Take a look below at the price ratio of the iShares Barclays TIPS Bond Fund ETF ( TIP ) relative to the PIMCO 7-15 Year Treasury Index ( TENZ ). As a reminder, a rising price ratio means the numerator/TIP (inflation protection buying) is outperforming (up more/down less) the denominator/TENZ (non-inflation protection buying). That behavior in the yield curve, confirmed by collapsing inflation expectations, tends to be an omen of bad things to come, as proven in the award winning paper I co-authored available by clicking here .