Take a look below at the price ratio of the i SharesTreasury Bond 20+ Year ETF (NYSEARCA:TLT) relative to the iShares Treasury 7-10 Year ETF (NYSEARCA:IEF). As a reminder, a rising price ratio means the numerator/TLT is outperforming (up more/down less) the denominator/IEF. First, inflation expectations have undeniably fallen all year, while the honey badger SPDR S&P 500 ETF Trust (NYSEARCA:SPY) has rallied in an abnormal way, given that equity is not supposed to be a deflation hedge.