Jeff Snider, head of global investment research at Alhambra Investments, has long been a proponent of listening to the bond market when it comes to understanding the health of the economy and the markets’ perception of coming economic shocks. In this interview with Real Vision managing editor Ed Harrison, Snider highlights that the bond market has shrugged off recent inflation prints with bonds across the curve and even TIPS markets showing little concern for inflationary risk. Snider also points out discrepancies between consumer spending data and industrial production with the latter pointing towards a less than red hot economy. Putting all this together with an examination of China’s economy, it might just be signaling that the reflation trade is rolling over.