Premium

Strategy & Positioning

If Ever There Was A Time To Play Defense…

To access this post, you must purchase 1-Year TFR PRO Subscription or 1-Year TFR PREMIUM…

Jesse FelderSeptember 1, 2023

Market Comments

‘Where’s The (AI) Beef?’

To access this post, you must purchase 1-Year TFR PRO Subscription or 1-Year TFR PREMIUM…

Jesse FelderAugust 25, 2023

Market Comments

‘What If Government Securities Are Viewed As Risky?’

To access this post, you must purchase 1-Year TFR PRO Subscription or 1-Year TFR PREMIUM…

Jesse FelderAugust 18, 2023

Market Comments

How The Stock Market Mania Gaslighted Investors

To access this post, you must purchase 1-Year TFR PRO Subscription or 1-Year TFR PREMIUM…

Jesse FelderAugust 11, 2023

Market Comments

The Bond Market Calls ‘Bullshit’ On The ‘Immaculate Disinflation’ Thesis

To access this post, you must purchase 1-Year TFR PRO Subscription or 1-Year TFR PREMIUM…

Jesse FelderAugust 4, 2023

Monthly Chart Book

The Music Must Change

To access this post, you must purchase 1-Year TFR PRO Subscription or 1-Year TFR PREMIUM…

Jesse FelderAugust 4, 2023

Market Comments

The High Cost Of Literally Becoming ‘Big Tech’

To access this post, you must purchase 1-Year TFR PRO Subscription or 1-Year TFR PREMIUM…

Jesse FelderJuly 28, 2023

Market Comments

Soft Landing: ‘Mission Accomplished’ Or ‘Mission Impossible’?

To access this post, you must purchase 1-Year TFR PRO Subscription or 1-Year TFR PREMIUM…

Jesse FelderJuly 21, 2023

img:is([sizes=auto i],[sizes^="auto," i]){contain-intrinsic-size:3000px 1500px}img.wp-smiley,img.emoji{display:inline !important;border:none !important;box-shadow:none !important;height:1em !important;width:1em !important;margin:0 .07em !important;vertical-align:-.1em !important;background:none !important;padding:0 !important}:root{--wp-block-synced-color:#7a00df;--wp-block-synced-color--rgb:122,0,223;--wp-bound-block-color:var(--wp-block-synced-color);--wp-editor-canvas-background:#ddd;--wp-admin-theme-color:#007cba;--wp-admin-theme-color--rgb:0,124,186;--wp-admin-theme-color-darker-10:#006ba1;--wp-admin-theme-color-darker-10--rgb:0,107,160.5;--wp-admin-theme-color-darker-20:#005a87;--wp-admin-theme-color-darker-20--rgb:0,90,135;--wp-admin-border-width-focus:2px}@media (min-resolution:192dpi){:root{--wp-admin-border-width-focus:1.5px}}.wp-element-button{cursor:pointer}:root .has-very-light-gray-background-color{background-color:#eee}:root .has-very-dark-gray-background-color{background-color:#313131}:root .has-very-light-gray-color{color:#eee}:root .has-very-dark-gray-color{color:#313131}:root .has-vivid-green-cyan-to-vivid-cyan-blue-gradient-background{background:linear-gradient(135deg,#00d084,#0693e3)}:root .has-purple-crush-gradient-background{background:linear-gradient(135deg,#34e2e4,#4721fb 50%,#ab1dfe)}:root .has-hazy-dawn-gradient-background{background:linear-gradient(135deg,#faaca8,#dad0ec)}:root .has-subdued-olive-gradient-background{background:linear-gradient(135deg,#fafae1,#67a671)}:root .has-atomic-cream-gradient-background{background:linear-gradient(135deg,#fdd79a,#004a59)}:root .has-nightshade-gradient-background{background:linear-gradient(135deg,#330968,#31cdcf)}:root .has-midnight-gradient-background{background:linear-gradient(135deg,#020381,#2874fc)}:root{--wp--preset--font-size--normal:16px;--wp--preset--font-size--huge:42px}.has-regular-font-size{font-size:1em}.has-larger-font-size{font-size:2.625em}.has-normal-font-size{font-size:var(--wp--preset--font-size--normal)}.has-huge-font-size{font-size:var(--wp--preset--font-size--huge)}:root .has-text-align-center{text-align:center}:root .has-text-align-left{text-align:left}:root .has-text-align-right{text-align:right}.has-fit-text{white-space:nowrap !important}#end-resizable-editor-section{display:none}.aligncenter{clear:both}.items-justified-left{justify-content:flex-start}.items-justified-center{justify-content:center}.items-justified-right{justify-content:flex-end}.items-justified-space-between{justify-content:space-between}.screen-reader-text{word-wrap:normal !important;border:0;clip-path:inset(50%);height:1px;margin:-1px;overflow:hidden;padding:0;position:absolute;width:1px}.screen-reader-text:focus{background-color:#ddd;clip-path:none;color:#444;display:block;font-size:1em;height:auto;left:5px;line-height:normal;padding:15px 23px 14px;text-decoration:none;top:5px;width:auto;z-index:100000}html :where(.has-border-color){border-style:solid}html :where([style*=border-color]){border-style:solid}html :where([style*=border-top-color]){border-top-style:solid}html :where([style*=border-right-color]){border-right-style:solid}html :where([style*=border-bottom-color]){border-bottom-style:solid}html :where([style*=border-left-color]){border-left-style:solid}html :where([style*=border-width]){border-style:solid}html :where([style*=border-top-width]){border-top-style:solid}html :where([style*=border-right-width]){border-right-style:solid}html :where([style*=border-bottom-width]){border-bottom-style:solid}html :where([style*=border-left-width]){border-left-style:solid}html :where(img[class*=wp-image-]){height:auto;max-width:100%}:where(figure){margin:0 0 1em}html :where(.is-position-sticky){--wp-admin--admin-bar--position-offset:var(--wp-admin--admin-bar--height,0px)}@media screen and (max-width:600px){html :where(.is-position-sticky){--wp-admin--admin-bar--position-offset:0px}}.is-small-text{font-size:.875em}.is-regular-text{font-size:1em}.is-large-text{font-size:2.25em}.is-larger-text{font-size:3em}.has-drop-cap:not(:focus):first-letter{float:left;font-size:8.4em;font-style:normal;font-weight:100;line-height:.68;margin:.05em .1em 0 0;text-transform:uppercase}body.rtl .has-drop-cap:not(:focus):first-letter{float:none;margin-left:.1em}p.has-drop-cap.has-background{overflow:hidden}:root :where(p.has-background){padding:1.25em 2.375em}:where(p.has-text-color:not(.has-link-color)) a{color:inherit}p.has-text-align-left[style*="writing-mode:vertical-lr"],p.has-text-align-right[style*="writing-mode:vertical-rl"]{rotate:180deg}.wp-block-group{box-sizing:border-box}:where(.wp-block-group.wp-block-group-is-layout-constrained){position:relative}:root{--wp--preset--aspect-ratio--square:1;--wp--preset--aspect-ratio--4-3:4/3;--wp--preset--aspect-ratio--3-4:3/4;--wp--preset--aspect-ratio--3-2:3/2;--wp--preset--aspect-ratio--2-3:2/3;--wp--preset--aspect-ratio--16-9:16/9;--wp--preset--aspect-ratio--9-16:9/16;--wp--preset--color--black:#000;--wp--preset--color--cyan-bluish-gray:#abb8c3;--wp--preset--color--white:#fff;--wp--preset--color--pale-pink:#f78da7;--wp--preset--color--vivid-red:#cf2e2e;--wp--preset--color--luminous-vivid-orange:#ff6900;--wp--preset--color--luminous-vivid-amber:#fcb900;--wp--preset--color--light-green-cyan:#7bdcb5;--wp--preset--color--vivid-green-cyan:#00d084;--wp--preset--color--pale-cyan-blue:#8ed1fc;--wp--preset--color--vivid-cyan-blue:#0693e3;--wp--preset--color--vivid-purple:#9b51e0;--wp--preset--gradient--vivid-cyan-blue-to-vivid-purple:linear-gradient(135deg,#0693e3 0%,#9b51e0 100%);--wp--preset--gradient--light-green-cyan-to-vivid-green-cyan:linear-gradient(135deg,#7adcb4 0%,#00d082 100%);--wp--preset--gradient--luminous-vivid-amber-to-luminous-vivid-orange:linear-gradient(135deg,#fcb900 0%,#ff6900 100%);--wp--preset--gradient--luminous-vivid-orange-to-vivid-red:linear-gradient(135deg,#ff6900 0%,#cf2e2e 100%);--wp--preset--gradient--very-light-gray-to-cyan-bluish-gray:linear-gradient(135deg,#eee 0%,#a9b8c3 100%);--wp--preset--gradient--cool-to-warm-spectrum:linear-gradient(135deg,#4aeadc 0%,#9778d1 20%,#cf2aba 40%,#ee2c82 60%,#fb6962 80%,#fef84c 100%);--wp--preset--gradient--blush-light-purple:linear-gradient(135deg,#ffceec 0%,#9896f0 100%);--wp--preset--gradient--blush-bordeaux:linear-gradient(135deg,#fecda5 0%,#fe2d2d 50%,#6b003e 100%);--wp--preset--gradient--luminous-dusk:linear-gradient(135deg,#ffcb70 0%,#c751c0 50%,#4158d0 100%);--wp--preset--gradient--pale-ocean:linear-gradient(135deg,#fff5cb 0%,#b6e3d4 50%,#33a7b5 100%);--wp--preset--gradient--electric-grass:linear-gradient(135deg,#caf880 0%,#71ce7e 100%);--wp--preset--gradient--midnight:linear-gradient(135deg,#020381 0%,#2874fc 100%);--wp--preset--font-size--small:13px;--wp--preset--font-size--medium:20px;--wp--preset--font-size--large:36px;--wp--preset--font-size--x-large:42px;--wp--preset--spacing--20:.44rem;--wp--preset--spacing--30:.67rem;--wp--preset--spacing--40:1rem;--wp--preset--spacing--50:1.5rem;--wp--preset--spacing--60:2.25rem;--wp--preset--spacing--70:3.38rem;--wp--preset--spacing--80:5.06rem;--wp--preset--shadow--natural:6px 6px 9px rgba(0,0,0,.2);--wp--preset--shadow--deep:12px 12px 50px rgba(0,0,0,.4);--wp--preset--shadow--sharp:6px 6px 0px rgba(0,0,0,.2);--wp--preset--shadow--outlined:6px 6px 0px -3px #fff,6px 6px #000;--wp--preset--shadow--crisp:6px 6px 0px #000}:root{--wp--style--global--content-size:1300px;--wp--style--global--wide-size:1300px}:where(body){margin:0}.wp-site-blocks>.alignleft{float:left;margin-right:2em}.wp-site-blocks>.alignright{float:right;margin-left:2em}.wp-site-blocks>.aligncenter{justify-content:center;margin-left:auto;margin-right:auto}:where(.is-layout-flex){gap:.5em}:where(.is-layout-grid){gap:.5em}.is-layout-flow>.alignleft{float:left;margin-inline-start:0;margin-inline-end:2em}.is-layout-flow>.alignright{float:right;margin-inline-start:2em;margin-inline-end:0}.is-layout-flow>.aligncenter{margin-left:auto !important;margin-right:auto !important}.is-layout-constrained>.alignleft{float:left;margin-inline-start:0;margin-inline-end:2em}.is-layout-constrained>.alignright{float:right;margin-inline-start:2em;margin-inline-end:0}.is-layout-constrained>.aligncenter{margin-left:auto !important;margin-right:auto !important}.is-layout-constrained>:where(:not(.alignleft):not(.alignright):not(.alignfull)){max-width:var(--wp--style--global--content-size);margin-left:auto !important;margin-right:auto !important}.is-layout-constrained>.alignwide{max-width:var(--wp--style--global--wide-size)}body .is-layout-flex{display:flex}.is-layout-flex{flex-wrap:wrap;align-items:center}.is-layout-flex>:is(*, div){margin:0}body .is-layout-grid{display:grid}.is-layout-grid>:is(*, div){margin:0}body{padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px}:root :where(.wp-element-button, .wp-block-button__link){background-color:#32373c;border-width:0;color:#fff;font-family:inherit;font-size:inherit;font-style:inherit;font-weight:inherit;letter-spacing:inherit;line-height:inherit;padding-top:calc(.667em + 2px);padding-right:calc(1.333em + 2px);padding-bottom:calc(.667em + 2px);padding-left:calc(1.333em + 2px);text-decoration:none;text-transform:inherit}.has-black-color{color:var(--wp--preset--color--black) !important}.has-cyan-bluish-gray-color{color:var(--wp--preset--color--cyan-bluish-gray) !important}.has-white-color{color:var(--wp--preset--color--white) !important}.has-pale-pink-color{color:var(--wp--preset--color--pale-pink) !important}.has-vivid-red-color{color:var(--wp--preset--color--vivid-red) !important}.has-luminous-vivid-orange-color{color:var(--wp--preset--color--luminous-vivid-orange) !important}.has-luminous-vivid-amber-color{color:var(--wp--preset--color--luminous-vivid-amber) !important}.has-light-green-cyan-color{color:var(--wp--preset--color--light-green-cyan) !important}.has-vivid-green-cyan-color{color:var(--wp--preset--color--vivid-green-cyan) !important}.has-pale-cyan-blue-color{color:var(--wp--preset--color--pale-cyan-blue) !important}.has-vivid-cyan-blue-color{color:var(--wp--preset--color--vivid-cyan-blue) !important}.has-vivid-purple-color{color:var(--wp--preset--color--vivid-purple) !important}.has-black-background-color{background-color:var(--wp--preset--color--black) !important}.has-cyan-bluish-gray-background-color{background-color:var(--wp--preset--color--cyan-bluish-gray) !important}.has-white-background-color{background-color:var(--wp--preset--color--white) !important}.has-pale-pink-background-color{background-color:var(--wp--preset--color--pale-pink) !important}.has-vivid-red-background-color{background-color:var(--wp--preset--color--vivid-red) !important}.has-luminous-vivid-orange-background-color{background-color:var(--wp--preset--color--luminous-vivid-orange) !important}.has-luminous-vivid-amber-background-color{background-color:var(--wp--preset--color--luminous-vivid-amber) !important}.has-light-green-cyan-background-color{background-color:var(--wp--preset--color--light-green-cyan) !important}.has-vivid-green-cyan-background-color{background-color:var(--wp--preset--color--vivid-green-cyan) !important}.has-pale-cyan-blue-background-color{background-color:var(--wp--preset--color--pale-cyan-blue) !important}.has-vivid-cyan-blue-background-color{background-color:var(--wp--preset--color--vivid-cyan-blue) !important}.has-vivid-purple-background-color{background-color:var(--wp--preset--color--vivid-purple) !important}.has-black-border-color{border-color:var(--wp--preset--color--black) !important}.has-cyan-bluish-gray-border-color{border-color:var(--wp--preset--color--cyan-bluish-gray) !important}.has-white-border-color{border-color:var(--wp--preset--color--white) !important}.has-pale-pink-border-color{border-color:var(--wp--preset--color--pale-pink) !important}.has-vivid-red-border-color{border-color:var(--wp--preset--color--vivid-red) !important}.has-luminous-vivid-orange-border-color{border-color:var(--wp--preset--color--luminous-vivid-orange) !important}.has-luminous-vivid-amber-border-color{border-color:var(--wp--preset--color--luminous-vivid-amber) !important}.has-light-green-cyan-border-color{border-color:var(--wp--preset--color--light-green-cyan) !important}.has-vivid-green-cyan-border-color{border-color:var(--wp--preset--color--vivid-green-cyan) !important}.has-pale-cyan-blue-border-color{border-color:var(--wp--preset--color--pale-cyan-blue) !important}.has-vivid-cyan-blue-border-color{border-color:var(--wp--preset--color--vivid-cyan-blue) !important}.has-vivid-purple-border-color{border-color:var(--wp--preset--color--vivid-purple) !important}.has-vivid-cyan-blue-to-vivid-purple-gradient-background{background:var(--wp--preset--gradient--vivid-cyan-blue-to-vivid-purple) !important}.has-light-green-cyan-to-vivid-green-cyan-gradient-background{background:var(--wp--preset--gradient--light-green-cyan-to-vivid-green-cyan) !important}.has-luminous-vivid-amber-to-luminous-vivid-orange-gradient-background{background:var(--wp--preset--gradient--luminous-vivid-amber-to-luminous-vivid-orange) !important}.has-luminous-vivid-orange-to-vivid-red-gradient-background{background:var(--wp--preset--gradient--luminous-vivid-orange-to-vivid-red) !important}.has-very-light-gray-to-cyan-bluish-gray-gradient-background{background:var(--wp--preset--gradient--very-light-gray-to-cyan-bluish-gray) !important}.has-cool-to-warm-spectrum-gradient-background{background:var(--wp--preset--gradient--cool-to-warm-spectrum) !important}.has-blush-light-purple-gradient-background{background:var(--wp--preset--gradient--blush-light-purple) !important}.has-blush-bordeaux-gradient-background{background:var(--wp--preset--gradient--blush-bordeaux) !important}.has-luminous-dusk-gradient-background{background:var(--wp--preset--gradient--luminous-dusk) !important}.has-pale-ocean-gradient-background{background:var(--wp--preset--gradient--pale-ocean) !important}.has-electric-grass-gradient-background{background:var(--wp--preset--gradient--electric-grass) !important}.has-midnight-gradient-background{background:var(--wp--preset--gradient--midnight) !important}.has-small-font-size{font-size:var(--wp--preset--font-size--small) !important}.has-medium-font-size{font-size:var(--wp--preset--font-size--medium) !important}.has-large-font-size{font-size:var(--wp--preset--font-size--large) !important}.has-x-large-font-size{font-size:var(--wp--preset--font-size--x-large) !important}.woocommerce form .form-row .required{visibility:visible}html:not(.page-trans-loaded){background-color:#fff}body[data-bg-header="true"].category .container-wrap,body[data-bg-header="true"].author .container-wrap,body[data-bg-header="true"].date .container-wrap,body[data-bg-header="true"].blog .container-wrap{padding-top:var(--container-padding) !important}.archive.author .row .col.section-title span,.archive.category .row .col.section-title span,.archive.tag .row .col.section-title span,.archive.date .row .col.section-title span{padding-left:0}body.author #page-header-wrap #page-header-bg,body.category #page-header-wrap #page-header-bg,body.tag #page-header-wrap #page-header-bg,body.date #page-header-wrap #page-header-bg{height:auto;padding-top:8%;padding-bottom:8%}.archive #page-header-wrap{height:auto}.archive.category .row .col.section-title p,.archive.tag .row .col.section-title p{margin-top:10px}body[data-bg-header="true"].archive .container-wrap.meta_overlaid_blog,body[data-bg-header="true"].category .container-wrap.meta_overlaid_blog,body[data-bg-header="true"].author .container-wrap.meta_overlaid_blog,body[data-bg-header="true"].date .container-wrap.meta_overlaid_blog{padding-top:0 !important}#page-header-bg[data-alignment="center"] .span_6 p{margin:0 auto}body.archive #page-header-bg:not(.fullscreen-header) .span_6{position:relative;-webkit-transform:none;transform:none;top:0}.blog-archive-header .nectar-author-gravatar img{width:125px;border-radius:100px}.blog-archive-header .container .span_12 p{font-size:min(max(calc(1.3vw),16px),20px);line-height:1.5;margin-top:.5em}body .page-header-no-bg.color-bg{padding:5% 0}@media only screen and (max-width:999px){body .page-header-no-bg.color-bg{padding:7% 0}}@media only screen and (max-width:690px){body .page-header-no-bg.color-bg{padding:9% 0}.blog-archive-header .nectar-author-gravatar img{width:75px}}.blog-archive-header.color-bg .col.section-title{border-bottom:0;padding:0}.blog-archive-header.color-bg *{color:inherit !important}.nectar-archive-tax-count{position:relative;padding:.5em;transform:translateX(.25em) translateY(-.75em);font-size:clamp(14px,.3em,20px);display:inline-block;vertical-align:super}.nectar-archive-tax-count:before{content:"";display:block;padding-bottom:100%;width:100%;position:absolute;top:50%;left:50%;transform:translate(-50%,-50%);border-radius:100px;background-color:currentColor;opacity:.1}#header-space{background-color:#fff}@media only screen and (min-width:1000px){body #ajax-content-wrap.no-scroll{min-height:calc(100vh - 78px);height:calc(100vh - 78px) !important}}@media only screen and (min-width:1000px){#page-header-wrap.fullscreen-header,#page-header-wrap.fullscreen-header #page-header-bg,html:not(.nectar-box-roll-loaded) .nectar-box-roll>#page-header-bg.fullscreen-header,.nectar_fullscreen_zoom_recent_projects,#nectar_fullscreen_rows:not(.afterLoaded)>div{height:calc(100vh - 77px)}.wpb_row.vc_row-o-full-height.top-level,.wpb_row.vc_row-o-full-height.top-level>.col.span_12{min-height:calc(100vh - 77px)}html:not(.nectar-box-roll-loaded) .nectar-box-roll>#page-header-bg.fullscreen-header{top:78px}.nectar-slider-wrap[data-fullscreen="true"]:not(.loaded),.nectar-slider-wrap[data-fullscreen="true"]:not(.loaded) .swiper-container{height:calc(100vh - 76px) !important}.admin-bar .nectar-slider-wrap[data-fullscreen="true"]:not(.loaded),.admin-bar .nectar-slider-wrap[data-fullscreen="true"]:not(.loaded) .swiper-container{height:calc(100vh - 76px - 32px) !important}}.admin-bar[class*="page-template-template-no-header"] .wpb_row.vc_row-o-full-height.top-level,.admin-bar[class*="page-template-template-no-header"] .wpb_row.vc_row-o-full-height.top-level>.col.span_12{min-height:calc(100vh - 32px)}body[class*="page-template-template-no-header"] .wpb_row.vc_row-o-full-height.top-level,body[class*="page-template-template-no-header"] .wpb_row.vc_row-o-full-height.top-level>.col.span_12{min-height:100vh}@media only screen and (max-width:999px){.using-mobile-browser #nectar_fullscreen_rows:not(.afterLoaded):not([data-mobile-disable="on"])>div{height:calc(100vh - 100px)}.using-mobile-browser .wpb_row.vc_row-o-full-height.top-level,.using-mobile-browser .wpb_row.vc_row-o-full-height.top-level>.col.span_12,[data-permanent-transparent="1"].using-mobile-browser .wpb_row.vc_row-o-full-height.top-level,[data-permanent-transparent="1"].using-mobile-browser .wpb_row.vc_row-o-full-height.top-level>.col.span_12{min-height:calc(100vh - 100px)}html:not(.nectar-box-roll-loaded) .nectar-box-roll>#page-header-bg.fullscreen-header,.nectar_fullscreen_zoom_recent_projects,.nectar-slider-wrap[data-fullscreen="true"]:not(.loaded),.nectar-slider-wrap[data-fullscreen="true"]:not(.loaded) .swiper-container,#nectar_fullscreen_rows:not(.afterLoaded):not([data-mobile-disable="on"])>div{height:calc(100vh - 47px)}.wpb_row.vc_row-o-full-height.top-level,.wpb_row.vc_row-o-full-height.top-level>.col.span_12{min-height:calc(100vh - 47px)}body[data-transparent-header="false"] #ajax-content-wrap.no-scroll{min-height:calc(100vh - 47px);height:calc(100vh - 47px)}}.post-type-archive-product.woocommerce .container-wrap,.tax-product_cat.woocommerce .container-wrap,.post-type-archive-product.woocommerce #page-header-wrap,.tax-product_cat.woocommerce #page-header-wrap{background-color:#f6f6f6}.woocommerce ul.products li.product.material,.woocommerce-page ul.products li.product.material{background-color:#fff}.woocommerce ul.products li.product.minimal .product-wrap,.woocommerce ul.products li.product.minimal .background-color-expand,.woocommerce-page ul.products li.product.minimal .product-wrap,.woocommerce-page ul.products li.product.minimal .background-color-expand{background-color:#fff}.screen-reader-text,.nectar-skip-to-content:not(:focus){border:0;clip:rect(1px,1px,1px,1px);clip-path:inset(50%);height:1px;margin:-1px;overflow:hidden;padding:0;position:absolute !important;width:1px;word-wrap:normal !important}.row .col img:not([srcset]){width:auto}.row .col img.img-with-animation.nectar-lazy:not([srcset]){width:100%}