':"";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}},z={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}()},j="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 z.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(j)},e.prototype.setTimeStamp=function(){var e,n=""+Math.floor((new Date).getTime()/1e3);return null===(e=window.localStorage)||void 0===e||e.setItem(j,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 Rn).fetchCount().then((function(n){o&&n>0&&(o.textContent="("+(n>99?"99+":n)+")",e.onDestroy((function(){o.textContent=""})))})).catch((function(){}))},Pt=!1,Rt=-1,Dt=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(xt)u+=xt.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()&&Rt10?e.moreMenuDropdown.classList.add(e.longListClass):null!==e.moreMenuDropdown&&e.moreMenuDropdown.classList.remove(e.longListClass))}},Ht=function(e,n){var t=function(e,t){var o;e.classList.contains(n.moreMenuNavItemClass)&&(null===(o=n.moreMenuMainFocusItem)||void 0===o||o.setAttribute("aria-expanded",t))},o=function(){n.isTablet&&(document.body.classList.remove("ybar-nav-open"),document.body.removeEventListener("touchend",l))},i=function(e){var o=e.delegateTarget;o&&o.classList.contains(n.dropdownWrapperClass)&&(o.classList.contains(n.dropdownOpenClass)||(n.isTablet&&(document.body.classList.add("ybar-nav-open"),document.body.addEventListener("touchend",l)),o.classList.add(n.dropdownOpenClass),t(o,"true")))},r=function(e){var i=e.delegateTarget;if(null==i?void 0:i.classList.contains(n.navigationDropdownListClass)){var r=i.parentElement;r&&!r.contains(e.relatedTarget)&&r.classList.contains(n.dropdownWrapperClass)&&(o(),r.classList.remove(n.dropdownOpenClass),t(r,"false"))}else if(null==i?void 0:i.classList.contains(n.dropdownOpenClass)){if(n.isTablet&&e instanceof FocusEvent)return;var a=e.target;xt&&(!xt||xt.contains(a)&&"focusout"!==e.type)||(o(),i.classList.remove(n.dropdownOpenClass),t(i,"false"))}},a=je(".".concat(n.dropdownWrapperClass),"focusin",i),s=je(".".concat(n.dropdownWrapperClass,", .").concat(n.navigationDropdownListClass),"focusout",r),c=document.getElementById("ybar-navigation"),l=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==c||c.querySelectorAll(".".concat(n.dropdownOpenClass)).forEach((function(e){e.classList.remove(n.dropdownOpenClass)})),o())};e.addEventListener("nav:closeOverflowMenu",(function(){l()}));var u=je(".".concat(n.dropdownWrapperClass),"touchstart",(function(e){if(n.isTablet){var t=e.delegateTarget;t&&t.classList.contains(n.dropdownOpenClass)?r(e):(l(e),i(e))}}));e.onDestroy((function(){var e;u.destroy(),a.destroy(),s.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)}))}))},Ut=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();xt=(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?kt=-12:(kt="finance"!==i.property&&"sports"!==i.property&&n.shiftMoreMenuEnabled?-24:-16,"zh-Hant-HK"!==i.locale&&"zh-Hant-TW"!==i.locale||(kt=-20));var r=n.isTablet?"touchstart":"mouseover",a=je(".".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=kt+"px"),n.isTablet){var l=r.previousElementSibling;if(xt&&xt.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),qt(e),e.addElementListener(document,"DOMContentLoaded",(function(){qt(e)})),Ht(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&&(Pt=void 0!==u&&u,Ut(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;Ut(n,s,r,void 0===c?{}:c)})),i){var d=document.createElement("style");d.title="ybar_nav_interim",document.head.appendChild(d);var p=je("#ybar-nav-more-menu ul a","click",(function(n){e.triggerEvent("navigation",{event:n})}));e.addEventListener("nav:resize",(function(){Dt(n,d,r)})),Dt(n,d,r);var h=e.getConfig();if("complete"===document.readyState)Yt(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(){Yt(e,n,d,r)}))}e.addElementListener(window,"resize",(function(){Dt(n,d,r)})),e.onDestroy((function(){var e=d.parentNode;null==e||e.removeChild(d),p.destroy()}))}Ft(e,n)},jt=function(e,n){var t=["zh-Hant-TW","zh-Hant-HK"].includes(e.getConfig().locale);return n.isFuji2&&t},Ft=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()}))}},Gt="#ybar-nav-more-menu";ge("ybar-mod-navigation",(function(e){var n,t=e.getConfig(),o={dropdownWrapperClass:St,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:At,moreMenuDropdown:document.querySelector("".concat(Gt," ul")),moreMenuNavItem:document.querySelector(Gt),moreMenuNavLinksSelector:"".concat(Gt," ul a"),moreMenuMainFocusItem:document.querySelector("".concat(Gt," > button")),moreMenuNavItemClass:Ot,navigationDropdownItemClass:Mt,navigationDropdownListClass:Nt,navItems:document.querySelectorAll("ul.".concat(Tt," li.").concat(Bt)),topLevelNavLinks:document.querySelectorAll("li.".concat(Bt," > 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:Bt,dropdownOpenClass:Et,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(Zt),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(Qt),document.body.classList.remove(Zt),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(Qt),this.addEventListeners(),this.initialized=!0,this.hasSeenTooltipIn(this.manuallyClosed?6048e5:$t)||(document.body.classList.add(Qt),this.show(!0)))},e.prototype.addEventListeners=function(){var e=this;this.ybar.addElementListener(this.container.getElementsByClassName(eo)[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(Xt,JSON.stringify(this.state))},e.prototype.getLocalStorage=function(){var e,n,t=null===(e=window.localStorage)||void 0===e?void 0:e.getItem(Xt);if(null===t)return null;try{return JSON.parse(t)}catch(e){return null===(n=window.localStorage)||void 0===n||n.removeItem(Xt),null}},e}(),oo=-1,io={0:0,1:1,9:9,99:99,150:150},ro=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 to(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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Upgrade NowMyles Udland · Head of NewsTue, Feb 25, 2025, 11:00 AM 3 min readThis is The Takeaway from today's Morning Brief, which you can sign up to receive in your inbox every morning along with:The chart of the dayWhat we're watchingWhat we're readingEconomic data releases and earningsThe stock market is trading near record highs, but the vibes feel off.Last week's sell-off brought out a laundry list of possible triggers, ranging from weak manufacturing data to rising inflation expectations to, of course, the impact of tariffs on consumers and across the economy.But according to Neil Dutta, head of economics at Renaissance Macro, talk about the last item on that list simply covers up what the first two suggest: The US economy is slowing down.In an email on Monday, Dutta flagged four concerning developments for the economy that are largely the inverse of what led him to be among the leading voices on Wall Street arguing in favor of a "no landing" scenario back in 2022.The consumer is softening as income growth falls, housing is weak, government spending is slowing, and Wall Street expects the US economy to continue growing at around 2.5%, in line with each of the last three years."If 2023 was about being surprised to the upside, there is more risk in 2025 of being surprised to the downside," Dutta wrote."Much of what we see in the financial press — tariffs, uncertainty — is a red herring, an ex-post rationalization for an economic slowdown that was already in motion."Late last month, Fed Chair Jay Powell said the US economy was in "quite a good place" when outlining the Fed's rationale for pausing rate cuts. This assessment also helps explain why Powell seemed content not to push back on market expectations paring back their bets for further cuts.Asked about the impact of tariffs on the economy, Powell said "significant" shifts around tariffs, immigration policy, fiscal policy, and regulations each created "additional uncertainty" for the economic outlook.Still, the Fed chair appeared largely unbothered.In Dutta's view, however, the Fed's slowdown in rate cuts has created a "passive tightening of monetary policy [that] is the dominant risk and that has important implications for financial market investors."In other words, by pausing rate cuts into a slowing economy, the Fed is de facto raising rates.Going forward, Dutta expects long-term rates and stocks to fall as rate cuts and an economic slowdown are priced in and the job market further slows.Whether it be tariffs, an overheated AI trade, or other pockets of froth in the stock market, the current market moment is not lacking for risks in the months ahead.Terms and Privacy PolicyPrivacy & Cookie SettingsMore InfoS&P Futures6,010.00 +9.25 (+0.15%)Dow Futures43,643.00 +108.00 (+0.25%)Nasdaq Futures21,447.50 +27.25 (+0.13%)Russell 2000 Futures2,186.00 +1.60 (+0.07%)Crude Oil70.29 -0.41 (-0.58%)Gold2,942.10 -21.10 (-0.71%)My PortfoliosSign in to access your portfolioSign inTop GainersHCC Warrior Met Coal, Inc. 49.80 +3.67 (+7.96%)TLX Telix Pharmaceuticals Limited 20.93 +1.43 (+7.33%)FRPT Freshpet, Inc. 107.58 +7.30 (+7.28%)TMDX TransMedics Group, Inc. 77.12 +5.17 (+7.19%)WBA Walgreens Boots Alliance, Inc. 10.82 +0.66 (+6.50%)Top LosersPONY Pony AI Inc. 18.88 -4.73 (-20.03%)SMMT Summit Therapeutics Inc. 18.84 -3.28 (-14.83%)VKTX Viking Therapeutics, Inc. 29.20 -4.87 (-14.29%)OKLO Oklo Inc. 34.08 -4.71 (-12.14%)GDS GDS Holdings Limited 39.58 -5.18 (-11.57%)Most ActiveNVDA NVIDIA Corporation 130.28 -4.15 (-3.09%)PLTR Palantir Technologies Inc. 90.68 -10.67 (-10.53%)LCID Lucid Group, Inc. 2.7800 -0.2800 (-9.15%)NU Nu Holdings Ltd. 11.02 +0.20 (+1.85%)INTC Intel Corporation 24.27 -0.60 (-2.41%)Trending TickersBTC-USD Bitcoin USD 88,805.91 -7,184.22 (-7.48%)HD The Home Depot, Inc. 382.42 -2.88 (-0.75%)MSTR MicroStrategy Incorporated 282.76 -16.93 (-5.65%)HIMS Hims & Hers Health, Inc. 51.31 +2.03 (+4.12%)SMCI Super Micro Computer, Inc. 51.61 -4.46 (-7.95%)Top Economic Events