for too long. The long end of the curve, meanwhile, isn't acting as a recession hedge, Rieder said, with investors worried about inflation from tariffs and rising yields thanks to ballooning fiscal spending deficits."I'd rather keep yield up and not have to worry about the volatility," Rieder said."The long end is not a hedge," he added. "Its traditional offsetting risk function doesn't work today, and so until yields move significantly higher, I don't see any significant reason to own longer in interest rates."Long-end rates in Europe, however, are more attractive, Rieder said. He said he's betting on European B- and BB-rated high-yield bonds to deliver higher yields. This is because economic growth is slowing to a greater degree in Europe than in the US, and inflation is tamer, so the European Central Bank is likely to cut rates more aggressively. This has meant limited upside volatility for European rates. For example, while 10-year Treasury yields have surged from 3.99% to 4.43% since April 4, 10-year eurozone bond yields have been virtually flat, falling by just 3 basis points from 3.13% to 3.1%. When yields rise, bonds lose their value, and vice versa.Terms and Privacy PolicyPrivacy & Cookie SettingsMore InfoS&P Futures5,909.25 -13.50 (-0.23%)Dow Futures42,215.00 -52.00 (-0.12%)Nasdaq Futures21,345.75 -62.75 (-0.29%)Russell 2000 Futures2,073.20 -4.80 (-0.23%)VIX19.18 -0.13 (-0.67%)Gold3,318.10 -25.80 (-0.77%)PortfolioSign in to access your portfolioSign inTop gainersRGC Regencell Bioscience Holdings Limited 740.98 +216.98 (+41.41%)ELF e.l.f. 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