The TIP-TLT ratio has been in decline from a resistance point since late last year. The ratio tends to generally rise and fall with inflationary and deflationary concerns, respectively.

That little bump up (that ended up failing at the trend line) was probably in line with the explosion in certain outlier commodities like Agriculturals.  People need to eat food after all.  But the Fed’s introduction to the discussion of a Fed Funds rate hike out in the 2015 distance (“you know, that sort of thing”) has wrung any inflation concerns right out of this market.

A great gig they have going; with ZIRP intact indefinitely they continue to inflate, but with a few words, the market gets right back in line and in full servitude mode.